FINANCE

Citigroup Wins Approval for Wholly Owned China Brokerage

Published: Oct. 24, 2026 12:16 a.m. GMT+8

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Citigroup submitted its application in December 2021. Photo: IC

China’s securities regulator has approved Citigroup Global Markets Holdings Inc. to establish a wholly owned brokerage in Shanghai, ending a nearly five-year application process.

The approval, announced Friday, makes Citigroup the seventh foreign financial institution to secure full ownership of a Chinese mainland brokerage. It will allow the U.S. bank to underwrite securities, conduct proprietary trading and provide investment advisory services in the world’s second-largest capital market.

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CSRC approved Citigroup’s wholly owned Shanghai brokerage, Citigroup Securities (China), with 1.2 billion yuan ($173M) capital.
It becomes the seventh fully foreign-owned mainland brokerage; businesses include underwriting, proprietary trading, and investment advisory.
Application submitted Dec 2021, accepted Dec 2023, with approval following years of regulatory review and feedback.

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What Happened When

2012：: Citigroup established Citi Orient Securities Co. Ltd., a joint venture with a 33.33% stake.

2019：: Citigroup exited the joint venture after failing to reach an agreement to raise its ownership to 51%.

December 2021：: Citigroup submitted its application to establish a wholly owned brokerage in Shanghai.

Dec. 28, 2023：: The CSRC accepted Citigroup's application for processing.

Feb. 4, 2024：: The CSRC issued its first feedback on Citigroup's application, requesting explanation for a decline in 2022 net profit and evidence of financial soundness.

May 2024：: Caixin reported that Citigroup's application had disappeared from the CSRC's administrative approval progress portal, signaling progress in the review, coinciding with U.S. President Donald Trump's May 13–15 state visit to China.

Jan. 17, 2025：: The CSRC received Citadel Securities' application for a wholly owned brokerage license, and requested supplementary materials later that month.

April 2026：: Japan's Daiwa Securities Group Inc. acquired the remaining 49% of Daiwa Securities (China) Co. Ltd. from its two Chinese partners for about 706 million yuan, and is finalizing the procedures.

Since 2026：: Citigroup has helped Chinese clients raise more than $40 billion in global capital markets (as stated in the article).

Friday (date of approval announcement)：: The approval was announced, making Citigroup the seventh foreign financial institution to secure full ownership of a Chinese mainland brokerage. The new firm, Citigroup Securities (China) Co. Ltd., will have registered capital of 1.2 billion yuan ($173 million). The CSRC requires Citigroup to complete its business registration within six months of approval.

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