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Business · Equity · Money Mkt
Haitong International Securities becomes first Chinese market maker on NASDAQ
CKN
2018/10/10 04:18:52
1,210

Oct 10, 2018 (China Knowledge) - Haitong International Securities (USA), a subsidiary of Haitong International Securities Group Limited based in Hong Kong has entered the market-making business in the U.S. in a breakthrough move to become the first Chinese market maker on NASDAQ.

Haitong will be initially targeting China concept stocks on NASDAQ which refers to listed firms that have significant assets or earnings in China before expanding its coverage gradually.

Market makers maintain continuous two-sided quotes (bid and ask), to ensure there is a buyer for every sell order and seller for any buy order at any given time, and are essential to maintaining liquidity.

Haitong has been expanding its presence in the U.S. in recent years. It has obtained a Qualified Intermediary status from the U.S. Internal Revenue Service (IRS) and has become a member of NASDAQ. The company completed its first IPO for a company listed on the New York Stock Exchange (NYSE) and first USD convertible bond issue for a NASDAQ-listed firm earlier in June this year.

Haitong hopes to build a global platform of investment banking, trading and investment services centring on New York, London, Singapore and Hong Kong, while expanding worldwide in electronic trading, market making, institutional client services and investment banking services.

Haitong currently serves about 200,000 corporates, institutional, as well as retail and high-net worth clients worldwide. 

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