Morgan Stanley has restarted the sale of its stake in China International Capital Corp, China’s first joint-venture investment bank that it helped found in 1995, a move that could fetch more than $1bn, reports the WSJ. The US bank asked for indicative first-round bids on Tuesday for its 34.3% stake in CICC. Potential bidders include several US buy-out firms. Morgan Stanley, which invested $35m in CICC when it set up the bank together with China Construction Bank in 1995, plans next to form a brokerage together with Shanghai-based China Fortune Securities.
