J & A Securities set to establish base in territory
SHENZHEN stockbroker J & A Securities has registered with the Companies Registry of Hong Kong to set up a representative office in the territory.
He Wei, head of J & A's general office, said yesterday J & A Securities (Hong Kong) would open an office soon in Citibank Plaza.
The representative office follows the company's establishment in New York and Los Angeles early this year.
The two offices serve as liaison for the company's business dealings in the United States.
The move also follows the trend of mainland brokerages seeking to set up offices in Hong Kong.
Shanghai International Securities was the first to establish a presence in Hong Kong, and many others are planning similar moves.
Mr He said the Hong Kong office would be involved in a wide range of financial business.
However, it would start by concentrating on dealing in mainland-listed B-share counters, Hong Kong-listed H-share counters and ordinary Hong Kong stocks.
Foreign exchange dealing and trading could also be handled at a latter stage, he said.
The Shenzhen brokerage, headed by Zhang Guoqing, is involved in a row with China Vanke Co over a restructuring at the Shenzhen-quoted company.
Set up in August 1992 with a share capital of 120 million yuan (about HK$106.32 million), J & A is one of the fastest growing stockbrokers in the special economic zone.
According to Mr He, the company has unaudited assets of two billion yuan, with profits of more than 100 million yuan for last year. It has a staff of about 300.