A deal would prop up Bear Stearns and increase access to business in booming Asia, it would provide a good opportunity for CITIC to expand overseas and learn from global players. A deal needs the approval of China''s State Council as well as securities regulators and shareholders. CITIC Securities, the largest brokerage in China and Asia''s biggest by market value, hopes to extend its financial services business. The companies, in a statement, said the alliance would include broad collaboration in China and the development of new securities for the rapidly growing Chinese market. Bear and CITIC will form a new Hong Kong-based capital markets joint venture doing business across Asia. Bear will contribute its Asia operations to the 50:50 venture.