(Yicai Global) Sept. 25 -- China International Capital, the nation's first Chinese-foreign joint venture in investment banking, will join hands with a unit of Tencent Holdings to provide digitally advanced wealth management services.
CICC and Tencent Digital will establish a joint venture with planned registered capital of CNY500 million (USD70.3 million), the Beijing-based financial firm said in a statement yesterday. CICC will hold 51 percent of the JV's equity and Shenzhen's Tencent will have the rest.
The JV seeks to facilitate CICC's business by providing smarter and more differentiated wealth management solutions via technological means, the statement added.
CICC was founded in 1995 in collaboration with New York-headquartered Morgan Stanley. China's Central Huijin Investment has a majority stake in the firm while Tencent holds nearly 5 percent of its equity.
Editor: Emmi Laine