Assorted Clippings
August 28th, 2003Bloomberg had a story yesterday reporting that Goldman Sachs may establish a foreign-invested securities company in the PRC. The story suggest it would be with Fang Fenglei, a leading PRC investment banker. However, under the FI-SC rules, the Chinese partner in a FI-SC must be a PRC securities company or trust and investment company. An individual would not work. Thus, Goldman could not establish a JV “with Fang Fenglei” as the story describes. No matter how much industry experience or money he has, he is not, absent some extraordinary approval, qualified to establish a FI-SC with Goldman.
The IPO of Huaxia bank, the fifth bank to list in China, is the big news this week from PRC stock markets.
The Washington Post had a story a couple of days ago cataloging recent activity by reformists and the push back from Jiang Zemin’s allies, including a current effort to suppress discussion of political & constitutional reform.