Citing people familiar with the situation, the report in the Wall Street Journal on Tuesday pointed that Morgan Stanley had asked potential buyers to submit indicative first-round bids for its 34.3 percent stake in CICC.

It reported the deal may obtain more than $1 billion.

Two people work for the US investment band and CICC, who both would like to keep anonymity, confirmed separately the news, saying that the CICC stake sale was a signal to Morgan Stanley setting up another local joint venture.

The Chinese government will not agree with the new joint venture, unless it sells the CICC stake, the sources added.

Morgan Stanley is going to form a joint venture securities firm with Shanghai-based China Fortune Securities Co, which it will have more management say.

Morgan Stanley was the first foreign investment bank who entered the country in the year 1995 when it invested $35 million in partnership with State-owned China Construction Bank to form CICC.

As one of the China’s biggest investment bank, CICC has specialized in clear up Stateowned firms in front of initial public offerings.

However, Morgan Stanley did not have much influence over CICC’s management led by Zhu Yunlai, the president of the enterprise, and had limited control to the operation of the brokerage during the past ten years.

The time that the US firm began to selling its stake was in 2007. Several international private-equity firms all included in the final bidders, such as Bain Capital, TPG and a consortium comprising General Atlantic, Starr International and JC Flowers.

However, early in the year 2008, this process came to an end after offers came in below expectations amid the onset of the global credit crisis.

The Financial Times reported, quoting people familiar with the situation, by the end of the first round, the original offer of more than $1 billion for the stake had dropped to around $600 million.
This followed a due-diligence process when bidders fond that the CICC management was unsatisfied with the current shareholding arrangement.

Under the structure, non-voting shares were allowed by the management which entitled them to paid dividends and could effectively dilute Morgan Stanley’s shareholding to around 27 percent.

But on Nov. 5, 2009, a source from CICC announced that this time around, it was very likely that Morgan Stanley is going sell its 34.3- percent stake for $1 billion since China’s booming stock market could propose considerable bargaining power on the seller’s side.

In 2007 the CICC’s net profit was 1.24 billion yuan, however, in the year 2008, the net profit dropped 49 percent to 627.4 million yuan. Net profit is expected to climb this year amid a rebound in China’s capital markets, one of the few bright spots worldwide. CICC has taken on little debt and has concentrated on fee income, leaving it with a strong balance sheet.

After inheriting the stake originally held by China Construction Bank, China’s sovereign wealth fund, China Investment Corp, became its largest shareholder with a 43.35- percent stake. Government of Singapore In vestment Corp, another sovereign wealth fund, holds a 7.35-percent stake.

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The People’s Republic of China

Liaoning Medium Cities Infrastructure Project

(Loan No.: 4831-CHA)

The Vehicles and Equipment of Road Traffic Management for Benxi City (BTM21)

The Vehicles and Equipment of Road Traffic Management for Fushun City (FTM22)

Bid Nos.: 0701-091020050031; 0701-091020050049

1. This Invitation for Bids follows the General Procurement Notice for this Project that appeared in Development Business, issue no. 4 of 4 April 2006.

2. The People’s Republic of China has applied for a loan from the International Bank for Reconstruction and Development toward the cost of Liaoning Medium Cities Infrastructure Project, and it intends to apply part of the proceeds of this loan to payments under the Contracts for the Vehicles and Equipment of Road Traffic Management for Benxi City (BTM21); the Vehicles and Equipment of Road Traffic Management for Fushun City (FTM22)

3. The China International Tendering Company now invites sealed bids from eligible and qualified bidders for:

Bid No.: 0701-091020090031

Lot: BTM21:

Item-1: Picker Truck (9M traffic signal maintenance) (1 set)

Item-2: Picker Truck (14M traffic signal maintenance) (1 set)

Item-3: Wireless transceiver (including hand transceiver 235 and vehicle-mounted station 100) (335 sets)

Bid No.: 0701-091020050049

Lot: FTM22-1:

Item-1: multipurpose vehicle (for traffic monitoring patrols) 10 sets;

Item-2: multipurpose vehicle (for accident scene exploration) 6 sets;

