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HK, mainland bourses agree to establish joint venture


08:45, June 29, 2012

Chief Executive of the Hong Kong Exchanges and Clearing Limited (HKEx) Li Xiaojia (C, front), President of Shenzhen Stock Exchange Song Liping (R, front) and General Manager of Shanghai Stock Exchange Zhang Yujun (L, front) pose for photos during the signing ceremony of forming a joint venture in Hong Kong, south China, June 28, 2012. The Hong Kong Exchanges and Clearing Limited (HKEx) announced Thursday that it has signed an agreement to form a joint venture with the mainland's Shanghai Stock Exchanges and Shenzhen Stock Exchanges, to mainly engage in the development of financial products and related services. The partners, with equal shareholding interest in the new company, will each invest 100 million HK dollars as initial paid-up capital. (Xinhua/Lo Ping Fai)

HONG KONG, June 28 (Xinhua) -- The Hong Kong Exchanges and Clearing Limited (HKEx), one of the world's leading exchange companies by market value, on Thursday agreed a joint venture (JV) in Hong Kong to develop index-linked and equity derivative products with its two mainland counterparts.

The principal business of the JV with the Shanghai and Shenzhen bourses will include "the development and franchising of index- linked and other equity derivative products, compilation of cross- border indices based on products traded on the three markets, and the development of industry classification for listed companies, information standards and information products," according to the announcement.

The new company, expected to be established within three months from the execution of the agreement, will also engage in market promotion, customer services, technical services and infrastructure development, it said.

Under the three companies' agreement, the partners, with equal shareholding interests in the JV, will each invest 100 million HK dollars (12.89 million U.S. dollars) as initial paid-up capital.

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