CHINA-JAPAN: JAPAN'S BROKERAGE HOUSE DAIWA SECURITIES GROUP TO SET UP JOINT VENTURE IN BEIJING
Nikkei Asia reported (August 31) that Japanese brokerage house Daiwa Securities Group had received clearance on August 31 to launch a majority-owned joint venture in Beijing. Daiwa is to set up a joint venture, Daiwa Securities (China), with 1 billion yuan ($146 million) in capital. The joint venture will be 51% owned by Daiwa, 33% by Capital Operation and Management Center -- an investment company owned by the city of Beijing -- and 16% by Beijing Xicheng Capital Holdings. Daiwa didn't disclose the size of the staff at the new company. The joint venture's headquarters will be in Beijing because of its long-standing partnership with Beijing-based CSC Financial, a unit of Citic Securities.
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