Less is More schreef op 7 augustus 2021 12:21:
-- JPMorgan gets Beijing's approval for first fully foreign-owned brokerage --
LONDON, Aug 6 (Reuters) - Wall Street investment bank giant JPMorgan (JPM.N) got regulatory approval from Beijing on Friday to become the first foreign owner of a brokerage in China.
The move is likely to be seen as the clearest sign yet that China is opening up its capital markets after years of gradual moves and pressure from Washington, especially under previous U.S. President Donald Trump.
"The China Securities Regulatory Commission (CSRC) has approved the registration of J.P. Morgan International Finance Limited taking 100% ownership of J.P. Morgan Securities (China)... making it the first foreign firm to fully own a securities venture in China," JPMorgan said in a statement.
China represented "one of the largest opportunities in the world," said bank Chief Executive Jamie Dimon.
For Beijing the move comes as it simultaneously clamps down on other parts of its financial markets, such as foreign equity listings of its biggest firms and the way they operate more generally at home.
Earlier on Friday, the CSRC gave the nod to Fidelity to set up a China mutual fund unit, while Citi has also received final approval for a China fund custodian business this week.
Dit kan natuurlijk 2 kanten op gaan. Enerzijds kan dit een zeer positief effect hebben op alle angst omtrent de ADR/VIE structuur en alle angst die de amerikaanse media probeert te verspreiden met hun doom scenario artikelen. Anderzijds kan dit ook het begin zijn van een Hongkong crackdown, waarbij de CCP alle bedrijven op de Shanghai beurs wilt krijgen (met alle gevolgen van dien).