Authorization

Announcement of Public Solicitation for Hong Kong Joint Venture Partner by Yunnan Joint Venture Securities Company

HONG KONG, Dec. 28, 2018 /PRNewswire/ -- According to the General Plan for the Construction of the Comprehensive Financial Reform Pilot Zone along the Border Areas of Yunnan ProvinceAand Guangxi Zhuang Autonomous RegionA(PBC No. 276 [2013]) issued by 11 China's ministries and commissions including the People's Bank of China, the Securities Law of the People's Republic of China, Administrative Measures for Foreign-Invested Securities Companies, and theASupplementary Agreement XAto Mainland and Hong Kong/Macao Closer Economic Partnership ArrangementAetc.AYunnan Province plans to establish a joint venture securities company with a Hong Kong partner and is seeking offers from interested Hong Kong companies. Relevant information is as follows:I. Introduction of the Initiator of the Joint Venture Securities from Mainland ChinaThe main initiator of the joint venture securities company is Yunnan Investment Holding Group Co., Ltd. (referred to as Yunnan Investment Group). Yunnan Investment Group is a large state-owned enterprise that was registered on September 5, 1997, with a registered capital of RMB 24.17 billion. As of December 31, 2017, the consolidated assets of Yunnan Investment Group reached RMB 256.6 billion. With the construction of key projects in Yunnan Province, the accumulated investment of the group exceededARMB 110 billion, and the accumulated financing exceeded RMB 200 billion, leveragingAa social investment of over RMB 300 billion.AThe group's investmentAportfolioAcovers keyAfieldsAsuch as finance, information, energy, railways, tourism culture, agriculture and forestry,Ahealthcare and poverty alleviation, etc.AAt present, the group is a holding company that includes 255AsubsidiariesAand ownsAshares of another 101 business partners.AIt is the vice president unit of the State Investment Commission of the Investment Association of China, the president unit of the Yunnan Investment Association, and the president unit of the Yunnan Equity Investment Fund Association. It has obtained domestic AAA and international BBB+ credit rating and has played an important role in promoting the industrial transformation and stable economic growth of the Yunnan Province.AII. The Scope of CooperationTo expand theAscope of openingAthe financialAsectorAinYunnan Province, and improve cooperation with Hong Kong's financial sector, under the principals of openness, fairness and impartiality, the application of establishing a fully-licensed securities company will be jointly made with the Hong Kong joint venture partner,Ato the China Securities Regulatory Commission.III. Qualifications Required for Joint Venture Applicants 1. The applicant shall be a financial institution legally established in Hong Kong. The financial indicators for the past three years are in compliance with the laws and regulations of the Hong Kong Special Administrative Region and the regulatory bodies;2. The applicantAis in continuous business for more than 5 years and have continuous profitability. The net assets of last year are noAless than (equivalent) RMB 200 million. They haven't been severely punished by the Hong Kong regulatory, administrative and judicial authorities, nor have cases of being investigated by the relevant authorities for suspected major violations of laws and regulations over the past three years;3.AHave a good international reputation and business performance. Business scale, revenue, and profit are among the top rank of the industry in the region over the past three years. Maintains high-levelAof long-termAcredit rating over the past three years;4. If the controlling shareholder and actual controller of the applicant are financial holding companies or financial institutions, it shall also meet one of the following three requirements: (1) The controlling shareholder and actual controller of the applicant are registered in Hong Kong and the headquartersAare located in Hong Kong; (2) The applicant is publicly listed in Hong Kong, andAmore than 50% of the pre-tax profit from the last three years comes from Hong Kong, or more than 50% of the senior management are permanent Hong Kong residents; (3) The controlling shareholder and actual controller of the applicant already held an IPO in Hong Kong andAare publicly listed, and the applicant's operating revenue or pre-tax profit accounts for more than 50% of the listed company;5. The corporate governance structure includes licensing requirements, sound internal control system and qualified personnel, capable of managing risks that may arise in the businessAoperation;6. Other prudential conditions stipulated by the China Securities Regulatory Commission.IV. Materials Required for the Application1. The application of the joint venture partner;2. Copies of the business license or registration certificate and relevant business qualification certificates;3. A copy of the articles of association;4.AA letter of explanation from an overseas institution approved by a Hong Kong regulatory agency or the China Securities Regulatory Commission on whether the applicant meets the requirements of items 1-4 of the "Application Qualifications";5.AThe list of appointed personnel, resumes and corresponding professional certificates and qualification certificates for the appointments to be held in the joint venture securities company;6. The audited financial statements of the applicant for the past 3 years;7. Other required supplementary information.V. Procedure1. The applicant/company is required to send the electronic version of the application materials to the email address: Abefore the date of FebruaryA26, 2019; and mail the hardcopies stamped with the company seal and signed by the legal person toAthe address:A33rd Floor, Yunnan Investment Business Building, No. 285 Renminxi Road, Xishan District, Kunming City, Yunnan Province.2. Yunnan Investment GroupAwill undertake the preliminary reviewAof theAapplication materials and notify the applicant to submit supplementary materials, if necessary.3. Yunnan Investment Group will set-up an expert consultation and appraisal panel to review the Hong Kong joint venture partners and issue advisory opinions. Finalize the joint venture partner upon approval of Yunnan Side.VI. Announcement PeriodThis announcement is valid for 60Adays from the date of promulgation. The Financial Regulation and Supervision Bureau of Yunnan Province reserves the final interpretation right for the announcement.The Financial Regulation and Supervision Bureau of Yunnan Province
Yunnan Investment Holding Group Co., Ltd.
December 28, 2018
ASOURCE Yunnan Investment Holding Group Co., Ltd.; The Financial Regulation and Supervision Bureau of Yunnan Province
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2020    »
 12345
6789101112
13141516171819
20212223242526
27282930