What’s new: China’s top securities watchdog has granted a securities business license to Standard Chartered Securities (China) Ltd., the company revealed Monday.
The brokerage house, wholly owned by British banking giant Standard Chartered PLC, anticipates commencing operations early next year with an initial focus on the fixed-income segment, a spokesperson at the company told Caixin.
The background: In January, China greenlighted the establishment of the securities company, allowing it to conduct four businesses: underwriting, asset-backed securities, brokerage, and own-account trading.
In May, the company was set up in Beijing with a registered capital of 1.05 billion yuan ($146.3 million).
China has approved several wholly foreign-owned securities companies since lifting ownership restrictions in 2020.
In 2021, JPMorgan Chase & Co. and Goldman Sachs Group Inc. separately got the go-ahead to take full control of their Chinese securities joint venture.
Read more In Depth: China’s Responses to Crumbling Foreign Investment May Take Time to Stoke Rebound
Contact reporter Qing Na (qingna@caixin.com)
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