Daiwa buys out China securities JV partners in $100 million deal
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By Selena Li and Ziyi Tang
HONG KONG, April 10 (Reuters) - Japan's Daiwa Securities Group has agreed to take full control of its China joint venture in a 706 million yuan ($103.36 million) deal, the latest move by a foreign financial firm to boost its presence in China, official filings showed.
The group, which previously held a 51% stake in Sino-Japanese joint venture Daiwa Securities (China), bought out its two Chinese partners earlier this week, according to records from Beijing Equity Exchange.
The Chinese shareholders, Beijing Xicheng Capital Holding and Beijing State-owned Capital Operation and Management, auctioned their respective holdings of 16% and 33% in the joint venture in February.
The deal follows similar moves by Wall Street banks such as JPMorgan JPM.N, Morgan Stanley MS.N and Goldman Sachs GS.N, which in recent years have bought out their Chinese partners in a bid to beef up local operations.
($1 = 6.8306 Chinese yuan renminbi)