Global banks grapple with China joint ventures

Blake Evans-Pritchard
30 Jul 2019

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In 2006, as Beijing was getting ready to host the Olympic Games two years later, Wang Qishan, the city’s mayor, encountered a problem from an unlikely quarter: a state-run but struggling securities house called Beijing Securities.

Wang, who was later to become China’s anti-corruption tsar, wanted to avert the danger of an embarrassing run on a state-owned firm during or in the lead-up to the event and called in UBS to bail out the firm, which the Swiss bank duly did.

“Wang didn’t want to end

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