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>>/11249/ So maybe it's not surprising that UBS AG has a Beijing subsidiary - UBS Securities (Beijing) Ltd. [SEE >>/10511/] Or that the Chinese gov't allowed UBS AG to gain a MAJORITY STAKE in UBS Securities LTD on Dec 1 2018 - the first foreign company allowed to do that in China: UBS secures majority stake in a China securities joint venture Dec 1, 2018 Switzerland’s largest bank, UBS, has become the first foreign bank to hold a majority stake in a China securities joint venture, after gaining approval from country’s securities regulator... The Swiss bank, which currently owns 24.99% of the UBS Securities Co joint venture, had applied in May this year to the China Securities Regulatory Commission (CSRC) to raise its stake to 51%. UBS is acquiring from China Guodian Capital Holdings and COFCO their 12.01% and 14% stakes in UBS Securities, respectively. This makes it the first foreign bank to secure such control under new rules announced by Beijing last year. UBS Chief Executive Sergio Ermotti said in a statementExternal link: “Growing our China business is key element of our strategy. The further opening up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses.” ..... https://www.swissinfo.ch/eng/china-deal_ubs-secures-majority-stake-in-a-china-securities-joint-venture/44587188