JPMorgan Unit Looks to Control 51% of Joint-Venture Brokerage in China

   By Allison Prang and Stella Yifan Xie

J.P. Morgan Broking (Hong Kong) Ltd. has applied to seek a 51% stake in a joint-venture brokerage unit in China, said Gao Li, a spokeswoman for the China Securities Regulatory Commission, on Thursday.

The CSRC will review the application, the spokeswoman said.

China's securities regulator said earlier this week that Nomura Holdings Inc., a Japan-based financial services company, was also looking to establish a 51% stake in a joint venture. In addition, UBS Group AG has applied for a controlling stake in its existing joint venture.

In April, the country's securities regulator released guidelines permitting foreign companies to control 51% of local securities joint ventures.

In three years, they'll be able to fully control joint ventures.

Write to Allison Prang at allison.prang@wsj.com and Stella Yifan Xie at stella.xie@wsj.com

(END) Dow Jones Newswires

May 10, 2018 09:56 ET (13:56 GMT)

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