Chinese regulator reviewing UBS bid for control of securities firmStaff Writer | May 3, 2018
China's top securities watchdog is reviewing UBS's application for a majority shareholding in a joint-venture securities brokerage firm, the first for foreign investors.
China UBS is applying for raising its shareholding proportion
UBS has been the second largest shareholder after Beijing Guoxiang Property Management Co. of the Chinese investment bank and brokerage firm.
The move came after CSRC issued a regulation on foreign investment in securities firms in China on April 28, allowing a shareholding ratio of up to 51 percent.
Qualified foreign investors can submit applications for the change of actual controller or establishing joint-venture securities firms, according to the regulation. ■