JPMorgan stake in China securities JV

Chinese broker First Capital Securities Co said on Thursday it is in talks with JPMorgan Chase & Co over the purchase of the US bank’s minority stake in a Chinese joint venture.

The Shenzhen- listed broker said in a securities filing that no agreement or legal documents have been signed and the purchase of the 33 percent stake in joint venture JP Morgan First Capital Securities Co remains uncertain.

JPMorgan confirmed the statement from First Capital noting that it would not comment “on market speculation and rumor.”

China’s securities regulator approved the establishment of JPMorgan First Capital Securities Co at the end of 2010. The venture is headquartered in Beijing and offers services such as stock and bond underwriting and merger advisory.