China will open its capital markets to Hong Kong and Macau brokerages, allowing qualified firms to form joint ventures with mainland peers but limiting them to one fully licensed stock brokerage in a few designated municipalities and regions.
The China Securities Regulatory Commission CSRC said qualified financial institutions from Hong Kong and Macau will be allowed to establish one fully licensed securities house in Shanghai, Shenzhen and throughout Guangdong province, according to an announcement posted on the regulator's website.
The move follows a supplemental agreement signed in 2013, one of the several follow-on deals to the Mainland China-Hong Kong Closer Economic Partnership Arrangement CEPA, a comprehensive...
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