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Daiwa seen setting up China brokerage
TOKYO, Japan (Reuters) -- Daiwa Securities Group Inc. is to set up a brokerage in China in 2003 through a joint venture with a local company, the Nihon Keizai Shimbun said on Wednesday. The venture, to be established with Shanghai International Group Corp (SIG), a financial holding company majority owned by the city of Shanghai, would be the first Japanese brokerage in the country, the paper said, quoting unidentified sources. The move comes after the two companies announced in March that they had agreed to build comprehensive business relations in fields including finance and investment. The Chinese government lifted a ban on foreign companies entering the securities industry earlier this year and Daiwa Securities is likely to face competition from a number of European and U.S. firms. Mulling a buyoutDaiwa, Japan's second biggest brokerage, is also mulling buying into a brokerage arm of SIG, the paper said. The joint venture is likely to be capitalised at seven to eight billion yen ($58.37 million-$66.70 million), with Daiwa holding a 33 percent stake, the paper said. The brokerage is expected to handle sales of shares in companies run by the Chinese government and securitisation deals aimed at raising funds for government-owned firms, according to the paper. Shanghai International, with a registered capital of five billion yuan ($604 million), has controlling stakes in major financial companies in the city, including Shanghai International Trust and Investment Co and Shanghai Securities. No one was available to comment at Daiwa Securities in Tokyo on Wednesday, a national holiday in Japan.
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