|Bid||4.4000 x 39400|
|Ask||4.4100 x 21500|
|Day's Range||4.4000 - 4.4300|
|52 Week Range||3.0500 - 5.0500|
|Beta (3Y Monthly)||1.13|
|PE Ratio (TTM)||15.98|
|Forward Dividend & Yield||0.06 (1.24%)|
|1y Target Est||3.87|
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Nomura Holdings Inc. is on track to have more than 100 employees in its Chinese securities venture when it starts operations in December, people familiar with the matter said, as China opens up its $42 trillion financial industry to foreign competition.The new hires are part of Nomura’s plans to develop a wealth management and institutional brokerage business on the mainland, the people said, asking not to be identified because details of the plan aren’t public. The Tokyo-based company has received in-principle approval from Chinese regulators for four licenses, covering brokerage, proprietary trading, asset management and research, the people said.Chief Executive Officer Koji Nagai is looking to China as a key growth market as the firm struggles to return profits from other overseas businesses. Nomura, which is shrinking its European trading business, will first focus on wealth management on the mainland before expanding into other areas including wholesale securities operations, Nagai said in December.Its local venture, along with minority partner Shanghai-based Orient International (Holding) Co., plans to focus on clients with a minimum of 3 million yuan ($421,000) of investable assets, according to one of the people. It is considering a plan to build up in asset management in parallel with the wealth management buildup, the person added.JPMorgan Chase & Co. and UBS Group AG are among the other overseas firms to receive approval for majority control of local securities ventures following China’s 2017 decision to lift restrictions on the industry.Goldman Sachs Group Inc. has applied to boost its stake in its Chinese joint venture to 51% from 33%. Goldman Sachs Gao Hua Securities Co. had 103 employees as of Dec. 31, company filings show. UBS’s Beijing-based securities venture had 370.Read a QuickTake on China’s plans to open its financial industryAmong the new Nomura hires in China are Sun Dongqing and Li Qiang, formerly head of wealth management and head of institutional equity respectively at China International Capital Corp., the people said. Other senior hires include Gao Ting, ex-China chief strategist at UBS Securities Co., and Dong Lafa, formerly at Changjiang Securities Co., one person said.Lillian Liu, a Beijing-based spokeswoman at Nomura, declined to comment.The buildup in China contrasts with the cutbacks elsewhere in Nomura’s international operations, where the firm is shedding jobs in an effort to restore profits outside Japan. Nomura reported its first overseas profit in six quarters in the three months ended June 30, an early sign of progress in the restructuring program.Nomura was among Japanese financial firms that agreed to set up a 200 billion yen ($1.9 billion) fund with China Investment Corp. last October to help companies enhance trade between the nations. (Updates with Japan-China industrial fund in the last paragraph)To contact the reporter on this story: Cathy Chan in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Candice Zachariahs at email@example.com, Marcus Wright, Russell WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Goldman (GS) might acquire a majority stake of 51% holding in its Chinese investment banking joint venture, Goldman Sachs Gao Hua Securities Co.
Nomura Holdings Inc will pay $26.5 million to settle U.S. Securities and Exchange Commission charges that it failed to properly supervise five former traders who lied to customers about mortgage bond prices. The accord relates to allegations that the traders misled customers about prices at which they bought bonds, understated the profit Nomura stood to make and sometimes pretended they were still negotiating to buy bonds that Nomura had already purchased. Without admitting wrongdoing, Nomura agreed to pay $1.5 million in civil fines and make $25 million of restitution to customers who bought and sold commercial and residential mortgage-backed securities from roughly 2010 to 2014.
Foreign firms are set to benefit as China plans to end all ownership limits within its financial sector a year earlier than previously stated.
Japan's Nomura Holdings Inc won shareholder approval on Monday for the re-appointment of its chief executive officer, overcoming concerns about the leaking of market information and its first annual loss in a decade. CEO Koji Nagai kept his job despite opposition from influential proxy advisory firm Institutional Shareholder Services Inc, which had recommended shareholders vote against his re-appointment. The vote was in effect an endorsement of Nagai's efforts to turn around the investment bank, which reported an annual loss in April and said it would not pay out bonuses to directors.