Japanese Giant Daiwa’s China Securities Venture to Open Soon
What’s new: A Chinese venture backed by Japanese securities giant Daiwa Securities Group Inc. has obtained a business license and will start operations soon, according to a Thursday statement (link in Chinese) released by a local financial regulator in Beijing.
The joint venture, Daiwa Securities (China), was incorporated in the Chinese capital last Friday, according to public business records.
What’s the background: The Japanese brokerage and investment bank owns 51% of the new venture, with the remaining stake controlled by two Beijing state-owned companies.
Winning the regulatory approval to start a China venture in August, Daiwa is the seventh foreign company permitted to take majority ownership of a securities joint venture on the Chinese mainland since the government allowed them to do so. Others include JPMorgan Chase & Co., UBS Group AG and Goldman Sachs Group Inc.
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