Alliance Capital Management is talking with China’s No. 2 life insurance company about becoming involved with its securities brokerage, The South China Morning Post reports.

Hooking up with the Ping An Insurance Group’s securities firm would represent Alliance’s first dive into the Chinese market, and, according to the newspaper, establish a financial powerhouse in mainland China for the already high-stakes Ping An group.

Though neither company would comment on the negotiations, sources told the Post that Alliance would be looking for the maximum 33% stake in the securities firm, echoing the moves of many other foreign companies that have gone into business in China. Alliance has $480 billion of assets under management stretched across 19 countries. Selection of a chief executive for the new venture is also underway, sources said.

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