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2010-6-24 12:09
What do a pair of Middle Eastern sovereign-wealth funds, an Australian media company, and a Dutch bank have in common? They're all among an unlikely squad of cornerstone investors for the Hong Kong portion of Agricultural Bank of China's initial public offering.
This is no joke. The lineup of investors -- which includes the Qatar Investment Authority, Seven Group and Rabobank -- highlights just how much has changed since China's other major banks were floated some five years ago. Back then, China turned to foreign banks for credibility and long-term, strategic investment, letting the likes of Bank of America and Royal Bank of Scotland buy stakes at attractive discounts to the IPO price. That drew internal criticism that the state was giving away its crown jewels overseas. Some of the foreigners then made things worse by offloading their Chinese bank stakes at a still-decent profit when the subprime-debt crisis wiped out their own balance sheets. This time around, China is marketing a less appealing bank -- AgBank's legacy of bad loans was a messy affair to clean up -- but it is cutting no sweetheart deals: Foreign investors are paying the full price. Even so, there is no shortage of them, with each having motives besides making a hoped-for return on their investment. Middle Eastern investors are shifting their attention eastward, making up for lost time in terms of investing in China. Paving the way, sovereign funds from Qatar and Kuwait are taking the biggest positions in the AgBank offering, with $2.8 billion and $800 million, respectively. The investments from Seven Group, Rabobank and Standard Chartered have been accompanied by cooperation agreements. Seven, once known only for its Australian television network, is seeking to work with AgBank to expand its heavy-equipment business in China. The three investors hope AgBank can help them extend their reach in an important growth market through its extensive branch network, the largest in China. Archer Daniels Midland, the U.S. agribusiness giant that plans to invest $100 million, could also benefit from AgBank's huge reach in areas where its products -- soybeans and the like -- will find their biggest demand. Everybody has an angle to play. And collectively, these investors will provide some needed marketing firepower during a challenging time for global markets. With about 40% of the offering now accounted for, the question is whether others without a vested interest in making nice with AgBank will be so eager to take up the remainder. 两只中东主权财富基金、一家澳大利亚传媒公司和一家荷兰银行有何共同点?它们组成了一支中国农业银行香港首次公开募股(IPO)基础投资者的意外组合。
这并不是在开玩笑。包括卡塔尔投资局(Qatar Investment Authority)、Seven Group和荷兰合作银行(Rabobank)在内的投资者阵容彰显出,自五年前中国其他大型银行陆续上市以来,现在的情况已经是今非昔比了。 五年前,中国向外资银行寻求信誉和长期战略性投资,允许美国银行(Bank of America)和苏格兰皇家银行(Royal Bank of Scotland)等公司以低于IPO价格的诱人价格认购上市公司股权。这种做法引发了国内的批评,公众认为政府是在把最有价值的资产拱手让给外国企业。其中一些外国企业之后更是变本加厉:它们出售了所持中资银行的股权,在次债危机令它们的资产损失惨重之际,获得了尚好的利润。 这次,中国要上市的是一家没有那么吸引人的银行──农行历史遗留下来的不良贷款是个难以解决的麻烦──不过却没有提供任何让利:外国投资者需要以全价认购股权。即使是这样,投资者仍络绎不绝,每个投资者除了想获得希望的投资回报之外,还各有不同的目的。 中东投资者正开始把目光转向东方,希望弥补在中国错过的投资时光。为了给这个目标铺路,卡塔尔和科威特的主权基金将在农行上市中占有最大的份额,分别投入28亿美元和8亿美元。 Seven Group、荷兰合作银行和渣打银行(Standard Chartered)的投资则伴以合作协议。Seven曾经出名的只是其澳大利亚电视网络,如今开始寻求与农行合作以扩大在华重型设备业务。上述三家投资者希望农行能够通过自身广泛的分支机构网络帮助其扩大在中国这个重要增长市场上的业务。农行的分支机构网络是中国最大的。 美国农业企业巨头Archer Daniels Midland则计划投资1亿美元。该公司的主要产品是大豆等农产品,它也有望从农行在这类产品需求最大地区的广泛分支机构中获益。 大家都有自己的算盘。总体来讲,在眼下全球市场面临挑战的时候,这些投资者的加盟将为农行IPO提供一些必需的卖点。目前农行IPO已经有约40%的部分“名花有主”,在这种情况下,问题是在与农行合作上没有既得利益的其他公司是否会急切地认购剩下的股权。 |