Morgan Stanley in New China Joint Venture

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Morgan Stanley just launched a major new joint venture with a Chinese partner, Huaxin Securities. The new firm, innovatively named Morgan Stanley Huaxin Securities, has a one-third / two-thirds ownership split against Morgan.

Chinese companies have made waves recently with strong initial public offerings in the New York and Shanghai exchanges. China's IPO market was tops last year, with $70 billion in deals; and that's the action Morgan wants a bigger piece of.

But some analysts say market overheating, a real-estate bubble, and rising political unrest might cloud the investment outlook going forward.

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