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Guotai Junan Securities to set up unit for alternative investments

Guotai Junan Securities Co. Ltd. plans to set up a wholly owned subsidiary to engage in alternative investment with its own funds.

The Shanghai-based unit, Guotai Junan Zhengyu Investment Co. Ltd., will have a registered capital of 1 billion yuan, the company said Feb. 14.

The company has received approval from shareholders and regulators for the plan.

As of Feb. 14, US$1 was equivalent to 6.34 Chinese yuan.