Hong Kong-based investment bank China Renaissance has won regulatory approval to set up a brokerage business, joining a resurgence in applications for mainland securities licences by global banks after a decade of disappointment in the market.

投行华兴资本(China Renaissance)已被中国监管部门允许开展证券经纪业务，加入了全球性银行申请中国内地证券牌照这股再度抬头的趋势，此前市场已经经历了10年的失望。

China allowed global investment banks to establish joint ventures with domestic partners between 2004 and 2007, before shutting out new entrants at the onset of the global financial crisis.

在2004年到2007年间，中国允许全球性投行与国内合作伙伴设立合资公司，之后全球金融危机爆发，中国不再接受新来者。

However, the joint ventures have often been lossmaking, with foreign banks citing a lack of control for poor performance.

然而，这些合资公司往往是亏损的，外资银行认为原因是对欠佳业绩缺乏控制。

HSBC announced last year that it had applied for a brokerage licence that would give it a majority stake in a new securities company.

去年汇丰(HSBC)宣布已申请证券经纪牌照，这将使其在新设立的一家证券公司中占多数股权。

Credit Suisse and Hong Kong-based Bank of East Asia followed with similar plans.

随后瑞信(Credit Suisse)和位于香港的东亚银行(BEA)也实施了类似计划。

Those banks have sought to distance themselves from the first generation of joint ventures, saying the forthcoming licences have done away with many of the original pitfalls.

这些银行寻求与第一代合资公司区别开来，它们表示即将下发的牌照消除了很多原来的隐患。

HSBC’s joint venture, if approved, would make it the first foreign company to have a majority stake in an onshore brokerage. Shenzhen Qianhai Financial Holding, which holds the minority stake, is expected to be a silent partner.

如获批准，汇丰的新合资公司将使其成为首家在内地证券公司中占多数股权的外国公司。预计持有少数股权的深圳市前海金融控股有限公司(Shenzhen Qianhai Financial Holding)将是一个不参与管理经营的合作伙伴。

HSBC hopes the agreement will allow it to build its own broking business on the mainland without interference.

汇丰希望，协议将使其不受干预地在内地开创自己的证券经纪业务。

Credit Suisse ’s new licence will allow its joint venture with Founder Securities to expand into securities broking on top of the equity deals and corporate bond underwriting it already does.

瑞信的新牌照将使其与方正证券(Founder Securities)的合资公司将证券经纪列入经营范围，此前该合资公司已经在进行股权交易和公司债券承销业务。

China Renaissance will have licences for underwriting, securities broking, investment advisory and asset management, according to chairman and chief executive Fan Bao.

根据华兴资本董事长兼首席执行官包凡的说法，华兴资本将获得证券承销、证券经纪、证券投资咨询和证券资产管理的牌照。