According to Morgan's most recent proxy, State Street (nyse: STT - news - people ) held 94 million shares, or 8.5% outstanding, the biggest institutional stake.

FORBES: Morgan Stanley's Poison Pen Pals

The official PMI is generally seen as reflective of state-owned companies, while the HSBC version is a better proxy for the private sector.

CNN: Growth in Chinese manufacturing slows

The state-owned Sinopec is attractive to Western investors partly because it is deemed a proxy for exposure to the world's second-largest economy.

WSJ: Sinopec Issues $3.5 Billion Bond, Asia's Biggest in a Decade

The state-owned Sinopec is attractive to Western investors partly because it's deemed a proxy for exposure to the world's second-largest economy.

WSJ: Sinopec Issues $3.5 Billion Bond, Asia's Biggest in a Decade