(Yicai Global) May 31 -- Citigroup Global Market Asia has sold the 33.3 percent equity it held in the joint-venture securities firm to its partner Orient Securities for CNY476 million (USD69 million).

It announced this in a statement the Chinese securities firm released yesterday.

Orient Securities penned the contract with Hong Kong-headquartered Citigroup Global Market Asia in 2011 to set up the JV securities company Citi Orient Securities. The Shanghai-based brokerage firm held 66.7 percent equity, while the Citigroup unit took the rest.

Orient Securities will have 100 percent stake in the JV after completion of the deal, and it will pay this in a lump US-dollar payment, per the parties' agreement.

Orient received notice from Citigroup Global Market Asia on Dec. 16 that it did not intend to renew the JV's term, Orient Securities previously announced. Citigroup's exit from Citi Orient Securities will not greatly affect the JV's operation and development, the Shanghai brokerage firm also noted, but without elaborating.

The JV had assets of about CNY1.8 billion (USD265 million) at the end of last year, and net assets of about CNY1.4 billion. It also achieved business revenue of CNY800 million and net profit of CNY130 million last year, public data show.

The JV also got slapped with huge fine from the China Securities Regulatory Commission just before the Citigroup declared the split.

CSRC ordered it to rectify and confiscated business income of CNY5.9 million and fined it CNY17.9 million in November over false content in a financial advisory report it issued to Guangdong Guangzhou Daily Media's major asset restructuring, and its failure to perform its duties in a due diligence investigation.

Editor: Ben Armour