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Chinese Brokerages Eye Overseas Chances
Chinese regulators are drafting rules to facilitate Chinese securities brokerages to get involved in the international market.
Ma Qingquan, secretary-general of the Securities Association of China (SAC), told China Daily that a number of Chinese securities houses are considering opening branches abroad. Some will also be allowed to conduct asset management to expand their business scope.
Rules to specify how the sector should operate are due out soon, said Ma.
Ma said that a number of overseas investment banks and securities companies are likely to acquire licenses to set up securities or fund management joint ventures in China this year. Some will be allowed to invest in Chinese A-share market, he said.
By the end of 2000, China had 101 securities companies with total assets of 575.3 billion yuan (US$69 billion) and net capital of 23.6 billion yuan (US$2.9 billion). These companies managed to realize a total profit of 24 billion yuan (US$2.9 billion) in 2000.
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