CSRC nods establishment of new wholly foreign-owned securities firm in China
China Securities Regulatory Commission (CSRC), the Chinese securities regulator, has recently approved establishment of a new wholly foreign-owned securities company in China, reported China Securities Journal recently.
The company, which is named Standard Chartered securities (China) co., ltd., has a registed capital of 1.05 billion yuan funded by its only shareholder Standard Chartered Bank (Hong Kong) Limited.
The business scope of the newly-approved company covers securities brokerage, securities proprietary trading, securities underwriting, and securities asset management limited to asset securitization, according to the report.
Prior to this, there have already been two wholly foreign-ownedsecurities companies in China, namely Goldman Sachs Gao Hua Securities Co., Ltd. and J.P. Morgan Securities (China) Co., Ltd.
In recent years, the opening-up of China's capital market, continuously optimized market connectivity, much improved basic transaction rules, more diversified financial products, and expanded inbound and outbound investment channels have been attracting more and more overseas institutions to invest in China.
Fan Xiang, board chairman with Goldman Sachs Gao Hua Securities said that a series of China's opening-up measures including those on capital market revived global investors' confidence to participate in China market and assets.
For overseas financial institutions, they will be more confident in China's long-term development prospects when they know more about China and get more involved in China's economic development, noted Zhang Xiaolei, president, governor and deputy board chairman with Standard Chartered Bank (China) Ltd.