HMC Investment Securities has signed a memorandum of understanding (MOU) with China’s Southwest Securities to promote business alliances, the Seoul-based brokerage house announced Friday.
“We will continue to strengthen the bilateral partnership in order to expand businesses in both nations. The first plan from the MOU is to co-hold a merger and acquisition (M&A) forum in China,” an HMC official said.
“Taking advantage of Hyundai Motor’s status and network in China, HMC will try to emerge as a powerhouse in China.”
HMC is the brokerage arm of Hyundai-Kia Automotive Group, Korea’s largest automaker and No. 2 conglomerate trailing Samsung Group.
Southwest Securities, established in 1999, is headquartered in southwest China’s Chongqing municipality and operates in 37 locations nationwide.
The company, which was listed on the Shanghai Exchange in 2009, has a wealth of expertise in investment banking including initial public offerings and M&As to make the top 10 in the category for several years.