Brokerage Citic eyes US expansion

Citic Securities Co (600030.SH, 6030.HKG), China’s largest brokerage firm by market value, has applied for a securities license that will allow it to underwrite stocks and bonds in the US, The Wall Street Journal reported, quoting people familiar with the matter. The move is in keeping with Citic’s overseas strategy of aiding Chinese companies in their expansion abroad, the people said. The bank, which raised US$1.7 billion in a Hong Kong initial public offering in October, ranked 20th among Asia-Pacific investment banks in terms of net revenue last year and 53rd globally. Citic has said that it expects Beijing’s drive to boost the use of the renminbi in international trade and finance to offer new opportunities for its overseas business in the coming years.