SHANGHAI -(Dow Jones)- Fortune CLSA Securities Ltd. said Monday it will soon start offering securities broking services in China's Yangtze River Delta region and providing Chinese-language research and investment advice to Chinese clients, after China's securities regulator granted it the necessary new business permits on May 21.
Previously, Fortune CLSA Securities was limited to underwriting domestic stock and bond offerings.
CLSA Asia-Pacific Markets, a unit of France's Credit Agricole SA (ACA.FR), holds a 33.33% stake in Fortune CLSA Securities, while Hunan province-based Fortune Securities Co. holds the remaining 66.67%.
CLSA Securities Chairman Jonathan Slone said the new services offered by the joint venture represent "a major step for our global clients to actively participate in China's market."
Sino-foreign joint-venture securities companies that have been operating for more than five years and meet certain requirements are permitted to expand into new types of business.
-Amy Li contributed to this article, Dow Jones Newswires; 8621 6120-1200; amy.li@dowjones.com
(END) Dow Jones Newswires
May 29, 2012 00:16 ET (04:16 GMT)
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