FINANCE

Citigroup to Get License for Wholly Owned China Securities Firm as CEO Joins Trump Visit

Published: May. 14, 2026 11:25 a.m. GMT+8

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Jane Fraser, CEO of Citigroup, is part of U.S. President Donald Trump’s delegation to China this week. Photo: VCG

Citigroup Inc. has cleared the final regulatory hurdles to set up a wholly foreign-owned securities firm on the Chinese mainland, ending a yearslong application process that lasted more than four years.

The China Securities Regulatory Commission’s (CSRC) latest public list of pending administrative approvals no longer shows Citigroup Securities (China) Co. Ltd.’s application to establish a brokerage, indicating that the review process has been completed.

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Citigroup approved for wholly foreign-owned securities firm in China, seventh such institution after JPMorgan, Goldman Sachs, Standard Chartered, BNP Paribas, Mizuho, UBS.
Application filed Dec 2021, accepted Dec 2023; CSRC reviewed 2022 profit drop, 2023 profitability, compliance chief's CEFC ties.
Coincides with Trump’s China visit; CEO Fraser in U.S. business delegation. Citadel application pending since Jan 2025.

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Who’s Who

Citigroup Inc.: Citigroup Inc. has won final CSRC approval for a wholly foreign-owned securities firm in China after a 4+ year process, becoming the seventh such foreign owner. The unit can handle brokerage, consulting, underwriting, and sponsorship. CEO Jane Fraser joins Trump's state visit delegation. (Previously exited Orient JV in 2019.)

Citigroup Securities (China) Co. Ltd.: Citigroup Securities (China) Co. Ltd. received final CSRC approval to operate as a wholly foreign-owned brokerage in mainland China, becoming the seventh such foreign firm. Submitted Dec 2021, accepted Dec 2023, approved after >4 years. Services: brokerage, consulting, underwriting, sponsorship. Coincides with CEO Jane Fraser's attendance at Trump’s China visit.

Citigroup Global Markets Holdings Inc.: Citigroup Global Markets Holdings Inc. submitted the application in December 2021 to establish Citigroup Securities (China) Co. Ltd., a wholly foreign-owned brokerage. The CSRC accepted it on Dec. 28, 2023, issued feedback on Feb. 4, 2024, and granted approval after over four years.

CEFC Shanghai Securities Co. Ltd.: Chinese regulators revoked all licenses of CEFC Shanghai Securities Co. Ltd. in November 2019 due to unlawful actions, including extending financing to its parent, CEFC Shanghai International Group—a subsidiary of the fallen CEFC China Energy conglomerate. The CSRC questioned a former employee's qualifications as Citigroup's proposed compliance chief.

CEFC Shanghai International Group: CEFC Shanghai International Group was the parent of CEFC Shanghai Securities Co. Ltd., whose licenses were revoked by Chinese regulators in November 2019 for unlawful acts, including extending financing to it. It is the main business subsidiary of the fallen energy and financial conglomerate CEFC China Energy Co. Ltd.

CEFC China Energy Co. Ltd.: CEFC China Energy Co. Ltd. is a fallen energy and financial conglomerate. Its main business subsidiary, CEFC Shanghai International Group, was involved in unlawful actions via CEFC Shanghai Securities, whose licenses were revoked by Chinese regulators in November 2019 for issues like extending financing to the parent. (48 words)

Credit Suisse Securities (China): Citigroup considered acquiring Credit Suisse Securities (China) to obtain a wholly owned brokerage license, but this path closed after UBS acquired Credit Suisse and gained full control of UBS Securities.

Orient Securities Co. Ltd.: Citigroup formed a joint venture with Orient Securities Co. Ltd. in 2012, holding a 33.3% stake. It withdrew in 2019 after failing to negotiate an increase to a controlling 51%.

JPMorgan Chase & Co.: JPMorgan Chase & Co. is one of six foreign financial institutions that fully own a brokerage on the Chinese mainland, prior to Citigroup becoming the seventh.

Goldman Sachs Group Inc.: Goldman Sachs Group Inc. is one of six foreign financial institutions that fully own a brokerage on the Chinese mainland, prior to Citigroup becoming the seventh.

Standard Chartered PLC: Standard Chartered PLC is one of six foreign financial institutions that fully own a brokerage on the Chinese mainland, ahead of Citigroup's approval as the seventh.

BNP Paribas SA: BNP Paribas SA is one of six foreign financial institutions that fully own a brokerage on the Chinese mainland, ahead of Citigroup's approval as the seventh.

Mizuho Financial Group Inc.: Mizuho Financial Group Inc. is one of six foreign financial institutions (with JPMorgan Chase, Goldman Sachs, Standard Chartered, BNP Paribas, and UBS) that fully own a brokerage on the Chinese mainland.

UBS: UBS acquired Credit Suisse and won approval for full control of UBS Securities (China), securing wholly foreign-owned brokerage status. It is one of six foreign firms (now seven with Citigroup) fully owning brokerages on the Chinese mainland. (42 words)

UBS Securities: UBS acquired Credit Suisse and won approval for full control of UBS Securities (China), securing a wholly foreign-owned brokerage. It is one of six such foreign institutions (with JPMorgan, Goldman Sachs, Standard Chartered, BNP Paribas, Mizuho) before Citigroup became the seventh.

Citadel Securities (China) Co. Ltd.: Citadel Securities (China) Co. Ltd.'s application for a securities brokerage license remains pending with the CSRC, accepted on Jan. 17, 2025.

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