China Approves First JV Securities Firm

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Last updated at: (Beijing Time) Monday, December 23, 2002

China Approves First JV Securities Firm

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China-European International Securities Co. Ltd. was formally approved by China Securities Regulatory Commission (CSRC) last Thursday. It is the first joint venture securities corporation after China's WTO membership. The event signals that Xiangcai Securities Co. Ltd. and Credit Lyonnais Securities Asia became the trail-blazer following the publication of Regulation on Establishment of Foreign-Shared Securities Company on July 1st, and marks a substantial expansion of foreign investment concerning participation and cooperation in China's capital market.

As learned, the join venture has a registered capital of 500mn yuan, with Xiangcai holding 67 percent shares and Lyonnais 33 percent. Its business scope covers undertaking of stocks such as A Share and B Share and government bonds and corporate debentures, brokerage of B Share and bonds, self operation as well as other business permitted by CSRC.

In addition, the time limit for the joint venture to officially set up is before June 18 2003. Once licensed by the CSRC, it is to formally join the operation and development of China's securities market.

By PD Online Staff Zhu Lizhen

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