The approval of the formation of the joint venture securities company by the China Securities Regulatory Commission and the Ministry of Commerce of the PRC in March 2016 has offered a golden opportunity for the Group to embark on a new milestone in its business development in the financial services industry.
With this joint venture investment, the Group has been offered a first-starter advantage to access to the huge and fast-growing financial markets in the PRC, which will enable the Group to engage in a full spectrum of securities and financial business in the PRC. The Group will significantly benefit from the expansion of its financial services in the new market.
In addition, the Group acquired (i) a licensed corporation carrying out regulated activities in Type 1 (dealing in securities), 4 (advising on securities) and 9 (asset management) under the Securities and Futures Ordinance, which is also a member of the Professional Insurance Brokers Association; and (ii) certain group of companies which are principally engaged in the business of finance leasing and factoring in the PRC, aiming to create a one-stop financial conglomerate to provide a comprehensive range of financial services and to enhance the overall competitiveness of the Group.
In the long run, the Group aims at extending its financial services businesses to the Mainland China and will continue to pursue new opportunities in the financial services industry to enhance shareholders’ value.