China is set to take control of the Zions stock market for the first time in history.
The country’s stock market regulator has issued an order to buy shares for the next 10 years from the Sichuan Investment Corporation, which is the largest private holding company in China.
It is the first of its kind in the world, according to CNBC.
The Sichu stock exchange is located in the city of Chengdu in southwest China.
According to Reuters, the Sic is holding a $30 billion tender for up to 50 percent of its shares and hopes to complete the deal within a year.
The sale will be completed as soon as China’s financial regulator approves it, Reuters reported.
The stock exchange has also received $6.6 billion from the central bank of China.
The move has made China’s stock markets the most liquid in the Asia-Pacific region, Reuters said.
China is the world’s second-largest economy and its economy grew by 7.9 percent in the first half of 2018, according a Bloomberg report.