CLSA joint venture wins brokerage license
17 June 2008
CLSA Asia-Pacific Markets said that its China joint venture has received licenses for brokerage and securities investment consulting services, the Wall Street Journal reported. China Euro Securities will be permitted to offer brokerage services for domestically traded Class A-shares and to offer Chinese-language research and investment advice to local clients. The approvals follow new guidelines established last December by the China Securities Regulatory Commission that allow certain joint-venture securities firms with over five years operating history in China to expand their business. China Euro Securities, established in 2003, is 33.3% owned by CLSA, with the remainder owned by Hunan-based Fortune Securities. The approvals come two days after Credit Suisse said it received permission for a China securities joint venture with Founder Securities.