JPMorgan is seeking approval from a Chinese regulator to launch a joint-venture brokerage in the country, becoming the latest bank to explore the opportunity after Chinese authorities loosened rules on foreign firms controlling such ventures.

JPMorgan Broking (Hong Kong) Ltd, a unit of the company, has applied to seek a 51% stake in a joint-venture brokerage in China, said Gao Li, a spokeswoman for the China Securities Regulatory Commission, on Thursday. The CSRC will review the application, the spokeswoman said.