大和证券与瑞穗获中国证监会放行，可在华设立全资证券公司，部分美企仍在排队

Daiwa Securities Group Inc. and Mizuho Financial Group Inc. received green lights to launch wholly owned mainland China securities businesses, a person familiar with the matter said, leaving some US rivals in limbo on the long-running approval waitlist.

The two Japanese firms were notified last week that the final hurdle to start operating in China has been cleared, the person said, asking not to be identified discussing private information. The official nods came after Vice Premier He Lifeng hosted a senior trade delegation from Japan in March to discuss expanding bilateral trade and cross-border corporate investment.

A spokesperson for Mizuho’s securities unit confirmed the information and said the company will continue preparations to begin operations. A Daiwa spokesperson declined to comment. The China Securities Regulatory Commission didn’t reply to a faxed request for comment.

The firms join the likes of JPMorgan Chase & Co. and Goldman Sachs Group Inc. in the small group of foreign financial institutions that operate wholly owned securities businesses on the mainland. Diplomatic tensions in recent years have clouded the pathway for other American firms, including Citigroup Inc. and Citadel Securities, which are waiting for applications to be granted.

Daiwa and Mizuho received the approvals even after relations between China and Japan worsened following Prime Minister Sanae Takaichi’s remarks over Taiwan almost a year ago. Despite the tensions, Vice Premier He said last month that Japanese companies are welcome to conduct business in the country and share in market opportunities.

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China’s securities regulator granted a business license to Daiwa’s 51%-owned joint venture in June 2021. The group then agreed to buy out its Chinese local partners to take full control of the venture in April this year for about $100 million. The regulator last week approved the change of ownership, allowing the firm to begin operating as a fully owned entity, the person said.

Mizuho won approval in October 2025 to establish its wholly owned securities firm and said it will complete the process to prepare for the start of operations. It was also given a permit last week after the regulator completed its on-site inspection and operational review earlier, the person said.

Operating a wholly owned onshore brokerage will allow the firms to expand on the mainland in line with their global strategies, without having to balance the priorities of local partners. It also gives them direct oversight on risk and data security.

Citadel Securities has been pursuing a wholly foreign-owned onshore securities license in China, and submitted its application in January 2025, seeking to build a business from scratch after failing to acquire Credit Suisse’s onshore venture in 2024.

Citigroup’s path to a standalone presence in China has also been fraught with delays. Since applying in late 2021, the bank has had to navigate shifting Chinese data-security rules and regulatory scrutiny from the US. Chief Executive Officer Jane Fraser’s cost-cutting pivot away from non-core international markets has made building a greenfield mainland brokerage a far less compelling proposition than it was five years ago.