Tencent (0700) has partnered with China International Capital Corporation (3908) to establish a technological joint venture which was proposed last September, mainland media Jiemian.com reported.
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.
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.
The JV provides services including software development, information system integration, information system operation and maintenance, and data processing, according to information from the platform.
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.
The JV will provide technological platform development and digitized operational support services to facilitate CICC's wealth management, retail brokerage and other businesses.
