Up and running
UBS: Beijing Securities became UBS Securities and opened for business in May 2007. Offers securities underwriting and A-share broking, and asset management services.
Goldman Sachs: Does A-share broking through Beijing Gao Hua Securities, a domestic brokerage controlled by virtue of a private arrangement. Also has an underwriting joint venture with Gao Hua. Both units were set up in 2003.
CLSA: Joint venture with Fortune Securities dating back to 2003. Recently added an A-share broking license to its underwriting license.
Daiwa SMBC: Set up an underwriting joint venture with Shanghai Securities in 2004.
Credit Suisse: Announced its underwriting joint venture with Founder Securities in June.
Down and out
Morgan Stanley: Teamed up with China Construction Bank in 1995 to establish CICC, China’s first joint-venture investment bank. However, the US bank is a passive partner and is looking to sell its stake and move on.
BNP Paribas: Left its underwriting venture with Changjiang Securities in January 2007.
In the pipeline?
Morgan Stanley: Sources close to the bank said it is waiting for regulatory approval for a joint venture with China Fortune Securities (formerly Xi’an Securities).
Deutsche Bank: A spokesperson for the bank refused to comment on numerous reports that it is poised to create an underwriting joint venture with Shanxi Securities.
Citigroup: Reportedly seeking a joint venture with Central China Securities. A spokesman for the bank said it was exploring opportunities to play a role in China’s capital markets.