China

JPMorgan to grow analyst team in China

JPMorgan, the American multinational investment bank and financial services firm, is reportedly planning to add at least 12 new equity research analysts to its China operation by the end of 2020.

According to a report by Citywire Asia, by adding to its China team, the firm will be able to double its current coverage of China-listed businesses by 2025.

China is a key market for both global and domestic clients, according to JPMorgan, with the firm aiming to provide securities brokerage, securities investment advisory, and securities underwriting and sponsorship to local and international clients from the firm’s China operation, with JPMorgan having received a securities and futures business permit in Q4 2019 from the country’s regulator.

In April 2019, David Xu joined JPMorgan as Managing Director, Deputy General Manager and Head of Equities for China, based in Shanghai, having previously been in a similar role for UBS Securities.

In Q2 2020, JPMorgan Asset Management successfully obtained an agreement to gain full ownership of China International Fund Management, which was the firm’s China joint venture with Shanghai International Trust Co.