Mizuho, Daiwa clear final hurdles for China securities launch
Japanese financial groups are moving closer to fully independent securities operations in China after years of applications, restructuring and regulatory reviews. The progress underscores how Japanese firms are advancing in the mainland market while some U.S. rivals remain stuck in lengthy approval processes.
Highlights
- Mizuho Financial Group and Daiwa Securities obtained final regulatory approval to launch fully independent securities businesses in mainland China, advancing their onshore expansion.
- Daiwa completed a $100 million buyout of local joint venture partners in 2024, securing full control to operate a wholly owned China subsidiary.
- Japan's Mizuho and Daiwa achieved regulatory progress ahead of Western peers like Citigroup and Citadel Securities, whose China brokerage licence applications remain pending.
Regulatory progress for mainland operations
As first reported by Reuters, citing Bloomberg, Mizuho Financial Group and Daiwa Securities have been told they passed final reviews needed to launch fully independent securities businesses in mainland China, citing a person familiar with the matter.The approvals mark the latest step in long-running efforts by both Japanese institutions to expand their onshore presence. Mizuho won the securities licence required for a regulatory green light in September last year after officially applying to set up its unit in November 2023.
Daiwa has also been reshaping its structure to gain full control of its China business. The firm agreed this year to buy out local joint venture partners in a $100 million deal, paving the way for a wholly owned operation.
Competitive contrast for foreign banks in China
The progress for Mizuho and Daiwa sets Japanese financial companies apart from several Western competitors that are still waiting for Beijing's final approval. That divergence highlights uneven access and timing for foreign firms seeking to deepen their presence in China's domestic securities market.Citigroup has been awaiting clearance since applying in late 2021 for a wholly owned mainland brokerage licence. Citadel Securities, whose application has been pending since early 2025, is also still waiting for approval.
Mizuho and Daiwa did not immediately respond to requests for comment, while China's financial regulators also did not immediately respond.
Our earlier coverage of China’s Q3 growth outlook highlighted that new policy support—such as targeted rate cuts, mortgage subsidies, and the use of unused government debt quotas—was expected to deliver only a modest pickup in activity. We noted that exports and factory output were helping offset weak domestic demand and ongoing property-sector stress, leaving growth hovering near the lower end of Beijing’s annual target range.
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