Foreign investors eye stakes in China's securities brokerages

JP Morgan, UBS, Nomura, others seen expanding presence in the equity market

BEIJING - Foreign investors are racing to expand their presence in China's securities trading market, with three overseas brokers applying to increase ownership stakes or set up holding firms in the country in less than two weeks.

J.P. Morgan Broking (Hong Kong) Limited has applied to set up a majority ownership securities firm in China. It plans to hold 51 percent of the new firm's stakes and has submitted an application and supporting documentation to China's top securities watchdog, the China Securities Regulatory Commission or CSRC.