SHANGHAI, Dec. 18 (Xinhua) -- J.P. Morgan Chase on Wednesday announced that its majority-controlled securities joint venture (JV) in China has obtained a license for securities business issued by the China Securities Regulatory Commission.
The approved business scope includes the operation of a comprehensive set of financial products and services including stock brokerage, securities investment consultation, securities underwriting and sponsorship, the company said.
J.P. Morgan Chase will continue to invest in and fully support its business in China, which has become a critical market for many of the company's domestic and global clients, said Chairman and CEO Jamie Dimon.
"J.P. Morgan has been operating in China for close to a century," said Nicolas Aguzin, Chairman and CEO for J.P. Morgan Asia Pacific, noting that the launch of the China JV brokerage is another important milestone in the critical market.
Headquartered in Shanghai, the new J.P. Morgan Securities (China) Company Limited will be set up in the iconic Shanghai Tower at the heart of the Lujiazui Financial and Trade Zone in Pudong District.