JPMorgan Chase unveiled a Chinese securities joint venture yesterday in the latest move by a global investment bank to tap the mainland's lucrative capital markets.
The venture will be allowed to underwrite initial public offerings on the mainland bourses of Shanghai and Shenzhen, but not to trade stocks in China's booming secondary market.
Arranging IPOs in China can be lucrative. Last year mainland bourses raised $31bn in stock market listings, more than in any other country.
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