Daiwa, Mizuho Clear Final Hurdles for China Securities Units as US Firms Wait

Japan’s Daiwa Securities Group and Mizuho Financial Group have cleared the final regulatory hurdles to establish wholly owned securities businesses in mainland China, according to reports and a Mizuho spokesperson. The approvals will let them offer services such as brokerage, underwriting and advisory work, deepening their presence in a major market. Daiwa had agreed to buy out its Chinese joint-venture partners, while Mizuho had already secured an initial license and continued preparations for launch. Their progress contrasts with U.S. firms including Citigroup and Citadel Securities, which are still awaiting decisions on applications.