温家宝不雅视屏第一季

haigez · Nov 25th, 2012, 10:46

纽约时报再揭温家宝平安洗钱路线图

newyork timeshttp://t.itc.cn/t9TRM

Lobbying, a Windfall and a Leader’s Family

Published: November 24, 2012 18 Comments

(Page 6 of 6)

For instance, the rules barred party officials in charge of a state-owned company from using their parents, children — or even their children’s spouse’s relatives — to trade stocks of a listed state-owned company.

GraphicPing An’s Hidden Shareholders: Friends and Family of Wen Jiabao

Related

Another Big Stake in Ping An, Hidden in a Hong Kong Investment(November 25, 2012)
Billions in Hidden Riches for Family of Chinese Leader(October 26, 2012)
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The Times found no indication that Mr. Wen shared inside information with family members.

But there are many unanswered questions about the relatives’ holdings, analysts consulted by The Times said, like who might have known about the relatives’ purchases and whether anyone had a legal obligation to disclose that information.

Executives at Morgan Stanley and Goldman Sachs say they were unaware of the share purchases and were not involved in the transactions.

The companies also said that a typical I.P.O. process is unlikely to uncover the ultimate identity of shareholders who are hiding behind layers of investment vehicles using unrecognizable names.

According to regulations in Hong Kong and China, publicly listed companies and their professional partners who help sell shares to the public are legally obligated to disclose the identities of only those shareholders controlling a stake larger than 5 percent. The Times found that at its peak, Taihong, the investment vehicle tied to the Wen family, never held more than a 3.2 percent stake.

Another question that remains unanswered is how Taihong was able to buy shares of Ping An at a price that appears to have been highly discounted. By late 2002, Ping An had already become a hot I.P.O. prospect following a big investment by HSBC.

The answers to some of the questions, legal experts say, may turn on who was involved in brokering the deal that led to the relatives’ acquiring shares in Ping An in the period before the company’s public offering in 2004, and whether the deal-makers were seeking to gain favors from the regulators.

“The key questions are: why were these people chosen, and on what terms did they get the shares?” said Jerome A. Cohen, a professor at New York University Law School and an expert on China’s legal system. “Obviously, everyone would like to get in before a hot I.P.O.”

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A version of this article appeared in print on November 25, 2012, on page A1 of the New York edition with the headline: Lobbying, a Windfall and a Leader’s Family.◇×

Nov 25th, 2012, 10:46	#1
haigez Member 注册日期: Oct 2009 帖子: 97	温家宝不雅视屏第一季纽约时报再揭温家宝平安洗钱路线图 newyork timeshttp://t.itc.cn/t9TRM Lobbying, a Windfall and a Leader’s Family Published: November 24, 2012 18 Comments (Page 6 of 6) For instance, the rules barred party officials in charge of a state-owned company from using their parents, children — or even their children’s spouse’s relatives — to trade stocks of a listed state-owned company. GraphicPing An’s Hidden Shareholders: Friends and Family of Wen Jiabao Related Another Big Stake in Ping An, Hidden in a Hong Kong Investment(November 25, 2012) Billions in Hidden Riches for Family of Chinese Leader(October 26, 2012) Readers’ Comments Share your thoughts. Post a Comment » Read All Comments (18) » The Times found no indication that Mr. Wen shared inside information with family members. But there are many unanswered questions about the relatives’ holdings, analysts consulted by The Times said, like who might have known about the relatives’ purchases and whether anyone had a legal obligation to disclose that information. Executives at Morgan Stanley and Goldman Sachs say they were unaware of the share purchases and were not involved in the transactions. The companies also said that a typical I.P.O. process is unlikely to uncover the ultimate identity of shareholders who are hiding behind layers of investment vehicles using unrecognizable names. According to regulations in Hong Kong and China, publicly listed companies and their professional partners who help sell shares to the public are legally obligated to disclose the identities of only those shareholders controlling a stake larger than 5 percent. The Times found that at its peak, Taihong, the investment vehicle tied to the Wen family, never held more than a 3.2 percent stake. Another question that remains unanswered is how Taihong was able to buy shares of Ping An at a price that appears to have been highly discounted. By late 2002, Ping An had already become a hot I.P.O. prospect following a big investment by HSBC. The answers to some of the questions, legal experts say, may turn on who was involved in brokering the deal that led to the relatives’ acquiring shares in Ping An in the period before the company’s public offering in 2004, and whether the deal-makers were seeking to gain favors from the regulators. “The key questions are: why were these people chosen, and on what terms did they get the shares?” said Jerome A. Cohen, a professor at New York University Law School and an expert on China’s legal system. “Obviously, everyone would like to get in before a hot I.P.O.” « Previous Page 1 2 3 4 5 6 A version of this article appeared in print on November 25, 2012, on page A1 of the New York edition with the headline: Lobbying, a Windfall and a Leader’s Family.◇×
haigez Member 注册日期: Oct 2009 帖子: 97