China: Daiwa majority-owned securities company establishment authorization: over Majority-Owned JV
[Beijing = Iori Kawate]
Chinese securities authorities:
By August 29, it approved the “establishment of a securities company in which Daiwa Securities Group Inc. has a 51% stake”.
China is gradually easing restrictions on foreign securities entry.
In December 2019, Nomura Holdings opened “Nomura Toho International Securities Co., Ltd.”
China Securities Regulatory Commission:
On August 21, Daiwa Securities China announced the establishment approval.
Total investment amount is 1 billion yuan (approximately 15.3 billion yen)
Yamato has approved 51%, and Beijing State Capital Management Center has approved 49 establishments.
Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXMZO63218290Z20C20A8FF8000/
Daiwa Securities Receives Approval from China Regulator over Majority-Owned JV
Posted on 08/30/2020
Daiwa Securities Group Inc.
is moving forward on a majority-owned joint venture in China that will provide brokerage and securities underwriting services in mainland China.
This is after Daiwa got regulatory approval from the China Securities Regulatory Commission.
Beijing State-Owned Capital
is an investment vehicle of Beijing municipal government will own 33% of the Daiwa joint venture, while an investment arm of Beijing’s Xicheng District holds 16%.
Daiwa Securities sent in an application to form the joint venture in September 2019.
In 2014, Daiwa Securities exited mainland China when it owned a 33% joint venture wit a Chinese partner, after not being able to get a reasonable amount of market share.