Others News
- Mainland brokerage to set up Taiwan office
Date: 23-May-2007 Sources: (Shenzhen Daily)
THE Chinese mainland's third largest brokerage, Shenyin Wanguo, will open a Taiwan office to pursue wealth management business, becoming the first such mainland firm to set up an office on the island, Taiwan media reported yesterday.
Shenyin Wanguo will set up its Taiwan office via an offshore subsidiary, with plans to test the market towards the end of May, the Economic Daily reported, without citing sources.
The report said the company would hold a set of briefings to discuss the mainland stock market and future trends there May 29 and May 30 in Taipei and Taichung, in central Taiwan.
Taiwan investors and most other foreign investors are currently forbidden from buying most mainland-listed shares, which are mainly open to local buyers.
A small number of qualified foreign institutional investors (QFII) have been given permission to trade in the most common mainland shares, known as A shares, in recent years.
Most foreigners looking to invest in China do so through H shares of mainland firms listed in Hong Kong.
After spending years in the doldrums, the mainland's stock market has staged a major rally, with many shares now trading at record highs.
Since December 2005, the Shanghai Composite Index has nearly quadrupled. The Taiwan stock market has been a relative laggard by comparison, with shares up a more modest 32 percent over the same period.
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