Shanghai International Group Corporation and Daiwa Securities Group Inc. of Japan have agreed to cooperate in finance, investment and other business fields.
The two sides have signed a memorandum of cooperation.
Zhou Youdao, chairman of the Shanghai Int. Group Corp., said that the cooperation marked a new beginning in Shanghai's cooperation with international financial businesses.
With a registered capital of five billion yuan (US$602 million), Shanghai Int. Group Corp. is engaged in investment and share-holding, capital management and management of state property.
Daiwa Securities Group Inc. is the second largest multi-function financial enterprise in Japan, which is noted for investment banks, capital management and research and development of markets worldwide. It entered the Chinese market more than 20 years ago.
Shenyin & Wanguo Securities Co., Ltd., Hua'an Property and other securities companies operating in Shanghai have also started cooperating with securities companies from Japan, the United States and France.
(People's Daily April 1, 2002)