[ET Net News Agency, 25 September 2019] China International Capital Corporation Limited
(03908) said the company entered into a shareholders' agreement with Tencent Digital
(Shenzhen) Limited (Tencent Digital), an indirect wholly-owned subsidiary of Tencent
Holdings Limited (00700).
The parties agreed to establish a technological joint venture in the People's Republic
of China. The technological joint venture is proposed to, through providing technological
platform development and digitalized operational support services, facilitate the
company's wealth management, retail brokerage and other businesses to provide more
convenient, intelligent and differentiated wealth management solutions, enhance the
service efficiency of investment consultants, optimize precision marketing and strengthen
compliance and risk control. The technological joint venture is expected to drive the
accelerated transformation and scalable development of the company's wealth management
business with digital and fintech capabilities.
The proposed registered capital of the technological joint venture will be RMB500
million. The ownership of the joint venture will be held 51% by the company and 49% by
Tencent Digital. (RC)