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State bank funding to help major firms go private
While Chinese stocks struggle to attract US investors, privateequity groups are seeking to buy out some of these companies, with funding provided by Stateowned China Development Bank.
Frustrated by their low valuations, recently delisted Harbin Electric Inc and Nasdaqlisted Fushi Copperweld Inc have turned to Abax Global Capital, a Hong Kongbased asset manager partowned by Morgan Stanley, in attempts to go private.
Shares of USlisted Chinese companies have been hit hard by accounting scandals fueled, at least in part, by short sellers such as Muddy Waters LLC over the past two years.
While most Chinese companies haven't been accused of wrongdoing, the value of Chinese stocks has plummeted in the US stock market. The 180 Chinese companies that have issued securities on foreign exchanges since the start of 2010 are trading on average 21 percent below their offer prices, according to data compiled by Bloomberg News. The 82stock Bloomberg Chinese Reverse Mergers Index has lost an aggregate 25 percent since August 2011.
There are 129 USlisted Chinese companies trading at an average of eight times their estimated 2012 earnings per share, compared with a ratio of 11 times EPS for 276 Chinese companies that trade on the Hong Kong exchange, according to data compiled by Citigroup Inc.
"If you can distinguish between a good company and a company that has issues, you can do very well investing in China," said Kevin Pollack, a fund manager at Paragon Capital LP in New York.
Abax, which manages $900 million in assets, started a $300 million fund this year to invest in USlisted Chinese companies. In November 2011, Harbin Electric, a maker of electric motors in northeastern China and listed on Nasdaq, went private in a buyout by Abax and Yang Tianfu, Harbin's CEO, that was financed with a $400 million loan from the Hong Kong branch of China Development Bank, or CDB. Yang and Abax each owned about 41 percent of the company's outstanding shares before the deal; the split now is Yang, 75 percent stake, and Abax, 25 percent.
On June 28, Abax said it had reached a deal to take over Fushi Copperweld, a Dalianbased manufacturer of copper wire and related products, along with the company's CEO, Li Fu. The $9.50ashare offer, which Fushi's board of directors approved, represents a premium of 21 percent above the stock's closing price on the day the deal was announced. Although lower than Abax's initial bid of $11.50 a share in 2010, the offer was higher than one for $9.25 submitted last November.
The deal is valued at $363.8 million based on Fushi's shares outstanding as of May 4. Fu, Abax and their affiliates, who own about 30 percent of the stock, will buy out the company with their own equity and debt financing from CDB in Hong Kong.
Fushi said its decision to go private was based on "the determination that this transaction appropriately recognizes the value of [our] business" and provides shareholders "an immediate and substantial cash premium for their investment".
Typically, such a deal requires approval from shareholders and the US Securities and Exchange Commission. A Fushi representative told China Daily in an email that the deal is expected to be approved in the fourth quarter of 2012.
CDB is the biggest Chinese lender helping USlisted Chinese companies to go private. The bank has provided $1.085 billion toward such delisting transactions, more than China Citic Bank Corp's $25 million, the secondbiggest outlay, according to data from Roth Capital Partners, an investment bank that specializes in emerging markets.
In June, China TransInfo Technology Corp, which makes geographic transportationinformation software for the Chinese government, agreed to be taken private by its CEO, Shudong Xia, in a deal that values the company at $146.6 million. The acquisition was funded with a loan from CDB.
The bank also played a big role in the privatization of China Security Surveillance Technology in September 2011, before Harbin's financial buyout.
Some critics have speculated that CDB's financing has to do with Beijing's disagreement with Washington over crossborder regulation of accounting firms. But a person close to the matter, who asked not to be identified by name, said it's a "pure commercial decision".
"CDB has its own criteria about loans made to any company. It may continue to finance deals going private if it sees fit," the person said.
According to Roth Capital Partners, 10 Chinese companies with a combined value of $3.5 billion were taken private last year. In contrast, 12 Chinese companies raised $2.2 billion through an initial public offering, which represented half the amount raised through IPOs in 2010.
As of February, seven of 17 goingprivate deals involving USlisted Chinese stocks announced since 2009 had been completed, according to Bloomberg News.
Roel Campos, a partner in the Washington office of law firm Locke Lord LLP and a former SEC commissioner, said fewer Chinese companies will seek a US listing as more Chinese public companies attempt to return to private hands.
Donald Yang, Abax Global Capital's chief investment officer, told Bloomberg News that Harbin Electric and Fushi might seek a stock exchange listing in Hong Kong.
Companies that want a new listing need to "restore their reputation", Campos said.
Harbin Electric has denied allegations by Citron Research, a California short seller, that it overstated its export revenue. In a statement, Harbin CEO Yang called Citron's report a "patchwork of fabricated evidence, falsehoods, selective use of information, and clearly biased and dishonest reporting."
Fushi Copperweld's stock slid in April when Muddy Waters accused the company of overstating production and possibly falsifying account statements. Fushi denied the claims,[url=http://www.sport.fr/sponsoring/uggpascher.html]bottes ugg femmes[/url], which it described as "vague and nonspecific".
"There has been huge reputation damage to Chinese companies because of various scandals," he pointed out. "There is still hope. There are many hedge funds and investors looking to invest in a good growth story.".

