International Banks in China

Goldman Sachs Group and UBS AG are currently the only two major global investment banks with the ability to underwrite shares on China's domestic markets. Beijing agreed late last year to reopen the market to new ventures and at least three global banks are at various stages of applying to form new ventures. These include Citigroup Inc., Credit Suisse Group and Morgan Stanley, which has long had little say in how CICC operates. It wants to sell its 34.3% stake in CICC to enter a new venture in which it will have greater control, although that process for the sale has stalled.