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Shandong Gangxin Futures gains official approval from CSRC

|chinadaily.com.cn |Updated: December 7, 2020
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The Shandong Gangxin Futures Co Ltd gained official approval from the China Securities Regulatory Commission (CSRC) on Dec 2, with Qingdao Port of Shandong Port Group (SPG) as the major shareholder. This will be the first futures company across the country after an interval of 20 years and also the first one in Qingdao. In this context, it is shouldering an even stronger expectation from China's futures industry.

The establishment of Gangxin Futures is considered a significant move by SPG in actively implementing the spirit of the fifth plenary session of the 19th CPC Central Committee, accelerating the process of building up an internationally advanced finance and trade port, as well as fostering a new development model. It is expected to improve SPG's comprehensive financial service capabilities and promote the development of commodity-related industry in Qingdao, Shandong province and port-neighboring areas.

Gangxin Futures, with a registered capital of 1 billion yuan ($153.1 million), will be jointly established by Qingdao Port Group, Qingdao Conson Development Group and Qingdao SCO Development Group, providing services such as commodity futures brokerage. According to officials, the futures company will be founded within six months and conduct futures trading after receiving futures business license from CSRC. Gangxin Futures will give full play to the role of financial licenses in serving port development and physical economy, thus providing a mix of futures-related services including futures investment advisory and futures asset management.

"As a controlling shareholder for this futures company, Qingdao Port will be able to leverage its industrial advantages, attract the best customers to participate in the futures market, and further promote the integrated development of the futures market and physical economy," said Huo Gaoyuan, Party secretary and chairman of SPG.

Huo added that it would also help the firms implement new development concepts, build a new development paradigm and promote high-quality development.


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