Item-3: multipurpose vehicle (for data acquisition) 1 set;

Item-4: light bus (for traffic safety propaganda and onsite integrated command) 1 set;

Item-5: car (for signal maintenance) 2 sets

Lot: FTM22-2:

Item-1: solar warning light (solar intensive flashing warning light 32 sets; solar yellow flashing warning light 32 sets);

Item-2: Wireless transceiver (including hand transceiver and vehicle-mounted station) (350M cluster hand transceiver 275 sets; 350M cluster vehicle-mounted station 30 sets; 350M Cluster vehicle-mounted station 20 sets; Shoulder phone microphone 320 sets; Headset microphone 20 sets; 350M wireless integrated dispatching system 1 set.)

The delivery period is: 3 months after signing of the contract.

4. Bidding will be conducted through the International Competitive Bidding (ICB) procedures specified in the World Bank’s Guidelines: Procurement under IBRD Loans and IDA Credits, and is open to all bidders from Eligible Source Countries as defined in the Guidelines.

5. Interested eligible bidders may obtain further information from China International Tendering Company (Genertec Plaza, No. 90, Xisanhuan Zhonglu, Fengtai District, Beijing 100055, China. Fax: 8610-63373576, Tel: 8610-63348531) and inspect the Bidding Documents at the above address between 9:30-11:30 am and 1:00-4:00 pm.

6. Qualifications requirements include in section III of Bidding Documents. A margin of preference for certain goods manufactured domestically shall not be applied. Additional details are provided in the Bidding Documents.

7. A complete set of Bidding Documents in English may be purchased by interested bidders on the submission of a written Application to the address below from Oct. 27, 2009 between 9:00-11:30 am and 1:00-4:00 pm (except Saturdays, Sundays and holidays) and upon payment of a non refundable fee of RMB1,000.- or in USD150.-. The method of payment will be by cash, check or T/T (Bank of China, Head Office, Account No.: 00271508091001). The Bidding Documents will be sent by express mail.

8. Bids must be delivered to the address below at or before 10:00 am, on Dec. 10, 2009. Electronic bidding will not be permitted. Late bids will be rejected. Bids will be opened in the presence of the bidders’ representatives who choose to attend in person at the address below at 10:00 am, on Dec. 10, 2009. All bids must be accompanied by a Bid Security of no less than RMB80,000.00 for BTM21, RMB120,000.00 for FTM22-1 and: RMB30,000.00 for FTM22-2 or an equivalent amount in a freely convertible currency.

9. The address(es) referred to above for bid submission and bid opening is: The 3rd Meeting Room, the 4th floor, Jinhua Park Hotel, North Seven Road, Heping District, Shenyang, Liaoning, China

The Procurement Agent: China International Tendering Company

Add: Room 907, Genertec Plaza, No. 90, Xisanhuan Zhonglu, Fengtai District, Beijing 100055, China

Attention: Mr. Lu Wei Tel: 86-10-63348565 Fax: 86-10-63373576

Email: luwei@itc.genertec.com.cn

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2. China National Machinery Import & Export Corporation (CMC, the Procurement Agent), authorized by Changchun Municipal Water (Group) Co., Ltd. (the Purchaser) to act for and on its behalf, invites sealed bids from eligible bidders for Supply of Ductile Cast Iron Pipe. The content of this contract is ductile cast iron pipe which is the No. 5 water treatment plant to the north pumping station. The required quantity is 10,000m, Connection form is Pipe and pipe, pipe and fittings adopt T type flexible sliding connection. Delivery will be made after 60 days from contract effectiveness.

3. The eligible bidder shall have an average annual turnover no less than RMB 100 Million or equivalent foreign currencies for the last 3 years. As the main supplier, the Bidder shall have successfully completed and submit at least 5 contracts of equipment using similar with or more complicated process than that of the bid within the last 3 years.

4. International Competitive Bidding will be conducted in accordance with ADB’s Single-Stage: One-Envelope Bidding Procedure.

