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MasterLink Securities to open venture capital firm in Tianjin

MasterLink Securities to open venture capital firm in Tianjin

Taipei, Feb. 3 (CNA) MasterLink Securities, one of Taiwan's leading brokerages, has secured the green light from Chinese authorities to set up a venture capital firm in Tianjin. MasterLink Securities said that when it opens the venture capital firm in the China (Tianjin) Free Trade Zone, it will become the first Taiwanese brokerage to enter the venture capital business in China's market. The company expected the new venture capital firm, which will have paid-in capital of 100 million Chinese yuan (US$16.10 million), to complete its business registration by the end of this month and begin operations in March -- the same time the Tianjin 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 the Tianjin free trade zone. MasterLink Securities Chairman Joey Chen (???) said his brokerage has set its sights on Tianjin since 2013 and plans to use the booming Chinese 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. to set up a joint brokerage in the city, but the venture remains pending because a trade-in-services agreement between Taiwan and China has yet to be ratified by Taiwan's Legislative Yuan. The company therefore opted for the alternative of setting up a venture capital firm first to strengthen its foothold in Tianjin and in China. The door was opened when the Financial Supervisory Commission, the top financial regulator in Taiwan, allowed local brokerages to set up venture capital companies in China in October 2014. MasterLink Securities quickly submitted its application for the establishment of the Tianjin presence. The two new venture capital companies will initially take aim at 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 the brokerages operating in Taiwan. (By Tien Yu-pin and Frances Huang)


Updated : 2021-09-27 14:38 GMT+08:00