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)已獲中國政府批準，可出售所持中金公司(CICC) 34.3%股份，為這家美國投行在中國建立一家新企業(yè)鋪平道路。中金公司是中國投行之一。

　　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.

　　中國證券監(jiān)管機構在網(wǎng)站上發(fā)布簡短公告，稱已批準中金公司逾5%的股份易手。中金公司高層人員證實，這是指摩根士丹利所持該公司股份。

　　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.

　　英國《金融時報》今年早些時候曾報道，摩根士丹利計劃以大約10億美元的價碼，將所持中金公司股份出售給美國私人股本集團KKR和TPG，從今年初以來一直在等待批準。

　　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.

　　持有上海券商華鑫證券(China Fortune Securities)股份的四家上市公司表示，該集團不久將與摩根士丹利合資組建一家投行，而這只有在摩根士丹利脫手中金公司股份后才有可能實現(xiàn)。

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

　　華鑫將持有合資投行三分之二的股份，摩根士丹利將持有其余股份。

　　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.

　　摩根士丹利希望這家合資企業(yè)將為其提供更大的管理控制權，并有在中國承銷和撮合交易、以及交易股票和證券的更大空間。

　　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.

　　以大約10億美元出售所持中金公司股份，將為摩根士丹利15年前3700萬美元的初始投資帶來可觀的利潤。

　　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.

　　此舉還將讓摩根士丹利擺脫一種緊張不安的關系：這家美國投行逐漸失去管理控制權，直至其股份變成純粹的被動投資，而中金公司由中國前總理朱镕基之子朱云(Levin Zhu)來接手。

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

　　中金公司的一名發(fā)言人證實，摩根士丹利出售所持股份已得到中國證監(jiān)會批準，但不愿提供細節(jié)。

　　Morgan Stanley had no comment.

　　摩根士丹利表示無可奉告。

　　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.

　　知情人士稱，KKR和TPG將分別購入中金公司11%的股份，而現(xiàn)有股東將接手摩根士丹利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.

　　中國主要主權財富基金中投公司(CIC)的國內(nèi)分支機構中央?yún)R金(Central Huijin Investment)是中金公司的最大股東，持有43.35%的股份。

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

　　中投還持有摩根士丹利近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.

　　中金公司的其它股東包括：中國投資擔保有限公司(China National Investment & Guaranty Co)，持股7.65%；以及新加坡政府投資公司(Government of Singapore Investment Corp)和名力集團(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.

　　摩根士丹利從三年前就開始尋求出售所持中金股份，但在市場不確定、潛在競標者缺乏興趣、以及與中方伙伴意見不合的背景下曾放棄這一努力。