Shanxi Securities, Deutsche Bank to launch brokerage JV

Jul. 10, 2009 (China Knowledge) - The China Securities Regulatory Commission (CSRC), the nation's securities regulator, has granted an operating license to a brokerage joint venture (JV) between German investment bank Deutsche Bank AG and Shanxi Securities, according to a joint statement released by the two companies on Wednesday.

The Beijing-based JV will underwrite and sponsor deals in China’s securities and debt markets.

The new JV has appointed Wei Hou, president of Shanxi Securities, as its chairman, and Charles Wang, previously a Deutsche Bank managing director, as the chief executive, according to the statement.

In January 2009, the two companies obtained approval from the CSRC to set up the JV, Zhong De Securities Co. Shanxi Securities holds a 66.7% share and Deutsche Bank holds the remaining 33.3%.

Shanxi Securities has reportedly submitted an application to the CSRC for an initial public offering on the Chinese stock market, according to an earlier report from China Knowledge.