CEF GC Brokerage was officially launched as Hong Kong's newest stockbroker yesterday.
The group has the backing of Cheung Kong (Holdings) and the Canadian Imperial Bank of Commerce (CIBC).
Joseph Yu, managing director of the CEF Group, said the new brokerage would bring distribution clout to CEF's 11 financial services companies, which included a fund management wing controlling US$900 million of assets.
The 30-staff brokerage would specialise in equity agency broking, share placings and sub-underwriting, and margin trading for 'institutions, corporate and high-net-worth' clients, he said.
It was building a research team, now six-strong, which would focus on finance and property stocks, which together made up half of the Hong Kong market, as well as H shares and red chips.
It was applying for a licence to deal in futures, which it should get within six months. Longer term, Mr Yu wanted the company to be able to broke a range of over-the-counter products.