(Yicai Global) June 29 -- Tencent Holdings and leading investment banking firm China International Capital have set up a joint venture that will utilize the tech giant’s digitization and financial technologies to further the development of CICC’s wealth management business.

The Tencent JV is part of CICC's strategic positioning in the field of wealth management, Chief Executive Bi Mingjian said previously. The tie-up between the two firms was first announced last September.

Shenzhen-based Jinteng Technology Information has a registered capital of CNY500 million (USD70.7 million). CICC is the majority shareholder with a 51 percent stake, according to corporate data platform Tianyancha. The company mainly engages in software development, information technology consulting, data processing and storage support services.

Tencent bought into the brokerage in 2017, taking a 5 percent stake. In February 2019, e-commerce giant Alibaba Group Holding also bought into CICC for a 4.84 percent total equity stake.

CICC’s share price [HKG:3908] closed up 1.19 percent at HKD15.34 (USD1.98) today.

Editor: Kim Taylor