摩根大通尋求從在華合資券商中退股

JPMorgan is in talks to quit its China securities joint venture with First Capital Securities in what would be the first such pullback by a western bank, although it denies the move would represent a retreat from the Chinese market.

摩根大通(JPMorgan)正與第一創業證券(First Capital Securities)談判，擬從二者在中國組建的合資券商中退股。這將成爲西方銀行的首例此類退股，但摩根大通否認此舉標誌着它將撤出中國市場。

The US bank and its Chinese partner confirmed on Thursday that they were in talks over the future of JPMorgan First Capital but added that no deal had been reached. JPMorgan owns a third of the joint venture set up in 2010 as one of a series developed by western banks to gain a toehold in mainland markets.

週四，這家美國銀行及其中國合資夥伴證實，雙方正就第一創業摩根大通證券有限公司（JPMorgan First Capital，簡稱：一創摩根）的未來展開談判，但雙方補充道，目前尚未達成任何協議。摩根大通在成立於2010年的一創摩根中擁有三分之一股份。一創摩根是西方銀行爲在中國內地市場獲得立足點而成立的一系列合資券商之一。

Most of the ventures are thought to have struggled financially, however, as the partners wrestled with priorities and the system of control. A rule change in 2012 allowed international partners to increase their stakes from one-third to 49 per cent but no western bank has yet done so.

不過，據信多數合資券商都陷入了財務困境，原因是合資雙方在業務優先順序和控制權上爭鬥不休。2012年，中國調整了規定，允許國外合作伙伴把持股比例從三分之一提高到49%，但迄今沒有任何一家西方銀行這樣做了。

JPMorgan declined to comment on the success or otherwise of its JV but said: “JPMorgan believes in the long-term prospects of China and remains fully committed to our China franchise. We have a long-term strategic vision for our business in the country and continue to evaluate our options to strengthen our position in China in order to better serve our clients.”

摩根大通拒絕就其合資券商成功與否發表評論，但它表示：“摩根大通對中國的長遠發展前景充滿信心，並保持對中國業務的一貫承諾。我們對在中國的業務有長遠的戰略部署，將繼續評估在中國的可行計劃，不斷穩固加強在中國的地位，以便爲客戶提供更完善的服務。”

JPMorgan’s move to look for an exit from the JV has sparked speculation that the US bank is already seeking a new partner with whom it could potentially build a stronger business. Western banks have been seeking greater control over their joint ventures as they face increasing global scrutiny from shareholders and regulators over their returns and how capital is deployed.

摩根大通尋求從這家合資券商中退股的舉動令一些人猜測，這家美國銀行已經在尋找新的合作伙伴，並可能與之構建更強大的業務。西方銀行一直在謀求對它們建立的合資企業擁有更大的控制權，因爲在全球範圍內，股東和監管機構對它們回報水平和資本部署方式的審查越來越嚴格。

Goldman Sachs and UBS have the only two ventures with operational control — the result of well-timed rescues of local outfits in 2004 and 2006 respectively. Both are considered special deals that cannot be replicated following amendments to rules in 2007.

只有高盛(Goldman Sachs)和瑞銀(UBS)對旗下合資券商擁有運營控制權——這是它們分別於2004年和2006年對當地券商及時施救的結果。兩者都被視爲特殊的交易，2007年規定修改後已不可被複制。

Goldman Sachs has been actively lobbying Beijing to allow foreign banks full ownership — something mainland authorities have already granted to other financial sectors such as asset management.

高盛一直積極遊說北京方面允許國外銀行全資控股券商，中國當局已在資產管理等其他金融部門批准了這一做法。

Last year HSBC was granted the right to apply for majority ownership of a joint venture it is setting up with Shenzhen Qianhai Financial Holdings. It was able to do that because of a rule change for Hong Kong-founded and -funded entities, which includes HSBC’s original bank in the city.

去年，匯豐(HSBC)被授予了申請在其與深圳前海金融控股有限公司(Shenzhen Qianhai Financial Holdings)組建的合資企業中擁有多數股份的權利。匯豐能夠做到這一點，是因爲中國調整了針對在香港創立和籌資的實體（匯豐最初在香港設立的銀行就屬於此類）參股合資企業的規定。

Others to hold minority stakes in China joint ventures include Credit Suisse, Deutsche Bank, Citigroup and Morgan Stanley. So far units have been allowed to underwrite primary equity and debt issuance but have mostly been excluded from the far more lucrative secondary trading markets.

其他在中國合資企業中持有少數股份的機構包括瑞信(Credit Suisse)、德意志銀行(Deutsche Bank)、花旗集團(Citigroup)和摩根士丹利(Morgan Stanley)。到目前爲止，這些合資企業已獲准從事股票和債券發行的承銷業務，但基本上不得進入利潤豐厚得多的二級交易市場。