Changjiang Securities buys out BNP from investment bank JV
click rate:3362 issue time:2007-03-10 08:12

Mar. 8, 2007 (China Knowledge) – Changjiang Securities Co. has completed a buyout of investment banking joint venture partner BNP Paribas from Changjiang BNP Paribas Peregrine Securities Ltd, the Shanghai Daily reported citing unnamed sources.

The Chinese stock broker has renamed the Shanghai-based underwriting venture as Changjiang Financing Services Co., which has a registered capital of RMB 600 million, the report said.

Changjiang BNP Paribas Peregrine Securities Ltd. was started by both parties in 2003, but the partners seemed to have their differences over the venture's management and development and Changjiang was also disappointed with the firm's slow growth, according to the report.

Changjiang had acquired Shenzhen-listed Shijiazhuang Refining & Chemical Co. with the intention of going for a backdoor listing. The company posted a 2006 profit of RMB 449 million, against a loss of RMB 83 million in 2005, from brokerage commissions and proprietary trading, it said in January.