Exclusive: China to Approve Nomura to Set Up Foreign-Controlled Brokerage
Japanese investment bank Nomura will soon be approved to set up a securities joint venture in Shanghai, which would be the first newly established foreign-controlled brokerage on the Chinese mainland, sources familiar with the matter told Caixin.
The development is part of Beijing’s broader drive to grant foreign investors wider access to China’s financial markets, including allowing them to take controlling stakes in securities joint ventures.
In late February, Yi Huiman, the new chairman of the China Securities Regulatory Commission (CSRC), met in Beijing with senior executives of Nomura Holdings Inc., Japan’s biggest brokerage and investment bank, the sources told Caixin, speaking on condition of anonymity. The CSRC is expected to approve the venture soon, the sources said.
Nomura will hold 51% of the new venture, while Shanghai-based state-owned enterprise Orient International (Holding) Co. Ltd. will hold the remainder.
Yu Qing and Sun Dongqing will be named chair and general manager of the venture, respectively, the sources said. Yu was previously a vice president of China Reinsurance (Group) Corp., the country’s only state-owned reinsurance group. She previously worked for the Ministry of Finance for 20 years dating back to 1989. Sun was previously head of the wealth management division at investment bank China International Capital Corp. Ltd.
In April last year, the CSRC issued rules raising the ceiling on foreign ownership of China-based securities firms to 51% from the previous 49%. In November, the securities watchdog gave the first approval for a foreign firm to take control of a mainland securities joint venture to Swiss financial titan UBS Group AG, allowing it to raise its shareholding in UBS Securities Co. Ltd. to 51%.
Contact reporter Lin Jinbing (firstname.lastname@example.org)
Jul 10 19:00
Jul 10 18:54
Jul 10 17:22
Jul 10 16:31
Jul 10 13:03
Jul 09 19:19
Jul 09 19:10
Jul 09 18:49
Jul 09 16:40
Jul 08 18:10
Jul 08 15:57
Jul 08 13:46
Jul 07 18:50
Jul 07 13:17
Jul 07 04:13
- 1For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits
- 2Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
- 3Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion
- 4In Depth: CATL Loses Electric-Car Battery Crown as Foreign Firms Muscle In
- 5Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas