January 21, 2023

Standard Chartered Bank (Hong Kong) Limited (Standard Chartered Hong Kong) announced on February 3, 2023 that it had received the approval from the China Securities Regulatory Commission for the establishment of Standard Chartered Securities (China) Limited (Standard Chartered Securities China). This is the first wholly foreign-owned securities company approved for establishment after the Chinese mainland's removal of restrictions on foreign shareholdings in securities companies in 2020.

According to Standard Chartered Hong Kong, Standard Chartered Securities China is an important part of Standard Chartered Group's business strategies in China, and its planned operations include securities underwriting, proprietary trading, securities brokerage, and asset management (limited to asset securitization). The registered capital is CNY 1.05 billion. Headquartered in Beijing, the company aims to provide Chinese and foreign clients with products and services related to China's onshore capital market.

Standard Chartered Bank's Asia CEO said, "We are very honored to obtain regulatory approval to establish a wholly-owned securities company in Beijing. Standard Chartered is committed to developing its business in China, and this is another significant milestone in our journey in the Chinese market."

The CEO, Executive Vice Chairperson of the Board, and Regional CEO (for China and Japan) at Standard Chartered Bank (China) Limited. anticipates that the official approval and operation of Standard Chartered Securities China will further enhance Standard Chartered Bank's capability to serve Chinese and foreign clients. The executive noted that more comprehensive and high-quality financial solutions, including access to the exchange market, will be provided to Chinese and foreign enterprises and institutions looking to "go global" or establish their presence in China.

(Source: Chinanews.com)