Daiwa Takes Full Control of China Brokerage Arm for $100 Million

Daiwa Securities Group Inc. has taken full control of its brokerage subsidiary in China, as it joins Wall Street rivals who had already made similar moves in the world’s second-biggest economy.

The Japanese securities house bought a combined 49% stake from Beijing State-owned Capital Operation and Management Co. and Beijing Xicheng Capital Holdings Co. for 706 million yuan ($103 million), according to filings. The transactions were done through negotiated transfers this week, the filings show.