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China to Form Big Securities Firm in Tianjin
China is ready to form a top-10 securities company in Tianjin in an effort to help build up local capital market, business financing and listing.
The large securities firm, with a registered capital of 2 billion yuan (US$241 million), is to be set up there in the first half of this year with the approval from China Securities Regulatory Commission.
Yang Weidong, a deputy to Tianjin Municipal People's Congress, said that this new securities dealer will be based on the existing four trust and securities companies while absorbing investment from enterprises with sound performance and listed companies.
The new company will operate under a new mechanism to ensure its development towards internationalization and standardization.
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