What’s new: The Guangzhou Futures Exchange, China’s first bourse to run as a company with some private stakeholders, will be set up by eight shareholders with a registered capital of 3 billion yuan ($464 million), sources close to the exchange told Caixin.
The stakeholders include the privately held financial conglomerate Ping An Insurance (Group) Co. of China Ltd. with a 15% stake, and Hong Kong Exchanges and Clearing Ltd., with a 7% stake, the sources said.
The source said other shareholders include a local privately owned company in Guangzhou and a local company owned by the Guangzhou city government, each of which has a 9% stake.
The rest are the Chinese mainland’s four futures exchanges under the top securities regulator’s supervision — the Shanghai Futures Exchange, the Zhengzhou Commodity Exchange, the Dalian Commodity Exchange and the China Financial Futures Exchange — with each owning a 15% stake.
The background: China’s top securities regulator gave the green light on Jan. 22 to the establishment of the bourse based in the southern megacity of Guangzhou. It was the country’s first new futures exchange to open in 14 years.
Along with developing innovation and competitiveness, the goal is to make the Guangzhou Futures Exchange a lot less like a quasi-governmental institution, which is how other Chinese futures exchanges operate, scholars and industry insiders said.
Related: In Depth: China Wants Its Next Futures Exchange to Run a Lot More Like a Company
Contact reporter Luo Meihan (meihanluo@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
