Five foreign financial institutions in Shanghai held an online opening ceremony Friday, reports Xinhua. They include J.P. Morgan Securities (China) Company Limited, Korean Reinsurance Company Shanghai Branch, Russell Investments Management (Shanghai) Co., Ltd., Invesco Ruihe (Shanghai) Private Equity Investment Management Company Limited and Green Light Global (Shanghai) Asset Management Co., Ltd.
Filippo Gori, CEO of J.P. Morgan, Asia Pacific, said that the company chose to set up in Shanghai because it is the most dynamic city in China and even the world, and is rapidly developing into an important international financial center.
"China represents one of the largest opportunities for many of our clients and is a critical component of J.P. Morgan's growth plans in the Asia Pacific. We continue to invest across the full spectrum of our business areas to ensure that we consistently deliver for our clients in China and across the region, leveraging our global network to connect more global investors to the country," said Gori.
According to the statement of JPMorgan Chase & Co., it plans to increase the shareholding of J.P. Morgan Securities (China) Company Limited to 100 percent in the future, subject to regulatory oversight. Earlier last year, J.P. Morgan Asset Management has obtained a 2 percent stake in China International Fund Management, a joint venture in China, and is expected to become the first foreign company to own a majority stake in its Chinese mutual fund business.
Shanghai is continuously innovating its system to attract financial investment. At present, a total of 72 international financial institutions in Shanghai have obtained the qualifications of Qualified Foreign Limited Partner (QFLP) pilot program, and 44 international financial institutions have obtained the qualifications of Qualified Domestic Limited Partnership (QDLP) pilot program. The top 10 asset management institutions in the world have all set up institutions and conducted business in Shanghai.
Shanghai's deputy mayor Wu Qing said that the five institutions that commenced business on Friday are highly in line with Shanghai's goal of building towards a global asset management center and an international insurance center, and will become a new force for Shanghai to build an international financial center.