Morgan Stanley and JPMorgan both have been approved by Chinese regulators to form respective joint ventures, which will, in turn, give them an entry into China’s securities markets, according to reports.
This will mark JPMorgan’s first foray into China as it teams up with First Capital Securities of Shenzhen for a 33% stake in their venture, according to a news posting on JPMorgan’s website. For Morgan Stanley, this is the second push into China. It had formed a joint venture with CICC in the 1990s, but recently sold that stake. This time, it will team up with Huaxin Securities Co. Ltd. and will also take a 33% stake, according to press reports.
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