Hong Kong-based investment bank China Renaissance has won regulatory approval to set up a brokerage business, joining a resurgence in applications for mainland securities licences by global banks after a decade of disappointment in the market.
China allowed global investment banks to establish joint ventures with domestic partners between 2004 and 2007, before shutting out new entrants at the onset of the global financial crisis.
However, the joint ventures have often been lossmaking, with foreign banks citing a lack of control for poor performance.
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