If he had to let Blackstone choose one of the two words "be the first to be strong" and "the latecomer will be first", it seems that the world-famous private equity fund can only choose the latter.
Because whether it is Goldman Sachs, which established a joint venture investment bank in China as early as 2004, or Morgan Stanley, which started a long-term direct investment business in China in 1993, Blackstone is now just in its infancy, but this He further strengthened Blackstone's determination to accelerate expansion in China.
On December 15, the Financial Times reported that Blackstone Group had made two decisions. One was to send its executives from New York to Hong Kong to take charge of private equity business in Asia; Chairman Liang Jinsong's inclusion in the group's executive committee further highlights the growing importance of Greater China to the world's largest asset management acquisition group.
Just a few days ago, Liang Jinsong said that China should have different financial institutions, "We hope that a large investment bank can compete with Goldman Sachs and Morgan Stanley, just like there are one or two fund companies in China that can compete with Blackstone. Come to compete, this is natural. "
Obviously, if Blackstone still coveted the pipa half before covering the Chinese market, then this time it is undoubtedly to completely uncover this layer.
Investment blackstone lifted ban immediately CIC still loses 55%
Although 3 years have passed, CIC's investment in Blackstone is still in a floating loss.
In May 2007, CIC, which is still in preparation, spent $ 29.605 per share to purchase 101 million non-voting shares of Blackstone Group, with a total cost of $ 3 billion and a lock-up period of 4 years. As of the close of December 16, 2010, Blackstone ’s share price is still only $ 13.41 per share, and its earnings per share is-$ 1.50. Obviously, less than a year before the lifting of the ban, CIC ’s first $ 3 billion The floating loss of investment is still as high as 55%, about 1.65 billion US dollars.
However, in Liang Jinsong's view, CIC's investment in Blackstone is not just for profit and loss on the book.
"Because China is still a developing country, it needs financial services." Liang Jinsong said that if China is to become the world's second largest economy in the next 5 to 10 years, "there will be a lot of help for Chinese companies to become international." Financial services company. "And Blackstone is clearly such an institution.
But in the eyes of the public, in the past three years, CIC did not seem to gain any benefit from participating in Blackstone. On the contrary, the Blackstone Group has made a lot of money in China with the help of CIC ’s aura.
With the "blood connection" with China, the name of Blackstone Group began to be able to attract capital in the Chinese market and look for project investment. Whether it is a stake in Blue Star Group, buying a Shanghai business building, building a Shouguang logistics park, or even setting up a fund in mainland China to attract attention, including social security funds, Blackstone has surpassed the old investment banks Goldman Sachs and Morgan Stanley at an alternative rate.
"In addition to its own development needs, Blackstone hastened its time to accelerate its accumulation in China. It is also possible to consider the situation after the CIC lifted the ban." An investor who asked not to be named revealed that once CIC followed the example of selling Morgan Stan In the case of profit, if all are sold after the ban is lifted, it may be a loss of more than one billion US dollars for himself, but for Blackstone, it will lose the umbrella of CIC. "What's more, from the current situation, since the investment has not made money for four years, the sell-off is not entirely without reason."
However, even in the case of Dongfeng, Liang Jinsong still believes that Blackstone cannot avoid the non-national treatment of foreign capital in China, which also explains why Blackstone established its own RMB fund in China.
"The most important thing in China is funds. Foreign exchange reserves have reached 3 trillion by the end of the year, so it is better to be your own RMB fund." Liang Jinsong said, "Our RMB funds are theoretically the same as domestic RMB funds, but from From a certain perspective, it is still foreign investment. Whether we can achieve national treatment or not, we know ourselves. "
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