JPMorgan Chase will have to pay a big premium to become the first foreign company to fully own a mutual fund business in China, as reforms to the country’s growing investment industry encourage a wave of interest from the world’s biggest financial businesses.
The New York-based banking group would have to pay Rmb7bn ($1bn) to buy the remaining 49 per cent of China International Fund Management (CIFM), according to a statement released on Tuesday on the Shanghai United Assets and Equity Exchange.
That price represents a premium of more than 50 per cent compared with a recent valuation of the company, which JPMorgan said earlier this year it would look to fully consolidate.
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