Xin shares announced that Huaxin Securities, a wholly-owned subsidiary of the company, intends to publicly list and transfer 39% equity of Huaxin Securities and 36% equity of Huaxin Fund. If the transfer is successful, Huaxin Securities will no longer hold the equity of Morgan Stanley Huaxin Fund, but still hold the last 10% equity of Morgan Stanley Huaxin Securities.

At present, Goldman Sachs has started the process of wholly-owned acquisition of Goldman Sachs Gaohua Securities, while Morgan Stanley holds a 5 1% stake in Morgan Huaxin. It is widely believed in the industry that Morgan Stanley will take this public listing transfer as an opportunity to further expand its shareholding ratio in Morgan Huaxin.