SCSCL receives regulatory approval to commence securities business
Beijing – Standard Chartered Securities (China) Limited announced today that the Company (hereinafter referred to as “SCSCL”) has been granted the license to commence securities business by the China Securities Regulatory Commission (CSRC).
As an integral part of the Standard Chartered Bank’s China strategy, SCSCL received the set-up approval by the CSRC on January 19th, 2023, and completed legal entity registration on May 5th , becoming the first newly established wholly foreign-owned securities company after the lifting of foreign ownership restrictions for financial institutions in the onshore market in 2020.
John Tan, Head of Financial Markets，Asia，Standard Chartered, and Chairman of SCSCL, said, “It is a great honour to receive this approval. We look forward to the continued opening of financial markets in China, where capital markets will be increasingly attractive to global investors and financial institutions. The securities company will enrich and enhance Standard Chartered’ s ability to serve clients in China, providing them with more comprehensive capital market solutions. We will leverage on the Group’s professional capabilities and global network to capture new, exciting opportunities; and we look forward to contributing to the institutional opening of China’s capital market and the facilitation of cross-border investment and financing. “
“During the set-up process, we received strong support from CSRC and other government agencies, which provided us with valuable guidance and assistance,” John Tan added. “We are very impressed with their effort to create a law-based, market driven and internationalized business environment, thus we have strong confidence in our future development in this market.”
Headquartered in Beijing with a registered capital of RMB 1.05 billion, SCSCL will initially focus on four licensed business areas: underwriting, asset-backed securities, brokerage, and own-account trading. The Company is committed to providing domestic and overseas clients with tailored and differentiated products and services in China’s onshore capital market, serving as a bridge to connect assets and investors across borders.
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