(Asian Tech Press) Japan's Daiwa Securities Group Inc. announced Friday on its official website that its China joint venture has formally received the securities business license from the China Securities Regulatory Commission (CSRC).

The acquisition of the business license marks that Daiwa Securities' China JV, Daiwa Securities (China) Co., Ltd., can officially conduct securities brokerage, underwriting and sponsoring, and proprietary trading in China.

Daiwa Securities China is registered in Beijing and was established on December 18, 2020 with a registered capital of $157 million (1 billion yuan). Daiwa Securities holds 51% of the shares, Beijing State Capital Operation Management Center owns 33%, and Beijing Xi Cheng Capital Holding Co. Ltd. has 16%.

Daiwa Securities was founded in 1902 and is headquartered in Tokyo. It is the second largest securities brokerage after Nomura Securities in Japan.

The Japanese investment bank first entered mainland China in 1983 and has established representative offices in Beijing and Shanghai for nearly 40 years.

In September 2019, Daiwa Securities formally submitted an application to the CSRC for the establishment of a joint venture, and was approved to establish its China JV on August 21, 2020.

(US$1 = 6.386 yuan)