JPMorgan is to pay US$1 billion for full ownership of its Chinese mutual fund venture, a statement on the Shanghai United Asset and Equity ...
JPMorgan is to pay US$1 billion for full ownership of its Chinese mutual fund venture, a statement on the Shanghai United Asset and Equity Exchange said on Tuesday, a price tag that analysts said was expensive.
JPMorgan's asset management business is to buy the 49per cent stake it does not already own in China International Fund Management Co , a move which follows Beijing's decision earlier this year to fully open up the mutual fund industry to foreign companies.The CIFM stake is priced at 7 billion yuan , according to the statement on the Shanghai United Assets and Equity Exchange, where Chinese state-owned equities are auctioned.
"Based on numerous metrics, there is no question that this is an expensive deal," Z-Ben Advisors said in a note. The higher-than-expected valuation reflects the scarce opportunities for buying a Chinese fund house outright, Z-Ben said.JPMorgan declined to comment.
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