Category: Money tips Release Date: 2007-02-25
October 27, China Construction Bank listed on the Hong Kong Stock Exchange. According to previously completed a public offering, China Construction Bank IPO is expected to raise overseas nearly 70 billion Hong Kong dollars, this year the world's largest IPO.
China Construction Bank Chairman Guo Shuqing.
China Construction Bank listed as the four major state-owned banks listed overseas maiden voyage, has been regarded as a Chinese bank reform 'a new beginning', the follow-up the reform movement Guo Shuqing, the China Construction Bank, China's state-owned banks will have far-reaching effects.
China Construction Bank IPO population 460 billion luxury silver snowflake
China Construction Bank IPO vigorous state-owned banks on her maiden voyage, which is underpinned by a large amount of money by the government purse strings 'artificial beauty' works. Before he became chairman of China Construction Bank, Guo Shuqing, deputy governor for Central Bank, Foreign Exchange Administration Bureau, Central Huijin in his capacity as chairman, but also one of the project's operations division. By the end of 2003, China Construction Bank to proceed against the background of insolvent financial joint-stock reform, when the total equity of -1332.06 billion. Prior to 1998-1999, the Government through the directed bonds, and asset stripping, given the bank's 213.8 billion yuan of financial support; December 30, 2003 the Company's Construction Bank Huijin injected 22.5 billion, offset a loss; Government to China Construction Bank profit distribution for 2004 to supplement the China Construction Bank lost a total of 65.5 billion yuan; also includes income tax benefits and so on. A cursory must register in order to ensure compliance with the listing standards of China Construction Bank, the Government invest up to 460 billion yuan.
In October in Hong Kong in late autumn suddenly began to Guo Shuqing has reason to feel too proud, because he led a relatively perfect the China Construction Bank listed in Hong Kong completed. But for him, just 'a new beginning', because when the gong sounds after the listing of China Construction Bank, the reform of the keywords to be upgraded to the primary mission of his professional position, and successful still quite long.
Opening of the fire captain fighting: without concealing anything from the disease, end demand trust
Guo Shuqing, China Construction Bank fierce battle leading overseas listing of state-owned commercial banks, the opening battle can only be successful in the tragic context, the implicit representation of a heavy task: to restore international investor confidence in China's state-owned banks. The former chairman Zhang Enzhao After the incident the next day, Guo Shuqing to accept the appointment as party secretary of FireWire, a week later he was elected chairman of the mission is clear.
With the state-owned enterprises also enjoy the monopoly system, but the four major state-owned banks, such as Sinopec, had not only failed to repair was '金身', but a ragged. String of corruption scandals, then tear the last fig leaf. China Construction Bank's listing plan, but also once seemed so precarious, international public opinion a pessimistic. 'This allows us stunned. 'In this case, to elegant gentleman pulled Guo Shuqing, China Construction Bank, known as pulling a civilization have not yet learned the language a child, he discovered that for most people to believe these kids are the future is not easy.
Although the China Construction Bank to the market a pretty incredible financial statements, but can not easily eliminate from the market challenge. HKEx listed on the Listing Committee before the hearing that the non-performing loans of China Construction Bank audit methodology does not reflect the bank's overall financial position. A partner at PricewaterhouseCoopers, said, 'This is in fact questioned the bank's internal controls. 'Non-performing loan is a surface of the core issues, the formation of a monopoly under the system of' internal control 'management system is a root cause.
Guo did not evade the market criticism. In a series of crisis, public relations, the Construction Bank of the problem showed a considerable degree of sincerity, for example, admitted in the settlement history of non-performing assets, net of state funding support, 'China Construction Bank to rely on its own efforts to reduce the role of non-performing asset ratio is limited' ; and even control the risk of potential non-performing assets do not hesitate to say that recognition of non-performing loans in the first half of 2005 increased.
At the same time, Guo Shuqing has repeatedly expressed a strong desire to: China Construction Bank listed on the ultimate goal is to build a modern commercial bank, 'our business processes, management systems, incentive and restraint mechanisms are also needed reborn transformation is not listed means completion of the reform. '
Guo won the trust, to a certain extent, without concealing anything from the disease due to the calm and determined commitment to reform.
In order to promote market reform: the huge gap between assumptions and reality
Hope Leverage management system of state-owned commercial banks, the Chinese government to promote the listing of Originalism. To this end, the Government risked everything in order to divest non-performing assets, write-offs, equity and other cosmetic way to meet the listing standards of repair.
Guo Shuqing do not have any different views, he said: 'fighting for market, can really speed up the pace of reform, the introduction of competition and oversight mechanisms, the introduction of foreign management experience and talent, you can increase the pressure from. 'He even said, listing not only an important way of reform is the only way.
Guo Shuqing said that after the listing of a strict external oversight will lead to the CCB changed the system. The motivation to a large extent would be expected in the United States banks and other strategic investors. Construction row selection criteria of investors 'principal is able to engage in business cooperation, technology transfer, to help us change the mechanism'.
Guo made it clear that: 'This is the most important and most fundamental purpose. '
Prior to the strategic stake in Bank of Communications, HSBC has been as a successful model, as HSBC to be actively involved in management, decision-making effect. However, the scale of China Construction Bank, state-owned status characteristics, so that this reference to the meaning greatly reduced.
