Brokerage JV gets nod in Shanghai FTZ
Print Edition
A joint-venture securities brokerage, held by Hong Kong and domestic investors, has been approved to be set up in Shanghai’s pilot free trade zone as the country continues to open up the securities industry.
With a registered capital of 3.5 billion yuan (US$540 million), Shengang Securities Co will be engaged in offering brokerage services, securities underwriting, proprietary trading and asset management, according to a document released by the China Securities Regulatory Commission.
The joint venture, which will have six months to register with the regulatory authorities before starting operation, will provide services to both individual and institutional clients.
The approval of the joint-venture brokerage indicated the CSRC is opening up the securities industry and lowering the threshold for brokerage licenses.
Hong Kong-based Mason Financial Holdings Ltd and Freeman Financial Corp are the top-two shareholders with 15 percent each in Shengang Securities.
Another 12 shareholders, including a corporate investor from Hong Kong and 10 corporate investors and one limited partnership investor from the Chinese mainland, will take the remaining 70 percent stake, according to the document.
By the end of 2015, there were 125 securities firms in China’s mainland.
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