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Nomura seeks swift entry as Beijing opens financial market

Japanese company plans new brokerage service targeting affluent Chinese

The opening of China's financial market could spark a race between Japanese companies such as Nomura and rivals in the West.

TOKYO -- Nomura Holdings looks to build a securities brokerage business in China, aiming to turn the country into an overseas earnings driver before Western rivals can establish a similar presence.

The China Securities Regulatory Commission said Tuesday it accepted Nomura's application to form a joint venture brokerage. The Japanese financial company will target the "mass affluent" in Shanghai and other large cities. Given the sharp growth of financial assets held by individuals in China, Nomura seeks to capture demand for investing in overseas assets including Japanese equities.

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