JPMorgan has first right to buy 20% stake in China securities JV for $26 million: filing

By Syndicated Content Sep 3, 2020 | 12:42 AM

BEIJING (Reuters) – JPMorgan has first right to buy a 20% stake in its Chinese securities joint venture from one of its local partners for 177.7 million yuan ($26.02 million), a filing by the partner showed on Thursday.

The state-owned Shanghai Waigaoqiao FTZ is selling its stake in the joint venture, which made a net loss of 86.8 million yuan in 2019, according to its filing on the Shanghai United Assets and Equity Exchange.

(Reporting by Zhang Yan and Ryan Woo in Beijing; Editing by Muralikumar Anantharaman)

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