In 1986, Shanghai Government was allowed to use a maximum of US$3.2
billion foreign currencies through borrowings which was the catalyst of establishing
Shanghai Jiushi Corporation (). According to the company, the name is a wordplay on 94 (), which was the issue number of the document of the State Council regarding the use of such foreign currencies. The company was incorporated on 12 December 1987 under the
Law on Industrial Enterprises Owned by the Whole People (). The Company Law of China was legislated in 1993. Jiushi Group used the fund in
Shanghai Metro, as well as other projects such as the renovation of
Shanghai Hongqiao Airport. In 2015 the company was re-incorporated as
Shanghai Jiushi (Group) Co., Ltd., under the Company Law of China. ==Subsidiaries==