NEW YORK ( TheStreet) -- JPMorgan Chase ( JPM) and Morgan Stanley ( MS) 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) and TPG.

Other Wall Street firms also have joint ventures in China, including Goldman Sachs ( GS), UBS ( UBS), Credit Suisse ( CS) and Deutsche Bank ( DB).

--Written by Maria Woehr in New York.

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