摩根大通爲何退出在華合資券商

Some long-term commitments do not go the distance, however promising they may look.

有些長期承諾無法堅持到底，無論它們看起來前景多麼美好。

Yesterday, First Capital Securities, the Shenzhen-listed securities firm, said it was in talks with JPMorgan regarding the latter’s shareholding in a China joint venture between the two.

昨天，在深圳上市的第一創業證券(First Capital Securities)表示正與摩根大通(JPMorgan)展開談判，討論後者從兩家公司在中國組建的合資企業退股事宜。

JPMorgan is looking to offload its minority stake in the investment banking JV set up in 2010.

摩根大通尋求脫手在這家成立於2010年的投資銀行合資企業所持的少數股權。

In some ways, the exit comes as no surprise.

從某些方面來說，摩根大通的退出並不讓人意外。

JPMorgan’s stake of one-third gives it no control over the JV, an uneasy arrangement for the US bank.

三分之一的持股讓摩根大通無法控制這家合資企業，這一安排對這家美國銀行有點彆扭。

Of the foreign players with JVs in China only Goldman Sachs and UBS have control (if not majority ownership) over their operations.

在參與中國合資企業的外國公司中，只有高盛(Goldman Sachs)和瑞銀(UBS)對旗下合資券商擁有控制權（即使不是多數股權）。

And JPMorgan First Capital’s business is sub-scale: last year it ranked 59th out of 125 securities companies by revenues, according to official data.

據官方數據，第一創業摩根大通證券有限公司（JPMorgan First Capital，簡稱：一創摩根）的業務規模並不大，去年其收入在125家證券公司中排名第59。

The moment that China finally frees up its markets appears a poor time to be backing away.

中國終於放開市場的時刻似乎不是一個退出的好時機。

So JPMorgan has emphasised it is not giving up on the country.

因此摩根大通強調自己並不是放棄中國市場。

Outside of the US, China is the bank’s fifth largest country presence, with $19bn of loans, trading and investment at the end of 2015.

在美國以外，中國是該行第五大境外市場，在2015年底有190億美元的貸款、交易和投資。

This exposure shows up in several divisions, including wholesale banking through a locally incorporated entity, and asset management — both through a 12-year-old JV and a recently granted licence to set up a wholly owned company.

其業務涵蓋多個部門，包括通過本地註冊公司經營的批發銀行業務，以及資產管理——既通過一家成立12年的合資企業，也通過最近獲批成立的一家全資公司。

JPM has a retail banking allegiance, too.

摩根大通也涉足零售銀行業務。

In December last year, it established a strategic co-operation agreement with Postal Savings Bank of China, the country’s sixth largest bank by assets, to collaborate across divisions.

去年12月，摩根大通與中國郵政儲蓄銀行(Postal Savings Bank of China)——以資產計中國第六大銀行——訂立了戰略合作協議，以實現跨部門合作。

As China offers more options for foreign financial institutions, JPMorgan may simply be in search of a new arrangement.

鑑於中國爲外國金融機構提供了更多選擇，摩根大通可能只是在尋找新的安排。

Fortunately, partner First Capital Securities is in a good position to buy the JV out.

幸運的是，合資夥伴第一創業證券有能力買斷一創摩根。

Minority investors will be pleased with a successful listing in May; the shares have more than doubled since.

中小投資者會對其5月成功上市感到滿意，其股價迄今已上漲一倍以上。

Its balance sheet is also sound, with negligible net debt.

其資產負債表也很穩健，淨負債可以忽略不計。

Money can often ease the path to separation.

金錢往往可以減輕分手的痛苦。