"Turnabout," an article The Deal newsweekly published on Friday, explored an important phenomenon: In a record year for outbound investments from China, five of the top 10 deals were in financial services. Wednesday's $5 billion investment in Morgan Stanley by China's sovereign wealth fund makes it six out of 10. Well, our writer in Beijing noted that few local observers were willing to rule out a scenario in which the fund, though seemingly taking a breather, might sweep to the aid of some tattered investment bank. But as the article explains, the wave of investment is fueled not just by China's sovereign wealth but by the riotously successful IPOs China's banks have pulled off since 2006, raising more than $60 billion in total. — Kenneth Klee

Join Corporate Dealmaker's LinkedIn forum