(Bloomberg Markets) -- Banks have long been eager to provide products and services to China’s vast market. At first, Beijing opened the door to the mainland but required foreign banks to enter joint ventures with domestic partners. In 2020, with the pandemic crushing global trade, China allowed foreign banks to take full control of their ventures.

Lackluster performance hasn’t held them back: The world’s biggest financial institutions are injecting more capital, expanding business lines, and hiring talent to ­strengthen their foothold in a market they can’t afford to ignore.

Below is a summary of the state of their Chinese ventures.

Morgan StanleyMorgan Stanley Securities (China)The company’s focus on a single business—investment banking—has yet to result in a fee bonanza.

Goldman SachsGoldman Sachs (China) SecuritiesAfter almost two decades in China, it’s eking out a small profit. Today, Goldman has full control of its mainland business, up from 33% in 2016.

JPMorgan ChaseJ.P. Morgan Securities (China)After exiting a former ­minority-owned partnership in 2017, ­JPMorgan ­returned in 2019. It now has full ­control of its entity.

HSBCHSBC Qianhai SecuritiesThe British multinational has had rare commercial banking success for a foreign lender. Its investment banking unit, though, has yet to profit.

UBSUBS SecuritiesThe Swiss lender’s full-service ­investment bank is a winner vis-à-vis its foreign rivals. Still, its profits don’t measure up to those of local players.

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