J.P. Morgan to Become First Fully Foreign-Owned Brokerage in China
J.P. Morgan announced that the China Securities Regulatory Commission (CSRC) had given the green light to J.P. Morgan International Finance Limited’s registration to take 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, JPMSC 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.
“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.”