NEW YORK (

TheStreet

) --

JPMorgan Chase

(JPM) - Get Report

and

Morgan Stanley

(MS) - Get Report

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

Huaxin Securities

.

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

New York Times Dealbook.

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

(KKR) - Get Report

and

TPG

.

Other Wall Street firms also have joint ventures in China, including

Goldman Sachs

(GS) - Get Report

,

UBS

(UBS) - Get Report

,

Credit Suisse

(CS) - Get Report

and

Deutsche Bank

(DB) - Get Report

.

--Written by Maria Woehr in New York.

To contact the writer of this article, click here:

Maria Woehr

.

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http://twitter.com/newsgirlmw

.

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.