May 10, 2018 / 11:11 AM / 9 months ago

China receives JPMorgan application to set up JV brokerage

FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, U.S., September 19, 2013. REUTERS/Mike Segar/File Photo

BEIJING (Reuters) - China’s securities regulator has received an application from JPMorgan Broking (Hong Kong) Ltd, a unit of JPMorgan Chase & Co. (JPM.N), to set up a joint-venture brokerage, it said on Thursday.

The China Securities Regulatory Commission will examine the application effectively and according to the law, the regulator said in a statement published on its website.

JPMorgan aims to hold a 51 percent stake in the brokerage, it added.

Reporting by China monitoring desk and Kevin Yao; Editing by Clarence Fernandez

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