華興資本取得內地證券牌照 China Renaissance wins assent for mainland brokerage tie up

Hong Kong-based investment bank China Renaissance has won regulatory approval to set up a brokerage business, joining a resurgence in applications for mainland securities licences by global banks after a decade of disappointment in the market.

投行華興資本(China Renaissance)已被中國監管部門允許開展證券經紀業務，加入了全球性銀行申請中國內地證券牌照這股再度擡頭的趨勢，此前市場已經經歷了10年的失望。

China allowed global investment banks to establish joint ventures with domestic partners between 2004 and 2007, before shutting out new entrants at the onset of the global financial crisis.

在2004年到2007年間，中國允許全球性投行與國內合作夥伴設立合資公司，之後全球金融危機爆發，中國不再接受新來者。

However, the joint ventures have often been lossmaking, with foreign banks citing a lack of control for poor performance.

然而，這些合資公司往往是虧損的，外資銀行認爲原因是對欠佳業績缺乏控制。

HSBC announced last year that it had applied for a brokerage licence that would give it a majority stake in a new securities company.

去年匯豐(HSBC)宣佈已申請證券經紀牌照，這將使其在新設立的一家證券公司中佔多數股權。

Credit Suisse and Hong Kong-based Bank of East Asia followed with similar plans.

隨後瑞信(Credit Suisse)和位於香港的東亞銀行(BEA)也實施了類似計劃。

Those banks have sought to distance themselves from the first generation of joint ventures, saying the forthcoming licences have done away with many of the original pitfalls.

這些銀行尋求與第一代合資公司區別開來，它們表示即將下發的牌照消除了很多原來的隱患。

HSBC’s joint venture, if approved, would make it the first foreign company to have a majority stake in an onshore brokerage. Shenzhen Qianhai Financial Holding, which holds the minority stake, is expected to be a silent partner.

如獲批准，匯豐的新合資公司將使其成爲首家在內地證券公司中佔多數股權的外國公司。預計持有少數股權的深圳市前海金融控股有限公司(Shenzhen Qianhai Financial Holding)將是一個不參與管理經營的合作伙伴。

HSBC hopes the agreement will allow it to build its own broking business on the mainland without interference.

匯豐希望，協議將使其不受干預地在內地開創自己的證券經紀業務。

Credit Suisse ’s new licence will allow its joint venture with Founder Securities to expand into securities broking on top of the equity deals and corporate bond underwriting it already does.

瑞信的新牌照將使其與方正證券(Founder Securities)的合資公司將證券經紀列入經營範圍，此前該合資公司已經在進行股權交易和公司債券承銷業務。

China Renaissance will have licences for underwriting, securities broking, investment advisory and asset management, according to chairman and chief executive Fan Bao.

根據華興資本董事長兼首席執行官包凡的說法，華興資本將獲得證券承銷、證券經紀、證券投資諮詢和證券資產管理的牌照。