Morgan Stanley sets up new joint venture
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Morgan Stanley will invest 340 million yuan ($51 million) to set up a new venture with China Fortune Securities, as the bank just ended 15 years of cooperation with China International Capital Corporation (CICC).
The joint venture, likely to be headquartered in Shanghai, will be a renewal of the investment department of China Fortune Securities, who will contribute 680 million yuan ($102 million), according to Shanghai Feilo Acoustics, one of the Chinese brokerage's shareholders.
It is the second time the two companies have formed an alliance since they made a joint bid for Jutian Fund in 2007.
Morgan Stanley has received approval from the Chinese securities regulator to sell its 34.3 percent stake in CICC to Kohlberg Kravis Roberts & Co. and TPG Capital.
China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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