Although CICC, Huijin and Securities Company represent different financial roles, there are close connections and differences between them. First of all, as an investment bank or securities company, CICC has a state-owned background and is the representative of the first joint venture securities companies in China. Its main functions are investment and financial services.

In contrast, Huijin is a financial holding company focusing on financial investment. It belongs to the state and is essentially a quasi-government company, mainly investing in domestic financial core enterprises. Huijin is unique in that it is wholly owned by the state and has a direct equity relationship with CICC. CIC holds 1% equity of Huijin, while Huijin holds about 43% equity of CICC.

The securities company, named China Securities Finance Co., Ltd., was established in 211, shouldering a special mission. It is a securities financial institution established by Shanghai Stock Exchange, Shenzhen Stock Exchange and China Securities Depository and Clearing Co., Ltd. with a registered capital of 7.5 billion yuan. The main responsibilities focus on providing refinancing services for securities companies' margin financing and securities lending business, monitoring market operation, preventing risks, and implementing other relevant requirements of China Securities Supervision Department, and it is the role of market risk management and stabilizer.

to sum up, CICC, Huijin and securities companies play different roles in the financial field. CICC is a securities company, Huijin is a financial holding and investment entity, while securities companies focus on market stability and the provision of financial services. The relationship between them is complicated, but * * * both contribute to the development of China's financial market.