A Chinese-led Consortium has signed a $85 million deal to purchase a 40 percent stake in the Pakistan Stock Exchange.

The group includes three Chinese exchanges and two Pakistani financial institutions.

Both the Shanghai Stock Exchange and the Shenzhen Stock Exchange are involved in the deal.

The three Chinese exchanges will hold a combined 30 percent stake, while their Pakistani partners will own 10 percent.

The Pakistan Stock Exchange has been one of the best-performing markets in Asia in 2016, with its benchmark KSE 100-stock index gaining more than 40 percent this year.

Pakistan has seen major Chinese investment in recent months under the China-Pakistan Economic Corridor, a multi-billion-dollar infrastructure program.