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I present a most life. Because of this autumn cool, don't give up hope, in into the door to the kindergarten, gently close your eyes pierced the earth, only a dim candle light company, the autumn wind howling at the crossroads in our accidentaly across, "a dream of Red Mansions".

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yesterday, the province's most counties still appeared light rain weather. Affected by strong cold air, my province appeared along the coast northeaster 9~10 levels. The lowest temperature: most of North Central and the western city of Longyan city between 4 ℃ ~7 ℃, local counties and cities between 1 ℃ ~4 ℃, the rest mostly between 7 ℃ ~10 ℃. The highest temperature: our province north central area mostly between 7 ℃ ~10 ℃; southern most counties in 11 ℃ ~13 ℃. Fuzhou City morning drizzle overcast, the minimum temperature of 6.6 degrees, the maximum temperature of 8 ℃ more.
northern Fujian province low temperature forecast: affected by strong cold air,[link widoczny dla zalogowanych], 27 - 28 in the morning, the temperature is low, the extreme minimum temperature in northern area of 1 ℃ ~5 ℃, South Central inland region of 5 ℃ ~7 ℃, central and southern coastal areas of 7 ℃ ~9 ℃.
Rongcheng Jinming maintain weather of overcast and rainy, today the temperature 5 ℃ ~8 ℃, cold day,[link widoczny dla zalogowanych], the public should pay attention to keep warm. Tomorrow, although air temperature is slightly has the rise, the weather is still cold, the day after tomorrow warmer. Encounter weather of overcast and rainy continuously, the lack of sunlight,[link widoczny dla zalogowanych], easy to make people depressed mood,[link widoczny dla zalogowanych], people should pay attention to adjust the mood, to participate in physical exercise to the dissemination of moisture and heat in the appropriate.
the weather is as follows:
27,[link widoczny dla zalogowanych], the province's precipitation enhancement,[link widoczny dla zalogowanych], inland and Ningde, Zhangzhou precipitation is obvious. Nanping, Sanming, Longyan, Ningde, Zhangzhou five city overcast with light to moderate rain, local heavy rain; the rest of the city overcast with light rain, moderate rain locally.
28,[link widoczny dla zalogowanych], low layer by the southerly airstream,[link widoczny dla zalogowanych], humidity is still relatively large. The maintenance of early late precipitation rain weather, a brief pause.
29,[link widoczny dla zalogowanych], my province is in the warm zone, the unstable precipitation. The shade has showery or thundershower, the local Nanping, Sanming two city has the heavy rain.
(Fujian saves Observatory 26 days 17 when release)
Fujian province Observatory continues to release February 26th fifteen fifty-five gale yellow signal: affected by strong cold air,[link widoczny dla zalogowanych], 27, the province's coastal northeaster 7~8 levels, the Rafale 9 levels, Chongwu to Minjiang port between the coastal short term wind gust 10. Please water and water - related work and the passing ships Caution.
&nbsp,[link widoczny dla zalogowanych]; &nbsp,[link widoczny dla zalogowanych]; Fuzhou overcast with light rain of 5 ℃ ~8 ℃
Xiamen shower 8 ℃ ~13 ℃
Quanzhou shower 7 ℃ ~10 ℃
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Competition sell residential belong to 57 square metres to 97 square metres of large-sized apartment, including Sanshiliangting, two rooms, one room apartments and other pattern. At present, the project has been completed, is expected in the first half of next year to launch.

