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 [转帖]汇投公司"心跳"刚开始 黑石股价接近新低 |
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吓一吓 中国政府， 看你还买美国公司股票？ 乖乖的买国债好了。 -- 雨林 - (0 Byte) 2007-7-30 周一, 23:23 (310 reads) |
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作者：雨林 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
HONG KONG (MarketWatch) -- Blackstone Group L.P.'s slumping share price isn't likely what Beijing had in mind when it pumped $3 billion into the leveraged buyout firm last month.
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BX23.90, -0.40, -1.6%) has tumbled 21%, making it the worst-performing initial public offering among deals worth $500 million or more this year.
China, which bought a 10% stake in Blackstone at a 4.5% discount, has seen the value of its investment plunge 18% in 24 trading days. Those losses tally $540 million, averaging about $22.5 million each trading day.
"There are some red faces in Beijing, everybody expected that they had hit the jackpot and the share would skyrocket," said Francis Lun, general manager at Fulbright Securities in Hong Kong. "I think it was really quite a shock."
Blackstone shares, along with brokerage and financial stocks, suffered sharp declines during the past week as investors fled from riskier investments amid growing concerns over U.S. credit and housing markets.
New York-based Blackstone, led by high profile CEO Stephen Schwarzman, ranked as the world's most prominent private equity firm ahead of its June 21 IPO. Blackstone reported $640 million in net income in the first quarter of 2007, or about half of what it made in all of 2006, according to Barron's.
Analysts said Beijing isn't likely to be too upset over the loss as Blackstone is viewed as a long term holding.
"Obviously it's not the best timing but I don't think that is going to change China's strategy there," said Dong Tao, chief China economist for Credit Suisse in Hong Kong.
"If they had put money into a CDO (collateralized debt obligation) they would have lost money too."
Tao added China faces a difficult time in finding ways to channel its growing $1.3 trillion stockpile of foreign exchange holdings.
"New money keeps coming in and they need to do something for the long term," Tao said. China purchased its stake in Blackstone through a state-investment body.
Others said China was parking cash in Blackstone for reasons other than financial gain.
"China is prepared to spend some money to get some knowledge," said Fraser Howie, a Hong Kong-based investment banker and co-author of Privatizing China.
"They bought into this deal to some extent to get Blackstone as a strategic partner... and get some access to that talent which they can use domestically or possibly overseas."
He added officials in Beijing, stung by the losses, might be less willing to pull the trigger on future deals with leveraged buyout firms.
"I don't think they are upset or angry but what I think they may need to do and what it will force them to do is to get better management and risk control," Howie said.
作者：雨林 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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