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Yes—Citi has received the China securities license it had been seeking. On October 23, 2026, the China Securities Regulatory Commission approved Citigroup Securities (China) Company Limited, a wholly owned securities company headquartered in Shanghai. Citi must still complete statutory and regulatory procedures before the entity can begin operating, so the approval is not yet a launch date.
The new company gives Citi onshore capabilities that its offshore China investment-banking platform could not provide. It is designed to serve domestic and foreign clients with brokerage, underwriting, research, investment advice and principal trading, while linking China-market activity to Citi’s global network.
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What exactly did China approve for Citi?
The approval covers a wholly owned mainland securities company, Citigroup Securities (China) Company Limited (CSCCL), based in Shanghai. Its permitted activities are:
- Onshore equities brokerage
- Securities underwriting
- Securities research
- Investment advisory services
- Principal trading
Citi says the unit will give domestic and overseas clients access to China’s stock exchanges and allow them to trade onshore-listed shares, bonds, funds and other financial instruments. The license therefore adds local capital-markets execution to Citi’s existing offshore China investment-banking business.
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The approval does not mean every service is available immediately. Citi said CSCCL must finish statutory and regulatory preparations before operations start, and it has not announced a public opening date.
Why was a mainland license important to Citi?
Citi’s international business chief Ernesto Cantu said before approval that the bank could not conduct mainland investment-banking activity without a securities license. The new entity removes that structural barrier and lets Citi work directly in China’s domestic capital markets rather than serving those needs only from offshore platforms.
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Citi chief executive Jane Fraser described the strategy as adding onshore capabilities to the bank’s global platform so clients can raise capital, reach investors and trade locally while connecting with opportunities in other markets. China Country Officer and Banking Head Wenjie Zhang said the securities company would support domestic capital-market development and be built around a high-caliber local team using Citi’s international network.
Citi says its existing China franchise serves 70% of Fortune 500 companies operating in the country, works with several hundred large corporate and public-sector clients, and has supported China for nearly 125 years, dating its local presence to 1902. It also serves medium-sized enterprises through its Commercial Bank. Those relationships give the new securities company a potential client base, although the license itself does not guarantee market share or profitability.
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When will Citigroup Securities China start operating?
No start date has been disclosed. The October 23 approval is a regulatory milestone, followed by statutory filings, organizational setup and other supervisory requirements that Citi must complete before conducting business.
Reuters reported in September 2026 that approval was expected soon, after Citi applied for the wholly owned brokerage license in late 2021. Reuters also reported that Citi planned to roughly double its China securities headcount to about 100 people by the end of 2026, using internal transfers, external recruitment and relocations from Hong Kong and other Asian markets. That staffing target is an operating plan, not confirmation that all roles or services will be in place by year-end.
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CSCCL’s authorization is broad enough to cover the main functions of a full-service securities platform, but each function has a different business role.
Brokerage and local execution
Brokerage allows Citi to execute eligible trades on China’s domestic exchanges for clients, including transactions in onshore shares, bonds, funds and other permitted instruments.
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Underwriting and capital raising
Underwriting enables Citi to help issuers bring securities to market and raise funds in China. This is the capability Cantu identified as unavailable to Citi’s mainland business before licensing.
Research and investment advice
Research and advisory services let the local platform produce analysis and provide investment guidance within the scope of Chinese rules. They can also support corporate and institutional clients using the brokerage and underwriting businesses.
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Principal trading
Principal trading permits the company to trade for its own account within the approved regulatory framework. The authorization is a permission to conduct the activity, not a disclosure of Citi’s trading volumes, risk limits or product mix.
How does Citi compare with other global banks in China?
Citi is entering a field where JPMorgan, Goldman Sachs and Morgan Stanley already operate licensed China securities businesses. The available public figures show that those incumbents have established profitable local units, while Citi’s newly approved entity has not yet reported operating results.
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| Firm | China securities status | 2025 profit |
|---|---|---|
| Citi | Wholly owned Shanghai company approved October 23, 2026; operations pending completion of regulatory procedures | Not stated |
| Goldman Sachs | Licensed China securities operation | 1.46 billion yuan, reported for 2025 |
| JPMorgan | Licensed China securities operation | 984 million yuan, reported for 2025 |
| Morgan Stanley | Licensed China securities operation | 138 million yuan, reported for 2025 |
The figures were reported by Reuters in 2026 and refer to each firm’s 2025 China securities-unit profit; they are not directly comparable measures of global China revenue. Citi’s competitive position will depend on how quickly it staffs the platform, wins underwriting and execution mandates, builds research coverage and converts its multinational client relationships into onshore business.
In practical terms, the comparison should be made on four questions: which permissions each unit holds, how much underwriting and A-share execution it wins, the depth of its research and advisory offering, and whether local staffing and revenue can support sustainable profits. The approval gives Citi a platform on each of those dimensions, but not a demonstrated lead.
Why does Citi say it can challenge for the top spot?
Ernesto Cantu said Citi was targeting the top position among global investment banks in China. Citi points to its long local history, multinational coverage and cross-border network as advantages: it says it helped Chinese clients raise more than US$40 billion in global capital markets year-to-date in 2026 and serves most Fortune 500 companies operating in China.
Those strengths are particularly relevant for issuers and investors that need both mainland execution and access to overseas markets. The test will be whether Citi can turn that cross-border franchise into repeat domestic mandates while competing with firms that already have operating licenses, local teams and recorded earnings.
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What should clients and investors watch next?
- Regulatory completion: Citi must finish the remaining statutory and supervisory steps before CSCCL opens for business.
- Leadership and hiring: The planned workforce of about 100 by the end of 2026 would indicate how quickly Citi is building local capacity.
- Service rollout: Clients should look for announcements showing when brokerage, underwriting, research, advisory and principal-trading functions become available in practice.
- Mandates and market share: New listings, bond issues, equity transactions and research coverage will provide clearer evidence of competitive traction than the approval alone.
- Financial results: Citi’s future China securities-unit earnings can be compared with the 2025 results already reported for its licensed rivals once the unit has a full operating period.
Frequently Asked Questions
Has Citi’s approval already made it a fully operating Chinese broker?
No. The regulator has approved the company and its business scope, but Citi still has to complete statutory and regulatory procedures. Until those steps are finished, approval should be treated as authorization to set up and prepare, not proof that clients can place trades through the unit.
Is Citi’s China securities company wholly owned or a joint venture?
CSCCL is wholly owned by Citi. That structure gives Citi direct control of the Shanghai platform rather than relying on a local joint-venture ownership model.
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Citi says the approved business is intended for both domestic and foreign clients. Eligibility, products and service access will still depend on Chinese rules and the specific permissions in force when the platform launches.
What does Citi’s US$40 billion figure measure?
Citi says it helped Chinese clients raise more than US$40 billion in global capital markets year-to-date in 2026. That is a cross-border capital-raising figure, not profit generated by the new Shanghai securities company.
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