Mizuho and Daiwa pass reported final reviews for wholly owned China securities operations

Mizuho and Daiwa have passed final reviews for wholly owned securities operations in mainland China, Reuters reported on 20 October, citing Bloomberg. A Mizuho spokesperson confirmed the licence and launch preparations to Reuters; Daiwa declined to comment.[1]

Mizuho’s published mandate is specific

The CSRC’s 30 September 2025 approval authorised the establishment of a wholly owned Mizuho Securities subsidiary in Beijing with registered capital of RMB2.3 billion. Its specified business scope is securities underwriting, proprietary securities trading and securities asset management limited to securitisation. That published mandate places the business around capital raising, dealing for its own account and structured financing; it is not a general retail brokerage authorisation.[2]

The order also explains the significance of a subsequent operating permit. It required the company to complete its corporate registration and then apply for a securities and futures business licence. It expressly prohibited operating under the new entity’s name before that permit was obtained. Establishment approval in 2025 therefore left a further operational authorisation step.[2]

Daiwa’s route involves an existing joint venture

Daiwa’s ownership position was different. A February sale notice on Beijing’s official transaction platform recorded the Japanese group’s existing 51% holding, with two local shareholders holding 33% and 16%. Their remaining stakes were offered together, with a combined minimum transfer price of approximately RMB705.6 million. Daiwa retained its right of first refusal.[3]

The sale conditions explicitly separated selection of a buyer from regulatory approval of its shareholder status and completion of company-registration changes. They illustrate why agreeing an ownership transaction can precede the final permission needed for the resulting structure.[3]

For institutional clients, these are two routes to counterparties controlled entirely by their Japanese parents. Mizuho’s public setup order identifies the activity perimeter for the forthcoming business; Daiwa’s sale record shows the transition from majority control of an established company. The relevant operating relationship remains with the particular mainland legal entity and its authorised services.[2][3]

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