5. To obtain further information and inspect the Bidding Document, bidders should contact the CMC at the address below between 9:00 and 16:00 from 6 Aug. 2009. Room 2102B, No. 1, West Wing, Sichuan Mansion, Fuwaidajie Street, Xicheng District, Beijing. Attention: Mr. Du Yujing. Tel: 010-68991545 010-68991377, Fax: 86-10-68991398.

6. To purchase the Bidding Document in English, eligible bidders should:

a. visit the office of CMC at the address indicated above and pay a non-refundable fee of RMB1,000 or US$150 in cash; or

b. Request for delivery by sending a written application to the office of CMC at the address indicated above. The application must include a cashier’s check of RMB1,100 (local delivery) or US$160 (for overseas delivery). The document will be sent by courier. No liability will be accepted for loss or late delivery.

7. Bids must be delivered:

* to the Opening Room of Jilin Province Administration Hall, No. 287, Guiyang Street, Changchun City, at or before 10:00 am (Beijing Time) on 17 September 2009.

* Together with a Bid Security of RMB 300,000 or an equivalent amount in a freely convertible currency.

Bids will be opened immediately after the deadline in the presence of the bidders’ representatives who choose to attend.

8. Purchaser and CMC will not be responsible for any costs or expenses incurred by Bidders in connection with the preparation or delivery of Bids.

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Recently, foreign banks and other organization forecast that ODI (overseas direct investment) would exceed FDI. However, government officials suggested that it is unlikely to happen soon, especially this year. It is partly because Chinalco’s $19.5 billion didn’t succeed to save Rio Tinto last month, which is the world’s third largest mining enterprise.

Although Chinese National Petroleum Corp, working together with British energy giant BP, got the chance to develop Iraq’s biggest oilfield on Tuesday, it is still unlikely to raise dramatically ODI in 2009 because the past several months’ deals are made up of the large quantity of small volume.

A press conference in the morning of July 2 was hold by the Ministry of Commerce at the 13th China International Fair for Investment and Trade. ODI prospects are expected to be discussed at this fair.

“Although there are rising cases of ODI, the volume is still decreasing. This is because lots of cases are mall,” said Chen Rongkai, a division director at the Ministry of Commerce.

During January to March, ODI cases increase by 7% to 445, but the volume was down by a lot, said Caijing magazine. Ministry officials who did not reveal the figures told that to the magazine. We will soon see the first-half ODI.

The officials said the government would stage policies to stimulate ODI to seize the opportunities coming from the economic crisis.

In June, the government said it would cancel the curbs in foreign exchange from Aug 1 on companies that want to invest abroad with up to $30 billion expected to flow overseas.

In March, the commerce ministry said local governments had been increasing powers for supporting ODI.

“More measures will be carried out to encourage Chinese ODI,” Chen said.

Because of the financial crisis, many foreign companies want to sell assets and Chinese companies want to expand overseas. Many people forecast a increasing of ODI. They anticipated that it could even outpace the FDI, which has shrunk for 8 consecutive months. The trend would continue until early in 2010.

Standard Chartered Bank said in April that Chinese ODI could reach $150-180 billion this year, much larger than the FDI ($80-100).

Compared to last year, Chinese ODI almost doubled from 52.1 billion, while FDI was $92.4 billion.

Li Jianfeng, macro-economy analyst at Shanghai Securities, said: “ODI would not easily surpass FDI even though the FDI is not growing at present. ODI growth will be slow. ”

At the same time, protectionist and national security barriers will make it difficult for Chinese companies to plan large scale overseas investment, said industry insiders.

Li Jianfeng pointed out that ODI brings benefits to reduce the growing pressure of china due to the increasing foreign exchange reserves and to internationalize the yuan.

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China and Spain have enjoyed the five banks with the best performance. China Construction Bank just followed ICBC earning $17.5 billion. The third, fourth and fifth was Santander ($15.8 billion), Bank of China ($12.6 billion) and BBVA ($9.6 billion) successively, listed The Banker magazine.

Britain’s HSBC ($9.3 billion) and Barclays ($8.9 billion) stood in the sixth and seventh place.

The magazine roughly figured out that global bank profits dropped from $781 billion last year to $115 billion, an 85 percent, and return on equity dived to 2.69 percent from 20 percent.

