After decades of waiting, foreign firms have a clear road map for full ownership of financial services companies in China.
Overseas institutions can apply for total control of onshore ventures starting in 2020, the China Securities Regulatory Commission said Oct. 11. The first round of applications for futures firms can begin on Jan. 1, while fund management businesses can apply from April 1 and the securities industry will be able to file for 100% stakes on Dec. 1 next year, the CSRC said at a media briefing. The agency didn’t provide further details.
The details come after China