JP Morgan to Set up Joint Venture Brokerage

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(Caixin Online) American financial services firm JP Morgan has signed a memorandum of understanding for a joint-venture securities company with Shenzhen-based First Capital Securities Co., the Chinese broker told Caixin Online March 12.

The registered capital of the joint venture is expected to be 1 billion yuan, with First Capital holding a 67 percent stake and JP Morgan the remaining 33 percent, according to the memorandum. A formal agreement is still under discussion and it may take three months to half a year, according to officials at First Capital. The headquarters will be in either Beijing or Shenzhen.