JP Morgan in talks to buy Liaoning Securities
Major US bank JP Morgan is reportedly in talks to acquire the struggling Chinese brokerage firm Liaoning Securities.
The news comes as foreign banks are increasingly looking to set up joint ventures in China to offer underwriting and other advisory services to Chinese businesses. However, China's brokerages are in a state of crisis as a combination of a falling equity market and reckless trading has led the Chinese central bank to consider repealing some of the restrictions on foreign ownership of domestic brokerages. According to the Financial Times, talks between JP Morgan and Liaoning are at an advanced stage although any deal would still need to be ratified by regulators and the Chinese government. JP Morgan's move mirrors a similar venture by Swiss group UBS, which recently gained effective control of Beijing Securities. Overseas firms already provide a raft of advisory services to Chinese firms operating outside the country, but access to the domestic market for underwriting and share trading remains heavily restricted.
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