Daiwa Securities Group and Mizuho Financial Group received green lights to launch wholly owned mainland China securities businesses, a person familiar with the matter said, leaving some U.S. rivals in limbo on the long-running approval waitlist. The two Japanese firms were notified last week that the final hurdle to start operating in China has been cleared, the person said, asking not to be identified discussing private information. The official nods came after Vice Premier He Lifeng hosted a senior trade delegation from Japan in March to discuss expanding bilateral trade and cross-border corporate investment.
A spokesperson for Mizuho’s securities unit confirmed the information and said the company will continue preparations to begin operations. A Daiwa spokesperson declined to comment. The China Securities Regulatory Commission didn’t reply to a faxed request for comment.
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