Leading securities house expands regional base in Hong Kong
Leading securities house, Core Pacific-Yamaichi International (HK) Limited (Core Pacific-Yamaichi) has chosen Hong Kong as its regional base because of the city's unbeatable advantages as the leading financial centre in the region.
The company ranked first for the number of IPOs it sponsored in Hong Kong last year.
After evaluating alternative cities, Core Pacific-Yamaichi has decided to keep its headquarters in Hong Kong.
The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, welcomed the firm's decision to stay and expand in Hong Kong.
At an office opening reception today (June 6), Core Pacific-Yamaichi's chief executive officer Peter Fu Yiu-man said: "We recognise the incomparable financial services support and infrastructure that Hong Kong offers to international investment banks and securities houses. Our expansion in Hong Kong shows our commitment to the future of the SAR."
Core Pacific-Yamaichi's operations in Hong Kong include 12 brokerage branches and an e-financial services unit, currently employing some 350 staff. The company will hire more local talent in the next few months as part of its expansion plan.
"Our operation in Hong Kong will become very important strategically for our future expansion in the Greater China region," Mr Fu added.
"As an industry leader specialising in the growing middle market, Core Pacific-Yamaichi will play a key role in maintaining Hong Kong as the prime fund raising centre for the Mainland."
Mr Rowse said that China's accession to the WTO would allow greater foreign ownership in key sectors like telecommunications, banking and insurance. Restructured mainland companies will increasingly rely on equity finance for expansion in order to prepare for intensified foreign competition. Hong Kong provides the most convenient overseas market for mainland Chinese enterprises seeking to list.
Hong Kong is the single largest source of foreign capital for mainland enterprises, having raised so far more than US$80 billion for such companies.
"Hong Kong provides an independent judicial system based on English common law, a solid and transparent regulatory framework, a large pool of qualified financial professionals, as well as the free flow of capital and information. These competitive edges make Hong Kong the ideal place for business development, for international investment banks and securities houses in the Greater China region," said Mr Rowse.
"Hong Kong is a city that offers a myriad of opportunities for financial services providers such as Core Pacific-Yamaichi. We sincerely hope that the company will further intensify its business activities in Hong Kong."
Ends/Thursday, June 6, 2002
