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China receives JPMorgan application to set up JV brokerage

BEIJING, May 10 (Reuters) - China's securities regulator has received an application from JPMorgan Broking (Hong Kong) Ltd, a unit of JPMorgan Chase & Co., to set up a joint-venture brokerage, it said on Thursday.

The China Securities Regulatory Commission will examine the application effectively and according to the law, the regulator said in a statement published on its website.

JPMorgan aims to hold a 51 percent stake in the brokerage, it added. (Reporting by China monitoring desk and Kevin Yao Editing by Clarence Fernandez)