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厚朴基金拟10亿美元认购民生银行H股
英国《金融时报》 森迪普•塔克 香港报道 2009-11-17 (www.ftchinese.com)

总部设在北京的私募股权基金厚朴基金(Hopu Investment Management)将向赴香港上市的中国民生银行(China Minsheng Banking Corp)认购大笔股权。厚朴基金的创立者为高盛(Goldman Sachs)前交易撮合者。中国民生银行计划在香港IPO，融资40亿美元。

知情人士表示，厚朴基金已承诺认购10亿美元民生银行股份，认购额超过其他投资机构。民生银行上市将是香港今年以来最大规模的IPO。

此举对厚朴基金来说无异于豪赌，在民生银行在港上市后，它将成为中国最大的私有银行的主要股东。数家海外投资者寻求认购1亿美元民生银行股份，乔治 •索罗斯(George Soros)创立的索罗斯基金管理公司(Soros Fund Management)就是其中之一。

在瑞银(UBS)带领下进行全球路演后，民生银行H股将于本周四进行定价，其参考价为8.50-9.50港元。取决于最终需求，机构认购金额可能被缩减。民生银行H股将于11月26日正式挂牌交易。

民生银行被认为是中国前十大银行中，管理最好的银行之一，该行成立于1996年，4年后在上海上市。该行拥有2000亿美元资产。

投资者对民生银行将受惠于中国经济快速增长的信心日增，推动该行在上海挂牌的A股上涨。该股昨日收于8.56元人民币，高于H股最高参考价。

近几周来，香港接连进行了多宗IPO。受散户投资者情绪波动影响，其中数只新股表现不佳。机构投资者认为，民生银行配售给他们的比例较大，应可降低股价波动。

继数十亿美元入股中国银行(Bank of China)和中国建设银行(China Construction Bank)后，认购民生银行股份将进一步扩大厚朴基金在银行业的投资组合。

厚朴基金管理着25亿美元资金，在新加坡政府投资机构淡马锡(Temasek)和高盛的财务支持下，于去年成立。其后20家支持者进一步增加了对它的投资。

厚朴基金的创立者方风雷和王忠信(Richard Ong)，此前分别是高盛在华合资证券公司和高盛东南亚投资银行业务的负责人。

民生银行IPO规模将超过今年9月在港上市的中国冶金科工股份有限公司(Metallurgical Corp. of China Ltd., 简称：中国中冶)，而且正当企业界期待亚洲资本市场为增长提供资金之际。中冶融资金额为28亿美元。

译者/岱嵩
本文的网址：http://www.ftchinese.com/story/001029752

Hopu to bag $1bn Minsheng stake
By Sundeep Tucker in Hong Kong 2009-11-17 (www.ftchinese.com)

Hopu Investment Management, the Beijing-based private equity fund set up by former Goldman Sachs dealmakers, is set to acquire a massive stake in China Minsheng Banking Corp as part of the lender's $4bn Hong Kong initial public offering.

People familiar with the matter said that Hopu had pledged to buy $1bn of Minsheng stock, out-gunning rival investment institutions to back the city's biggest IPO of the year.

The move represents a huge bet for Hopu, which will become a leading shareholder in China's largest privately owned bank after its listing. Soros Fund Management, founded by George Soros, is among several overseas investors seeking to acquire a $100m stake in Minsheng.

Minsheng H-shares will be priced on Thursday this week, following a global roadshow led by UBS, within the indicative range of HK$8.50-HK$9.50. Institutional orders could be scaled back, depending on eventual demand, with trading scheduled for November 26.

The bank, considered among the best managed of China's top 10 lenders, was set up in 1996 and listed on the Shanghai stock market four years later. It has assets of $200bn.

Minsheng's Shanghai-listed A-shares have climbed amid rising confidence that the bank will benefit from China's fast-growing economy and yesterday closed at Rmb8.56 – higher than the top of the H-share price range.

Hong Kong has hosted a flurry of IPOs in recent weeks, some of which have traded poorly amid fickle retail sentiment, and institutional investors believe a larger allocation for them in Minsheng would reduce share price volatility.

The stake will further expand Hopu's banking portfolio, following multi-billion dollar acquisitions of stock in Bank of China and China Construction Bank.

Hopu, a $2.5bn fund, was set up last year with financial backing from Temasek, the Singapore state investment agency, and Goldman Sachs, and its 20 backers co-invest further on an ad-hoc basis.

Hopu was founded by Fang Fenglei, a former full-time head of Goldman Sachs' mainland securities joint venture, and Richard Ong, a former investment banking head of Goldman Sachs in south-east Asia.

The Minsheng IPO is on course to eclipse Metallurgical Corp of China's $2.8bn Hong Kong listing in September, and comes as companies look to Asia's capital markets to fund growth.

本文的网址：http://www.ftchinese.com/story/001029752