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 [转帖]free money from CITIC, free money from China |
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parisparis
头衔: 海归少将
声望: 讲师
加入时间: 2004/09/04
文章: 1996
海归分: 276207
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作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
the stupidity of CITIC is beyond redemption: why buy a stake now? Why participate in a BID and be the overbidder? This move reminded one of the rescue of Citi bank in late 1970s---free money from Saudi prince, the recycle of petrodollar.
BSC will not give a shit of control to CITIC. CITIC might add one director to the board, who unfortunately has full loyalty to the Party, but neither language skill, nor financial acumen. Just an idiot on the board.
Citic Bank Weighs a Stake in Bear Stearns
Offer Underlines
Interest by China
In Wall Street Assets
By JAMES T. AREDDY in Shanghai, China and RICK CAREW in Beijing
October 16, 2007 2:11 p.m.
A Chinese government official confirmed that one of the country's banks has explored an investment in Bear Stearns Cos., the latest sign of China's desire to make strategic investments in the U.S. financial industry.
China Banking Regulatory Commission Vice Chairman Jiang Dingzhi said Tuesday that China Citic Bank Corp., a midsize lender majority-owned by the government, has "bid" for an investment in Bear, which has been damaged in recent months by problems in the U.S. subprime-mortgage market. Mr. Jiang's statement appeared to mark the first official confirmation that Chinese investors have considered a bid for the Wall Street firm after months of speculation that Bear could seek capital from China or elsewhere overseas.
Deal Journal's Dana Cimilluca discusses China's desire to invest in the U.S. financial industry not only to deploy its massive war chest, but also to learn more about capitalism.
Mr. Jiang offered no details on the timing of a bid, or what it entailed. The venue for his comments, a key Communist Party meeting in Beijing, suggested he was referring to Citic Bank's earlier thinking rather than its future plans. The reference to Bear was contained in a list of mergers-and-acquisitions activity by Chinese banks in recent years.
Later Tuesday, Chang Zhenming, vice chairman of Citic Group, the Beijing-based bank's parent, told reporters "there hasn't been any real progress" toward a deal involving Bear. Bear officials had no comment.
Whether any deal takes place, Mr. Jiang's comments come as China is emerging as a source of funds in the U.S. financial industry. Until now, most of China's burgeoning push to invest overseas has been in manufacturing, resources and distribution. Yet that has begun to change this year with modest financial sector investments, in the U.S. and elsewhere. Earlier this month, China Minsheng Banking Corp. announced the first Chinese investment in a U.S. bank, agreeing to pay as much as $317 million for 9.9% of San Francisco-based UCBH Holdings Inc., the parent of a United Commercial Bank. The stake could be increased to 20% under the deal, which is pending regulatory approval.
"The pace of international mergers and acquisitions activity has quickened," Mr. Jiang, the regulator, said Tuesday.
Bear executives have in the past thrown cold water on talk of an investment from China. Last year, however, Bear held talks with China Construction Bank Corp. about selling the Chinese state-owned lender a minority stake or otherwise cooperating. At the time, Mr. Chang, the Citic executive, was president of Construction Bank. The talks fizzled after he left to join Citic.
Chinese banks are loaded with cash, thanks to a string of recent fund-raisings on its powerful stock market. Citic Bank, for instance, raised $5.9 billion in an initial public offering in April.
Beyond the banks, China's government is sitting on $1.4 trillion in foreign-exchange reserves, and last month inaugurated a company that will begin making more aggressive bets with a portion of those funds, now mostly in Treasurys and other low-yield assets. China Investment Corp.'s only public investment so far is in the U.S. financial sector: a $3 billion stake in Blackstone Group LP, though persistent weakness in the buyout firm's shares has prompted criticism at home of the U.S. investment.
U.S. officials say they are closely watching China Investment's strategy for signs it will be guided by economics rather than politics in investing its money. China's investment efforts in the U.S. have been bruised in the past, including a 2005 effort by China's Cnooc Ltd. to buy Unocal Corp. that failed because of political resistance.
Executives at China Investment, or CIC, have argued their firm shouldn't be seen as a threat. Tuesday, Chairman Lou Jiwei said sovereign-wealth funds such as his "are a force for stability because their investments are relatively conservative and typically not seeking control." Mr. Lou added that CIC "is a commercially motivated company with commercial goals, there isn't much political consideration."
--Susanne Craig in New York contributed to this article.
Write to James T. Areddy at [email protected] and Rick Carew at [email protected]
作者：parisparis 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [转帖]free money from CITIC, free money from China -- parisparis - (5023 Byte) 2007-10-17 周三, 02:37 (1415 reads)
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