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China Galaxy Securities Company Ltd. Set Up
With the approval of the State Council, China Galaxy Securities Company Ltd., the only State-funded securities company in China, was formally set up on August 16 after half a year of efforts.
Sources say China Galaxy Securities Company Ltd. is a nationwide State-funded comprehensive securities company formed by the securities business departments under China Huarong Trust & Investment Corporation, China Great Wall Trust & Investment Corporation, China Oriental Trust & Investment Corporation, China Xinda Trust & Investment Corporation and China Life Insurance Trust & Investment Corporation which are solely-funded by China Industrial and Commercial Bank, Agricultural Bank of China, Bank of China, China Construction Bank and China Life Insurance Company. The company has registered capital of 4.5 billion yuan and established 174 securities business departments in 56 cities nationwide, it is a firm currently embracing most business departments. In the first half of this year, the total volume of A-share fund handled by the company hit 483.8 billion yuan, accounting for 6.5 percent of the total business volume of Shanghai and Shenzhen Exchanges and ranking first in China.
Zhu Li, president of China Galaxy Securities Company Ltd., said that approved by China Securities Regulatory Commission, the business of China Galaxy Securities Company Ltd. mainly includes securities buying and selling, capital and interest payment, bonus and payment of interest, securities safekeeping, visa-issuing, opening accounts, independent securities trading, securities sales and listing recommendation, enterprises reorganization, purchase and merger, investment consultation, financial consultation, assets management, and initiating the establishment of securities investment fund and fund management company.
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