UBS Securities said Monday that it would acquire a majority shareholding in Shanghai Pumin Futures Brokerage.

After a capital injection of 90 million yuan (14.84 million U.S. dollars), UBS Securities will hold 95.42 percent of Pumin, which has a registered capital of 30 million yuan.

Chinese regulators have approved the application for the equity transfer and capital injection.

"We are excited to expand into the futures brokerage market which has a strong growth potential," said David Li, chairman of UBS Securities.

He added that as the Chinese government encourages financial innovation and aims to build a multi-layered financial market, UBS Securities is expected to introduce more futures products in the country.

China's financial futures market has witnessed rapid expansion since the launch of Hushen 300 Index, the first stock index futures traded on the Chinese mainland, in April 2010.

Trading volume of China's financial futures, including the newly introduced treasury futures, reached 141 trillion yuan in 2013, accounting for 52.72 percent of the total trade in futures products.

UBS Securities, officially registered in December 2006, is the first foreign-invested securities firm in China with licenses to conduct a full range of securities businesses. Endi

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