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    600837   CNE000000CK1

HAITONG SECURITIES CO., LTD.

(600837)
  Report
End-of-day quote Shanghai Stock Exchange  -  2023-02-02
9.360 CNY   -1.06%
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BNP Paribas gets regulatory nod to set up China asset management joint venture

10/18/2022 | 05:38am EST
FILE PHOTO: A logo on a BNP Paribas bank branch in Paris

HONG KONG (Reuters) - BNP Paribas has received Chinese regulatory approval to start building an asset management venture with Agricultural Bank of China (AgBank), the two companies said, allowing the French firm to tap a $4 trillion market.

The China Banking and Insurance Regulatory Commission (CBIRC) has granted initial approval to allow BNP and AgBank, China's third-biggest lender by assets, to form a new joint venture, according to an AgBank stock exchange filing late on Monday.

BNP confirmed the initial approval, which is in the form of the CBIRC formally accepting the two companies' application for a final licence to open for business in the market.

The French firm will own a 51% stake in the venture, while state-owned AgBank will have the rest.

Reuters reported in September last year that BNP's asset management arm was in talks to form a wealth management venture with a unit of AgBank, taking advantage of China's opening up of its financial markets for foreigners.

BNP Paribas Asset Management and ABC Wealth Management, a wealth arm of AgBank, will fund the new platform, according to Monday's filing.

Since China deregulated financial markets in 2019, allowing foreign asset managers to set up majority-owned ventures with local banks, a flurry of foreign firms including BlackRock and Amundi have launched majority-controlled units locally.

Other foreign firms such as Barclays and Allianz are also exploring this and trying to find local partners.

The new platform will add to BNP Paribas' 49%-owned asset management joint venture with brokerage firm Haitong Securities which mainly runs mutual funds. The French lender also owns 16.3% shares of China's Nanjing Bank.

(Reporting by Selena Li; Editing by Sumeet Chatterjee and Mark Potter)

By Selena Li


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED -0.71% 2.79 Delayed Quote.4.10%
ALLIANZ SE -0.43% 220.75 Delayed Quote.9.88%
AMUNDI -0.86% 63.35 Real-time Quote.19.53%
BANK OF CHINA LIMITED -0.33% 2.98 Delayed Quote.4.93%
BARCLAYS PLC 0.13% 188.64 Delayed Quote.19.00%
BLACKROCK, INC. -1.76% 757.16 Delayed Quote.8.76%
BNP PARIBAS 0.19% 61.72 Real-time Quote.15.91%
CHINA BANKING CORPORATION 0.70% 28.85 End-of-day quote.5.10%
HAITONG SECURITIES CO., LTD. -1.06% 9.36 End-of-day quote.7.71%
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Analyst Recommendations on HAITONG SECURITIES CO., LTD.
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Financials
Sales 2022 34 484 M 5 099 M 5 099 M
Net income 2022 9 170 M 1 356 M 1 356 M
Net Debt 2022 88 507 M 13 088 M 13 088 M
P/E ratio 2022 13,6x
Yield 2022 2,22%
Capitalization 106 B 15 701 M 15 701 M
EV / Sales 2022 5,65x
EV / Sales 2023 5,14x
Nbr of Employees -
Free-Float 68,6%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 9,36 CNY
Average target price 9,28 CNY
Spread / Average Target -0,86%
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Managers and Directors
Jun Li General Manager & Executive Director
Xin Jun Zhang Chief Financial Officer
Jie Zhou Chairman & General Manager
Jian Ping Tong Chairman-Supervisory Board
Yu Xing Mao Chief Information Officer
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