LINE

Text:AAAPrint
Economy

J.P. Morgan applies to set up majority-ownership brokerage in China

1
2018-05-11 08:42Xinhua Editor: Gu Liping ECNS App Download

J.P. Morgan Broking (Hong Kong) Limited has applied to set up a majority ownership securities firm in China as the country takes steady steps to open up the sector to foreign investment.

The company plans to hold 51 percent of the new firm's stakes and has submitted application materials to China's top securities watchdog, according to Gao Li, spokesperson with the China Securities Regulatory Commission (CSRC).

The CSRC will review the application materials based on related laws and compliance regulations in an efficient manner, Gao said in a statement released Thursday.

China rolled out guidelines in late April allowing foreign investors to set up securities trading firms with holding status as part of China's opening-up efforts in the financial sector.

Following the policy change, UBS has applied to raise its shareholding proportion in UBS Securities from 24.99 percent to 51 percent, and Japan's largest securities trader Nomura has released a plan to set up a holding firm.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.