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Some long-term commitments do not go the distance, however promising they may look.
有些长期承诺无法坚持到底，无论它们看起来前景多么美好。
Yesterday, First Capital Securities, the Shenzhen-listed securities firm, said it was in talks with JPMorgan regarding the latter’s shareholding in a China joint venture between the two.
昨天，在深圳上市的第一创业证券(First Capital Securities)表示正与摩根大通(JPMorgan)展开谈判，讨论后者从两家公司在中国组建的合资企业退股事宜。
JPMorgan is looking to offload its minority stake in the investment banking JV set up in 2010.
摩根大通寻求脱手在这家成立于2010年的投资银行合资企业所持的少数股权。
In some ways, the exit comes as no surprise.
从某些方面来说，摩根大通的退出并不让人意外。
JPMorgan’s stake of one-third gives it no control over the JV, an uneasy arrangement for the US bank.
三分之一的持股让摩根大通无法控制这家合资企业，这一安排对这家美国银行有点别扭。
Of the foreign players with JVs in China only Goldman Sachs and UBS have control (if not majority ownership) over their operations.
在参与中国合资企业的外国公司中，只有高盛(Goldman Sachs)和瑞银(UBS)对旗下合资券商拥有控制权（即使不是多数股权）。
And JPMorgan First Capital’s business is sub-scale: last year it ranked 59th out of 125 securities companies by revenues, according to official data.
据官方数据，第一创业摩根大通证券有限公司（JPMorgan First Capital，简称：一创摩根）的业务规模并不大，去年其收入在125家证券公司中排名第59。
The moment that China finally frees up its markets appears a poor time to be backing away.
中国终于放开市场的时刻似乎不是一个退出的好时机。
So JPMorgan has emphasised it is not giving up on the country.
因此摩根大通强调自己并不是放弃中国市场。
Outside of the US, China is the bank’s fifth largest country presence, with $19bn of loans, trading and investment at the end of 2015.
在美国以外，中国是该行第五大境外市场，在2015年底有190亿美元的贷款、交易和投资。
This exposure shows up in several divisions, including wholesale banking through a locally incorporated entity, and asset management — both through a 12-year-old JV and a recently granted licence to set up a wholly owned company.
其业务涵盖多个部门，包括通过本地注册公司经营的批发银行业务，以及资产管理——既通过一家成立12年的合资企业，也通过最近获批成立的一家全资公司。
JPM has a retail banking allegiance, too.
摩根大通也涉足零售银行业务。
In December last year, it established a strategic co-operation agreement with Postal Savings Bank of China, the country’s sixth largest bank by assets, to collaborate across divisions.
去年12月，摩根大通与中国邮政储蓄银行(Postal Savings Bank of China)——以资产计中国第六大银行——订立了战略合作协议，以实现跨部门合作。
As China offers more options for foreign financial institutions, JPMorgan may simply be in search of a new arrangement.
鉴于中国为外国金融机构提供了更多选择，摩根大通可能只是在寻找新的安排。
Fortunately, partner First Capital Securities is in a good position to buy the JV out.
幸运的是，合资伙伴第一创业证券有能力买断一创摩根。
Minority investors will be pleased with a successful listing in May; the shares have more than doubled since.
中小投资者会对其5月成功上市感到满意，其股价迄今已上涨一倍以上。
Its balance sheet is also sound, with negligible net debt.
其资产负债表也很稳健，净负债可以忽略不计。
Money can often ease the path to separation.
金钱往往可以减轻分手的痛苦。
