More mainland futures firms to open branches in HK
(Xinhua)Updated: 2007-01-22 09:58 Five more mainland futures firms are expected to open branches in Hong Kong in the first half of this year, company sources have said.
The firms are Green Futures, Zhejiang Yong'an Futures, GF Futures, Jinrui
Futures and Nanhua Futures, all of which were approved by the China Securities
Regulatory Commission (CSRC) in March last year to do business in Hong Kong.
"Everything is ready for the launch of a branch in Hong Kong, and we're waiting for the approval of the Hong Kong Stock Exchange," said Wang Shuaihong, chairman of Green Futures.
Wang could not give a specific date for the launch of a Hong Kong branch, but was confident they could begin business in Hong Kong soon. He would give no further information.
Xiao Cheng, general manager of GF Futures, said they were also waiting for a go-ahead, adding the Hong Kong branch was expected to go into operation in the first half of this year.
Zhejiang Yong'an Futures has obtained a license for its Hong Kong subsidiary and was going through final procedures, company sources said.
Jiang Changwu, general manager of Jinrui Futures, said Jinrui's Hong Kong subsidiary would go into operation in the first quarter this year as preparations are proceeding smoothly.
CSRC allowed the five companies to do futures businesses in Hong Kong in accordance with the mainland's Closer Economic Partnership Arrangement (CEPA) with Hong Kong.
China International Futures Co Ltd is another mainland
futures firm approved by CSRC to do business in Hong Kong.
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