Mirae Asset to launch joint venture in China

By Lee Youkyung
SEOUL, Sept. 22 (Yonhap) -- South Korea's Mirae Asset Financial Group has signed
a contract to establish a mutual fund joint venture in China with two Chinese
partners, the group said Tuesday.
To that end, Mirae Asset Global Investments, a unit of the Mirae Asset group, is
to invest 25 million yuan (US$4.6 billon) to set up the joint venture, Mirae
Asset Huachen Fund Management, while Huanchen Trust Co. and Tiantu Capital will
finance 40 million yuan and 35 million yuan, respectively, it said in a
statement.
The Korean asset manager plans to submit an application for the launch of the
venture to the China Securities Regulatory Commission (CSRC) in November, it
said.
If the joint venture wins a CSRC approval, Mirae Asset would become the first
South Korean company to make entry into the Chinese asset management market, it
added.
ylee@yna.co.kr
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