Morgan Stanley has launched a new joint venture with its China partner, Huaxin Securities, Reuters reports. The new partnership firm will be called Morgan Stanley Huaxin Securities and its registered capital will be worth $157.5 million.

Morgan Stanley will own a one-third of the joint venture’s stake, while Huaxin will own the rest. Chairman of Huaxin Securities Wang Wenxue will also chair the new firm and Yang Kai, managing director of Morgan Stanley, will be its CEO.

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