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’China’s bright-ish future, according to CLSA
“The future looks bright, all right, but not that bright” — although China’s beacon is still very much shining, according to the Hong Kong-based broker CLSA on Tuesday.
The note summed up the opening day of CLSA’s 15th annual China Forum in Shanghai,
Citic to Credit Agricole, CLSA: How’s your Chinese?
China’s growing interest in western financial institutions has taken an intriguing twist with Crédit Agricole’s joint venture deal with Citic Securities, China’s largest brokerage, agreed in a memorandum of understanding signed this week.
Air China raises Cathay stake
Air China, the country’s flag carrier, has agreed to pay Citic Pacific, the Hong Kong arm of the Chinese investment group, HK$6.3bn ($813m) to lift its stake in Cathay Pacific, only three years after first securing a holding in the HK airline.
Morgan Stanley in HK insider case
Morgan Stanley compliance officers approved the trades of investment banker Du Jun, who is at the centre of Hong Kong’s highest profile insider dealing trial, an HK court heard Monday. In February 2007 Samantha Ng,
HK launches insider trading trial
Hong Kong’s highest-profile insider trading trial began on Monday, as the territory’s prosecutors seek to extend their streak of recent court victories in market misconduct cases. Du Jun, a former Morgan Stanley investment banker,
Citic in venture with Evercore
Citic Securities, China’s largest securities company, is forming a joint venture with Evercore Partners, the US investment bank, to invest directly and advise clients on both sides of the Pacific. The new company,
Moody’s lowers Citic rating
Moody’s downgraded Citic Group, the investment arm of China’s State Council, on Tuesday saying Citic’s recent decision to bail out a Hong Kong affiliate raised concerns about its creditworthiness.
Citic pays price for HK arm’s gamble
China’s largest investment conglomerate will inject $1.5bn into its Hong Kong-listed arm and relieve the company of currency contracts that could have cost it billions of dollars. China International Trust and Investment Corp will purchase convertible bonds in Citic Pacific that,
Morgan Stanley’s talking to CIC, not Citic
Is Morgan Stanley really in talks with Citic, as reported by CNBC?
Not quite, according the FT’s Beijing Correspondent, Jamil Anderlini.
A well-placed person at Citic Securities told the FT that talk of the brokerage having anything to do with a Morgan Stanley bailout or any dealings whatsoever was unfounded market rumour.
Lehman held talks to sell 50% stake
Lehman Brothers, the beleaguered US investment bank, held secret talks to sell up to 50% of its shares to South Korean or Chinese parties in the first week of August but failed to reach agreement with either.
BBVA to raise stakes in Citic units
BBVA said Tuesday it would spend €800m ($1.2bn) to raise its stakes in two units of Citic Group, the Chinese financial group, as the Spanish bank seeks to increase its presence in Asia. BBVA intends to roughly double its stake in Citic Bank,
Snap news
The latest on Tuesday,
- Vodafone to make formal €1.6bn bid in next 24 hours for Tiscali at €2.8 a share – Dow Jones.
- GfK and Taylor Nelson Sofres boards agree terms for merger of equals –
Drop in Asian IPOs hits investment banks
Investment banks have had a poor start to the year in Asia after their most profitable year in the region in 2007. Revenues from equity capital markets have fallen sharply as fewer companies have braved turbulent market conditions to go public.
Citic drops $1bn Bear investment
Citic Securities, one of China’s largest brokerages, on Tuesday formally acknowledged it had pulled out of a planned $1bn investment in Bear Stearns following JPMorgan’s agreement to purchase Bear.
Citic cools on $1bn Bear tie-up
Citic Securities, one of China’s largest brokerages, distanced itself from a planned tie-up with Bear Stearns on Sunday, saying it had not signed any formal agreement with the Wall Street firm and could not guarantee it would go ahead with a deal announced late last year.
Citic demands bigger stake in Bear Stearns
Chinese bank Citic is negotiating for a larger stake in Bear Stearns because of the sharp decline in the US investment bank’s share price, reports the Daily Telegraph. Citic agreed to invest about $1bn in Bear in October,
CITIC renegotiates its Bear stake
A sign of the times, perhaps? Certainly evidence of China’s growing financial sophistication.
Mindful of the sharp fall in Bear Stearns share price over the past four months, top Chinese brokerage CITIC Securities is looking to renegotiate the stake purchase it agreed with Bear back in October,
Bear in landmark deal with Citic
Bear Stearns and Citic Securities struck a landmark deal to invest $1bn in each other as part of a strategic alliance that will also set up an Asian investment banking JV between China’s largest listed brokerage and the US firm.
China’s Citic pursues Bear stake
China Citic Bank could be looking to buy a significant stake in Bear Stearns. A senior Chinese official said on Tuesday that Citic was pursuing a stake in the troubled Wall Street firm. Jiang Dingzhi,
China approves buy-out funds
The Chinese government has given the go-ahead for two domestic brokerages to set up private equity funds as part of its strategy to develop a homegrown industry that can compete with international funds such as Carlyle and Blackstone.
Pru lifts stake in Chinese joint venture
Prudential, the UK’s second-largest life assurer, has increased its stake in its Chinese fund management joint venture with Citic, one of China’s leading state-owned financial conglomerates, from 33 per cent to 49 per cent.
China Citic Bank surges on debut
Shanghai-traded shares of China Citic Bank Corp more than doubled on their first day of trading after a $5.4bn stock sale, the world’s biggest this year, reports Bloomberg. The stock rose to 12.19 yuan at 10:31 a.m.
US shoots down $295m AsiaSat deal
The US state department has shot down a proposed $295m deal to take private the Hong Kong-based satellite operator Asia Satellite Telecommunications, invoking export approval powers dating back to the cold war.
China Citic raises $5.4bn in world’s biggest offering
China Citic Bank, the nation’s eighth-largest, raised $5.4bn in the world’s biggest stock sale this year after pricing the shares at the top end of the range, reports Bloomberg. Citic Bank raised 13.34bn yuan ($1.7bn) selling 2.3bn new yuan-denominated shares in Shanghai at 5.8 yuan apiece and another 4.89bn shares in Hong Kong at HK$5.86 apiece,
Citic eyes dual IPO as ICBC looks to overseas expansion
Citic Bank could become the second company to conduct a simultaneous IPO in Hong Kong and Shanghai after China’s seventh-largest lender won approval for a mainland listing from Chinese regulators. The bank,
Calyon and Citic East China form new futures brokerage
Citic East China and Calyon Financial Hong Kong on Monday announced a joint venture agreement to form a new futures brokerage entity that could become the first futures brokerage in Shanghai and the second in China to be jointly owned by a mainland Chinese firm and a Hong Kong brokerage.
Greenberg wagers on Chinese IPOs
Hank Greenberg is back in business in China, launching a small private-equity fund aimed at the nation’s IPO issuance, reports the Wall Street Journal. The former chairman of AIG will be pursuing deals through a JV he has set up with Citic Securities.
Citic completes Kazakh oil buy
Citic Group, the Chinese state investment arm, has completed a $1.9bn deal to buy oil assets in Kazakhstan from Nations Energy, dispelling speculation that the purchase might be blocked by the Kazakh authorities.