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Bank of China’s IPO

May 11, 2006

Analysis of:Focusing on China's Red-Hot Banks | online.barrons.com

Following in the footsteps of Bank of Communications (BoCom) and China Construction Bank (CCB), Bank of China’s (BOC) IPO application was approved by the Hong Kong Stock Exchange on April 27, 2006. BOC was expected to raise US$8 billion IPO, which translates to a share price that is 1.85 to 2.23 times its 2006 book value. In comparison, both CCB and BoCom’s share prices currently stand at 3 times its book value. Since CCB and BoCom have gained 50% and 100% in returns, respectively, for investors in the past year, there is no doubt that BOC’s IPO will be well received.

CNOOC learned a valuable lesson after losing its bidding-war with Chevron.

May 8, 2006

Analysis of:CNOOC reviews its Unocal bid for the first time | www.chinanews.cn

Why did China National Offshore Oil Company Limited (CNOOC) bid for Unocal in 2005? On April 30, 2006, CNOOC argued that the move was necessary for CNOOC to realize its fast development and to build a global energy company. Why did the bid fail? CNOOC attributed the failure of its bid to underestimating the resistance from the international political environment.

The implications of China's lending rate increase on April 27, 2006

May 2, 2006

Analysis of:China lifts lending rate to cut loans surge | news.ft.com

China moved to tackle a surge in new bank loans and investment on April 27, 2006 by lifting the benchmark lending rate by 0.27 per cent.
The increase resulted in a sell-off by Asian investors worried that the rise signalled a slowdown in the Chinese economy.

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