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China International Capital, Tencent unit to set up 500M yuan joint venture

China International Capital Corp. Ltd. and Tencent Holdings Ltd. unit Tencent Digital (Shenzhen) Ltd. agreed to set up a technological joint venture that will facilitate the investment bank's wealth management, retail brokerage and other businesses.

The joint venture will offer technological platform development and digitized operational support services to CICC's businesses. In the future, the joint venture may extend its services to other financial institutions, according to a Sept. 24 release.

China International Capital will hold a 51% stake in the joint venture, while Tencent Digital (Shenzhen) will hold the remaining 49% stake. The joint venture will have a proposed registered capital of 500 million yuan.

As of Sept. 24, US$1 was equivalent to 7.12 Chinese yuan.