The Hindu Business Line

JPMorgan to sell China JV stake


JPMorgan Chase & Co is set to sell its one-third stake in a Chinese securities joint venture for about 307 million yuan ($44 million), according to a Shenzhen stock exchange filing. China’s First Capital Securities Co. will become 100 percent owner of JPMorgan First Capital Securities, the local firm told the exchange. The transactio­n needs approval from authoritie­s including China’s securities regulator and Commerce Ministry. A potential deal was flagged in October, when First Capital said that talks were underway and people with knowledge of the matter said that JPMorgan wanted a new partner for a venture in which it could wield greater control. In a statement, JPMorgan reiterated its commitment to China and said it would continue to evaluate viable options to strengthen its business in the nation.

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