Bank of East Asia Ltd. said that its joint venture unit East Asia Qianhai Securities Co. Ltd. received a securities and futures business license from China's securities regulator.
The China Securities Regulatory Commission approved the establishment of East Asia Qianhai Securities in June. The company was incorporated in Qianhai, Shenzhen with an issued capital of 1.5 billion yuan.
East Asia Qianhai Securities is a joint venture between Bank of East Asia, which holds a 49% stake, Shenzhen Qianhai Financial Holdings and two local corporate shareholders.
As of Dec. 7, US$1 was equivalent to 6.62 Chinese yuan.