What conditions do securities companies need to set up a new business department?

Article 124 of the Securities Law of People's Republic of China (PRC): To establish a securities company, the following conditions shall be met: (1) There are articles of association that comply with laws and administrative regulations; (2) The major shareholders are profitable continuously, have a good reputation, have no record of major violations of laws and regulations in the last three years, and have net assets of not less than 200 million yuan; (3) Having a registered capital that meets the requirements of this Law; (4) The directors, supervisors and senior managers are qualified for the post, and the employees are qualified for securities business; (5) Having a sound risk management and internal control system; (6) Having qualified business premises and business facilities; (seven) other conditions stipulated by laws, administrative regulations and the State Council securities regulatory agency approved by the State Council.