JPMorgan Chase & Co (NYSE: JPM) moves up 1.36% to $135.2 in pre trading session on Friday as the CEO of firm, Jamie Dimon will visit mainland China this month for the first time in four years, the latest in a string of visits by prominent international financial executives after the removal of harsh COVID-19 regulations, according to reports.
According to four individuals with intimate knowledge of the situation, the travel comes as JPMorgan organizes three conferences in the financial capital of Shanghai at the end of the month.
Dimon’s visit is his first to mainland China since the epidemic began in 2020, closing the world’s second-largest economy for almost three years and imposing some of the world’s most draconian restrictions.
According to two sources, JPMorgan will organize the Morgan Tech Exchange conference, the China New Economy Forum, and the Global China Summit during a three-day period in Shanghai towards the end of this month.
Because the information is not yet public, the sources requested anonymity.
According to one of the sources, Dimon will attend the conferences and have internal and external meetings. Following his trip to Shanghai, he will also visit Hong Kong in early June, according to two of the sources.
Dimon will visit the Asian financial hub of Hong Kong in November 2021 to meet with the bank’s workers and clients.
A JPMorgan Hong Kong spokesman declined to comment on Dimon’s trip to mainland China and Hong Kong.
JPMorgan has a wholly-owned securities venture in China that provides securities underwriting and advising services. In January, the Wall Street bank obtained full control of its money management joint venture.
The financial business approval procedure took more than two years.
According to one of the sources, about 1,500 persons, largely foreign investors, will attend the Global China Summit, indicating that foreign investors are still willing in purchasing back into China following its January re-opening from its “zero-COVID” policy.
Among those who met with Chinese officials and regulators at the time were Goldman Sachs CEO David Solomon, HSBC CEO Noel Quinn, and Standard Chartered CEO Bill Winters.
