From Bloomberg News:<\/p>\n
UBS AG<\/a>, Europe’s biggest bank, cleared a key hurdle in its bid to establish the first Chinese brokerage<\/a> managed by an overseas securities firm, a China Securities Regulatory Commission document shows.<\/p>\n
Beijing Guoxiang Asset Management Co. and Jianyin Investment Co., the Swiss bank’s partners in the venture, today received approval from the commission to set up a brokerage called UBS Securities Co., according to the document, which was obtained by Bloomberg News.<\/p>\n
The decision, which took nine months, may give Zurich-based UBS a head start over global competitors including Goldman Sachs<\/a> Group Inc. and Merrill Lynch<\/a> & Co. to tap a Chinese stock market that rose 27 percent in value so far this year to $402 billion. The commission last month ended a yearlong ban on initial public offerings introduced to stem a market slump that stretched from June 2001 to May 2005.[Full Text]<\/a> <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
From Bloomberg News: UBS AG, Europe’s biggest bank, cleared a key hurdle in its bid to establish the first Chinese brokerage managed by an overseas securities firm, a China Securities Regulatory Commission document shows. Beijing Guoxiang Asset Management Co. and Jianyin Investment Co., the Swiss bank’s partners in the venture, today received approval from the […]<\/p>\n","protected":false},"author":76,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[3349,3179,3453],"class_list":["post-8153","post","type-post","status-publish","format-standard","hentry","category-economy","tag-financial-markets","tag-ipo","tag-ubs","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n
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