(Yicai Global) Dec. 23 -- Nomura Oriental International Securities opened its doors in Shanghai on Dec. 20 to become China's first foreign majority-held joint venture securities company, Xinhua News Agency reported.

The China Securities Regulatory Commission came out with new rules allowing foreign investors to own up to 51 percent of shares in domestic securities brokerages on April 28 last year. The regulator set its official seal on the founding of Nomura Oriental International Securities on March 29.

Formed in Shanghai on Aug. 20, Nomura Oriental has CNY2 billion (USD285.2 million) in registered capital. Its shareholders are Nomura Holdings with 51 percent, state-backed Oriental International Holding at 24.9 percent and Shanghai Pudong Investment Holdings Group, which owns 24.1 percent, said the JV's General Manager Sun Dongqing.

"The wealth management business is the starting point of Nomura Oriental International Securities. It will continue to expand its business scope and apply for more licenses depending on its progress," Sun said.

The JV now has permits for securities brokering and investment consulting, and securities self-operated investment and asset management. Focused on the secondary market, it is seeking an entrée into China's fledgling wealth management business.

Editor: Ben Armour