Daiwa, Mizuho Cleared to Launch Wholly Owned China Securities Units, Bloomberg Reports

3-line summary

• Japan's Daiwa Securities Group and Mizuho Financial Group have cleared the final regulatory steps needed to operate wholly owned securities businesses in mainland China, Bloomberg reported; Daiwa had operated through a joint venture, while Mizuho Securities confirmed the approval and said preparations to begin operations are continuing.
• Mizuho applied to set up a China securities subsidiary in November 2023, obtained a securities license in September 2025, and received final-requirements clearance after subsequent regulatory inspections and operational reviews; Daiwa, which won approval for a 51%-owned joint venture in 2021, agreed this year to pay about $100 million to buy out its local partner's remaining stake, clearing the way for full ownership.
• The approvals follow years of effort by Japanese financial firms to build independent securities businesses in China's capital markets and would give both firms greater control and a direct channel to serve mainland clients; Citigroup (applied late 2021) and Citadel Securities (applied early 2025) are still awaiting approval, and neither Daiwa nor Mizuho has set a launch date.

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