OREANDA-NEWS. June 28, 2011. J.P. Morgan First Capital Securities Company Limited (“JPMFC”), the China securities joint venture (“JV”) between J.P. Morgan and First Capital Securities Company Limited (“First Capital”), today announced that it had received the securities business permit from the China Securities Regulatory Commission (“CSRC”). The permit allows the company to commence operations in China’s domestic securities market.

In December 2010, the CSRC approved the establishment of the securities joint venture, which is 66.7% owned by First Capital, and 33.3% owned by J.P. Morgan. Headquartered in Beijing, the JV will engage in underwriting and sponsoring of shares and corporate bonds.

Gaby Abdelnour, Chairman and CEO of J.P. Morgan Asia Pacific said, “The establishment of the securities joint venture is another important milestone in J.P. Morgan’s 90 years of history in China. We are fortunate to have a partner that shares our commitment, philosophy and ambition for the joint venture. JPMFC is of strategic importance to both partners and central to our shared desire to expand and enhance the range of services we are able to offer our respective client bases in China.”