Asset firm gets nod to set up brokerage

China Orient Asset Management Corp said yesterday it has won regulatory approval to set up a securities subsidiary, leading a race with three rival state bad-debt managers to launch commercial operations. The new firm, called Dongxing Securities Co, will be based in Beijing with a registered capital of 1.504 billion yuan (US$194 million), China Orient said in a statement on its Website. "Receiving approval to form the venture is an important achievement in the company's moves to reform and start commercial operations," the statement said. Industry sources had told Shanghai Daily early last month China Orient would site the new broker's investment banking unit in Shanghai. The asset manager is recruiting a general manager for the stock underwriting business, the sources said. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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