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. To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: email@example.com.