Chinese and Bangladeshi regulators have approved a bid by Chinese bourses to acquire a 25-percent stake in the Dhaka Stock Exchange.

In a bidding process also involving Indian, U.S. and Turkish exchanges, the group formed by the Shanghai and Shenzhen stock exchanges emerged as the winner, according to a statement released by the Shenzhen bourse Thursday.

The alliance will support the development of the Belt and Road Initiative and cooperation along the Bangladesh-China-India-Myanmar Economic Corridor, read the statement.

The Chinese bourses will cooperate with the Dhaka exchange on transaction technology, market and product development.

Founded in 1954, the Dhaka Stock Exchange is the country's most important bourse and had 303 listed companies with a market capitalization of 44 billion U.S. dollars last year.