Industrial and Commercial Bank of China is expected to expand its share of a fund management joint venture with Credit Suisse in a move that may bode ill for foreign groups in China’s so-far relatively open fund management sector. China Ocean Shipping Company (Cosco) recently surprised the market with plans to auction off its 20% stake in the profitable JV, ICBC Credit Suisse. Due to the structure of the auction, ICBC is widely expected to acquire the stake.
