MasterLink Securities (元富證券), one of Taiwan’s leading brokerages, has secured approval from Chinese authorities to set up a venture capital firm in Tianjin.
MasterLink Securities said that it would become the first Taiwanese brokerage to enter the venture capital business in the Chinese market when it opens the venture capital firm in the Tianjin Port Free-Trade Zone.
The company expected the new venture capital firm, which is to have paid-in capital of 100 million yuan (US$16 million), to complete its business registration by the end of this month and begin operations in March — at the same time as the free-trade zone is scheduled to become operational.
In addition to the venture capital initiative, MasterLink Securities has also secured approval to set up a venture capital management firm with capital of 10 million yuan in Tianjin.
MasterLink Securities chairman Joey Chen (陳俊宏) said his brokerage has had its sights set on Tianjin since 2013 and plans to use the booming city as a base to expand its business in China.
In 2013, MasterLink Securities signed a memorandum of understanding with Tianjin T&B Holding Co (天津天保控股) to set up a joint brokerage in the city, but the venture remains pending because a cross-strait service trade agreement between Taiwan and China has yet to be ratified by the legislature.
The company opted to set up a venture capital firm first, to gain a firmer foothold in Tianjin and China.
The door was opened in October last year when the Financial Supervisory Commission allowed local brokerages to set up venture capital companies in China.
MasterLink Securities soon afterward submitted its application for the establishment of the Tianjin unit.
The two new venture capital companies are initially to investigate opportunities in the prosperous biotech sector and related businesses in China, the company said.
Last year, MasterLink Securities posted NT$0.97 in earnings per share, the fourth-highest among brokerages operating in Taiwan.
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