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Hongyuan entitled first-tier securities firm

(Shanghai Daily)
Updated: 2007-03-20 16:48

The Securities Association of China (SAC) announced that Hongyuan Securities has received approval to enter the first-tier list of securities firms in China, and the both Minsheng Securities and United Securities are approved to be listed in the second-tier companies.

Hongyuan, China's first publicly traded brokerage, is a subsidiary of China Jianyin Investment Co, which holds 66.67 percent ownership of the securities firm. This Xinjiang-based securities firm has a total registered capital of 1.46 billion yuan and went for listing in 1994.

Entering the first-tier list will allow Hongyuan to engage in new services, which are seen as the future profit engine for securities firm in China, especially for firms that do not have a national presence to attract brokerage customers.