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Japan’s Daiwa Securities Group Inc received regulatory approval to launch a majority-owned joint venture providing brokerage and securities underwriting services in China.
Daiwa applied for the establishment of the joint venture to China Securities Regulatory Commission last September.
China’s top securities watchdog approved the venture that would be 51 percent owned by the Japanese brokerage and investment bank.
Beijing State-Owned Capital owns 33 percent while an investment arm of Beijing’s Xicheng District holds 16 percent.
China is opening its financial sector to allow foreign institutions to own majority stakes in securities firms, mutual funds, and insurance companies.
It would be a comeback for Daiwa, which retreated from China in 2014 when it owned 33 percent of a joint venture with a local partner, after failing to control significant market share.
Last year, Nomura Holdings also received approval to launch its 51 percent -owned joint venture in China for asset management, brokerage, investment consulting, and proprietary trading businesses.
