Bank of China unit outguns heavyweights: political connections help CDFC carve out a role in IPOs
Article Abstract:
China Development Finance Co. (CDFC) has upstaged its competitors in the investment banking industry of Hong Kong by participating in the most number deals in the securities sector. The firm, which is owned by the Bank of China, has the advantage of its parent company's influence in its business deals. The CDFC, which only has a professional staff of 14 people, was able to successfully participate in a total of 16 underwriting deals for a total of $3.10 billion. Its closest competitor, HSBC Investment Bank Asia Holdings Ltd. only has 13 deals totaling some $2.69 billion.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1997
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City aces finance review
Article Abstract:
Local officials in Hong Kong, spearheaded by Finance Secretary Donald Tsang, are intensifying efforts to support the growth of securities-related businesses in the city, as the financial sector continues to perform strongly in the market. According to the latest federal assessment, interest rates and property values have shown signs of modest improvement in 1997, thus requiring no significant changes in the sector's banking and currency policies. However, the government is eyeing to establish more defined rules concerning financial disclosure among listed companies.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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AIG to acquire Hong Kong's SPC Credit as part of Asian consumer-finance push
Article Abstract:
American International Group Inc. (AIG) announced plans to acquire SPC Credit Ltd. (SPC), a mid-size Hong Kong financing entity owned by BankAmerica Corp. AIG executives stated that the purchase of SPC would allow them to offer complete financial services for their customers. AIG declined to reveal the terms of the deal but industry analysts expect the company to pay more than $100 million for SPC.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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