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Market wrap-r2:AMM grid in qxp 12/24/09 9:23 AM Page 6
MARKETWRAP
RegulatorsinChinaandIndiawarnbankstoproperly
Chinesegovernmentwasinter- (US$232million),saidpeople
capitalisethemselves,whileJapaneseinstitutions
estedinmovingsomelower familiarwiththediscussions.
valuemanufacturingsuchas Haitong,China’ssecond-
preparehugecapital-raisingequityissues.Australia’s
toysandfootweartonew largestlistedbrokerage,wants
senaterejectscarboncutproposals,butSouthKorea’s
Africanfactories. toconsolidatethestakeand
thenmakeageneralofferfor
governmentpledgestocutitscarbonemissions. GeelyAutomobileHoldings allremainingsharesplusthe
isclosetoacquiringFord remainingpubliclytraded
AUSTRALIA BHPBilliton,accordingto Motor’sVolvopassengercar shares,valuingthesharesat
TheAustralianTaxOffice sourcesfamiliarwiththe subsidiary.Thepotentialpur- HK$4.88each.Haitong’schief
launchedasurpriseaction process.PoseidonNickeland chasesarepartofanincreas- executivePeterWongsaidthe
againstUSprivateequityfirm Canada’sFirstQuantumare inglyaggressiveassetacquisi- acquisitionwouldhelpitsbusi-
TPG,pursuingoverUS$628 alsointherunningforthe tionspreebyChinese nessinthemainlandandhelp
CHINAMER-
CHANTSSECURI-
millionintaxesandpenalties mine,thesaleofwhichBHP companies.Geely’sparent itlistmoreChinesecompanies
TIESraised
inrelationtoitsrecentinitial Billitonhopeswillraiseupto companyZhejiangGeely inHongKong.
Rmb1.1billion publicofferingofdepartment A$500million(US$460mil- HoldingGroupissettogetat
(US$1.6billion)
storechainMyer.Thetax lion). leastUS$1billionfrom INDIA
throughanIPO
onthe
authorityarguesthatTPG Chinesebankstofinanceits Localbankswereurgedtolift
ShanghaiStock
deliberatelysetupanowner- CHINA US$1.8billionbidforVolvo, theircapitalreservestomeet
Exchange,but shipstructureinMyertoavoid TheChinaBankingRegulatory saidmarketsources.Butit’snot theneedsofarapidlygrowing
onthefirstday
localtax,usingasetofcompa- Commissionwarnedthatit adonedealyet;agroupoffor- domesticeconomyandavery
oftradingits
sharesrosea
niesintheNetherlands, wouldrefuseapprovalsfor merFordexecutivessubmitted competitiveglobalbanking
disappointing
LuxembourgandtheCayman bankexpansionandlimitbank- arevisedofferfortheunitin industry,saidDuvvuri
8%,from Islandstoshiftprofitsoutof ingoperationsifthecountry’s earlyDecember. Subbarao,governorofthe
Rmb31to
Australiawithoutpayingtaxes. statelendersdonotmeetcapi- ReserveBankofIndia.The
Rmb33.61.
Mostrivallist-
TPGsaidthatithadfollowed taladequacyrequirements. ChinaInvestmentCorp.said callsforcapital-raisingcome
ingshave
allAustralianobligationswith BNPParibasestimatesthatthe itwouldbuyUS$300millionto asexpectationsrisethatmore
soaredatleast
theMyerinvestment. amountneededtomeetthe US$500millionofsharesin stringentcapitalrequirements
30%onthe
CBRC’smorestringentstan- ChinaLongyuanPower’sIPO, willbeintroducedbyBasel
firstday.
