A securities investment counseling joint venture between Guangzhou Securities and Hong Kong's Hang Seng Bank was launched Wednesday in Guangzhou, capital of south China's Guangdong province.
The joint venture is the first of its kind under the Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong.
Guangzhou Securities, a company affiliated with the Yue Xiu Group, Guangzhou's largest state-owned conglomerate, has a 67-percent stake in the new company, while Hang Seng Bank's securities arm has the remaining 33 percent.
The counseling firm will offer market research on securities, industries and the macro-economy to both institutional and individual investors, according to Lee Wai Mun, vice chairman and chief executive of Hang Seng Bank.
More investors are demanding professional counseling amid the economy's fast growth, Lee said, adding that the joint venture will help to meet this demand.
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