According to Wang Dongming, board chairman of the Citic
Securities Co. Ltd. (600030.SH), although China Securities
Regulatory Commission has not yet formally approved the company's
cooperation with BEC.NYSE, Citic Securities has won support in
principle from the commission. If the cooperation succeeds, it will
be a milestone in overseas investment by security companies.
The case was announced on October 22, but has not been approved
yet by both China and US security regulatory authorities. Because
there are no other references, the approval of this new cooperative
venture is a long process. But Citic Securities may get an easy
start, according to the report from China Business
News.
Wang Dongming believed that only through increasing overseas
investments can financial risks from the domestic capital market be
eluded. He suggested that further limitations on China's market
entry into foreign security agencies be lifted in order to create a
fairer environment for competition.
For more details, please read the full story in Chinese. (
http://www.china-cbn.com/s/n/000004/20071212/000000084797.shtml)
(China.org.cn December 12, 2007)
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