JP Morgan to set up joint venture with First Capital

15:31, June 10, 2010      

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JP Morgan Chase yesterday signed an agreement with First Capital Securities Co., Ltd of China to set up a joint venture securities company, aiming at China's securities underwriting market.

JP Morgan Chase has signed a memorandum of understanding with First Capital in March 2010 to found a joint venture that establishes a securities trader engaged in investment banking.

Insiders from JP Morgan said the Chinese partner First Capital will hold 67 percent shares of the planning company while JP Morgan will own the rest of the shares, which meets the regulation in China that foreign capital should hold less than one-third of the shares in joint ventures.

Unlike a pure Chinese securities trader, joint ventures are supposed to do investment banking business engaged in securities underwriting rather than A-share brokerage and trading in derivative products.

By People's Daily Online

(Editor:祁澍文)

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