JP Morgan linked with China JV sale

The joint venture with First Capital Securities will enable J.P. Morgan to underwrite domestic equity and bond issues in China.

Removal of restrictions sees leading foreign securities and asset managers re-evaluate China's financial market in search of profit. Tactics will determine if years of misfortune and lacklustre results will be reversed.

If approved by the Chinese regulators, the joint venture with First Capital Securities will give the US bank access to China's primary equity and bond markets.

State behemoths don't need the cash. Commercial banking is getting crowded and tech giants are barging in. That leaves little, if anything, for foreign investors to get their teeth into.

The biggest foreign bank in China by assets has long sought a securities license in China and has lagged many of its peers. But maybe that’s no bad thing.

The promotion of a new senior relationship manager is the latest step in UBS's effort to capture the increasing opportunities in equities and FX, rates, credit businesses in China.