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Toshiyasu Iiyama, executiv上海夜生活resident of Nom

ies and chairman of its China committee, said that the newly approved fo

上海夜生活reign-controlled brokerage is scheduled to start operations by the end of this year.

The goal is to grow itself into a comprehensive securities firm in China by sett

ing up distribution channels of financial products in the country and exploring institutional businesses, he said.上海夜生活

Public information shows five companies, including Hanhua Finance and Xiamen Fig Group, obtained the first feedb

上海夜生活品茶微信ack on May 17 from the CSRC regarding their application to set up joint-venture brokerages in the country.

With that, 18 companies are on the waiting list. The CSRC will la

ter provide a second feedback that will either approve or reject their applications.

For the international leaders who have not yet established a joint venture in China or those who have faced bumps in the上海夜生活

ir mapping in China, the limit lifted one year in advance may indicate that they will skip the joint venture option by se

上海夜生活品茶微信tting up a wholly-owned foreign entity here, said Henry Wang, a director with S&P Global.

In an announcement released by Shanghai-based Orient Secur

ities in early January, the company has received a notice from Citi Asia to cease the coo上海夜生活

peration between the two companies and transfer all its 33-percent stake in the joint venture to Orient Securities.

Industry insiders said that Citi had expressed willingness to increase its control in the eight-year-old joint venture in l

上海夜生活品茶微信ight of the relaxed grip from the central regulators. But the efforts turned out to be a failure.

The abortive attempt of Citi with Orient Securities may help the New York-headquartered financial leader to make up it

s mind and found a securities firm which it holds 100 percent control, as industry insiders inferred. Although Citi did上海夜生活

not make any comment on that, its Hong Kong-based spokesman James Griffiths said in a reply to China Daily th

at “Citi welcomes any move that leads to the further opening-up of the Chinese financial system”.

上海夜生活品茶微信Regarding the foreign securities firms’ more ambitious goals in China, Richard Huang, partner at McKinsey& Co, sugge

sted they should give full play to their abilities in managing more complicated products and structures. They s

ould focus on comprehensive wealth management rather than attracting retail customers, he said.

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