A mainland China joint venture backed by Japanese securities giant Daiwa has obtained a license and will launch soon, marking the seventh foreign financier allowed to take a majority stake.
Daiwa Securities (China) was incorporated in Beijing, according to public records, with the local regulator separately issuing a statement of approval, signaling a launch soon.
Daiwa will own 51 percent of the newly formed venture with the remaining stake controlled by two Beijing state-owned enterprises.
Daiwa’s China Acceleration?
The approval falls in line with the original timeline previously set by Daiwa’s deputy president Keiko Tashiro, who also hinted at accelerating the shift of its Hong Kong operations to mainland China should the political environment worsen.
«If facts emerge such as people getting arrested one after another, we may need to front-load it,» she said though she also added that financial firms didn’t «need to worry too much» about Hong Kong’s continued status as a «window to the world» for China.
«Once the joint venture is established, we can do China business in China,» she noted.
