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By Hao Zhou (chinadaily.com.cn)
Updated: 2007-09-20 16:58

Huarong Securities Co Ltd was formally launched in Beijing yesterday, according to the Shanghai Securities News.

The company, with a registered capital of 1.51 billion yuan (US$201 million), is a joint venture between China Huarong Asset Management Corporation and China Gezhouba (Group) Corporation.

Huarong Asset Management bade 1.5 billion yuan for a 99.34 percent stake of Huarong Securities, and the rest went to China Gezhouba Group.

Huarong Securities got the go-ahead from the China Securities Regulatory Commission on September 3. Its business scope covers securities brokerage, securities investment related consultancy, as well as securities undertaking and sponsorship.

The joint venture will apply for the businesses of securities operation and securities assets management in the future.

Huarong Securities will take over Huarong Asset Management’s investment banking business. In total, it now has 21 business outlets and 8 service offices in Beijing, Shanghai and other Chinese provinces.