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Gasgoo.com (Shanghai June 16) - Great Wall released an announcement that its application for a business license for its financing company has been officially approved by Tianjin Binhai New Area's Administration for Industry and Commerce, the National Business Daily reported today. The new company, known as the Tianjin Great Wall Binhai Banking Automobile Finance Company, possesses registered capital of 550 million RMB ($89.46m). According to a Great Wall representative, the new company is a joint venture between Great Wall, which owns a 90 percent stake, and the Tianjin Binhai Rural Commercial Bank, which holds the remaining stake.