Morgan Stanley Says China Banking Venture CEO Yang Kai LeavesBloomberg News
Yang Kai has left as the chief executive officer of Morgan Stanley Huaxin Securities Co., according to Xu Li, Morgan Stanley’s China spokeswoman.
Morgan Stanley Huaxin, in which the U.S. lender owns a third, started operations in 2011, joining Goldman Sachs Group Inc. and JPMorgan Chase & Co. in gaining access to underwriting business in China through ventures with local brokerages.
Morgan Stanley formed the partnership with Huaxin Securities Co. after it ended in 2010 its 15-year involvement in China International Capital Corp., the first Sino-foreign investment bank and once the top-ranked underwriter of share sales in the country.
Yang, formerly a managing director of Morgan Stanley, was named CEO of Morgan Stanley Huaxin in 2011 and Wang Wenxue, chairman of Huaxin Securities, was appointed chairman of the venture.
— With assistance by Aipeng Soo