Shen Gang Securities approved for private equity investment business qualification, securities firm's private equity subsidiary expected to increase to 80.

According to the official website of the China Securities Regulatory Commission, the CSRC has approved Shen Gang Securities to establish a subsidiary to engage in private equity fund business. The company is required to legally handle the registration of the subsidiary's establishment, modify the company's articles of association, and report to the local CSRC for record-keeping, effectively fulfilling the parent company's control responsibilities, strengthening compliance management and risk control of the subsidiary. As of now, there are a total of 79 private equity fund subsidiaries of securities firms. If Shen Gang Securities successfully establishes a subsidiary and starts operation, the number of private equity fund subsidiaries of securities firms is expected to increase to 80.