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Hai Tong Securities Swallow plan Jie Mi

Mainland China investment bank's first international acquisition will make the trip.
January 13, 2010, through the Hai Tong (Hong Kong) Financial Holdings, Hai Tong Securities [19.19
0.26%] (600837.SH) will be the end of Tai Fook Securities in Hong Kong [4.95
1.02%] (0665.HK) of the Tender Offer.

If nothing else, Hai Tong Securities will be 1.822 billion Hong Kong dollars was Tai Fook Securities 52.86% of the shares after the company successfully retain their listing status. This time through the Secretariat by the sea as "Swallow plan" mergers and acquisitions, in addition to the usual business war bargaining strength and texture of each screening, the industry and the regulators were considered to be international M & A "beautiful battle."
However, this will be only the beginning. Adjacent to the mainland as international financial center, Hong Kong has become China's mainland investment banking and international M & A the most ideal one-stop operational. This newspaper has learned, in addition to the sea through, the State letter, Guo-Yuan, Mainland securities and other investment companies in the negotiation of Hong Kong's Chinese-owned investment bank, in order to open the road leading to internationalization.
"Swallow Scheme"
August 2009, after Bank of China International and HSBC Hong Kong, matchmaking, Tai Fook Securities are listed as the substantive goal of the sea through mergers and acquisitions.
Two months later, Hai Tong Securities on the due diligence investigation of Tai Fook Securities.

For confidentiality, in accordance with international practice, international sea links to the merger as a "Swallow" Program name, meaning that fly overseas. Previously, the city of Hai Tong Securities backdoor listing of the shares in time, it was called the "Eagle program."

According to informed sources, Hai Tong (Hong Kong) Financial Holdings Chief Executive Officer Lam Chung, Tai Fook Securities Company and its shareholders, the newly created (0659.HK) Executive Director, M & Religions are overwhelmed by the sea through with the newly created specific executor. The negotiations before and after the basic operation by them.
Lin Chung, now 40 years old 15 years in the investment industry working experience, and also was awarded the "2006 Outstanding Young Shanghai Ten Financial" title.

As the first sponsor in 2007, Lin Chung served 6 years from the sea through his position to his new post, general manager of investment banking Hai Tong as managing director. For M & A, Lin Chung indeed already do well, which is thought to be sent to Hong Kong that year was appointed to important causes.
Mr Cheng, the son of Cheng, whose grandfather is a consortium of Hong Kong Top Ten - New World [15.10
1.96%] Development Group helmsman Cheng Yu-tung. Religions, 26-year-old, who work in the CLSA 3 years, mainly responsible for infrastructure sector analysis. January 2008, its joining the newly created, was elected in mid-2009 with the newly created Tai Fook Securities executive director.
Because there are investment banking background with Lin Chung and negotiations Religions exchange flow.
The two sides "see-saw" the focus than the maximum price. It is learned that has made the newly created 5.25 Hong Kong dollars / share purchase price, but it seems beyond the sea pass an acceptable price cap.
At 4 o'clock on the 19 November, up to 12 hours after the last talks with Mr Cheng Chung Lin finally shake hands. Hai Tong Hong Kong 4.88 Hong Kong dollars per share to create the new group [14.30
0.14%] Tai Fook Securities acquired 52.86% stake in the newly created Tai Fook Securities finally holding a 9% stake.
Sea Link International
In fact, the end of 2008, Hai Tong Securities in Hong Kong started searching out on M & A targets, and plans to complete in three years, Hai Tong complete platform to build.
Haitong CEO Ming Shan is the sea through international M & A leader. His military background, he is considered low-key and very bold and visionary. Earlier, Li Shan has said Haitong goal is clear: public, group, international.
At that time, the sea level set the tone through the acquisition target is two, one foreign investment bank, and second, the size and influence of large Chinese-owned investment bank.
Hai Tong Hong Kong has a number of business licenses, a small Chinese-owned investment bank of the Sea Link International is not really meaningful.
"Hai Tong to Hong Kong Chinese-owned investment banks basically talked about it again, now in the economic recovery of acquisition, be a good time to catch up." An insider told reporters.

Finalize goals for the Tai Fook Securities, also is impressive because of its overall strength, especially strong brokerage business. It is reported that Tai Fook Hai Tong Securities consistent with the acquisition of three elements: the large and influential business interaction with the sea through complementary, easy management and cultural integration.

Tai Fook Securities in Hong Kong's leading local brokerage, one of 15 million customers in Hong Kong and Macao has 12 branches. Compared with their domestic competitors, the acquisition will enable Hai Tong Tai Fook Securities in index futures and margin trading and other innovative business strategic advantage.

In 2007, Tai Fook Securities net profit of 4.84 billion Hong Kong dollars; as the market downturn, in 2008 net profit fell to 112 million Hong Kong dollars; first half of 2009 net profit of 76.75 million Hong Kong dollars.
Although Hai Tong has subsidiaries in Hong Kong, and holds nine licenses, but not compared with the great blessing. It is worth mentioning that in 2009, Hai Tong continuous participation in Minsheng Bank [7.91
0.25%] H shares, China Pacific Insurance [25.62
0.71%] H shares of the IPO, so that it gains little have expected to profit billions of dollars Hong Kong dollars.
This time, after the acquisition, because both belong to the sea-pass system, Hai Tong Tai Fook Securities in Hong Kong on business, then there exists the possibility of reverse integration.

