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First Multiple-License Joint Venture Securities Firm Approved Under CEPA Agreement

Time : 18 March 2016

On March 14th 2016, CSRC approved the establishment of Shengang Securities Co., a joint venture securities firm (JV) between the mainland and Hong Kong investors, and also the first multiple licensed joint venture securities firm founded according to Supplement 10 of Closer Economic Partnership Arrangement (CEPA) signed between Chinese mainland, Hong Kong and Macau in August 2013.

With a registered capital of 3.5 billion yuan ($540 million), the JV will be set up in Shanghai pilot free trade zone, an area where the CEPA agreement is applicable. Three Hong Kong investors will have a combined stake of 34.85 percent in the new company while 11 mainland investors will take the remaining 65.15 percent.

Later applications from two other joint ventures are currently being processed in CSRC.

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