JPMorgan (JPM.NYSE) and Fidelity are among the many overseas banks and asset managers looking to apply for trust company licenses in China, the Financial Times reported. There are currently around 55 such trust companies in China that can raise money for clients, trade with their own capital and create investment products with no limit on returns. Now, a number of foreign investors are seeking to gain a foothold in the market. Under Chinese rules, foreign investors are limited to 20% stakes in the trust companies, giving little real control. However, trust companies are considered potentially very profitable as they operate in a less well-defined area of finance than banks and therefore subject to less regulation. China’s commercial banks are currently under pressure from regulators to help curtail credit growth and cool inflation.