Yongxing Securities Co Ltd, a Ningbo-based securities trader, is officially inaugurated on Nov 9. [Photo/cnnb.com.cn]

Yongxing Securities Co Ltd, a Ningbo-based securities trader, was officially inaugurated on Nov 9, according to local media reports.

The company is the only comprehensive securities company in Ningbo, as well as being the first domestic securities company to be approved by the China Securities Regulatory Commission in the past 10 years.

Its opening is a landmark event in the securities development history of the city, and even the nation.

Yongxing Securities is a wholly-owned subsidiary of Ningbo Development and Investment Group Co Ltd, which has a registered capital of 2 billion yuan ($289.85 million). Its business scope spans everything from securities brokerage, investment consulting and securities self-management to securities underwriting and sponsorship and securities investment fund sales.

Official data show Ningbo is now home to 111 domestic and foreign listed companies - ranking eighth among all cities in China - including 92 A-share listed companies, with a total market value of more than 1 trillion yuan.