The predecessor of Guangfa Securities was the Securities Department of Guangdong Development Bank (hereinafter referred to as Guangfa Bank) which was established on September 8, 199 1. 1At the end of 993, Guangdong Guangfa Securities Company was formally established as a subsidiary of Guangfa Bank. 200 1 It was restructured into Guangfa Securities Co., Ltd. through capital increase and share expansion, and Guangfa Bank remained the largest shareholder. 1May, 1999, according to the requirement of separation of bank and securities, Guangfa Bank transferred all the shares of Guangfa Securities and became two completely independent companies. GF Securities is the major shareholder of GF Fund Company.