Opportunities for foreigners to invest in Chinese securities firms don't crop up often. So it is not surprising that a posse of private equity firms including Carlyle Group, TPG and Bain Capital, are among about seven bidders looking at Morgan Stanley's 34.3 per cent stake in China International Capital Corp.
The global private equity funds are awash with funds and desperate to put money to work in China, and in particular its booming financial services market.
Morgan Stanley invested $37m for its stake when CICC was founded 13 years ago but lacks control of management decisions. The US bank also needs to sell the stake before local regulators entertain its plans to strike a new securities joint venture with China Fortune Securities.
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