HAITONG Securities Co., China’s second-largest trading house by assets, is opening a unit in Singapore, as part of its efforts to expand its presence overseas.

    It’s the latest signal that securities companies in the world’s second-largest economy are keen on gaining wider access to offshore markets as China steps up its efforts to internationalize the yuan.

    Haitong International Securities Group Ltd., a subsidiary of Haitong International Holdings Ltd. that is wholly owned by Haitong Securities, said in a statement Tuesday that its Singapore unit received licenses to deal in securities and trade in futures contracts from Singapore’s regulator last week.

    Haitong will also tap into the opportunities brought about by the rapid expansion of the yuan business in Singapore and offer more extensive yuan products for investors in the city state and other countries in the Association of Southeast Asian Nations, Haitong said.

    It will also help Chinese companies explore opportunities overseas, the house added.

    Haitong last week completed a deal to acquire a financial-leasing business from U.S. private equity firm TPG Capital for US$715 million in cash, as part of its efforts to enhance its global presence and diversify its revenue stream.

    In 2009, the Shanghai-listed brokerage purchased a controlling stake in Hong Kong-based brokerage Taifook Securities Group Ltd. (SD-Agencies)