Japan’s Nomura mulls dropping China securities joint venture: report
The JV $30.75m in 2022, and $11m in 2021.
Nomura Holdings said that it is reassessing its mainland China business amidst mounting losses at its Shanghai-based securities joint venture.
The venture has struggled to grow since its launch in 2019. In 2022, the JV lost $30.75m (CNY225m), and $11.4m (CNY84m) in 2021, according to the Japan-based financial company’s filings.
"With a presence in China for over four decades since 1982, we have consistently sought to contribute to the development of the country's capital markets and service the evolving needs of clients," Nomura said in a statement, reports Reuters.
While Nomura declined to comment on the reason for the drop, Bloomberg, which first reported the news, said the joint venture has cut jobs and seen a number of departures following a management reshuffle earlier this year.
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