TOKYO: Daiwa Securities Group Inc. (Daiwa) has applied to the China Securities Regulatory Commission (CSRC) to establish a joint venture (JV) securities firm in China.
On November 1, 2018, Daiwa and Beijing State-owned Capital Operation and Management Center (BSCOMC), signed a memorandum of understanding in relation to the establishment of JV in Beijing, China.
As much as 51% shares of JV will be controlled by Daiwa, 49% shares of JV will be controlled by BSCOMC and Beijing Xicheng Capital Holdings Company Limited.
Daiwa is planning to grow this newly established company in to the future business hub in China by prioritizing building cross border business with its global network and the knowledge of shareholders.
Daiwa will provide financial solution services to customers. Daiwa intends to make detailed preparations for JV subject to discussions with the shareholders and CSRC.