Japan’s Daiwa gets nod for majority-owned China securities JV

A logo of Daiwa Securities is pictured at the company's lobby in Tokyo December 21, 2012. REUTERS/Yuriko Nakao

Japan’s Daiwa Securities Group Inc has received regulatory approval to launch a majorityowned joint venture in China that will provide brokerage and securities underwriting services in the world’s second-largest economy.

China‘s top securities watchdog approved Daiwa to set up the venture that is 51% owned by the Japanese brokerage and investment bank, according to a statement on China Securities Regulatory Commission (CSRC).

Beijing State-Owned Capital, an investment vehicle of Beijing municipal government, owns 33% in the joint venture while an investment arm of Beijing’s Xicheng District holds 16%, the statement showed.

Daiwa planned to make a comeback in China as the country opens its financial sector to allow foreign institutions to own majority stakes in securities firms, mutual funds and insurance companies.

It submitted the application for the establishment of the joint venture to CSRC last September.

Daiwa retreated from China in 2014 where it owned 33% of a joint venture with a local partner, having failed to control significant market share.

Last year, Nomura Holdings also received approval to launch its 51%-owned joint venture in China for asset management, brokerage, investment consulting and proprietary trading businesses.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.