Further JVs permitted

Offshore futures brokerages registered in Hong Kong and Macau can now apply to establish mainland futures companies joint ventures in which the overseas partners can hold a stake of up to 49%, much higher than the 33% cap for securities joint ventures, the China Securities Regulatory Commission announced on Tuesday. According to the guidelines, overseas applicants will have to spend at least US$6.2 million for shareholder equity and must have posted profits for the previous two years.