An online inauguration ceremony was held on March 20 for JP Morgan Securities (China) Co Ltd, Korean Reinsurance Co Shanghai Branch, Invesco Ruihe (Shanghai) Private Equity Investment Management Co Ltd and Greenlight Global (Shanghai) Assets Management Co.
The innovative online inauguration ceremony showcases Shanghai’s determination in promoting financial openness despite the novel coronavirus epidemic.
JP Morgan Securities (China) Co Ltd is among the first batch of newly-established foreign shareholding joint venture securities companies in China.
Shanghai is promoting institutional innovation in the finance sector to improve the business environment. For example, the city has launched the pilot programs of QFLP, WFOE PFM and QDLP for foreign assets management institutes.
Wu Qing, vice mayor of Shanghai, delivered a speech at the inauguration ceremony. He said that these financial institutes will become a new driving force in Shanghai’s pursuit of becoming an international financial center, especially in the aspects of global assets management and international insurance business.
“Next, our colleagues will move into the new office in Shanghai Tower. Next year, over 1,000 employees of JP Morgan will work in the tallest skyscraper of China,” said Mark Leung, CEO of JP Morgan China.