International public opinion has always maintained that the bank shares such acquired shares of funding is too high and too low, the final difficult decision-making influence. Although the Bank of Communications, Shenzhen Development Bank are due to the introduction of strategic investors, a balanced decision-making a single large shareholder risk, but state-owned shares in China Construction Bank account for more than 80% of the cases, the relative dispersion of overseas shareholders, the sound will really be taken seriously do ?
In addition, the identity of foreign investors in state-owned China Construction Bank to form a potential risk management concerns Nan Xiao: China Construction Bank in the end is a board or two 'board'? (Another 'Board' means the party committee CCB)
Therefore, experts believe that the listing of China Construction Bank, and not enough to solve all its problems. Sina had listed could save the state-owned banks have made an online survey, 84% of Internet users not think so.
Yi Xianrong that the behavior of listed building, although the short period of time to complete the entire form of bank restructuring, and to the standards required by international markets, to complete a restructuring. However, the new institutional arrangements, operational mechanisms, if not for the China Construction Bank's internal environment to survive digestion, then building a line of restructuring to achieve the results envisaged is not possible.
Pointing to the current institutional arrangements to mention when the external pressure in spite of its role in promoting, but still non-transformative force.
Unable to unlock the deadlock: The left-handed right-handed regulation
Spent a huge foreign exchange reserves after the completion of injection, another wholly-owned state-owned enterprises - Huijin has become the largest shareholder of China Construction Bank. But the right-hand man Daoteng state-owned assets of the 'hat-trick', and the reform of the CCB did not provide a basis for truly effective property rights.
Guo Shuqing was that: 'according to the law incorporated in the Central Huijin Investment Co., Ltd. is responsible for the pilot bank recapitalization, and as investors urge the Bank to implement various reform measures to improve the corporate governance structure, and strive to share the assets to obtain a competitive return on investment and dividend income. 'Country voted to return the money is. However, behind the state-owned banks to lend loans to the SOEs have to return, in which there are many purposes is to promote the company's change, but the result?
This kind of huge investment in the reform of state-owned banks to create internal pressure of demand there is still no set pattern from the philosophy of government regulation. Because it incorporates the Huijin state-owned China Construction Bank Corporation, including representatives of investors, all with the China Construction Bank has close to as nepotism and the government that serve the same boss, in fact equal to urge their own, the effect is difficult to be successful enough. Associate chairman Guo Shuqing as Huijin post, this statement is not difficult to draw.
More importantly, the Mainland experts have repeatedly pointed out that the criteria for success of the reform of state-owned banks is the possibility of new institutional arrangements to form a new management mechanism. In fact, the focus of the reform of banking supervision is the government, but rather not banks. Experts believe that the Government is a high degree of control and depth of protection, resulted in political, bureaucratic and administrative operations forces in the bank to spread without restraint, and highly stressful corporate autonomy rights of the bank and bankers innovation.
Has been the role as the bank regulator Guo Shuqing, how to ask current supervisors have powers?
Reformers and the mechanic: the fate of the Kuok could not call the shots
Guo Shuqing profound theoretical research foundation, so that the reform of China's state-owned banks have an accurate grasp of route choice.
He believes that state-owned banks non-performing loans problem solving, in economic development and financial growth does not exist today, serious limitations, 'the key issue is how to change the state-owned bank's internal governance structure and operating mechanism'. In his view, 'the current domestic financial institutions, the biggest problem is not lack of capital, not a lack of market, not a lack of business, but a lack of system innovation. '
Written for the system by breaking innovation, Guo Shuqing, recycling has become the key to the new line.
Guo Shuqing has repeatedly stressed: 'operational management of all the powers should be placed in bank office will be the following, including personnel of the right, or even the nomination of vice president is president of power. 'The governance structure within the company moves, in Guo Shuqing was the' and cadres' in China Construction Bank on the institutional arrangements a challenge.
If we say that the introduction of foreign strategic investors and public listing, only for Guo Shuqing, China Construction Bank to promote institutional reforms in the complete surgical provide a possible, then he can, to what extent and how to achieve speed of the reform objectives will depend on his government regulation between the business management of power game.
He is a reformer, or the mechanic, will ultimately depend on the outcome of the game.
Kwok resume
1988, -1,988 in the State Commission for Restructuring the Economy of foreign institutional work of the Division.
1988, -1,993 in the State Planning Commission Vice Director Center for Economic Research.
1993 -1996 at the National Commission for Restructuring the Economy Comprehensive Department of any Director.
1996 -1998, he served as the State Commission for Economic Restructuring party members, the Secretary-General.
1998 -1998, he served as party members of the Economic Restructuring Office of the State Council.
1998 -2001 years, Vice Governor of People's Government of Guizhou Province.
Appointed vice president of the People's Bank in 2001, the State Administration of Foreign Exchange.
In 2005 was appointed as party secretary of China Construction Bank Corporation. In 2005 he was elected as chairman of China Construction Bank Corporation.
Gentleman - Scholars - official
Many people who come into contact with Guo Shuqing, can think of 'gentleman', 'grace' of the kind words. Beijing Normal University, Zhong Wei, director of Financial Research Center, the first time he saw such a description of the Guo Shuqing: dress neatly, and looks delicate and pretty, very quiet and sat at first glance thought it was a young scholar; and coherent speech, clear, concise and clear, is filled with gentle. At the same time, Guo Shuqing due to many achievements of macro-economic research, also known as an absolute classic scholar-officials. Since 1980, more than 300 papers have been successively published articles, books 13. There are also people who knew him said Guo Shuqing inserted in Inner Mongolia had teams, no small amount of alcohol, 'character, upright', doing things decisively.
