Anxin Securities, a planned mainland brokerage to be controlled by the government-owned China Securities Investor Protection Fund, yesterday received regulatory approval to trade in the stock market.
The brokerage, with an initial capital of 1.51 billion yuan, was accepted as a member of the exchange yesterday, the Shenzhen Stock Exchange said.
Anxin will be set up on September 28 with assets from three bankrupt brokerages - Beijing Centergate Securities, China Sci-Tech Securities and Guangdong Securities.
Guangdong Securities, set up in 1989 and the largest among the three, has 61 branches, mostly in Guangdong. China Sci-Tech was set up in 2002 and has 23 branches, while Centergate has 13 branches.
All three have full licences to underwrite and sponsor initial public offerings and provide restructuring and advisory services.
The government, which has injected billions of yuan into the ailing industry, is trying to consolidate more than 130 brokerages as the stock market recovers.