Ye Tan: Whose Teller Machine Is CCB?

In August 30th, CCB issued a notice that it had received notice from the Bank of the United States that it transferred 13 billion 100 million shares of H-share to several institutional investors, and is expected to be completed in the third quarter. delivery 。

　　 ccb It is generous enough and relaxed, which means that bank of America has reduced some of its shares for its own reasons. Bank of America Commitment, the strategic cooperation status of the two sides in the future will not change. The Bank of America is deeply concerned. Although it has to be reduced, it still needs to maintain its strategic partnership.

Tai Shi has public cloud, and all the world is prosperous. All the world is bustling, and all are for profit. No one should pretend to be living Lei Feng.

The reason for the reduction of Bank of America is to replenish capital. The CCB has become the source of the replenish capital of the US bank. The main way to replenish the capital of the domestic listed banks is to refinance the lion's mouth in the stock market, and issue subordinated debt and convertible bonds. Take China Construction Bank as an example, in November 1st last year, it issued a 61 billion 700 million yuan A+ H-share rights financing plan, and A shares and H-shares were expected to raise 2 billion 400 million yuan and 59 billion 300 million yuan respectively. This is the amount of financing after the A share market downturn. In March 28th this year, the governor has just issued a bold remark which will not be refinancing in 2011. In June 10th, it announced that the company was going to issue more than 80 billion yuan of subordinated bonds to enrich the company's capital after deliberation and approval by the board of directors.

By contrast, the practice of the Bank of America is very clear, which perfectly illustrates the benefits of strategic investors who become big financial institutions in China.

In the form of strategic or financial investors, it is far below the market price to buy shares. Mr. Yang Tao has a statistics.

In June 2005, Bank of America bought 17 billion 480 million shares of CCB from Central Huijin, making a total price of HK $1.065, and invested $2 billion 500 million in total. In September 2005, China Construction Bank IPO bought 1 billion 650 million shares in the US dollar, valued at HK $2.35, invested 500 million US dollars, and bought 6 billion shares with a HK $2.42 exercise price in June 2008. So far, the US dollar investment is only 11 billion 910 million US dollars, and the purchase price from the Central Huijin office ranges from HK $1.065 to HK $2.8. All 44 billion 700 million shares, the average cost per share is US $0.266, which is HK $2.07. In November 2010, the US bank participated in the 1 billion 800 million shares issue of H shares, and the cost of US $1 billion was 46 billion 500 million shares of CCB, with a total cost of US $13 billion.

Bank of America has invested more than 6 years in Construction Bank, how much has it earned? A total of $19 billion 400 million was collected, making a profit of US $7 billion 500 million, and a market value of US $9 billion. The total revenue was more than US $15 billion, which was close to 100 billion yuan. Not only that, net profit of 7 billion 500 million US dollars, but also holding 5% of China Construction Bank's shares, it is imperative to be responsible, such as entering into an unbounded situation, and even can immediately increase holdings. In November 2008, the US dollar invested 7 billion 60 million US dollars to increase 19 billion 580 million shares. In January of next year, we reduced 5 billion 620 million shares to 2 billion 800 million US dollars. The benefits of Bank of America can only be one or two compared with Huijin, and other investors can not catch up with them.

By contrast, the investment efficiency of China's financial institutions has been horrible. CIC has bought 10% shares of Blackstone's non chairman seats at 3 billion US dollars, and China Merchants Bank has won the Yau long line at a high price of 19 billion 300 million Hong Kong dollars under the strong enemy of ICBC, Bank of Communications, China Construction Bank and Australia New Zealand bank. In 2007, CITIC Securities signed a comprehensive strategic cooperation agreement with Bell Sten. It almost boarded the Titanic at the highest share price. If the sub-prime mortgage crisis happened half a year later, China's financial industry did not know how much loss it would suffer, and it made people shudder. {page_break}

CCB mentioned more than one time about the Bank of China's Construction Bank. strategic Help. On the website of China Construction Bank, an article published in April 29, 2010 is in the eyes of "the example of strategic cooperation between Bank of China and the Bank of America". It points out that over the past 4 years, the two sides have fully observed and implemented the original agreement and become a classic case of state-owned banks opening to foreign capital. Up to now, the Construction Bank and Bank of America have completed 41 assisting projects, 31 consulting projects and 233 experience sharing projects, and more than 1550 experts from the Bank of America have participated in strategic assistance. In the 5 phase, a total of 43 middle-level managers have been trained in the United States, and nearly 3900 employees have received all kinds of training provided by Bank of America experts. The article lists nine results. The author only wants to ask, does China Merchants Bank, which has not yet introduced international strategic cooperation, fall behind the Construction Bank after marketing talents, risks, credit cards and other businesses?

What is even more frightening is that the recipients of Bank of America's stock market are mainly domestic financial institutions, that is to say, Bank of America is making money from these institutions.

A consortium, including Temasek and its wholly owned hedge fund Seatown Holdings, bought the 5%H shares of its China Construction Bank from the Bank of America, according to people familiar with the matter. In September 4th, the Financial Times reported that China's State Administration of foreign exchange, the national social security fund and CITIC Securities were members of the consortium.

According to the information on equity changes in the information exchange in September 5th, Singapore's sovereign fund Temasek took over the Construction Bank's strategic shareholder, Bank of China, about 1/3 Construction Bank's H-share, involving more than 20 billion Hong Kong dollars, and its shareholding ratio increased from 6.27% to 8.1%. It has been reported that Singapore's state-owned investment company Temasek Holdings has sold HK $28 billion 500 million by selling bank shares of Bank of China and Construction Bank. Among them, Fullerton Financial Holdings Pte Ltd. of Temasek holding company has sold 5 billion 188 million shares of Bank of China H-shares at HK $3.63 per share, raising 2 billion 420 million US dollars. Two other subsidiaries of Temasek Holdings have sold 1 billion 502 million shares of Construction Bank H-shares at HK $6.26 per share, raising $1 billion 200 million.

Domestic financial institutions do not increase holdings or small holdings when CCB shares are below 4 yuan, but now they are offering us $4.94 Hong Kong dollars per share. Why? Is there a profit transfer? Such abnormal phenomena do not receive a clear reception from the domestic public. What kind of demands are there for large financial institutions? What kind of face do they require ordinary investors to bullish on Chinese financial institutions? There is a strategic success in the so-called Chinese investment organization's overseas investment in Book losses. Please do not have to play it again.

In September 5th, Fang Conway, China's oil spill well, said it had completed the program to stop drilling, water injection and production operations in the 19-3 oil field, and a total of 231 wells had stopped operations.

Three days ago, ConocoPhillips received the "three stop" directive of China's State Oceanic Administration. That is to say, we should stop reinjection, stop drilling and stop oil and gas production in the whole 19-3 oilfield. ConocoPhillips China said that the 231 wells that had stopped operations in the Gulf were 180 production wells and 51 water injection wells.