(Yicai Global) Dec. 18 -- J.P. Morgan has received a business license for its majority-owned securities venture in China that enables the new firm to start operations in the country.
The China Securities Regulatory Commission gave J.P. Morgan Securities China a securities and futures business permit, New York-based J.P. Morgan said in a statement today. The joint venture's services will include securities brokerage, investment advisory, underwriting and sponsorship, the statement added.
"JPMorgan is very pleased to have established our majority-owned securities company in China," Chairman and Chief Executive Jamie Dimon said in the statement. "We will continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients."
J.P. Morgan won approval from the CSRC in March to set up the Shanghai-based brokerage.
Editor: Martyn Cartwright