JPMorgan’s asset management arm has won an auction to purchase a majority stake in its Chinese joint venture, making it the first foreign business to take control of a local JV, as global groups eye China’s $5.3tn market. 

JPMorgan confirmed on Tuesday that it had succeeded in an auction for a 2 per cent equity stake in China International Fund Management, previously owned by its local partner Shanghai International Trust. The auction, in which JPM was the sole bidder, leaves the fund manager with a 51 per cent stake in CIFM. 

The FT  previously reported that SIT had set the minimum bid price for the stake at Rmb241m ($34.2m), reflecting a 33 per cent premium to a net asset valuation from an external third party, and valuing CIFM at Rmb12bn.