China: Sino-foreign securities joint ventures – Partners in name alone

When asked about their priorities, regional managers at global investment banks operating in Asia have over the past few years often told Euromoney that getting approval to launch a joint venture with a Chinese securities firm was high on the list. They have seen winning these licences as crucial to their chances of earning a steady stream of fees in China as its companies issue ever increasing amounts of equities and bonds in the domestic markets.