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By Reuters Staff
2 Min Read
SHANGHAI, Feb 5 (Reuters) - Shanghai Chinafortune Co said on Friday its brokerage subsidiary plans to sell stakes in Morgan Stanley’s Chinese securities and mutual fund ventures, potentially enabling the U.S. bank to move toward full control.
China Fortune Securities Co plans to auction a 39% stake in Morgan Stanley Huaxin Securities, and its entire 36% stake in Morgan Stanley Huaxin Fund Management Co through the Shanghai United Assets and Equity Exchange, Chinafortune said in an exchange filing.
Morgan Stanley declined to comment.
Global banks and asset managers, including Morgan Stanley, JPMorgan and Goldman Sachs, have been increasing stakes in joint ventures in China, as Beijing fully opened the country’s financial industry last year.
1 2021-02-03 09:46:22China Dail
Editor : Li Yan
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An attendee takes a snapshot at the launch ceremony of the STAR Market in Shanghai. (Photo by Wu Jun/For China Daily)
12 stocks in Shanghai-HK bridge to boost equity-market environment
Inclusion of STAR Market stocks in the Shanghai-Hong Kong stock connect program will help further improve the trading environment and spur the country s capital market opening-up, said experts.
Twelve companies listed on the technology-heavy STAR Market on the Shanghai Stock Exchange have been included in the stock connect program from Monday.
In a break with the past, global institutional investors can now invest in these companies from Hong Kong through the stock connect program. Prior to this, foreign investors could buy STAR Market shares only through the qualified foreign institutional investor channel by obtaining a license from the China Securities Regulatory Commission.