China has set up its first securities...
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China has set up its first securities firm in the Shenzhen special economic zone, according to the New China News Agency. The agency said the company would trade stocks and bonds and help underwrite shares issued by Chinese firms.
It quoted Liao Xiwen, general manager of the Shenzhen Securities Co., as saying the company was formed in the zone near Hong Kong by 10 financial institutions.
Liao said the firm, the first approved by the state-owned People’s Bank of China, would underwrite $2.3 million worth of shares to be issued by the Shenzhen Development Bank and Shenzhen Home Electrical Appliances Co.
China controls other securities companies, but they are based in Hong Kong. Shenzhen is one of four special zones set up since 1980 to attract foreign capital through liberal economic policies.
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