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UPDATE 1-Morgan Stanley nears full ownership of China ventures with stake buys Reuters 1 hr ago
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HONG KONG, May 28 (Reuters) - Morgan Stanley is buying stakes put up for sale by its partner in their China securities and mutual funds joint ventures for about $150 million, according to a statement by the partner, moving towards full ownership of the businesses.
The Wall Street bank joins several other foreign banks that are looking to take full ownership of their Chinese businesses after Beijing scrapped foreign ownership limits in the securities and mutual fund industry on April 1 last year.
Outright ownership could allow foreign banks to expand their operations in the multitrillion-dollar Chinese financial sector, and better integrate them with their global businesses.
Chinaâs Full Truck Alliance files for $1.5 billion U.S. IPO By Syndicated Content
By Scott Murdoch
HONG KONG (Reuters) â Chinaâs Full Truck Alliance â which styles itself as the countryâs âUber for Trucksâ â has made public filings to list on the New York Stock Exchange and aims to raise up to $1.5 billion, sources with direct knowledge of the matter said.
At that amount it would be the second-largest U.S. listing by a Chinese company so far in 2021.
The exact size of the fund raising was not specified in Securities and Exchange Commission (SEC) filings lodged overnight to begin the process for a U.S. listing.
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Morgan Stanley nears full ownership of China ventures with stake buys Morgan Stanley is buying stakes put up for sale by its partner in their China securities and mutual funds joint ventures for about US$150 million, according to a statement by the partner, moving towards full ownership of the businesses.
FILE PHOTO: The headquarters of Morgan Stanley is seen in New York January 9, 2013. REUTERS/Shannon Stapleton
28 May 2021 05:20PM Share this content
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HONG KONG: Morgan Stanley is buying stakes put up for sale by its partner in their China securities and mutual funds joint ventures for about US$150 million, according to a statement by the partner, moving towards full ownership of the businesses.
Morgan Stanley nears full ownership of China ventures with stake buys reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.