Nomura Holdings said Thursday it is reassessing its mainland China business, as losses mount at its Shanghai-based securities joint venture in another blow to the top Japanese investment bank's global expansion strategy.

Nomura's majority-owned joint venture has struggled to grow since its launch in 2019, dragged down by the pandemic and a slowing economy.

In 2022, the joint venture lost 225 million yuan ($30.75 million), after losing 84 million yuan in 2021, according to Nomura's filings.