Examples of these people are Erhfei Liu of Merrill Lynch who advised
Lenovo’s acquisition of IBM personal computer business. Mr. Liu at
Merrill was also the lead banker on the stock offering of the China
Shenhua Energy Company and also advisor to Haier bidding battle for
Maytag.
Merrill Lynch also employs Janice Hu, who has a degree from
Cambridge and is highly regarded by many in the business as an
experienced banker, also happens to be the granddaughter of deceased
Communist Party chairman Hu Yaobang. Also hired at Merrill Lynch,
Wilson Feng relies on a significant other, Zhang Yan, who is the
daughter of current National People's Congress chairman Wu Bangguo,
With this current crop of star bankers, Merrill Lynch quickly rose to near
the top of the league tables. In addition to Shenhua Group, Merrill was
the lead banker for the Air China, China Power International and
Dongfeng Motor public offerings.
As mentioned earlier, CICC appointed as their chief banker Levin Zhu, a
Credit Suisse-trained banker who also happens to be son of the retired
Premier Zhu Rongji. Another prominent banker, after leaving CICC in
2000, Fang Fenglei reappeared as the head of Goldman Sachs China.
Fang Fenglei is known as a longtime financial advisor to Zhu Rongji.
Jonathan Zhu of Morgan Stanley and Charles Li of JP Morgan, two
Chinese-born bankers, were advisors to China National Offshore Oil
Corporation (CNOOC) in its $18.5 billion bid for Unocal. Other Chineseborn
star bankers include the experienced banker, Zhang Liping, of
Credit Suisse, who has remarkable high level access to China's power
elite.
The other Swiss powerhouse investment bank, UBS has George Li,
the son of Li Ruihuan, former Politburo member and current chairman of
the Chinese People's Political Consultative Conference.
At Citi, Margaret Ren, the daughter-in-law of the former Chinese leader
Zhao Ziyang and daughter of a senior official at China's Petroleum
Ministry was considered one of the most powerful Chinese-born bankers.
She is also a graduate of the Massachusetts Institute of Technology and
a trained cardiologist and is held in high regard by many in the industry.
While she was at Citi, she was able to improve Citigroup’s ranking in the
investment banking league table. During her rein, Citi signed mandates to
advise China Netcom, Minsheng Bank and China Life Insurance. After
Margaret Ren left, Citi also employed Wei Christianson, a very prominent
Mainland Chinese banker from Amherst College and Columbia Law School
with Hong Kong Stock Exchange regulatory and Morgan Stanley and
Credit Suisse investment banking background.
As the value of these Chinese rainmakers quickly became apparent, the
competition to snatch away talent became common place. In February
2007, after Jonathan Zhu, Morgan Stanley's top China banker, left for
Bain Capital, Morgan Stanley poached and rehired Citi's Wei
Christianson. Another example is Erhfei Liu at Merrill Lynch, who had
previously worked for Rothschild, Goldman Sachs, Morgan Stanley, and
Smith Barney. Movement of these star investment bankers is natural
and inevitable as competition for the next mega deal heats up.
——————————————————————————————————
Consider the fight for the right to handle the IPO of another Chinese stateowned
bank, China Construction Bank (CCB). While pitching for a piece of
the CCB offering pie, JPMorgan asked former U.S. Secretary of State Henry
Kissinger to accompany JPMorgan chief executive William Harrison to meet
with CCB president Zhang Enzhao. Deutsche Bank recruited German
chancellor Gerhard Schroder to write a letter to Chinese Premier Wen Jiabao.
CEOs Henry Paulson of Goldman Sachs, John Mack of Morgan Stanley, and
Stanley O'Neal of Merrill Lynch each made trips to China to help close this
deal. As for Citigroup, the bank employed their chairman and former U.S.
Treasury Secretary Robert Rubin, CEO Charles Prince, and Vice Chairman
Stanley Fischer, a former International Monetary Fund official to pitch in.
Despite the use of heavy hitters, Goldman Sachs, Merrill Lynch, Citigroup, J.P.
Morgan and Deutsche Bank were left out of the lead bookrunner positions. The
winners of this beauty pageant were Morgan Stanley, Credit Suisse, and China
International Capital Corp. (CICC) who shared the grand prize: U.S. $1.75
million in IPO fees, based on a standard 3.5 percent commission.
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