FINANCE

Beijing Brings Legacy Brokerage Back to Life with State-owned Firm’s Takeover of Credit Suisse Securities

Published: Jul. 25, 2025 4:14 a.m. GMT+8

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Credit Suisse Securities was put up for sale by UBS Group AG after it took control of Credit Suisse following the bank’s collapse in 2023.

Nearly two decades after helping reshape China’s securities industry, Beijing’s state-owned capital firm is making a bold comeback — by taking control of a foreign-invested brokerage and reviving a long-retired name: Beijing Securities.

On Wednesday, Founder Securities Co. Ltd. announced that it had formally transferred its 49% stake in Credit Suisse Securities (China) Ltd. to Beijing State-owned Assets Management Co. Ltd. (BSAM), an investment vehicle owned by the Beijing municipal government.

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Beijing State-owned Assets Management (BSAM) acquired a 49% stake in Credit Suisse Securities (China), renaming it Beijing Securities and gaining majority control.
The deal resolves UBS’s overlapping China licenses, granting UBS full control of UBS Securities and BSAM a full-service securities license, though the asset is currently unprofitable.
BSAM, which reported 2024 revenue of 16 billion yuan and net profit of 9.3 billion yuan, must share legal liabilities from earlier Credit Suisse bond defaults.

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Who’s Who

Founder Securities Co. Ltd.: Founder Securities Co. Ltd. formally transferred its 49% stake in Credit Suisse Securities (China) Ltd. to Beijing State-owned Assets Management Co. Ltd. This transaction led to Credit Suisse Securities (China) Ltd. being renamed Beijing Securities Co. Ltd. Previously, Founder Securities Co. Ltd. had agreed to sell this stake to Credit Suisse in 2022.

Credit Suisse Securities (China) Ltd.: Credit Suisse Securities (China) Ltd. was a joint venture between Credit Suisse and Founder Securities Co. Ltd. It underwent several changes in ownership due to Credit Suisse's collapse and UBS's takeover. Ultimately, Beijing State-owned Assets Management Co. Ltd. acquired control, renaming it Beijing Securities Co. Ltd. The company faced financial unprofitability and legal liabilities from past bond defaults.

Beijing Securities Co. Ltd.: Beijing Securities Co. Ltd. is the revived name of Credit Suisse Securities (China) Ltd. This brokerage is now primarily owned by Beijing State-owned Assets Management Co. Ltd. (BSAM), after a complex transaction involving UBS Group AG and Founder Securities Co. Ltd. The re-establishment of Beijing Securities gives BSAM control of a full-service securities license, aiming to support the Beijing Stock Exchange despite the brokerage's current lack of profitability.

UBS Group AG: UBS Group AG led a rescue effort for the failing Beijing Securities in 2006, restructuring it into UBS Securities Co. Ltd. After acquiring Credit Suisse in 2023, regulatory limits necessitated a complex deal with BSAM. UBS now has full control of UBS Securities, while BSAM became the dominant shareholder of the newly rebranded Beijing Securities, with UBS retaining a minority stake.

China Jianyin Investment Ltd.: China Jianyin Investment Ltd. participated in the rescue effort of Beijing Securities in 2006 alongside UBS Group AG and Beijing State-owned Assets Management Co. Ltd. They restructured the struggling firm into UBS Securities Co. Ltd., which eventually became a wholly foreign-owned entity.

UBS Securities Co. Ltd.: In 2006, UBS Group AG led a rescue effort with BSAM and China Jianyin Investment Ltd., restructuring the failing Beijing Securities into **UBS Securities Co. Ltd.** This entity eventually became wholly foreign-owned. Recently, UBS exchanged its inherited 36.01% stake in Credit Suisse Securities for BSAM's 33% stake in **UBS Securities**, giving UBS full control of **UBS Securities**.

Shandong Yuhuang Chemical Co.: Shandong Yuhuang Chemical Co. defaulted on two bonds underwritten by Credit Suisse Securities in 2019. The company was later found to have committed financial fraud, leading to regulatory warnings for Credit Suisse Securities and a series of lawsuits from investors. These liabilities are now a concern for BSAM, the new owner of the renamed Beijing Securities.

Bank of Beijing: Bank of Beijing is one of the seven public companies in which Beijing State-owned Assets Management Co. Ltd. (BSAM) holds a stake. BSAM is a powerful state-owned investment entity that reported significant revenue and net profits in 2024.

Loongson Technology Corp. Ltd.: Loongson Technology Corp. Ltd. is one of seven public companies in which Beijing State-owned Assets Management Co. Ltd. (BSAM) holds stakes. BSAM is a state-owned investment entity under the Beijing municipal government, with significant assets and revenue reported in 2024.

BAIC BluePark New Energy Technology Co. Ltd.: BAIC BluePark New Energy Technology Co. Ltd. is one of the seven public companies in which Beijing State-owned Assets Management Co. Ltd. (BSAM) holds a stake. BSAM is a powerful state-owned investment entity in Beijing, China.

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What Happened When

2006：: The original Beijing Securities was dismantled amid financial distress. UBS Group AG, BSAM, and China Jianyin Investment Ltd. restructured the firm into UBS Securities Co. Ltd.

2019：: Credit Suisse Securities underwrote two bonds for Shandong Yuhuang Chemical Co., both of which later defaulted. Credit Suisse Securities was later formally warned by the China Securities Regulatory Commission for trustee failings.

2021：: The Beijing Stock Exchange was established, creating a need for a locally controlled brokerage.

2022：: Credit Suisse agreed to buy out Founder’s 49% stake in Credit Suisse Securities (China), valuing the brokerage at about 2.3 billion yuan.

2023：: Credit Suisse’s collapse occurred and UBS took over. Regulatory limits forced a change regarding UBS's securities licenses in China.

May 2024：: BSAM, already holding a 33% stake in UBS’s China JV, proposed a cash and stock deal for Credit Suisse Securities.

Wednesday, 2024：: Founder Securities Co. Ltd. announced it had formally transferred its 49% stake in Credit Suisse Securities (China) Ltd. to BSAM.

2024：: Credit Suisse Founder was renamed Beijing Securities Co. Ltd., with full registration updates completed.

2024：: BSAM swapped its stake in UBS Securities for UBS’s stake in Credit Suisse Securities, and then acquired the remaining stake from Founder Securities with cash.

2024：: UBS exchanged its inherited 36.01% stake in Credit Suisse Securities for BSAM’s 33% stake in UBS Securities, giving UBS full control of UBS Securities and BSAM became dominant shareholder of Beijing Securities.