THE controversial New China Hongkong, an investment house led by subsidiaries of China's Hongkong and Macau Affairs Office and Hongkong tycoons, expects to have its brokerage up and running in April.
Although a number of financiers have expressed concern that the company's political clout would give it an unfair advantage in the stock market, which is at present dominated by political issues, New China Hongkong has pushed ahead with an application for licences to the Securities and Futures Commission (SFC).
A spokeswoman at the company confirmed last week that the application was in process.
Leading legislator Mr Martin Lee Chu-ming who opposes the involvement of the Hongkong and Macau Affairs Office in the firm, said yesterday he would continue to watch the issue but would not reveal details of the action he planned to take.
Mr Wesley McDade, the SFC's spokesman, said the commission had yet to approve any licence to the company and would not reveal if its application was being processed.
An industry source said that the unusual background of the company would not prevent the SFC from examining the group's application.
