China Banking Regulatory Commission, China's top banking regulator, has granted a license to China Huarong Asset Management Co., Ltd. (02799.HK) to set up a consumer finance company in Hefei, capital city of East China's Anhui Province.
The new firm, with an initial registered capital of 600 million yuan, is jointly funded by Huarong, Hefei Department Store Group Co., Ltd. (000417.SZ), Shenzhen Huaqiang Industry Co., Ltd. (000062.SZ), and Xin'an Financial Group Co., Ltd.
Huarong said in a statement on Monday that it will have a 55 percent stake in the new joint venture, which is expected to open in January or February 2016. The new consumer finance company will target the generation born between 1980 and 1989, as well as young white-collar or blue-collar workers
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