Chinese securities firm Guotai Junan Securities has secured a regulatory nod from the Chinese securities regulator to set up a subsidiary in Macao Special Administrative Region (SAR).

The firm was granted official approval by the China Securities Regulatory Commission (CSRC) to establish a subsidiary and run finance or finance-related business in Macao SAR, it said in a statement.

The Macao subsidiary will be officially launched after securing a corresponding approval from the Monetary Authority of Macao.

Guotai Junan Securities said that the move would mark an important step for its layout in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) market.

The Macao subsidiary will leverage capabilities in comprehensive financial services and offer wealth management services including buying, selling and trading of global stocks, bonds and structural products in the Macao SAR.

The unit is also expected to actively develop securities issuance and other businesses in the region.

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Guotai Junan Securities said: “In the future, the Guotai Junan Macao subsidiary will seize opportunities in interconnectivity within the GBA and related opening up to grow itself and facilitate Macao SAR to build an internationalised securities exchange and develop modern finance industry.”

Last year, HSBC set up a wealth hub in Hong Kong to provide a range of advanced and tailored wealth solutions to the rising number of high-net-worth (HNW) investors in cities such as Guangdong, and Macao.