Last year Royal Bank of Scotland saw the largest loss in the industry.

Of all the banks, RBS’ $59.3 billion loss was on the top, overseeing Citigroup’s $53 billion loss and
Wells Fargo’s $47.8 billion loss.

JPMorgan has moved from a year earlier the fourth place to the lead on The Banker’s annual list of the strongest 1,000 global banks. The rankings, established in 1970, take capital strength, or the amount of Tier 1 capital held as indicators.

In spite of the difficulties in the last three years, Bank of America, Citigroup and RBS respectively occupied the position from second to fourth. JPMorgan benefited from its merger of Bear Stearns and Washington Mutual and Bank of America was promoted by its buying of Merrill Lynch.

HSBC stepped back to fifth from the top, but it was the sole one which has not received any bailout funds, and would forward to third if the bailout pitched in, The Banker said. Mitsubishi UFJ was the No.1 within seven Asian banks ahead of China’s ICBC.

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The largest bank in Europe is in the process of offering 5.1 billion new shares at 254 pence apiece, or a 48% discount on Friday’s closing price, for subscription by its current shareholders. In Hong Kong, the issue price per new share is HK$28, or a 50.2% discount on its Friday close of HK$56.95.

Stephen Green, the Group Chairman, disagreed that the rights issue had appeared too late. He said it was the right time when they got the information about their performance in 2008.

Douglas Flint, the HSBC finance director, said: “We want to position ourselves both defensively for turbulent years and opportunistically for the options that will appear.”

Patrick Shum, Karl Thomson Securities’ chief portfolio strategist, said HSBC had lost the golden time for issuing new shares—when the Hang Seng Index was above the 150000-mark. He said that the management might think that they could deal with the problems by themselves. According to Patrick Shum, individual shareholders have no option but to buy the new shares. Otherwise, their shareholding will be diluted and they will lose money, since many of them have been holding the shares for long.

The rights issue is subject to shareholder approval on March 19. This will add 150 basis points to HSBC’s capital ratios, strengthening the core tier 1 ratio to 8.5 percent.

HSBC Holdings also said that after it was hit by a goodwill impairment charge of $10.6 billion in the US, the pretax profit of 2008 fell 62% to $9.3 billion from $24.2 billion of 2007. Excluding the charge, pretax profit fell by 18% to $19.9 billion, slightly ahead of the $19 billion predicted by the analysts.

HSBC cut its dividend for the full year by 29% to 64 cents per share and said it would close its troubled US consumer loans business. The bank maintained a dividend growth of 10% or more per year up to 2007.

HSBC’s losses in North America in 2008 was $15.5 billion in total, including the $10.6 billion goodwill impairment charge, due to its troublesome acquisition of Household, the US consumer lending business it bought six years ago for $14 billion.

“With the benefit of hindsight, this is an acquisition we wish we had not undertaken,” Stephen Green said, admitting for the first time that HSBC had made a wrong decision in the acquisition of Household. He also said the credit environment has experienced fundamental changes over the past year. “It’s a painful decision to close the business,” he said, “We don’t want to make people redundant as well.”

HSBC said it would close most of its HFC and Beneficial-branded US branch network, leading to a loss of 6,100 jobs and that, with the exception of credit cards, the US divisions would write no further consumer finance business.

Group-wide, the bank said that losses on bad loans jumped 44% versus 2007 to $24.9 billion.

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At first, Qin suspected it was due to the insecurity of the bank to have his information leaked, but then he realized it was his own negligence to give out his own information through phone. The scammer claimed to be a bank employee, but only he was not.

Guangzhou local public security department is reported recently to have received dozens of similar cases, where victims have been deceived hundreds of thousands of yuan. A typical process of the cheats’ trick is like this: first, they contact the victims as customer service officials of respective banks to ask for credit card information for “internal review;” second, they call the banks to claim that they lost their card, and by providing the information gained from the real owners, they ask for new cards.

Officials said numerous cases happened without the banks’ awareness of the fraud and they issued new cards to swindlers. Victims often didn’t realize they’ve been cheated until they received their whopping credit statement.

