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Morgan Stanley takes top stake in China unit -- via Taobao auction

Wall Street investment bank eager to penetrate newly opened up financial market

Morgan Stanley won an additional 5.5% stake in Chinese joint venture Morgan Stanley Huaxin Fund Management in a Taobao auction.   © Reuters

NEW YORK -- Morgan Stanley has taken an additional stake in one of its Chinese joint ventures in an auction on Alibaba Group Holding's online marketplace Taobao, as the Wall Street giant looks to boost its presence in China's newly opened up asset management industry.

Morgan Stanley bid 25 million yuan, or about $3.7 million, for a 5.5% stake in Shenzhen-based Morgan Stanley Huaxin Fund Management, according to a recent announcement on Taobao's auction platform. The investment bank will emerge as the joint venture's largest shareholder with a 42.9% interest, above Huaxin Securities' 39.6%.

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