Chinese regulators have given JPMorgan Chase & Co. the go-ahead to establish a majority-owned securities venture in China, Reuters reported, citing a company statement.

The joint venture will offer brokerage, investment advisory, underwriting and sponsorship services, according to the news outlet.

In August, the U.S. banking giant said it won an auction to buy an additional stake in a Chinese joint venture to gain a majority interest, subject to regulatory approvals.