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.

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