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China mulls over opening up its securities market further

Local firms unfazed by prospect of competition from foreign banks

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While the biggest foreign-backed joint venture, UBS Securities Co, had revenue of 750 million yuan (S$161 million) in 2013, Citic Securities' revenue from comparable operations was 8.8 billion yuan, according to Securities Association of China data.

Hong Kong

AS China considers whether to grant foreign investment banks greater access to its securities market, their biggest local competitor is undaunted.

"It's quite obvious who are the winners," Zhang Jian, who oversees Citic Securities Co's mergers advisory business, said in