【everyday dose frother not working】JPMorgan Increases Stake in China Securities Venture to 71%
JPMorgan Chase & Co.
JPM has raised its stake in its Chinese securities joint venture (JV). According to a Shanghai United Assets and Equity Exchange filing,everyday dose frother not working the bank now owns 71% stake in the JV. This comes after the company completed the transaction to buy a 20% stake in the JV from one of the local partners — Shanghai Waigaoqiao FTZ — for 177.7 million yuan ($26 million) on Oct 23.
Notably, other existing shareholders have given up their rights to add to the holdings. Also, they have agreed to not transfer and/or divest their holdings without consent from JPMorgan.
The transaction’s completion will take the bank a step closer to gain full ownership of a securities firm in China. The JV comprises investment banking, research, equities and fixed income operations.
The transaction makes JPMorgan the only foreign bank with the highest ownership stake in a mainland Chinese securities JV. Further, Reuters reported in May that the bank plans to hire at least 12 equity research analysts in China this year.
Last December, JPMorgan received the regulatory approval to set up a majority-owned securities JV in the country. The company’s CEO Jamie Dimon had noted, “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.”
Earlier this August, JPMorgan was planning to pay a minimum of 7 billion yuan ($1 billion) for owning a 100% stake in its China mutual fund JV — China International Fund Management Co. In June, it received a nod to increase the stake from 49% to 100% in the China-based futures JV — J.P.Morgan Futures Co.
With China opening up its financial markets to foreign firms faster than expected with the removal of restrictions on ownership, the bank has decided to take full ownership of all mainland China operations by next year. This is part of JPMorgan’s four-year investment plan in the country.
In addition to JPMorgan, various global finance companies are seeking to expand operations in China. Many of the firms have already started taking advantage of the available options therein. Remarkably, in September,
Citigroup
C became the first U.S. bank to get a domestic fund custody licence from China-based regulators. Several other firms like
Goldman Sachs
GS,
BlackRock
,
Nomura Holdings
,
Morgan Stanley
MS and
UBS Group
have either won approval or are waiting for the same to increase stakes in their respective JVs in the country.
Shares of JPMorgan have lost 29.7% so far this year compared with the industry's 37% decline.
Story continues
The stock currently carries a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
JPMorgan Chase Co. (JPM) : Free Stock Analysis Report
The Goldman Sachs Group, Inc. (GS) : Free Stock Analysis Report
Citigroup Inc. (C) : Free Stock Analysis Report
Morgan Stanley (MS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
View comments
下一篇:How Much Is Live Nation Entertainment, Inc. (NYSE:LYV) CEO Getting Paid?
相关文章:
- Voya: 3Q Earnings Snapshot
- Axiom Prepaid Holdings Caps Off Banner Year with a Prestigious Accolade for Its CEO
- Northwest Pipe acquires steel pipe maker Permalok
- II-VI Incorporated (NASDAQ:IIVI) Delivered A Weaker ROE Than Its Industry
- IMPORTANT INVESTOR NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against PaySign, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
- Amazon.Com, Inc. (AMZN) Q4 2018 Earnings Conference Call Transcript
- UK abolishes 'sexist' tax on women's sanitary products
- Based On Its ROE, Is Success Universe Group Limited (HKG:487) A High Quality Stock?
- Global watchdog warns over financial staff curbs in pandemic
- Q&A: O'Melveny Practice Leader Covers the Sports-Betting Blitz
相关推荐:
- Canadian General Investments: Investment Update - Unaudited
- Social Security Schedule: When the First COLA Checks Will Arrive in January 2022
- BRIEF-Shaanxi Provincial Natural Gas To Buy Natural Gas Firm For 147.2 Mln Yuan
- Does Market Volatility Impact QEP Resources, Inc.’s (NYSE:QEP) Share Price?
- EyePoint Pharmaceuticals (EYPT) Reports Q4 Loss, Tops Revenue Estimates
- Japan fourth quarter capex points to upward revision to GDP but outlook weak
- Based On Its ROE, Is Success Universe Group Limited (HKG:487) A High Quality Stock?
- Chris Christie Scolds Obama on Climate Change
- What Does BNP Paribas Know That the Markets Don't?
- Hut, Hut, Hike! Get Set to Take Our Weekly News Quiz
- Cheniere seeks U.S. permission to put Oklahoma Midship natgas pipe in service
- One Thing To Remember About The Chimerix, Inc. (NASDAQ:CMRX) Share Price
- GREATERGOOD.ORG ANNOUNCES “THANK YOUR TEACHER” CHALLENGE ON THE NEW GIRLS’ VOICES AT HOME PLATFORM
- SHAREHOLDER ALERT: PTLA GERN AAN: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines
- Investview (INVU) Reports Record $1.4 Million Month Bitcoin Mining Revenue and Increased Bitcoin Holdings
- Russia's ruling party backs idea to allow Putin to run again for president - RIA
- A Sliding Share Price Has Us Looking At New Work SE's (ETR:NWO) P/E Ratio
- Warren calls out Sanders for supporters' ‘really ugly’ online attacks
- ServiceNow (NOW) Set to Acquire AI-Focused Startup Element AI
- Grocery shopping tips for avoiding coronavirus