JPMorgan to sell China joint venture stake

JPMorgan Chase & Co is set to sell its one-third stake in a Chinese securities joint venture for about 307 million yuan ($44 million), according to a Shenzhen Stock Exchange filing.

China's First Capital Securities Co will become 100 percent owner of JPMorgan First Capital Securities, the local firm told the exchange. The transaction needs approval from authorities including China's securities regulator and commerce ministry.

A potential deal was flagged in October, when First Capital said that talks were underway and people with knowledge of the matter said that JPMorgan wanted a new partner for a venture in which it could wield greater control.