High and dry
Most global investment banks would snap up the chance to list and trade stocks directly in China's booming equity markets. So BNP Paribas's decision to end its broking partnership with Changjiang Securities seems strange. It appears capital-raising concerns, a raft of key departures at BNP and an obstinate Changjiang board all contributed to the joint venture's demise. Elliot Wilson puzzles over the pull-out.
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