JPMorgan has accelerated its march into the mainland financial services market by boosting its stake to 71 percent in a joint venture, for a total of 177.7 million yuan (HK$201.38 million). The investment bank has priority rights to buy a 20 percent stake in its mainland securities joint venture that has been put up for sale by one of its local partners, state-owned Shanghai Waigaoqiao FTZ. JPMorgan was the only candidate that could raise its ownership with priority rights in the securities joint venture, the filing showed, as the remaining four shareholders had given up their rights to purchase the 20 percent stake. The joint venture offers services including investment banking, research, equities and fixed income businesses. JPMorgan received regulatory approval last December to establish the 51 percent-owned securities joint venture.

Source: The Standard September 03, 2020 19:07 UTC