Relevant sources from Morgan Stanley &Co confirmed that C.N. Liu, managing director and head of corporate finance department in Hong Kong, have dismissed Morgan Stanley early in July.

Sources said that Liu will join HSBC bank as head of Corporate Finance Division in Great China.

But HSBC bank refused to comment on it on Monday.

According to the information of Morgan Stanley's website, C.N. Liu graduated from the University of Oxford with a first class honours and gained a master's degree from Harvard Law School.

Liu joined Morgan Stanley in 1993 and worked in Mergers and Acquisitions department. During his service he participated in the issue of $450 million convertible bonds of Pacific Century CyberWorks, $680 million stock repurchase of GuocoLand Group and 460 million stock repurchase of Hong Kong &China Gas.

Margaret Ren, also a senior investment banker in Hong Kong and former chairman of Merrill's Investment Bank Operation in China, resigned in May to join BNP Paribas Group as head of its Investment Banking in China.