In 2003, CLSA also established the first Sino-foreign joint-venture investment bank in China, following the country's membership in the World Trade Organization.  The joint venture is called China Euro Securities, Ltd. (CESL) and is headquartered in Shanghai, employing 80 investment professionals.  Since it was incorporated, CESL has completed 17 lead underwriting and sponsoring deals and has been recognized as the “Most Innovative Investment Bank Team in China†by the Securities Times in 2006, a Chinese newspaper overseen by the China Securities Regulatory Commission.  One of CESL's biggest deals was the secondary offering of Zhenhua Port Machinery in December 2004, which was 88 times oversubscribed.