Korea’s Mirae Asset Financial Group Co. said Tuesday it has launched a joint venture with two Chinese counterparts as part of an effort to expand its asset management business in Asia.

Mirae Asset owns 25 percent of Mirae Asset Huachen Fund Management Co. with Chinese Huachen Trust Co. and Tiantu Capital Co. owning 40 percent and 35 percent, respectively.

The joint venture was established with an initial capital of 200 million yuan ($31.4 million).

The joint firm will offer various mutual funds to Chinese local and foreign investors there, with 40 staff working at the Shanghai headquarters, the company said.

“China has always been an important market for us and I’m grateful that six years of preparation has finally come to bear fruit,” Park Hyun-joo, the chief executive of Mirae Asset Financial said at the launching ceremony held in Shanghai.

Mirae Asset Financial obtained a business license in China late last month, after it received an approval of establishment from the China Securities Regulatory Commission in March.

Mirae Asset Financial opened its Hong Kong subsidiary in 2003 and acquired a Taiwanese asset management firm last year. It currently has 13 global businesses under operation worldwide. 

(Yonhap News)