The following press releases and news reports about China companies were carried on August 30. To view a full article or story, click on the link next to the headline.
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Microsoft’s (Nasdaq: MSFT) MSN China Portal in Management-Led Buyout (Chinese article)
Russo Bros in Talks With Huayi Bros (Shenzhen: 300027) for Partnership (English article)
Baoneng (Shenzhen: 000690) Pays 882 Mln Yuan for 26.4 Pct of Dating Site Baihe (Chinese article)
Minsheng Bank (HKEx: 1988) Announces Interim Results (HKEx announcement)
Private-Equity Firm General Atlantic, Ctrip (Nasdaq: CTRP) in New $400 Mln Fund (English article)
Bottom line: Goldman’s bet on Minsheng Bank could auger a new wave of foreign investment in depressed Chinese bank shares, on belief that Beijing will rescue the group before their bad debt becomes too heavy.
Goldman invests in Minsheng
After dumping shares of major Chinese lenders in droves after the global financial crisis, at least one major foreign investor is testing the waters again, with word that Goldman Sachs (NYSE: GS) has quietly built up a large stake in Minsheng Bank (HKEx: 1988; Shanghai: 600016). But this time Goldman’s move, which has seen it quietly buy 11 percent of Minsheng’s Hong Kong-listed shares, looks likely a pure investment play rather than a strategic tie-up. Read Full Post…
Bottom line: BOC Aviation’s stock will debut with a 5-10 percent gain when trading starts on Wednesday, while Lufax’s delay of its IPO plan looks prudent until China’s P2P lending sector settles down.
BOC Aviation set for strong debut
After running into some early minor turbulence, Asia’s second biggest IPO of the year is set to take off later this week in Hong Kong when aircraft leasing company BOC Aviation begins trading in what should be a relatively buoyant debut. But the ride to market is looking a bit rockier for Lufax, with reports that what could become the first IPO for a P2P lender is being delayed until next year. Lufax had earlier signaled it planned to make its listing this year, most likely in Hong Kong or Shanghai. But its plan is being delayed as Beijing moves to clean up the nation’s unruly P2P lending market. Read Full Post…
The following press releases and news reports about China companies were carried on May 13. To view a full article or story, click on the link next to the headline.
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BOC Aviation Prices IPO, to Raise up to $1.3 Bln (HKEx announcement)
Bottom line: Minsheng Bank’s $1 billion deal to buy Quam could be on the brink of collapse, the victim of rapidly tumbling sentiment towards Chinese and Hong Kong brokerages amid China’s stock market sell-off.
Minsheng’s HK brokerage buy on brink of sinking?
What a difference a year makes. At this time last year stock brokers in China and nearby Hong Kong were a hot ticket, attracting billions of dollars as investors bet on their huge growth potential tied to booming stock markets in both places. But that enthusiasm has quickly evaporated as China’s stock markets undergo a massive correction, which may be a major factor behind the sputtering of a major acquisition in the space.
The deal I’m referring to is the previously announced purchase of Hong Kong brokerage Quam (HKEx: 952) by Minsheng Bank (HKEx: 1988; Shanghai: 601988), China’s oldest privately owned bank. Minsheng has just announced that a deadline for it to close the Quam investment, worth nearly $1 billion, has passed without closure, hinting the deal may be on the brink of collapse. Read Full Post…
The following press releases and news reports about Chinese companies were carried on March 3. To view a full article or story, click on the link next to the headline.
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Qualcomm (Nasdsaq: QCOM) Fined $7.5 Mln in US for Bribery in China, Denies Charges (Chinese article)
Jack Ma’s Ant Financial Said to Be in Talks for Caixin Stake (English article)
Sina (Nasdaq: SINA) Reports Q4 and Fiscal Year Results (PRNewswire)
Deadline Expires for Minsheng Bank (HKEx: 1988) in Talks for HK Broker Quam Stake (HKEx announcement)
Ele.me Says Working with Alibaba (NYSE: BABA) on Take-Out Dining, Denies Merger (Chinese article)
The following press releases and media reports about Chinese companies were carried on July 30. To view a full article or story, click on the link next to the headline.
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Alibaba (NYSE: BABA) Cloud Unit Sets Sights on Amazon in $1 Bln Global Push (English article)
Giant Interactive Seeks 100 Bln Yuan Valuation in China Re-Listing Plan (Chinese article)
ICBC (HKEx: 1398) VP Zheng Wanchun May Become New Minsheng Bank Chief (Chinese article)
Departing China Mobile (HKEx: 941) Workers Complain of No Raises in 10 Years (Chinese article)
China’s Great Short Seller Suddenly Turns Bullish (English article)
The following press releases and media reports about Chinese companies were carried on May 8. To view a full article or story, click on the link next to the headline.
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Alibaba (NYSE: BABA) Names New CEO As Revenue Tops Views (English article)
58.com (NYSE: WUBA) To Acquire Online Recruitment Site ChinaHR – Report (English article)
Canadian Solar (Nasdaq: CSIQ) Signs $250 Mln Loan With Minsheng Bank (PRNewswire)
Chinese Authorities Visit Uber’s Chengdu Office (English article)
Chinese Real Estate Site Aiwujiwu Closes $120 Mln Series D Funding (English article)
The following press releases and media reports about Chinese companies were carried on March 31. To view a full article or story, click on the link next to the headline.
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Tencent (HKEx: 700) Dismisses New WeChat Membership System As Rumors (Chinese article)
Xinhua, AP presidents Discuss Cooperation In New Media Era (English article)
Jiayuan.com (Nasdaq: DATE) Engages Financial Adviser For Privatization Bid (PRNewswire)
Alibaba (NYSE: BABA) In Digital Distribution Deal With Music Rights Group BMG (English article)
Minsheng Bank (HKEx: 1988) Announces Annual 2014 Results (HKEx announcement)
Bottom line: Minsheng Bank’s new stock incentive plan and ICBC’s Mexico expansion reflect moves to make China’s banking sector more market-oriented, providing potential upside for the lenders’ undervalued stocks.
Minsheng rolls out employee stock plan
Two big stories on the banking front are reflecting the big potential in depressed Chinese bank stocks, even as the sector faces a major bad debt crisis brought on by several years of state-ordered binge lending during the global financial crisis. The first of those will see Minsheng Bank (HKEx: 1988; Shanghai: 600016), China’s first private lender, launch a program that rewards top performing employees with stock at discounted prices. The second has leading state-run lender ICBC (HKEx: 1398; Shanghai: 601398) getting final regulatory approval to open a subsidiary in Mexico, one of the world’s largest developing economies. Read Full Post…
Just weeks after a group of seasoned managers launched a major new fund in Shanghai, word is out that another top money manager is preparing to launch yet another fund aimed at selling China companies to global investors. The man behind the latest fund-raising drive is Yu Bin, a former director from China Investment Corp (CIC), China’s sovereign wealth fund. Yu is part of a new generation of market-savvy Chinese fund managers to emerge over the last decade, often after returning from the west where they received both education and experience working for major global fund houses and investment banks. Read Full Post…
