Photo: Logo of Zijin Trust, a trust company based in Nanjing, capital of east China's Jiangsu Province.
BEIJING, Aug. 12 (Xinhua) -- Zijin Trust, a trust company based in Nanjing, capital of east China's Jiangsu Province, will receive additional 500 million yuan (about 77.2 million U.S. dollars) investment from Sumitomo Mitsui Trust Bank Ltd., a leading trust bank in Japan, according to Securities Daily on Wednesday.
After the capital increase, Sumitomo Mitsui will become the second largest shareholder of Zijin Trust, with a 20 percent stake, making it the largest foreign shareholder in the trust company.
China has been increasingly liberalizing foreign investment in trust field in recent years. In 2015, the former China Banking Regulatory Commission (CBRC) lifted the restrictions on the proportion of foreign-owned investors in the domestic trust companies, allowing the foreign financial institutions to absolutely control the domestic trust companies, showing the country's growing opening-up in the financial field.
In 2020, the China Banking and Insurance Regulatory Commission (CBIRC) abolished the threshold for foreign investors holding stakes in the domestic trust companies, and removed the total asset requirement of 1 billion U.S. dollars for them to invest in the trust companies. (Edited by Hu Pingchao, Wang Siyi with Xinhua Silk Road, hupingchao@xinhua.org)
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