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RBS opens JV to tap China's IPO market
By Zhang Fengming |
May 30, 2011, Monday
|
Online Edition
Online Edition
THE Royal Bank of Scotland today opened its securities joint venture in Wuxi City in Jiangsu Province to tap the world's biggest initial public offering market.
RBS holds 33.3 percent, the maximum allowed under the law, of Hua Ying Securities Co, which has a registered capital of 800 million yuan (US$123 million). Its partner, Wuxi-based Guolian Securities Co, takes the remainder.
The joint venture will tap the market of IPOs, debts, mergers and acquisitions.
John McCormick, chairman of RBS Asia Pacific, said China is one of the key markets for the Scottish bank and they see terrific opportunities in China's capital market in the decade ahead.
RBS will focus on its organic growth in China and has no immediate plan for mergers and acquisitions.
China emerged as the world's largest IPO market in 2010 with 346 IPOs and US$83.7 billion raised, 160 percent more than in 2009.
The two partners are optimistic that securities firms will reap huge business from the planned international board, which allows foreign companies to sell yuan-based shares on the Shanghai Stock Exchange.
Major overseas financial firms and multinational companies, including London-based HSBC and Standard Chartered Bank, have said they want to be among the first batch of companies to go public on the international board.
RBS holds 33.3 percent, the maximum allowed under the law, of Hua Ying Securities Co, which has a registered capital of 800 million yuan (US$123 million). Its partner, Wuxi-based Guolian Securities Co, takes the remainder.
The joint venture will tap the market of IPOs, debts, mergers and acquisitions.
John McCormick, chairman of RBS Asia Pacific, said China is one of the key markets for the Scottish bank and they see terrific opportunities in China's capital market in the decade ahead.
RBS will focus on its organic growth in China and has no immediate plan for mergers and acquisitions.
China emerged as the world's largest IPO market in 2010 with 346 IPOs and US$83.7 billion raised, 160 percent more than in 2009.
The two partners are optimistic that securities firms will reap huge business from the planned international board, which allows foreign companies to sell yuan-based shares on the Shanghai Stock Exchange.
Major overseas financial firms and multinational companies, including London-based HSBC and Standard Chartered Bank, have said they want to be among the first batch of companies to go public on the international board.
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