Movers and Shakers: Who’s in Charge of China’s First Newly-Established Foreign-Controlled Brokerage
| World of Finance
Nomura to set up shop in Shanghai: Japanese investment bank Nomura Holdings Inc. will soon be approved to set up the first newly established foreign-controlled brokerage on the Chinese mainland, sources familiar with the matter told Caixin. Nomura will hold 51% of the new venture. State-owned enterprise Orient International (Holding) Co. Ltd. will hold the rest.
Yu Qing (余青) and Sun Dongqing (孙冬青) will be named chair and general manager of the venture, respectively, according to the sources.
• Yu was previously a vice president of China Reinsurance (Group) Corp., and before that worked for the Ministry of Finance (MoF) for two decades. China Reinsurance, the country’s only state-owned reinsurance group, was set up by the MoF and Central Huijin Investment Co. Ltd., the domestic arm of China’s sovereign wealth fund. Yu left it in 2017.
• Sun was previously head of the wealth management division at investment bank China International Capital Corp. Ltd.
In November, the securities watchdog allowed UBS Group AG to become the first foreign firm to take control of a brokerage on the Chinese mainland.
Central bank’s finishing school: Wu Xiaoling (吴晓灵), chairwoman and dean of Tsinghua University’s People’s Bank of China School of Finance, one of China’s most prestigious financial research faculties, is stepping down as dean. She’ll be replaced as dean by Zhang Xiaohui (张晓慧), but will remain as chairwoman.
Before returning to academia, Wu had previously served as a vice governor at the People’s Bank of China (PBOC) and head of the State Administration of Foreign Exchange. Zhang was an assistant governor at the PBOC until 2017, and has focused on monetary policy for much of her career. Both Wu and Zhang are graduates of the school’s predecessor — the Graduate School of the People’s Bank of China.
Contact reporter Ke Baili (firstname.lastname@example.org)
Read more about Caixin’s Movers and Shakers.
If you think we’re missing important moves, or if you have any other comments on this newsletter, please let us know.
Mar 21 17:12
Mar 21 17:16
Mar 21 16:52
Mar 21 15:49
Mar 20 19:25
Mar 20 18:20
Mar 20 17:07
Mar 20 16:06
Mar 20 16:43
Mar 20 14:49
Mar 20 14:36
Mar 20 12:35
Mar 20 01:57
Mar 19 20:56
- 1China Passes Landmark Foreign Investment Law
- 2Update: Tax Cuts Mean Governments Need to Tighten Their Belts: Premier Li
- 3China Became Net Importer of Rare Earths in 2018
- 4Uxin Shares Plunge as Revenue Surge Fails to Yield Profit
- 5Popular WeChat Account Valued at 2 Billion Yuan Snapped Up By Education Firm
- 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