Friday, July 10, 2020
Martin Hennecke

Tencent and CICC in tech venture
<p>Tencent (0700) has partnered with China International Capital Corporation (3908) to establish a technological joint venture which was proposed last September, mainland media reported.</p><p>This is the first JV founded by the two firms after Tencent became a strategic investor of the investment bank in 2017 by buying a 4.95 percent stake.</p><p>The new company was established on June 24 and has a registered capital of 500 million yuan (HK$547.82 million), according to mainland business data query platform Tianyancha. Tencent Digital (Shenzhen), a subsidiary of Tencent, holds 49 percent of the holdings and CICC holds 51 percent stake.</p><p>The JV provides services including software development, information system integration, information system operation and maintenance, and data processing, according to information from the platform.</p><p>CICC chief executive Huang Zhaohui will be the chairman of the company and Yan Min, vice president of Tencent Financial Technology, will be the general manager.</p><p>The JV will provide technological platform development and digitized operational support services to facilitate CICC&#39;s wealth management, retail brokerage and other businesses.</p>
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