Goldman lifeline to broker furthers China venture
Goldman Sachs has agreed to pay about Rmb510m ($62m) to help a troubled Chinese brokerage in order to win Beijing's approval for a landmark investment banking venture in the country.
The “donation” to a fund set up to repay depositors in Hainan Securities is the first such payment by a foreign financial company.
Goldman Sachs' intervention could herald similar moves by overseas investment banks keen to operate in China, as the Beijing government looks for help to restore the shaky finances of many securities companies.
People close to the deal said Goldman Sachs would have no involvement with Hainan Securities but that the donation was instrumental in winning Beijing's backing for its China strategy.
Goldman Sachs will also lend up to Rmb800m to Fang Fenglei, a deal-maker who will be its partner in the investment banking joint venture. This will enable the US firm to gain an advantage over international rivals by winning effective control of the venture, which will arrange equity and bond deals in China's fast-growing markets.
Goldman Sachs will contribute some $50m of working capital to the venture, making its total outlay about $200m.
Mr Fang will use the Goldman Sachs funds to set up a securities firm called Gao Hua, which means Goldman China.
Gao Hua will own 67 per cent of the investment banking joint venture, to be called Goldman Sachs China, with the Wall Street bank holding 33 per cent the maximum allowed.
Gao Hua will be owned by Mr Fang, other bankers, and Lenovo, the Chinese computer maker. However, people close to the deal said Goldman Sachs' loan to Mr Fang would give the US firm an option to buy his controlling stake in Gao Hua when the rules allowed.
The arrangement would give Goldman Sachs effective control of the joint venture and influence over Gao Hua without breaking China's securities laws.
Unlike Sino-foreign investment banking ventures, Gao Huawill be considered domesticand allowed to offer tradingand broking products as wellas equity advisory services. “It will enable Goldman Sachs to cover the full spectrum of investment banking, something no other foreign firm can do,” said an observer yesterday.
China International Capital Corp, a joint venture between the state-owned China Construction Bank and Morgan Stanley, has a licence to broker and underwrite equities, but Morgan Stanley has a 34 per cent stake with no management or operational control.
Details of the Goldman Sachs joint venture, approved by China's authorities last month, were disclosed in Caijing, the Chinese finance magazine, and independently verified by the Financial Times.
The deal could still be rejected by the China Securities Regulatory Commission but the regulator is believed to be well disposed to it.
Goldman Sachs declined to comment and Mr Fang was unavailable for comment. Rival investment banks are likely to offer to donate funds in exchange for similar ventures. However, it is unclear whether the Chinese authorities will consider Goldman Sachs' deal a precedent or a one-off.
高盛攀越中国法规的长城
今年7月，中国总理温家宝提起笔，准备签署文件批准高盛(Goldman Sachs)进入中国资本市场这个空前之举。然后，他停下来陷入沉思，在想是否会为其他外国公司立下一个效仿的先例。
与许多意在揭示中国领导人内心想法的传闻一样，这个在中国银行家中盛传的故事可能也是杜撰的。
但有关温先生的假想，正中高盛策略的核心。高盛的计策是，在中国设立一家投资银行，而不与中国大地大金融机构建立合作伙伴关系。
这家美国公司将与中国资深投资银行家方风雷建立合资企业，借此在中国杂乱无章但快速发展的资本市场上，相对国际竞争对手获得独特的优势。
然而，高盛不得不支付入场费，贡献了约5.1亿元人民币(合6150万美元)，救助破产的证券公司海南证券。此外，高盛将借给方先生高达9600万美元，让他参股这家合资企业，以换取一项选择权，即一旦政策允许高盛拥有该合资企业33%以上的股权，它就可以购买方先生所持的股权。中国目前规定，在中外合资金融机构中，外方持股比例的上限为33%。
这些“投资”换来了中国政府对高盛一项计划的批准。该公司计划成为首家在管理和财务上控制中国国内投资银行的国外银行。
“高盛已经通过了中国政府为保护国内市场免遭外国入侵而垒起的法规‘长城’，”一位中国银行家沮丧地说道。
由于中国股市相对较小且缺乏流动性，故高盛此举在短期内也许不会取得多大回报，但如果中国股市像某些人预测的那样，到2010年将成为全球第二大股票市场，那么高盛此举将证明是一个高招。
上述合资企业可能会称为“高盛中国”(Goldman Sachs China)，它仍然有待中国证监会批准设立，但据悉监管部门将赞同此事。
高盛能取得成功，靠的是公司高层及其中美盟友连续三年紧锣密鼓的游说。了解此事的人士表示，高盛董事长汉克?保森(Hank Paulson)频繁访问中国，这对于赢得中国政府领导人的首肯至关重要。
高盛拒绝发表评论，但内部人士声称，保森先生每年至少要来中国五次，比其他任何华尔街高层管理人士都要多。
这些努力得到了中国高级官员的支持，他们制止了中国国内券商的反对声，并劝说政治家，称一家国外蓝筹公司的进入，将有助于改革和整顿中国混乱的证券行业。
据悉，早在2001年，周小川和约翰?桑顿(John Thornton)就首次对高盛进入中国的前景进行了讨论。当时周小川是中国证监会主席，而约翰?桑顿是高盛亚洲董事长。
在周先生担任中国央行中国人民银行(PBOC)行长之后，他继续支持这一事务。周先生曾与摩根士丹利(Morgan Stanley)合作，帮助创建了中国首家投资银行中国国际金融公司(CICC)。
52岁的周小川曾是一名军人。他是个充满争议的人物。在与摩根士丹利发生激烈争执后，他离开了中金国际。他在中国内外树敌很多。
但经过数月的慎重研究，高盛确信，由于周先生具备专业知识（他曾参与中国电信等公司的大型上市交易)，还有许多有权有势的朋友，因此他是绝佳的合作伙伴。
虽然接近高盛的人士予以否认，但业内观察家相信，高盛与美国政府的关系也有助于它的游说：高盛前首席执行官乔恩?科辛(Jon Corzine)是个有影响力的参议员。
但高盛在中国真正的工作才刚刚开始。竞争对手声称，在一个由国内证券公司主导的市场上，要赢得交易并非易事。相比华尔街巨头公司，中国国内证券公司的能力较弱，但人脉要广很多。
方先生可能也是个问题。他将成为合资企业的董事长，而高盛将任命一人担任首席执行官。
了解方先生的人描述说，他与客户相处得非常好，但把他当同事，和他一起工作会很困难。有人说：“方先生十分注重权力。如果他能放权给高盛，我会感到很惊讶。方先生的工作方式与他们截然不同。”
然而，该合资企业将使高盛相对其竞争对手领先一步，如德意志银行(Deutsche Bank)、美林证券(Merrill Lynch)和瑞士信贷第一波士顿(Credit Suisse First Boston)。那些银行与潜在合作伙伴的洽谈不及高盛成熟。
据悉，高盛已获得中国政府的保证，它获得的待遇是仅此一次。既然如此，问题就在于，其他银行是否将被允许复制高盛的模式。
可以肯定的是，在今后几年中，温先生将被迫再次深思，高盛是否应当成为唯一获准攀登中国金融长城的外国企业。
