Chinese regulator gives OK for joint venture with BNP

The China Securities Regulatory Commission (CSRC) has given the go-ahead for a joint venture fund management company to be created between Shenyin and Wanguo (SW) and BNP Paribas Asset Management. The CSRC has approved the 'preparatory' stage for the joint venture. An application for a licence to operate is planned for October, once the two companies have completed the bricks and mortar structures for the operation. The new company, which will be called SW BNP Paribas Asset Management, will be registered in Shanghai with a capital of RMB100m. Shenyin & Wanguo will hold a 67% stake i...