One customer service official of Bank of China suggested that it is better for customers to set up their own passwords when applying for a credit card, or they would more likely be duped. She also said although most stores require customers to submit their signatures after they conduct a credit card purchase, not all customers do this and it is difficult to distinguish a cheat from a real owner from signatures.

She added that signatures are not a must during on-line shopping. An online tourism service agency said they only require customers to provide card number, card verification codes, its validity, and ID numbers to buy air tickets.

The public security department revealed several tricks of the scammers, such as using fake IDs to apply for credit cards and fake seals to get “no limit” business-used credit cards. Hard as the police are trying to strike the crime, swindlers are always a step ahead, creating more innovative tricks to cheat the public.

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The measures were announced by the central bank last week who had cut the reserve money requirements for banks and removed curbs on lending. These moves will squeeze interest spread of banks as well as boosting the total lending amount at the same time, they said.

Bankers and economists said that the lower lending rates have lowered both the financing burden for most of the banks and the chances of loan defaults.

People’s Bank of China cut its benchmark interest rate by 1.08 percentage points last Wednesday amid a number of less massive cuts in short-term deposit and lending rate.

As Chinese lenders’ major income source, the interest margin was narrowed although interest rates for the one-year deposit and lending rate fell by the same amount, said She Minhua, a China Securities analyst, it was expected to have bigger points than the 0.36 percentage points fall in demand deposit interest rate.

The interest spread is expected to narrow by 32 basis points, according to Wu Yonggang, an analyst at Guotai Jun’an Securities.

Based on the report of the Bank Of Communications International Trust Co, compared with the strong growth in recent years, lenders’ profit growth might fall below 10 percent in 2009.

But the moves are also light for many others. They said the negative impact of shrinking interest margins would be offset by the anticipated surge in lending.

In the short term banks’ net income will be reduced along with the narrowing interest spread, said Southwest Securities analyst Zhao Jun, but after a long time the rate cuts would increase lending and raise income.

According to Zhu Baoliang, an economist with State Information Centre, the Chinese commercial banks around 400 billion yuan for new lending which is higher than 360 billion yuan in 2008 will be available because of the latest rate and reserve ratio cut.

Since there maybe still a tough year ahead, Chinese bankers would rather remain cautious on new lending.

Bank of China’s vice-president, Zhu Min said that banks would not follow the projects of stimulus plan, and we need rigorous examination to guarantee the quality and results of the nation’s macro adjustment policies.

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Last month, to rein in loan growth and inflation, the People’s Bank of China raised its reserve ratio requirement to a record 17.5 percent. The source also said that the China Banking Regulatory Commission has warned against ordering further increase.

The slowest growth in more than two years was resulted from China’s push to remove funds from the banking system last month. This leads to the risk that the minimum requirement for short-term financial strength, the source said.

Sun Mingchun, a Hong Kong-based economist at Lehman Brothers Holdings Inc, wrote in a July 15 note to clients, “When it helps to control liquidity, further reserve requirement ratio hikes run the risk of repressing the financial system.” China may be approaching “the limit where further hikes do more harm than good”, he added.

CBRC sent its recommendations to the State Council, the source said. Citing the legislature’s Financial and Economic Affairs Committee, the State radio said that the nation needed a “tight” monetary policy on Tuesday.

The reserve ratio requirement has been hiked up by 3 percent this year. The central bank froze up an estimated 1.3 trillion yuan of bank funds. This has made interest rates stable after six increases last year.

Lehman’s Sun forecast the reserve ratio will be boosted by another 2.5 percentage points in 2008.

The source said, “The number of Chinese banking institutions whose liquidity ratio, a measure of ability to meet short-term funding needs, had fallen below the 25 percent regulatory minimum increased by 85 to 392 in the five months to May 31.

According to Sun, the so-called excess reserve ratio dropped to 1.95 percent in June, the lowest since at least 2001, indicating the strain on banks’ finances. The ratio was the share of bank deposits that lenders voluntarily lodge with the central bank in addition to required reserves.

Additionally, as economic demand is weakening in US and Europe, China’s economic expansion is cooling. The statistics bureau said, “GDP rose 10.1 percent in the second quarter, the slowest since 2005.”

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