Xinhua News Agency, Shanghai, October 1st (Reporter Sang Tong) Huihua Financial Management Co., Ltd., the first Chinese-foreign joint venture wealth management company in China, held an inauguration ceremony in Shanghai on the evening of September 30. This is a wholly-owned subsidiary of Bank of China, Bank of China Wealth Management Co., Ltd. The liability company was established in cooperation with the French-based Agribusiness Asset Management Company.
Huihua Wealth Management is the first Sino-foreign joint venture financial management company approved to open in China, with a registered capital of 1 billion yuan, and its registered place is in the Lingang New Area of Shanghai Free Trade Zone.
CAE Asset Management holds 55% of the shares, and Bank of China Wealth Management Co., Ltd. holds 45%.
The joint venture company will mainly engage in asset management related businesses such as the issuance of publicly offered wealth management products, the issuance of privately offered wealth management products, financial advisory and consulting.
Liu Liange, Chairman of Bank of China, said that in recent years, China's asset management industry has developed rapidly and has played an important role in serving the real economy, optimizing the social financing structure, and meeting consumer wealth management needs.
The opening of Huihua Wealth Management fully demonstrates the confidence of international asset management institutions in the continued improvement of China's economy and their emphasis on the Chinese market, and will inject new momentum into the development of China's asset management industry.