(Yicai Global) Nov. 24 -- The Securities and Futures Commission of Hong Kong has granted the Hong Kong subsidiary of East Money Information Co. [SHE:300059], a leading Chinese financial information provider, a business license entitling it to conduct futures contract trades.
East Money set up the Hong Kong division last November with registered capital totaling HKD30 million (USD3.84 million). The new license holder will start dealing futures contracts and offering relevant consulting services, its parent said in a statement yesterday.
Founded in Shanghai in 2005, East Money's main business is the operation of a financial information website, which has fund channels, blogs and a user communication platform. The site is one of the most popular of its kind in China.
The parent company obtained a securities license in 2015 by taking over Tongxin Securities Co. for CNY4 billion (USD607.6 million).