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The U.S. investment bank had asked potential buyers to submit indicative first-round bids for its 34.3 per cent stake in CICC, which could worth more than US$1 billion, the newspaper confirmed with sources in both the U.S.-based financial advisor and CICC.
The sources said the CICC stake sale was a precursor to Morgan Stanley setting up another local joint venture and Chinese regulators would not approve a new joint venture unless the investment bank sells the CICC stake.
Morgan Stanley is planning to form a joint venture securities firm with Shanghai-based China Fortune Securities Co., in which it can have more management say, according to the newspaper.
Morgan Stanley was the first foreign investment bank to enter the country in 1995 when it invested US$35 million to form CICC in partnership with the state-owned China Construction Bank (SSE;601939).
As China's leading investment bank, CICC has specialized in sprucing up state-owned firms ahead of initial public offerings.
(XIC) rw
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