China News Service, Guangzhou, July 24 (Reporter Tang Guijiang) In order to promote the expansion of the two-way opening of the financial industry and promote the healthy and stable development of the financial industry in the Guangdong-Hong Kong-Macao Greater Bay Area, the Guangzhou Branch of the People’s Bank of China introduced on the 24th that the mainland’s first wholly-owned foreign-owned futures The company completed the equity transfer in Guangzhou.
On July 23, the Guangdong Branch of the State Administration of Foreign Exchange instructed the Guangzhou Yuexiu branch of Bank of China to complete the foreign exchange registration procedures for the transfer of foreign direct investment equity (Chinese party to foreign party) with JPMorgan Chase Futures Co., Ltd. (hereinafter referred to as "JP Morgan Chase Futures"). The shareholder's shareholding ratio was changed from 49% to 100%.
In recent years, China has introduced a number of two-way opening-up policies for the financial industry, and abolished the restrictions on foreign shareholding in securities companies, fund management companies, and futures companies. In May 2020, the People’s Bank of China and other four ministries and commissions issued the "Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area" (Yinfa [2020] No. 95) to support the establishment of foreign-owned securities companies and funds in the Guangdong-Hong Kong-Macao Greater Bay Area Management companies, futures companies.
On June 18, the China Securities Regulatory Commission approved the equity change application of JPMorgan Chase Futures. In order to help JPMorgan Chase Futures Foreign Direct Investment Equity Transfer Foreign Exchange Registration and other related procedures to be successfully completed, the Guangdong Branch of the Foreign Exchange Administration has strengthened guidance to banks, clarifying the registration of subject information changes, foreign exchange registration of equity transfers, and the remittance and settlement of equity considerations. Business procedures and precautions, and communicate with the handling bank in advance on exchange rate fluctuations and other issues to provide solutions.
After completing the industrial and commercial change procedures and the online filing procedures of the Market Supervision and Administration Bureau, JP Morgan Futures successfully completed the subject information change and foreign exchange registration procedures for equity transfers at the Guangzhou Yuexiu Sub-branch of Bank of China on July 23. Its foreign shareholder JP MORGAN BROKING (HONGKONG) LIMITED’s shareholding ratio was changed from 49% to 100%.
It is reported that, as the mainland’s first wholly-owned foreign-owned futures company, JPMorgan Chase Futures has successfully completed the foreign exchange registration procedures for the transfer of foreign direct investment equity, which will help financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to better learn from the development experience of mature markets and further cooperate with the international community. The integration of the capital market marks the further deepening of the two-way opening up of the financial industry in the Guangdong-Hong Kong-Macao Greater Bay Area. (Finish)