Chinese fintech company Ant Financial Services has formed a joint venture with a Shanghai unit of US-based asset management firm Vanguard, government records showed. The joint venture was registered with an initial investment of 20 million yuan ($2.9m) and will focus on services including investment consulting, according to the records. Ant Financial will control the company with a 51% stake, while the Vanguard subsidiary will hold the rest of the new enterprise. Huang Hao, president of digital finance business group at Ant Financial, is listed as its legal representative. The Vang...
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