Two US investment banks say they've been given the green light in China to operate domestic securities businesses with local partners. J.P. Morgan Chase & Co said Friday that the China Securities Regulatory Commission approved its joint venture with First Capital Securities Co while Morgan Stanley said its partnership with Huaxin Securities Co has also been approved.
The joint ventures will be able to help local clients raise money by selling stocks and bonds on local Chinese markets. Foreign companies are keen to get into China's expanding domestic securities market. The local partners will have a two-thirds share in the ventures. Morgan Stanley previously had a stake in China's first investment bank, China International Capital Corp, but sold it last year.
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