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reporter has learned,[link widoczny dla zalogowanych], Fuzhou area inspection of exports from the port of Xiamen has more than 500 enterprises, inspection and Quarantine Bureau statistics show,[link widoczny dla zalogowanych], since January, the Fuzhou area inspection from the Xiamen port of export goods of 18930 batch,[link widoczny dla zalogowanych], worth a total of $1030000000. Customs clearance paperless mode in the port after covering,[link widoczny dla zalogowanych], these enterprises in the report to the inspection and quarantine organ for inspection and quarantine procedures and the end,[link widoczny dla zalogowanych], not to the inspection and quarantine institutions window for paper customs clearance form,[link widoczny dla zalogowanych], can be directly against the declaration of customs clearance to the customs the customs electronic data, report to export more time-saving, convenient detection. The relevant departments are expected,[link widoczny dla zalogowanych], the second half of the Fuzhou area more than 500 of exports from the port of Xiamen enterprises can save 60000 hours of customs clearance time, and costs including agency fees, travel expenses, document fee, about 6000000 yuan.
(Fuzhou Daily reporter Huang Lucong)
May 1st,[link widoczny dla zalogowanych], Fujian inspection and Quarantine Bureau and Fuzhou customs officially full implementation of inbound and outbound goods customs clearance paperless,[link widoczny dla zalogowanych], with the Xiamen customs clearance paperless mode,[link widoczny dla zalogowanych], will benefit the province's import and export business more than 3 home, the whole year is expected to be under jurisdiction of enterprise cost reduction of about 150000000 yuan.
Fuzhou news network reporter 17 days from Fujian inspection and Quarantine Bureau was informed that,[link widoczny dla zalogowanych], since 17 days, Fujian inspection and Quarantine Bureau and Xiamen customs entry-exit quarantine inspection goods customs clearance paperless mode with jurisdiction. Thus,[link widoczny dla zalogowanych], the implementation of the Fujian inspection and Quarantine Bureau of the paperless customs clearance mode has covered all the ports in our province.
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Shanxi Mount Wutai scenic area of Taiwan Huai temples over the emergence of multicoloured auspicious clouds, so there is a Chinese idiom "auspicious sign" or "Rui Cai auspicious clouds".

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reporter: I am Chinese energy newspaper reporter,[link widoczny dla zalogowanych], do Is it right? About geological reserves of oil and gas information is in the normal state,[link widoczny dla zalogowanych], in addition to keep up with the dynamic evaluation meeting released data,[link widoczny dla zalogowanych], what are the changes. Thank you. (2012-02-2310:19)
Xu Dachun: the introduction of mineral resources information release system for timely notification of important mineral exploration new reserves
Xu Dachun: the reporter is very concerned about the reserves of oil and gas resources data. Should tell the evaluation of oil and gas resource potential of the data and the reporting of data is different,[link widoczny dla zalogowanych], the resource evaluation mainly refers to is a theory or a forecast,[link widoczny dla zalogowanych], mainly to see the resources potential expected much. But these data today bulletin are geological work,[link widoczny dla zalogowanych], after the economic evaluation of certain data,[link widoczny dla zalogowanych], these data can be used as the development and utilization of oil and natural gas.
also this year we would like to reserve especially system normalization released reserves information. The Ministry of land and resources will be issued on a mineral resources information publishing system,[link widoczny dla zalogowanych], regularly or irregularly make some important mineral exploration the new reserves and important area of prospecting breakthrough in a timely manner to the friends of the press briefing.
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Shanghai City, jointly with the Municipal Commission of Commerce, the district actively implement measures, efforts to defuse the cabbage and other vegetables and seasonal varieties structural slow-moving problem.

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informed that this year, the province's new rural cooperative medical system,[link widoczny dla zalogowanych], the task of building the information platform and village health room information platform steadily,[link widoczny dla zalogowanych], the province's 11 cities (state) began running NCMS "card", covering a population of about 12000000; partial county (city,[link widoczny dla zalogowanych], District) implementation of the hospital information system,[link widoczny dla zalogowanych], the new rural cooperative medical management information system, farmers' health archives management system integration, to provide medical care, settlement,[link widoczny dla zalogowanych], reimbursement "one-stop" services for farmers; the provincial fixed-point medical institutions started immediate settlement work; children's white blood disease,[link widoczny dla zalogowanych], congenital heart disease,[link widoczny dla zalogowanych], cervical cancer and 9 kinds of major disease medical security work comprehensively. At the same time, the lung cancer, gastric cancer,[link widoczny dla zalogowanych], esophageal cancer and other 14 kinds of diseases, 23 diseases into the compensation scope.
November 5th, reporters at the Gansu Provincial Government Information Office held a news conference was informed that, Gansu province NCMS coverage expanding,[link widoczny dla zalogowanych], guarantee ability gradually improve,[link widoczny dla zalogowanych], as of September this year,[link widoczny dla zalogowanych], the province's farmers reached 19215000,[link widoczny dla zalogowanych], the participation rate reached 97.09%, up to 77% new farmers joint policy range hospitalization expense ratio, the new rural cooperative medical the per capita funding level increased to 240 yuan.
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Shanghai City, jointly with the Municipal Commission of Commerce, the district actively implement measures, efforts to defuse the cabbage and other vegetables and seasonal varieties structural slow-moving problem.