HAITONG Securities Co has obtained regulatory approval to invest overseas through the qualified domestic institutional investor program, according to a statement filed to the Shanghai Stock Exchange yesterday.

Haitong will apply to China Securities Regulatory Commission to set up an investment scheme before starting the business. But the statement did not elaborate on the timetable and the amount of investment.

Earlier this month, Haitong said its net earnings in 2007 will surge more than eight times from a year earlier to more than 5.18 billion yuan (US$719.4 million).