What firms have made an impact in the investment-banking sector in recent times?
Established in 1995, as a joint venture between China Construction Bank and Morgan Stanley, China International Capital Corp. (CICC) is China's highest-profile investment bank. CICC has reportedly received a coveted license to broker A shares.
Hong Kong-based Bank of China International Holdings (BOCI), the investment-banking subsidiary of BOC, initiated a securities joint venture company in Shanghai in March 2002 with registered capital of US$ 181 million. BOCI's joint venture is trailblazing in two respects: It is licensed to trade and invest in A shares, and it features a 49% sole foreign-equity stake.
BNP Paribas's 33% stake in a venture with Changjiang Securities, of Wuhan, Hubei, has also received approval. CLSA is reportedly awaiting approval for a venture with Shanghai's Xiangcai Securities.