Press Release
J.P. Morgan First Capital Securities receives securities business permit
Beijing — 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.”
Mr. Liu Xuemin, Chairman of First Capital has been appointed Chairman of the securities joint venture. Mr. Liu said, “I am extremely pleased to see the establishment of this joint venture. It has been a strategic initiative of First Capital. J.P. Morgan has been a good partner in establishing this joint venture and I am confident that our strong partnership will lead to great success for JPMFC.”
Dr. Bei Duoguang has been appointed CEO of the securities joint venture. Dr. Bei is one of China’s most seasoned investment bankers. He brings knowledge and experience developed over 20 years in the securities and finance industry, both as a banker and as a regulator, to his new role at JPMFC.
Commenting on Dr. Bei’s appointment, Mr. Zili Shao, Chairman and CEO of J.P. Morgan China said, “I am delighted that Dr. Bei is joining the securities joint venture. He has a deep understanding of China’s capital market and regulatory environment, built on 12 highly successful years at CICC. He will play a pivotal role in the development and future success of this joint venture.”
Dr. Bei Duoguang, CEO of J.P. Morgan First Capital Securities, said he had confidence in the future of the joint venture. “By combining the local wisdom and global access of both J.P. Morgan and First Capital, the joint venture is well-positioned to build strong businesses and become a leading and respected investment bank in China. I am excited by the potential of this joint venture and the shareholder’s commitment. We look forward to providing first class financial services to our valued clients in China,” Dr. Bei added.
