“J.P. Morgan has a long history in China, and we are very focused on making sure we are well positioned for many more successful decades to come. This year we celebrate our 100 years in China with the full spectrum of operational businesses from investment and corporate banking, wholesale payments, markets, securities services, commercial banking and asset management. J.P. Morgan is invested in China and we look forward to the next 100 years.”
Mark Leung
CEO, J.P. Morgan China
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Investment Banking
A top international investment bank in China—a leader in cross-border Merger and Acquisitions, Hong Kong/United States initial public offering and Convertible Bonds.
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Wholesale Payments
The first bank qualified for SAFE Shanghai’s cross-border simplification program for both goods trade and service trade and the first foreign bank to launch the award-winning E-Customs payments solution to fully digitize the cross-border payment process.
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Markets
An active market maker in China’s Interbank Bond Market:
— An official Bond Connect market maker
— An underwriter of debt financing instruments issued by non-financial entities -
Corporate Banking
A trusted advisor to local corporates, multinationals and financial institutions, leveraging a global network and leading-edge infrastructure to provide solutions in financing, risk management, working capital, cash management and investments.
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Futures & Options
The first international financial institution to provide trading and clearing services for Renminbi-denominated crude oil futures contracts.
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Securities Services
Leveraging on J.P. Morgan’s deep experience in global custody, we provide comprehensive securities services to onshore institutional investors and local custodian banks for outbound investment. JPMorgan Chase Bank (China) Company Limited is also a qualified Type-A Bond Settlement Agent in China Inter-bank bond market. A leading depositary bank, we are leveraging the J.P. Morgan’s global network and committed to meeting the sophisticated needs of Depositary Receipts issuers in China.
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Equity Research
Cover over 450 China listed companies.
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Brokerage
Provide world-class algorithmic and electronic trading capabilities.
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Asset Management
One of the top foreign asset management companies in China
Our history in China
Equitable Eastern Banking Corporation Shanghai Branch, circa 1921.
The early years: 1921
As trade between China and the rest of the world boomed at the beginning of the 20th century, international companies and financial institutions began to establish a presence in Shanghai, the country’s key commercial hub. The firm opened its first branch in China in 1921.
On Jan. 4, 1921, predecessor firm Equitable Eastern Banking Corporation opened its Shanghai branch. This photo shows the officers and employees assembled in front of the newly opened branch at 1 Kiukiang Road. In 1930, Equitable merged with the Chase National Bank, giving Chase an early foothold in Shanghai, Tianjin and Hong Kong.
The early years: 1946
Though international trade was disrupted during World War II, global commerce helped reconnect countries following the cessation of hostilities in 1945. New York-based Chase National Bank continued to invest in its growing China business and promoted its capabilities in the country as part of its post-war international advertising campaign. The bank operated one of the largest overseas branch networks in the world, claiming a presence and global capabilities in Asia, Europe and Latin America.
Magazine advertisement for the Chase National Bank, 1946.
The early years: 1947
Our banking coverage has supported individuals, businesses and industries through uncertain times in China and across the world. In this photo, a Chase National Bank employee is seen helping a customer—a navigator for China National Aviation Corp.—carry his monthly salary out of the bank. In 1947, Chinese currency was valued at around 140,000 yuan to 1 U.S. dollar.
The Chase National Bank Shanghai Branch, 1947.
Building foundations: 1973
David Rockefeller, Chairman of Chase Manhattan Bank, visited China in 1973, a year after President Nixon’s historic and highly successful trip there. As China’s financial markets developed, several JPMorgan Chase predecessors looked to invest in the country.
David Rockefeller was the first American banker to visit the People’s Republic of China since its founding in 1949. He and Premier Zhou Enlai talked for more than two hours about the U.S. economy and the growth and economic development of China. That same year, Chase Manhattan Bank—formed following the merger of Chase National Bank and The Bank of the Manhattan Company in 1955—became the first U.S. correspondent bank for the Bank of China. This was an important step as the firm developed local relationships and expertise to support its business in the country.
Premier Zhou Enlai and David Rockefeller, Chairman of Chase Manhattan Bank, June 1973.
Building foundations: 1978
In 1978, China began to liberalize, reform and open its economy to the world. This culminated in decades of rapid economic growth, accelerating demands for capital by the Chinese government and its companies, transforming China into an increased area of focus for clients. Many JPMorgan Chase predecessors invested in China during this period and opened representative offices across the country. J.P. Morgan opened its representative offices in Beijing and Shanghai in 1994.
Morgan News, representative office openings in Beijing and Shanghai, 1994.
Building foundations: 2007
Following China’s accession to the World Trade Organization in 2001 and its economic growth and reform, J.P. Morgan continued to invest and strengthen its commitment to China.
The firm received approval from the China Banking Regulatory Commission to establish a locally incorporated bank, JPMorgan Chase Bank (China) Company Limited in 2007, becoming the first locally incorporated foreign bank to locate its head office in Beijing.
The local incorporation of foreign banks was a positive step for the Chinese banking sector, enabling foreign banks access to yuan-denominated services and businesses onshore.
Press conference, opening of the locally incorporated bank, 2007.
A new chapter: 2020
As China’s financial markets have liberalized, J.P. Morgan has grown with China and established businesses in Asset Management, Futures and Options, and Securities.
J.P. Morgan received approval from the China Securities Regulatory Commission to increase its stake in J.P. Morgan Futures Company Limited to 100%, making it the first futures company in China to be fully owned by a foreign institution. This development has enabled the firm to deepen its relationship with both our global and domestic clients looking to access China’s maturing financial markets.
J.P. Morgan Futures Company Limited celebration ceremony, 2020.
A new chapter: 2020, Shanghai Tower
J.P. Morgan move into its new offices in Shanghai Tower, the tallest building in China and one of the most technically advanced buildings in the world. Moving into such an iconic building in the heart of Shanghai’s financial district demonstrates J.P. Morgan’s commitment to this critical market.
Shanghai Tower office opening, 2020.
A new chapter: 2020, JPMSC
J.P. Morgan Securities (China) Company Limited (JPMSC), the firm’s majority-owned securities company in China, commenced business in March 2020. JPMSC provides domestic and international clients with a comprehensive set of financial products and services, including securities brokerage, securities investment advisory, and securities underwriting and sponsorship.
J.P. Morgan Securities (China) Company Limited opening ceremony, 2020.