Sino-French Fund Management Joint Venture Approved

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Last updated at: (Beijing Time) Friday, August 29, 2003

Sino-French Fund Management Joint Venture Approved

The creation of a Sino-French mutual fund management company was approved Thursday by the China Securities Regulatory Commission.

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The creation of a Sino-French mutual fund management company was approved Thursday by the China Securities Regulatory Commission.

SW BNP Paribas Asset Management Co., Ltd, a joint venture between Shenyin & Wanguo Securities Co., Ltd. and BNP Paribas Asset Management SAS of France, is registered in Shanghai with a capital of 100 million yuan (about 12.1 million US dollars).

The Chinese investor holds 67 percent of the stake and the French partner has pledged the remaining sum, said a corporate executive with Shenyin & Wanguo Securities.

The new company will provide Chinese investors with the best services in investment management by bringing the advantages of both partners into full play, said the corporate executive.

Shenyin & Wanguo Securities was founded on July 16, 1996 from amerger of former Shanghai Shenyin Securities Co. and Shanghai International Securities Co. Ltd. It was the earliest company to explore the securities market in China. By the year 2000, its net assets had reached 3.15 billion yuan (about 379.52 million US dollars).

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