Hai Tong Securities secretaries to directorate Jin Xiaobin frankly, the acquisition of Tai Fook Securities, to the capital through more efficient operation, as soon as possible to upgrade the sea through the overseas market share, make a big financial group in Hong Kong and the Asia-Pacific region radiation; while the sea through the ROE (return on equity rate) would also be effective to upgrade. Another purpose is as a training base.

In the evaluation of the purchase price, the Jin Xiaobin, said, "not cheap but reasonable." He pointed out that in the future, not just Tai Fook Securities, and the sea through the Hong Kong business will occupy the entire company a very important position.
It is reported that, apart from a small change in the board, the Tai Fook Securities of the management team will remain, it is also regarded as Tai Fook Hai Tong's most important asset.

Currently holding the securities as the main force of the Hai Tong Securities has begun to take shape, under the jurisdiction of the two fund companies, two direct investment companies, as well as Hong Kong's financial holding companies, and holding the futures company. Meanwhile, the sea through the acquisition of the Bridge Trust is also awaiting final approval.
Li Shan in accordance with the previous idea, the sea will also be acquired through some of the financial industry and build a complete platform. Internationalization, based in Hong Kong as the main platform.
Now, Hai Tong Tai Fook Securities in Hong Kong M & A, has a firm grasp of its international platform.
M & Start
This is the first time from mainland China's international investment bank mergers, the industry and regulators as a "beautiful battle."
It is reported that the Shanghai municipal government to the sea through the acquisition of a very high rating, also called Tai Fook Hai Tong after the acquisition of Shanghai to help establish an international financial center.

A broker who said in mid-December, the Department of the SFC agency meeting held in Xiamen, the agency officials had respect Tai Fook Hai Tong on M & A done "pretty." After an internal meeting in the Commission, the Commission Vice-Zhuang Xinyi Haitong also commended that the sound of the sea is not anything about this incident did not pass out - well done. However, at this meeting, regulators, On the Road, in the financial crisis, banks, insurance have become bigger and stronger domestic investment banks should also consider how to use the financial crisis become bigger and stronger.
In fact, after the financial crisis, Chinese financial institutions, whether banks, insurance, securities, the majority of overseas M & A is not successful, thus making the acquisition Haitong more worthy of attention.

In the industry view, the sea aside Europe and the United States through the investment bank, turned to the acquisition based on both internationalization and localization of the Hong Kong brokerage, prospective M & A targets in the business and cultural integration of both companies is feasible.
October 2007, when the financial crisis began, CITIC has announced the planned acquisition of U.S. investment bank, but is stopped short after 5 months. This also allows CITIC lucky to have dodged a bullet.

Since then, CITIC will put Hong Kong's international strategy, and increase the support of CITIC Hong Kong companies and investment. The number of domestic investment banks have begun consideration of the reality of the proximity to the Mainland's international financial center - Hong Kong as a bridgehead for international.
In fact, since the end of 2008, a number of brokers are considering is similar to the sea through the
"Swallow plans," planning international acquisitions. Among them, one after another major replenishment of the Hong Kong listed subsidiary of brokerage are considered to be ready to buy a prelude.
According to sources in Hong Kong investment bank, which has stepped up negotiations with the country element, Guoxin, investment and other securities firms. It is learned, such as Sun Hung Kai, Phillip, when the rich, the first Shanghai [1.23
-3.91%] Of domestic investment banks are all acquisitions by the opponent.

Leave a Comment August 31, 2010

Morgan Stanley, Sun Wei: M & A market full of opportunities this year

China's sustained economic recovery over the past year and the stock market up to foreign investment banks has brought good results, in their eyes, remain attractive this year.

Morgan Stanley Managing Director and CEO of Sun Wei said China last year, Morgan Stanley's performance in Greater China, marking a record second only to 2007. For the new year, she said, will use multiple platforms to accelerate the investment banking and M & A market full of opportunities.
Competitive

2009 China and the Asian investment banking market, competitors are actually only two, Morgan Stanley and UBS AG (UBS). Equity capital in fierce competition.

Morgan Stanley, UBS is the largest M & A business competitors, but Morgan Stanley has also made a number of bond issues on the edge. For example, Morgan Stanley participated in Singapore's Temasek 1.5 billion U.S. bonds, 3.5 billion Petronas standard bonds issued by the Philippine government agency bonds, 600 million U.S. dollars.

According to Dealogic data, Morgan Stanley is the first 11 months of 2009, the only one in the stock market, bond market and M & A markets are among the top five investment banks.

