Huarong Securities opens for business

By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-20 16:58

Huarong Securities Co Ltd was formally launched in Beijing yesterday, according to the Shanghai Securities News.

The company, with a registered capital of 1.51 billion yuan (US$201 million), is a joint venture between 皇冠体育app Huarong Asset Management Corporation and 皇冠体育app Gezhouba (Group) Corporation.

Huarong Asset Management bade 1.5 billion yuan for a 99.34 percent stake of Huarong Securities, and the rest went to 皇冠体育app Gezhouba Group.

Huarong Securities got the go-ahead from the 皇冠体育app Securities Regulatory Commission on September 3. Its business scope covers securities brokerage, securities investment related consultancy, as well as securities undertaking and sponsorship.

The joint venture will apply for the businesses of securities operation and securities assets management in the future.

Huarong Securities will take over Huarong Asset Management鈥檚 investment banking business. In total, it now has 21 business outlets and 8 service offices in Beijing, Shanghai and other Chinese provinces.

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