BEIJI1分彩网页版nG - JP Morgan Broking (Hong Kong) 1分彩网页版limited has applied to set up a majority ownership se1分彩网页版curities firm in China as the country takes steady steps to open up the sector to foreign investment.
The company plans to hold 51 percent of the new firm's stakes and has submitted application materials to China's top securities watchdog, according to Gao Li, spokesperson with the China Securities Regulatory Commission (CSRC).
The CSRC will review the application materials based on related laws and compliance regulations in an efficient manner, Gao said in a statement released Thursday.
China rolled out guidelines in late April allowing foreign investors to set up securities trading firms with holding status as part of China's opening-up efforts in the financial sector.
Following the policy change, UBS has applied to raise its shareholding proportion in UBS Securities from 24.99 percent to 51 percent, and Japan's largest securities trader Nomura has released a plan to set up a holding firm.