Nomura (US:NMR) Xin Lang Cai Jing·2026-01-15 09:05Core Viewpoint - The article highlights the significant improvements in the operations and management of foreign securities firms in China, particularly focusing on Nomura Orient International Securities, amidst the ongoing opening of China's capital market to foreign investments in 2025 [1][10]. Group 1: Management Changes - Nomura Orient International Securities has recently undergone a management adjustment, with Wang Xuyang, former general manager of Goldman Sachs ICBC Wealth Management, joining as the new general manager, while the previous general manager, Kitamura Akira, has taken on the role of chairman [2][11]. - Wang Xuyang holds an MBA from the University of Toronto and is a CFA charterholder, with extensive experience in various financial institutions, including Goldman Sachs and CICC [4][13]. - The appointment of Wang Xuyang reflects a broader trend among foreign securities firms in China, where many are adjusting their core management to enhance localization and operational effectiveness [5][14]. Group 2: Industry Performance - As of mid-2025, the total assets and net assets of 16 foreign-controlled securities firms in China have increased by 10% and 6.96% year-on-year, respectively, with operating revenue reaching 4.36 billion yuan and net profit soaring by 5.8 times to 710 million yuan [5][14]. - Nomura Holdings reported a revenue of 1,038.777 billion yen for the first half of the fiscal year ending March 2026, marking an 11% increase, and a net profit of 203.267 billion yen, up 18% year-on-year [6][14]. - The stable growth of Nomura's global operations provides substantial support to Nomura Orient, allowing it to focus on cross-border investment banking and asset management, leveraging its strengths in the Chinese market [6][14]. Group 3: Strategic Direction - The management changes at Nomura Orient indicate a shift towards a more centralized approach in managing its China operations, contrasting with previous practices where local executives held dual roles [5][15]. - Other foreign firms, such as JPMorgan and UBS, are also tightening their headquarters' control over China operations to better align local business with global strategies, while still maintaining a degree of localization [7][15]. - The industry faces challenges in adapting international business practices to meet the specific investment needs of the Chinese market, balancing compliance, cost control, and business expansion [8][15]. Group 4: Future Outlook - The competitive landscape for foreign securities firms in China is expected to continue optimizing through 2026, as the industry adapts to evolving market conditions and regulatory frameworks [9][16].