Mizuho Financial Group and Daiwa Securities Group have received final regulatory approval to launch wholly owned securities businesses in mainland China. A Mizuho spokesperson confirmed the approval and said the company will continue preparing to begin operations. The approvals clear the way for the Japanese groups to operate independently in one of the world’s largest capital markets.
Mizuho and Daiwa will join a select group of foreign firms, including Goldman Sachs and JPMorgan Chase, with full control of their onshore securities ventures. For Mizuho, the approval marks a step in its long-running effort to expand in China; it first applied to establish the unit in November 2023. By contrast, some US firms, including Citigroup, are still awaiting similar approvals.