China’s Regulator Accepts Mizuho Application to Set Up Securities Firm

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What’s new: The China Securities Regulatory Commission (CSRC) has accepted for processing an application by Japan-based Mizuho Securities Co. Ltd. to set up a wholly owned securities firm on the Chinese mainland, the company announced on Monday.

The new firm will provide services including raising and managing funds, with a focus on bonds, for issuers and investors both inside and outside China, the company said in a press release.

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The China Securities Regulatory Commission has accepted Mizuho Securities Co. Ltd.'s application to set up a wholly owned firm in China.
The new firm will offer fund-raising and management services, particularly focusing on bonds.
Since 2020, global financial institutions like JPMorgan Chase and Goldman Sachs have received approval for full control of their Chinese securities ventures after China lifted ownership restrictions.

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Who’s Who

Mizuho Securities Co. Ltd.: Mizuho Securities Co. Ltd. is a Japan-based firm applying to set up a wholly owned securities business in China. It will offer services in fund raising and management, focusing on bonds for both domestic and international clients. Part of Mizuho Financial Group Inc., one of Japan’s largest financial institutions, it operates in banking, securities, trust, asset management, and research and consulting.

JPMorgan Chase & Co.: In 2020, JPMorgan Chase & Co. received approval from Chinese regulators to take full control of its Chinese securities joint venture. This followed China's decision to scrap ownership restrictions on foreign companies in the financial sector, allowing more global firms to establish wholly owned businesses in China.

Goldman Sachs Group Inc.: Goldman Sachs Group Inc. has received regulatory approval to take full control of its Chinese securities joint ventures. This follows the 2020 lifting of foreign ownership restrictions on securities, futures, mutual fund, and life insurance firms in China, aimed at further opening the country's financial markets.

Mizuho Financial Group Inc.: Mizuho Financial Group Inc. is one of Japan’s largest financial institutions. It operates businesses across various sectors, including banking, securities, trust, asset management, and research and consulting.

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What Happened When

2020：: The Chinese government scrapped foreign companies’ ownership restrictions on securities, futures, mutual fund and life insurance firms.

November 2023：: Mizuho Securities Co. Ltd. first submitted their application to set up a wholly owned securities firm on the Chinese mainland.

Wednesday, 2024-06-19：: The CSRC accepted Mizuho Securities Co. Ltd.'s application for processing.

Monday, 2024-06-24：: Mizuho Securities Co. Ltd. announced that the CSRC had accepted their application for processing.

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