CSRC approves Shanghai Securities to become a major shareholder of Qianhai United Fund.

The China Securities Regulatory Commission has recently approved Shanghai Securities to become the major shareholder of Qianhai United Fund, and approved Bailing Group Limited to become the actual controller of Qianhai United Fund. As early as February 7th of this year, after five rounds of auctions and twists and turns, Shanghai Securities successfully bid for 30% of Qianhai United Fund's equity at 37.6622 million yuan, a price that was 44% lower than the appraisal value of 67.254 million yuan. Industry insiders analyze that securities firms have advantages in channels, proprietary trading, and asset management resources, which can be beneficial in helping small and medium-sized funds grow larger in scale.