To date, Morgan Stanley has completed seven acquisitions, worth a total of 1.5 billion U.S. dollars; 10 equity transactions worth a total of 2.6 billion U.S. dollars; 15 bond transactions worth a total of 4.6 billion U.S. dollars.
In China, Morgan Stanley participated in the China Medical's IPO, and the China Metallurgical A + H share offering to act as sole global coordinator.

Morgan Stanley, UBS, as the biggest rival, though very productive in the equity business, but missed the mergers and acquisitions in Korea, at the same time, UBS failed to release many of the standard investment-grade corporate bonds, which this year an important situation.
Sun Wei said China's fast-Soviet economic recovery is strong and timely direct result of economic stimulus measures.

Recalling the 2009 China's capital markets, energy, pharmaceutical, consumer goods and real estate sectors are more active in these sectors largely benefit from the introduction of economic stimulus.
From Morgan Stanley's own view of the completion of the IPO project, Long Yuan Electric Power, China Metallurgy, Chinese Medicine, Lake real estate, King International, etc. are concentrated in these industries.

Second half of 2009, the market turmoil, many investors face the uncertainty of future economic trends, investment decision-making very seriously, and face many similar companies, selectivity is also greatly improved.
Sun Wei admitted that in 2009 hard-won achievements in the IPO in the field, not a global network and the combination of the local team can not be achieved.
China's attractiveness

Greater investment banks in 2009 there have been some changes in the pattern, some of the traditional strong investment bank seems to have weakened some of the original Ersan Liu's investment bank was so radical in 2010, obviously the pressure will be greater.

"The Chinese market is full of attractive people rush into." Sun Wei said, "The market itself is testing the strength of the arena, veteran first-class investment bank has its inherent advantages, but most of those who was very aggressive, heroes do not ask the source , has long been regarded as one of the characteristics of emerging markets. "

Along with the gradual resolution of the problem joint venture securities firms, Sun Wei believes that Morgan Stanley in 2009 to increase the strength of China has taken action, "we get the trust and fund licenses, we are wholly owned by Morgan Stanley International Bank also opened a Beijing branch in 2009 to further expand China's diversified business platform. investment banking, Morgan Stanley and Citigroup's retail sector has formed Citigroup Smith Barney Smith Barney, Morgan Stanley, to become the world's largest retail distribution network and enhance our successful IPO on the Advantage. "

For M & A market could change, Sun Wei believes that the market is still in the revision stage challenge, therefore, there will still be clear, but given China's economic growth will continue, Morgan Stanley's mergers and acquisitions in 2010 that the market will remain vibrant, and full of opportunity.

However, if the introduction of the 2010 tightening of liquidity, then inhibition of the enterprise funds will not be so abundant as in 2009, which will have an impact on M & A activity, but in the long run, Chinese enterprises "going out" strategy is not a U-turn of .

Sun Wei, said: "China's resources, materials, advanced technology needs significantly, through the acquisition of, access to the most stable and long-term supply of materials and resources, to protect China's economic development; Secondly, since the expected depreciation of the dollar renminbi, China's foreign exchange reserves need to explore various investment channels; also attractive to foreign high-quality asset prices, China's economic recovery walk in front of the other major economies, at present, there are many quality overseas enterprises are facing financial difficulties, relatively cheap valuations. "

Leave a Comment August 29, 2010

Investment plans in the bid for Rio Tinto shares held in the aluminum called bold moves report

According to foreign media reports, China Investment Co., Ltd. (hereinafter referred to as "cast") may bid for Aluminum Corporation of China (hereinafter referred to as "aluminum") held by Rio Tinto (Rio Tinto
Plc) shares.

According to "Reuters" reports, the investment bid for Rio Tinto shares held in the aluminum will be its "natural area into a most audacious move."

Reported for Rio Tinto, the deal would mean to win such a "basis for an acclaimed investor (cornerstone
investor) ". while the aluminum case, then find the exit strategy, said goodbye to a" failure "of the merger plan.

Rio Tinto Aluminum is now the single largest shareholder. Last year early in June, Rio Tinto ended with the Aluminum Company of 19.5 billion proposed alliance transactions, and based on the two sides signed agreements of cooperation and the implementation of aluminum will pay 195 million U.S. dollars of the "breakup fee." Subsequently in July 2009, the aluminum invest about 1.5 billion U.S. dollars, 15.2 billion U.S. dollars in Rio Tinto's placement of shares issued in the full exercise of the allotment to enable it to maintain a 9% stake, to try to disrupt Rio Tinto and BHP Billiton cooperation.

As China's sovereign wealth fund, the investment since last year, shot frequent type of investment in overseas resources assets. In investment is accelerating the pace of overseas investments, end of last year, the pitchers there are about 50 billion U.S. dollars for overseas investment.

Prior to that, "the Economic Observer" reported that sources, the investment may be in the coming months, from the national foreign exchange reserves of about 200 billion U.S. dollars capital injection.

So far not yet have an official and explicit statement in the investment company. However, as early as November, there came the wind: the cast would like to apply for a new state foreign exchange funds, and apply the scale may not be less than 200 billion U.S. dollars.

Leave a Comment August 9, 2010