Taiwanese securities brokerage firm Capital Securities Corp (CSC) has reportedly created a joint venture (JV) with Munsun Asset Management (Asia) to tap into the Mainland China market.
The registered capital of the JV will be somewhere between RMB100 million (US$15.8 million) and RMB120 million, according to asiaasset.com.
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According to the website, CSC will own a 49% stake in the new entity.
"The two parties have already signed a strategic partnership memorandum. The company will submit its application to Taiwan’s regulatory body once the Legislative Yuan passes the ‘Cross-Strait agreement on trade in services’ bill," the source quoted Alex Wang, president of CSC, as saying.
Shenzhen-based asset manager Munsun has total AuM of around US$1 billion and is mainly engaged in equities and private equities.
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