Ge Ganniu
 

The Swiss securities firm owns only 33.3 percent of the stake, but will still have the final say in the management of the new joint securities firm.

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The news sounded nearly three years after the last joint securities firm was approved. In 2005, UBS acquired a 20 percent stake in Beijing Securities, renaming the firm UBS Securities.
On the same day, CSRC released an announcement highlighting the necessity for a gradual opening of the securities and capital markets.


Founder Securities chairman Lei Jie will become the chairman of the joint venture, while the managing director of Credit Suisse,franklin marshall, Ge Ganniu,polo ralph lauren, will enter as general manager.

Founder Securities ranks 23 among all 70 local securities firms,polo ralph lauren pas cher, or close to one third from the top. In contrast, Central China Securities ranks below the average securities firm, and Huaxin Securities, partnered with Morgan Stanley,ralph lauren pas cher, has no business in underwriting.

A new securities firm named Credit Suisse-Founder Securities is coming. The Chinese Securities Regulatory Commission (CSRC), China's securities authority, gave the green light for the partnership between Founder Securities and Credit Suisse to establish a start-up joint securities firm, allowed to underwrite stocks and bonds. The Swiss securities firm owns a 33.3 percent stake, but will maintain the last word on the management of the new joint securities firm. This comes as a breakthrough in Western-Chinese financial marriages.

In late 2007,mercurial vapor, CSRC loosened policies limiting foreign investment into securities firms.

Chinese authorities set varying limitations for foreign investors when acquire shares in different types of local financial firms. Fund management firms so far are the most open to foreign investors, with the cap of foreign ownership set to 49 percent. Securities firms limit foreign ownership at 33.3 percent. Banks,maillot de football, futures firms,franklin and marshall, and trust firms are the most heavily guarded, the maximum ownership is set at 20 percent for any single foreign investor and 25 for several foreign investors.
The new company will be based in Beijing with a registered capital of 800 million yuan. Founder Securities will invest approximately 533.6 million yuan to own a 66.7 percent stake. Credit Suisse provided 266.4 million yuan, or about a one third ownership in the stake,nike mercurial vapor, touching the glass ceiling that regulators set for foreign investors to own shares in a joint securities firm.

Both Morgan Stanley and Huaxin Securities, Citi Group and Central China Securities are following the same model and awaiting regulatory review.

By staff reporter Qiao Xiaohui and Yu Dawei

An industry insider told Caijing that the coming fourth China-U.S. strategic economic dialogue will be a breakthrough for the two mentioned Wall-Street firms. Approval of Credit Suisse-Founder Securities shows how open the Chinese can be on the matter.
The new joint venture, a separate start-up business, has been approved by the CSRC to conduct business in underwriting stocks and bonds, act as a broker for B shares and bonds and do proprietary business. More areas will be approved in the future.
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UNITED NATIONS, Jan. 6 (Xinhua) -- UN Secretary-General Ban Ki-moon said here Wednesday that "Afghanistan will remain one of our main priorities in 2010," and the relations between Afghanistan and its international partners "must be reevaluated."

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