NEW YORK (
both have been approved by Chinese regulators to form joint ventures to underwrite stock and bond offerings.
JPMorgan is teaming up with
First Capital Securities
and will recieve a 33 percent stake in the joint venture. Morgan Stanley will take a 33 percent stake in its venture with
Both firms hope to take advantage of the growing market, which is the largest for IPOs.
The move is not a new one for Morgan Stanley, which formed a joint venture with
China Construction Bank
to form China International Capital Corporation in 1995, according to
Morgan Stanley did not have a controling stake in the joint venture and recently sold off its stake in the CICC last year to
Kohlberg Kravis & Roberts
Other Wall Street firms also have joint ventures in China, including
--Written by Maria Woehr in New York.
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