Morgan Stanley has received Chinese government approval to sell its 34.3 per cent stake in China International Capital Corp, one of the country’s top investment banks, paving the way for the US group to set up a fresh venture in the country.

　　摩根士丹利(Morgan Stanley)已获中国政府批准，可出售所持中金公司(CICC) 34.3%股份，为这家美国投行在中国建立一家新企业铺平道路。中金公司是中国投行之一。

　　In a brief announcement on its website, China’s securities regulator said it had approved a transfer of more than 5 per cent of CICC shares. CICC officials confirmed that was a reference to Morgan Stanley’s stake in the company.

　　中国证券监管机构在网站上发布简短公告，称已批准中金公司逾5%的股份易手。中金公司高层人员证实，这是指摩根士丹利所持该公司股份。

　　Morgan Stanley plans to sell its CICC stake to US private equity groups KKR and TPG for about $1bn, the Financial Times reported this year, and has been waiting for approval since the start of the year.

　　英国《金融时报》今年早些时候曾报道，摩根士丹利计划以大约10亿美元的价码，将所持中金公司股份出售给美国私人股本集团KKR和TPG，从今年初以来一直在等待批准。

　　Four listed companies that hold stakes in Shanghai-based brokerage China Fortune Securities said the group would soon set up an investment bank joint venture with Morgan Stanley. That can only happen once it has divested the CICC stake.

　　持有上海券商华鑫证券(China Fortune Securities)股份的四家上市公司表示，该集团不久将与摩根士丹利合资组建一家投行，而这只有在摩根士丹利脱手中金公司股份后才有可能实现。

　　Fortune will hold two-thirds of shares, the US investment bank will own the rest.

　　华鑫将持有合资投行三分之二的股份，摩根士丹利将持有其余股份。

　　Morgan Stanley hopes the venture will provide more management control and more scope to underwrite and broker deals and to trade stocks and securities in China.

　　摩根士丹利希望这家合资企业将为其提供更大的管理控制权，并有在中国承销和撮合交易、以及交易股票和证券的更大空间。

　　Sale of its CICC stake for about $1bn will produce a healthy profit on the initial investment of $37m Morgan Stanley made 15 years ago.

　　以大约10亿美元出售所持中金公司股份，将为摩根士丹利15年前3700万美元的初始投资带来可观的利润。

　　It will also release it from a troubled relationship which saw the US bank gradually lose management control until its stake became a purely passive one and CICC was taken over by Levin Zhu, son of former Chinese premier Zhu Rongji.

　　此举还将让摩根士丹利摆脱一种紧张不安的关系：这家美国投行逐渐失去管理控制权，直至其股份变成纯粹的被动投资，而中金公司由中国前总理朱镕基之子朱云(Levin Zhu)来接手。

　　A CICC spokesperson confirmed sale of Morgan Stanley’s stake had been approved by the China Securities Regulatory Commission – but declined to give details.

　　中金公司的一名发言人证实，摩根士丹利出售所持股份已得到中国证监会批准，但不愿提供细节。

　　Morgan Stanley had no comment.

　　摩根士丹利表示无可奉告。

　　KKR and TPG would each take an 11 per cent stake in CICC while existing shareholders would take up the remainder of Morgan Stanley’s 34.3 per cent share, said people familiar with the matter.

　　知情人士称，KKR和TPG将分别购入中金公司11%的股份，而现有股东将接手摩根士丹利34.3%股份的其余部分。

　　Central Huijin Investment, the domestic arm of China Investment Corp, the country’s main sovereign wealth fund, is CICC’s largest shareholder with a 43.35 per cent stake.

　　中国主要主权财富基金中投公司(CIC)的国内分支机构中央汇金(Central Huijin Investment)是中金公司的最大股东，持有43.35%的股份。

　　China Investment Corp also holds a nearly 10 per cent stake in Morgan Stanley.

　　中投还持有摩根士丹利近10%的股份。

　　CICC’s other shareholders include China National Investment & Guaranty Co, which holds 7.65 per cent, Government of Singapore Investment Corp and Mingly Corp, which each hold 7.35 per cent.

　　中金公司的其它股东包括：中国投资担保有限公司(China National Investment & Guaranty Co)，持股7.65%；以及新加坡政府投资公司(Government of Singapore Investment Corp)和名力集团(Mingly Corp)，各持股7.35%。

　　Morgan Stanley began shopping its CICC stake around three years ago but aborted the effort amid uncertain markets, lack of interest from potential bidders and disagreements with its Chinese partner.

　　摩根士丹利从三年前就开始寻求出售所持中金股份，但在市场不确定、潜在竞标者缺乏兴趣、以及与中方伙伴意见不合的背景下曾放弃这一努力。