CITIC SECURITIES TO EMBARK ON JOINT VENTURE WITH EVERCORE
By Henny Sender in New York 2009-03-16

Citic Securities, China’s largest securities company, is teaming up with Evercore Partners, the US investment bank, in a joint venture that will make direct investments and advise clients on both sides of the Pacific.

The new company, Citic Securities International Partners, will be headed by Donald Tang, the former vice-chairman of Bear Stearns.

In forming their new relationship, the two sides are hoping that China’s increasing integration with the world economy and financial markets will not be derailed by the meltdown in the markets. China’s exports have been hard hit by the consumer- led recession in the west and its economic growth has slowed sharply in recent months.

In addition to providing advice, the new firm plans to raise a $500m private equity fund to provide growth capital and consolidation capital to Chinese companies, with shareholders committing some of the funds and outside investors the rest.

Wang Dongming, Citic Securities’ chairman, has long harboured ambitions to transform Citic Securities into a truly international company. Mr. Wang has considered listing Citic Securities outside China, and recruiting expats who can transform the culture of his company into a global player.

Mr Wang, for example, has studied Japanese brokerage firms, which he says never made that transition and whose importance in the world shrunk during Japan’s “lost decade”.

The relationship also enables Evercore to build up a presence in Asia commensurate with its growing profile in Latin America and Europe.

中信证券拟在美国成立合资公司
英国《金融时报》汉妮•桑德尔(Henny Sender)纽约报道 2009-03-16

中国最大的证券公司? 中信证券(Citic Securities)正与美国投资银行Evercore Partners联手创建一家合资公司，该公司将在太平洋两岸从事直接投资业务，并为客户提供咨询服务。

新公司Citic Securities International Partners将由贝尔斯登(Bear Stearns)前副董事长唐伟(Donald Tang)领导。

在构建新关系的过程中，双方均希望，中国与全球经济及金融市场一体化程度的不断加深，将不会受市场崩溃的影响。中国的出口已经受到西方消费低迷所引发的衰退的重创，经济增长在最近数月已大幅放缓。

除了提供咨询服务，新公司还计划筹集一只5亿美元的私人股本基金，为中国企业提供增长资本和整合资本，由其股东承担其中一部分资金，其余将由外部投资者提供。

中信证券董事长王东明长久以来一直心怀抱负，要将中信证券转型为一家真正的跨国公司。王东明已考虑让中信证券在中国境外上市，并招募能够将其公司文化转型为全球型公司的外籍人士。

例如，王东明曾研究了日本券商，据他称，这些公司从未进行过此类转型，而它们在世界上的重要性在日本“失落的十年”期间有所下降。

这一合资关系还令Evercore得以在亚洲构建与其在拉美和欧洲与日俱增的影响力相当的业务。

译者/陈云飞