Citigroup is continuing to increase its institutional business in China, actively promoting domestic brokerage license applications, awaiting approval of domestic brokerage licenses, and seeking to develop local investment business in mainland China. According to information, Citi submitted an application for a wholly-owned brokerage license in November 2021. Previously, it withdrew from the joint venture investment banking business with Orient Securities in 2019. Since then, it has applied for the establishment of a wholly-owned brokerage firm, and received feedback from the Securities Regulatory Commission on February 4, 2024. Up to now, there are 7 wholly foreign-owned brokerage firms in China, namely J.P. Morgan Securities, Goldman Sachs Securities, Standard Chartered Securities, France and Pakistan Securities, UBS Securities, Mizuho Securities, and Daiwa Securities.

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