Starr Investments, an investment group controlled by the US insurance tycoon, in January 2007 announced the creation of a joint venture investment vehicle with Citic Securities, a leading mainland brokerage backed by Citic Group, a state-owned conglomerate.
The venture was to start with Rmb1bn ($146m) in capital, supplied in equal amounts by each partner, with a stated aim of investing in mainland companies prior to their market listing.
Because it was a novel arrangement, it fell into a regulatory black hole and the Chinese Securities Regulatory Commission rejected the planned venture rather than set a precedent.
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