What MM bank? If the bank is Baird/HW/WB or other solid ones, then you could risk it.
Boutique IBD sounds nice as well, but you could face competition from applications from the IBD pool, which means you might be up against GS/MS/JPM NY guys if M7 is your goal.
Exactly. I know some guy who got Stanford GSB from CICC but he was heavily involved with an IPO program of a mega-cap company back in 08/09. Considering the condition of CICC now, I would say that it is not competitive at all.
you go to the boutique -> you will always remember that you might have a chance to go to a BB
you go for the MM intern -> you get a return offer -> you are better off
you go for the MM intern -> you don't get a return offer -> you go to ox -> you have a chance for BB intern in london, then you may go back to hk to a BB/MM. there is always vancacy if you give it some time
you can get a boutique offer now, you can do that after a year at ox. you lose a year, but you have ox on your resume.