Morgan Stanley's China JV brokerage opens for business
Morgan Stanley's brokerage joint venture in China with Huaxin Securities has begun operations, having received a business license on May 30.
Through the Shanghai-based company, which is two-thirds owned by Huaxin, Morgan Stanley will be able to underwrite and sponsor primary equity and bond issues in China’s domestic market and also conduct proprietary trading of corporate and government bonds.
Morgan Stanley is the seventh international firm to gain direct access to China’s capital markets after Goldman Sachs, UBS, Credit Suisse, Deutsche Bank, CLSA and Royal Bank of Scotland.
Morgan Stanley formerly held a large minority stake in China International Capital Corp. (CICC), the country's first investment bank. The US investment bank helped set up CICC in 1995, but ultimately became a largely passive investor. Last December, it divested this stake to KKR, TPG Capital, Government of Singapore Investment Corporation (GIC) and Great Eastern Life Insurance, clearing the way for a tie-up with Huaxin.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.