日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

BIZCHINA> Top Biz News
Investment bank keen to exit CICC
By Zhang Ran and Mao Lijun (China Daily)
Updated: 2009-11-05 08:44

Global financial services giant Morgan Stanley is yet again looking to sell its entire holdings in China International Capital Corp (CICC), the country's first and most profitable investment bank, sources in both the US-based financial advisor and CICC confirmed yesterday.

On Tuesday, a report in the Wall Street Journal, citing people familiar with the situation, said that Morgan Stanley had asked potential buyers to submit indicative first-round bids for its 34.3-percent stake in CICC.

The deal could fetch more than $1 billion, it reported.

Two people from the US investment bank and CICC, who did not wish to be identified by name, separately confirmed the news, saying the CICC stake sale was a precursor to Morgan Stanley setting up another local joint venture.

"Chinese regulators won't approve a new joint venture unless it sells the CICC stake," said the sources.

Morgan Stanley is planning to form a joint venture securities firm with Shanghai-based China Fortune Securities Co, in which it can have more management say.

Morgan Stanley was the first foreign investment bank to enter the country in 1995 when it invested $35 million to form CICC in partnership with State-owned China Construction Bank.

As China's leading investment bank, CICC has specialized in sprucing up State-owned firms ahead of initial public offerings.

Morgan Stanley, however, did not have much influence over CICC's management led by Zhu Yunlai, its president, and had limited role in the operation of the brokerage during the past decade.

The US firm started the process of selling its stake in 2007. Final bidders included several international private-equity firms such as Bain Capital, TPG and a consortium comprising General Atlantic, Starr International and JC Flowers.

But the process came to an end early in 2008 after offers came in below expectations amid the onset of the global credit crisis.

Related readings:
Investment bank keen to exit CICC Morgan Stanley raises 2009 growth forecast
Investment bank keen to exit CICC Launching of board eyed for 'overseas returns'
Investment bank keen to exit CICC CIC increases stake in Morgan Stanley
Investment bank keen to exit CICC US banks rush to raise capital

The original offer of more than $1 billion for the stake had dropped to around $600 million by the end of the first round, the Financial Times reported, citing people familiar with the situation.

This followed a due-diligence process when bidders discovered that the CICC management was unhappy with the current shareholding arrangement.

Under the structure, the management had been granted non-voting shares that entitled them to paid dividends and could effectively dilute Morgan Stanley's shareholding to around 27 percent.

But a source from CICC said yesterday that this time around, Morgan Stanley was very likely to sell its 34.3-percent stake for $1 billion as China's booming stock market could add considerable bargaining power on the seller's side.

CICC's net profit dropped 49 percent to 627.4 million yuan ($91.89 million) last year from 1.24 billion yuan in 2007. Net profit is expected to climb this year amid a rebound in China's capital markets, one of the few bright spots globally. CICC has taken on little debt and has focused on fee income, leaving it with a strong balance sheet.

China's sovereign wealth fund, China Investment Corp, became its largest shareholder with a 43.35-percent stake after inheriting the stake originally held by China Construction Bank. Another sovereign wealth fund, Government of Singapore Investment Corp, holds a 7.35-percent stake.


(For more biz stories, please visit Industries)
主站蜘蛛池模板: 中文字幕在线免费观看视频 | 国产精品网站视频 | 黑人操少妇| 久久久国产免费 | 日本高清在线观看 | 蜜桃av中文字幕 | 欧美日韩免费在线 | 亚洲男人天堂2019 | 久久精品一二三区 | 欧美性xxxx在线播放 | 亚洲视频免费在线 | 亚洲tv在线 | 久草最新视频 | 亚洲精品1区2区 | 9l蝌蚪porny中文自拍 | 久久av一区 | 秋霞成人午夜伦在线观看 | 亚洲精品99 | 神马影院午夜伦理 | 黄视频在线播放 | 国产一区二区视频在线播放 | 精品视频久久久久久 | 久久久精品国产 | 人人艹视频 | 欧美激情在线播放 | 欧美一级免费大片 | 久操国产 | 成人在线中文字幕 | 亚洲综合免费 | 激情久久视频 | 黄色大片一级片 | 韩国一区二区视频 | 最新超碰在线 | 欧美精品午夜 | 国产精品调教 | 久久只有这里有精品 | 国产精品第四页 | 日韩a√| 三级网站免费看 | 色眯眯影院| 免费一级片在线观看 |