China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ) witnessed approval of its first Sino-foreign securities joint venture (JV), Shengang Securities, this week, reported Xinhua-run cnstock.com Thursday.
After China Securities Regulatory Commission (CSRC)' approval of establishment on March 14, Shengang Securities needs to complete registration with relevant industry and commerce authorities within six months so as to start formal operation within the Shanghai FTZ.
As industry insiders hold, establishment of Shengang Securities will accelerate opening-up of Chinese mainland's securities industry.
According to the report, Shengang Securities have shareholders both from Chinese mainland and Hong Kong, with Mason Financial Holdings Ltd. (00273.HK) and a wholly-owned securities affiliate of Freeman Financial Co., Ltd. (00279.HK), with shareholding of 15 percent respectively. Other four smaller shareholders each own 10 percent stakes in the securities JV.
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