Chinese securities companies are proactively expanding their international businesses in the new year as they have been raising funds in Hong Kong, the Xinhua News Agency reported on Thursday.
Shenwan Hongyuan Securities, for example, was approved by the China Securities Regulatory Commission (CSRC) to list in Hong Kong on January 9 while the China Industrial Securities International Financial Group Limited successfully listed in the main board of the Hong Kong stock exchange on January 3.
More and more of China's top securities companies are competing for international business after their listings in Hong Kong under the guidance of China's Belt and Road Initiative.
Chinese securities companies have set their foot in Singapore, US, Europe, and India among others while expanding their business range. CLSA Asia-Pacific Markets, a CITIC Securities' affiliate, is planning to do business in countries along the Belt and Road Initiative like Vietnam, Pakistan, and the Middle East.
Industrial Securities also said it would set up branches along the Belt and Road Initiative in Singapore and other Southeast Asian countries in the coming year.
Generally speaking, Hong Kong is the starting point where securities companies choose to expand their overseas services.
Analysts from GF Securities said the rapid growth of Chinese securities companies' businesses in Hong Kong shows the growing demand from Chinese customers to invest in the overseas market and Chinese securities companies to raise funds in the overseas market.
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