JPMorgan is the first global bank to host an event in mainland China in three years following the end of the nation’s zero-Covid regime.
On Wednesday, JPMorgan will host a two-day event in mainland China, marking the first global bank to do so in three years due to ongoing Covid-related restrictions in the country.
More than 2,600 bankers and clients are expected to gather at the Jing An Shangri-La Hotel in Shanghai, a shift from the usual venue in Beijing.
In addition to top JPMorgan bankers like global chief executive Jamie Dimon and APAC CEO Filippo Gori, the event will also feature political figures like former US secretaries of state Henry Kissinger and Condoleezza Rice via a virtual roundtable.
China Exposure
Despite a weakened outlook in China due to various factors, including rising tensions with the west, it remains a key market for JPMorgan which has around $10 billion of exposure in the country.
The US bank gained full ownership of its China mutual fund joint venture this year after also obtaining ownership of a local futures unit in 2020 and a securities unit in 2021. In 2022, JPMorgan’s onshore securities unit registered a net income of 263 million yuan ($37 million).