ChinaMetallurgicalGroup dardswilltotalatleastRmb300 saidasourcefamiliarwiththe Committee.Sometop-tier
andMinaraResourceslookset billion(US$44billion).The situation,asthewindenergy publicsectorbankshaveasked
tojointhebiddingprocessfor decisionfollowsaheavyyearof companyseekstoraiseUS$1.3 forcapitalinjectionsfromthe
thefailedRavensthorpenickel increasedlendingbythestate billioninalistinginearly government.
mineownedbyAnglo- bankstosupportBeijing’sstim- December.CICalsoofferedto
Australianresourcesgroup ulusspendingplans.Chinese spendupto€800million AspateofIPOsaresettokick
banksextendedarecord (US$1.2billion)fora2.3% offinIndiainearly2010that
Rmb8.9trillioninthefirst10 stakeinthebuyoutfundof couldraisealmostUS$5bil-
monthsoftheyear.(seerelated London-basedApaxPartners. lionoversixmonths,mainly
storyonpage32) TheinvestmentwouldgiveCIC fromthepropertysector.But
aminoritystakeinoneof fearsarerisingthatnotallof
USinvestmentbankMorgan Europe’slargestprivateequity thesedealswillprovesuccess-
Stanleyshort-listedfiveprivate companiesjusttwoyearsafter fulasinvestorsbecomevery
equitycompaniestobuyits itspentUS$3billionfor10%of choosyaboutnewlistings.
34.3%stakeinChina USprivateequitycompany Recentdebutshaveperformed
InternationalCapitalCorp. Blackstone. badlyinthesecondarymarket,
(CICC),accordingtomedia withthelistingofIndiabulls
reports.BainCapital,Carlyle HONGKONG Powerfalling26%fromitsIPO
Group,GeneralAtlantic, Russianaluminiumproducer pricesincelistingin
KohlbergKravisRoberts,and Rusalhithurdlestoitsplanned November.
TPGmadethelistofbidders. listingonHongKong’sstock
MorganStanleyhasbecomea exchangewhenthebourse Thesharesoffraud-hitIT
passiveinvestorinCICCandit deferredforthesecondtimea companyMahindraSatyam
wantstosellthestakesoitcan decisiononwhethertolet tumbledby11%afterthe
proceedwithaseparatejoint- RusallisttoDecember7.Rusal CentralBureauof
venturewithChinaFortune hadpreviouslyannounceda Investigation,India’stopcrim-
BUBBLETROUBLE
Securities,inwhichitwould debtrestructuringofalmost inalagency,saidthatthe
AmajorbubbleisforminginChina’spropertymarketasa
enjoymorecontrol. US$17billion,akeycompo- allegedaccountingfraudat
resultofBeijing’sstimulusefforts,warnedtheheadsoftwo
ofthecountry’slargestpropertydevelopers.WangShi
nentofitsplanstogetitsshares theformerSatyamComputer
(pictured),headofVankeGroup,themainland’slargestlisted
TheWorldBankandBeijing listed. Serviceswasmuchlargerthan
propertydevelopersaidthatthebubbleswerecontained,
helddiscussionsaboutsetting previouslystatedbyB.
butthattheycouldspreadtoothercities.MeanwhileZhang
uplow-costfactoriesinnew HaitongSecuritiesofChinais RamalingaRaju,thefounder
Xin,chiefexecutiveofSohoChina,saidthatalotofstimulus
industrialzonesinAfricato settobuya52.86%controlling andformerchairmanofthe
spendingresourceshadbeenspentonpropertyprojectsthat
helpthecontinentreversea stakeinTaifookSecuritiesfrom company.“Ifyouaddupevery-
werenotbeingfilled.Propertypricesin70Chinesecities
declineinmanufacturing. NWSHoldingsinadealvalu- thingupthetotal[fraud]is
rose5.7%inNovemberfromayearearlier.
AccordingtoWorldBankpresi- ingtheHongKongbrokerage nowRs118.8billion(US$2.56
dentRobertZoellick,the ataroundHK$1.8billion billion[fromRs71.36billion,”
6 DEC2009/JAN2010 ASIAMONEY
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