Daiwa, Mizuho win China securities permits as some U.S. firms wait
The development comes after China's Vice Premier He Lifeng hosted a senior trade delegation from Japan in March to discuss expanding bilateral trade.
Daiwa Securities Group and Mizuho Financial Group have been granted approvals to establish wholly owned securities businesses in mainland China, according to a source familiar with the matter. This development leaves some U.S. rivals uncertain about their future in the long-standing approval process. The two Japanese firms were informed last week that they have cleared the final hurdle to commence operations in China, the source said, declining to be identified while discussing sensitive information.
The official decisions followed a meeting in March, where Vice Premier He Lifeng hosted a Japanese trade delegation to explore expanding bilateral trade and cross-border corporate investments. Mizuho’s securities unit spokesperson confirmed the information and stated that the company will proceed with preparations to begin operations.
Daiwa declined to provide a comment. The China Securities Regulatory Commission did not respond to a faxed request for comment. While subscribers currently have access to comment on stories, it is worth noting that the current subscription plan does not permit commenting. To learn more, please refer to the FAQ.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
