J.P. Morgan today announced that the China Securities Regulatory Commission (CSRC) has approved the registration of J.P. Morgan International Finance Limited taking 100% ownership of J.P. Morgan Securities (China) Company Limited (JPMSC), making it the first foreign firm to fully own a securities venture in China.
Headquartered in Shanghai, J.P. Morgan Securities (China) Company Limited was established in 2019. It commenced business in March 2020, providing a comprehensive set of financial products and services in China for Chinese and international clients including securities brokerage, securities investment advisory, and securities underwriting and sponsorship.
The opportunity to have a fully owned and integrated securities company in China will allow J.P. Morgan, a top underwriter of both debt and equity as well as a leader in cross-border M&A, to accelerate and deepen dialogue with its clients as they expand and grow their businesses. J.P. Morgan’s global equity research team offers insights on more than 450 China-listed companies, helping to educate global investors about local opportunities. In addition, J.P. Morgan’s markets business, the largest in the world, will continue to invest in systems and platforms to provide better access and liquidity to China’s financial markets.
“China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Our scale and global capabilities give us a unique ability to help Chinese companies grow internationally and also support global investors as they expand into China’s maturing capital markets.”
Filippo Gori, CEO for J.P. Morgan, Asia Pacific, said: “The opportunity to establish and operate a fully-owned securities venture in China is another important milestone in this critical market and further strengthens J.P. Morgan’s domestic platform and on-shore capabilities at a time when China’s financial markets continue to evolve and the requirements of our clients are growing.”
Mark Leung, CEO of J.P. Morgan China, said: “Since the firm opened our first branch in China, 100 years ago in 1921, we have remained very focused on ensuring we are well positioned for many more successful decades to come. We are excited to begin our next century with the full spectrum of operational businesses on the ground from investment and corporate banking, wholesale payments, markets, securities services, commercial banking and asset management. This important achievement helps us get closer to our aspirations and we are looking forward to entering our next exciting phase of growth with greater capabilities in the country.”
On June 18, 2020, J.P. Morgan announced that it had received approval from the CSRC to increase its current stake in J.P. Morgan Futures Company Limited to 100 percent from 49 percent, making the bank the first foreign firm to fully own a futures venture in China.
On April 3, 2020, the firm’s Asset Management business reached a commercial agreement with Shanghai International Trust Company Limited, a subsidiary of Shanghai Pudong Development Bank, to reach 100 percent ownership of its joint venture China International Fund Management Company Limited.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
J.P. Morgan in China
J.P. Morgan has been doing business in China since 1921. J.P. Morgan’s integrated financial services include investment and corporate banking, wholesale payments, markets, sales and research, securities services, commercial banking and asset management. Today, the firm serves Chinese and international corporations, financial institutions and government agencies through our network across China.
J.P. Morgan Securities (China) Company Limited
Headquartered in Shanghai, J.P. Morgan Securities (China) Company Limited was founded in 2019. The firm provides a comprehensive set of financial products and services in China for its Chinese and international clients including securities brokerage, securities investment advisory, and securities underwriting and sponsorship.