Li Jiange, chairman of the acquired investment firm, announced that the sale is now progressing but was unwilling to provide the name of the interested party or the price the stake was being sold for.
Mr Jiange was quoted by Reuters as saying: âThe deal has been proceeding very smoothly and has developed into a new stage. The next step for us is to apply for approval from the regulatory body.â
He made the comments while at the Chinese People's Political Consultative Conference.
Anonymous sources told the news provider that TPG and KKR are looking to acquire the share.
Morgan Stanley has been attempting to sell its stake in the company from before the onset of the financial crisis.
The investment bank helped found CICC in 1995 and invested $37 million in the company.
It is thought that the sale of the stake will allow Morgan Stanley to pursue other investments and joint security options in Asia-Pacific.
By Jim Ottewill