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Lujiazui getting new securities joint venture

Time : 31 March 2016

The Lujiazui area of the China (Shanghai) Pilot Free Trade Zone in Shanghai's Pudong New area has announced that it will have a new securities brokerage -- the Shengang Securities Co -- with the national securities regulatory commission's approval, as of March 14, local media have reported.

The new company has a total of 3.5 billion yuan ($540 million) in registered capital and 14 backers, the top one being Hong Kong's Mason Financial Holdings, which put in 350 million yuan and holds 10 percent of the shares. Its stated purpose is to work with both individual and corporate clients in brokerage services, securities underwriting, trade, assets management, financing and consulting.

The company still has to complete its registration procedures within six months and apply for a securities license and some experts have pointed out that its being in the free trade zone allows it to enjoy a series of preferential policies that are conducive to its business expansion.

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