Changjiang Securities Ltd and BNP Paribas announced today the transfer of the 33% equity interest, currently held by BNP Paribas in Changjiang BNP Paribas Peregrine Securities Ltd, to Changjiang Securities Ltd. Upon completion of the share transfer, Changjiang BNP Paribas Securities Ltd will become a wholly-owned subsidiary of Changjiang Securities and the name of the entity will be changed subsequently.
Changjiang BNP Paribas Peregrine Securities Ltd is a joint venture set up between Changjiang Securities and BNP Paribas in November 2003 in China. The joint venture is mainly focused on developing business in the underwriting of stocks and bonds in China. Recently, Changjiang Securities and BNP Paribas have had different views on the future development of the joint venture. Both parties have developed their understanding of the capital markets and their respective long-term growth plans.
As such, both parties have come to an amicable consensus that it is in the best interests of both parties that BNP Paribas transfers its equity interest in entirety to Changjiang Securities, in order for both parties to pursue their respective capital markets growth strategies in the China market.