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Northwest Securities Co. Ltd. Set Up in Ningxia
With the approval of the China Securities Regulatory Commission (CSRC), the Northwest Securities Co. Ltd. was set up Saturday in Yinchuan, capital of Ningxia Hui Autonomous Region in northwest China.
The company was born from the Ningxia Securities Co. Ltd. and is the only company allowed to handle securities business in Ningxia.
The new company has a capital of 726 million yuan (US$87 million). It is set up on the basis of reorganizing securities- related capital of four financial firms, including Ningxia Securities Co. Ltd., and drawing in extra capital from local big companies.
Ningxia is the smallest of China's five autonomous regions and is part of the vast western area of the country.
It is important for the provinces and autonomous regions in China's west, which is relatively backward compared to east China, to use securities markets to fund local economic development, analysts said.
The setup of the company took an initiative in the region to make good use of China's booming stock markets, according to the analysts.
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