Daiwa Securities Takes Full Control of China Joint Venture
Japan's Daiwa Securities Group has agreed to acquire the remaining stakes in its Chinese joint venture for 706 million yuan. The firm now holds full ownership.
DAIWA SECURITIES GROUP INC from Japan has finalized an agreement to take full ownership of its joint venture in China, according to official filings. The transaction, valued at 706 million yuan ($103.36 million), marks the latest move by a foreign financial institution to consolidate its presence in the world's second-largest economy.
The group previously held a 51% controlling interest in the venture, known as Daiwa Securities (China). Records from the Beijing Equity Exchange indicate that the firm bought out its two Chinese partners following an auction process that began in February. The departing shareholders, Beijing Xicheng Capital Holding and Beijing State-owned Capital Operation and Management, divested their respective holdings of 16% and 33% in the entity.
