(Yicai Global) Oct. 9 -- A US unit of Hong Kong's Haitong International Securities has become the first Chinese-funded market maker that will sell and buy stocks it has acquired on the Nasdaq bourse.
Haitong International Securities USA launched its market maker business today, Chinese newspaper National Business Daily reported. The parent firm said that at the start, the main targets for the New York-based market participant will be China Concepts Stocks, which refers to firms listed around the globe whose assets or earnings have significant activities in China.
The progress made by Haitong is a positive signal for Chinese firms which have intentions to enter European and American markets, said an anonymous analyst who works for a securities company with overseas business.
Haitong owes the successful launch of its market making services to two things: focusing on overseas business for a long time and its partial integration of European and American businesses under Haitong Bank, the source added.
The Hong Kong brokerage that is owned by Shanghai's Haitong Securities acquired Portugal's Banco Espirito Santo de Investimento in 2015 and renamed it to Haitong Bank. The lender offers investment banking services for institutional clients in locations including Portugal, Brazil, Mexico, Poland, and Spain.
Editor: Emmi Laine