Banking News
- Beijing News
Date: 8-Oct-2007 Sources: (Shenzhen Daily)
U.S. and Chinese investors Wednesday launched what was touted as the first American financial services group jointly owned by a Chinese company, aiming to work on cross-border mergers and private equity deal.
The formation of Huamei Capital Co., based in Chicago and Beijing, was announced by U.S.-based investment firms along with Shenzhen-based China Merchants Securities.
Huamei's U.S. principals include former U.S. senator Adlai Stevenson III, chairman of SC&M Investment Management Corp. and Leo Melamed, chairman of Melamed & Associates. Another investor is MVC Capital Inc., headed by Michael Tokarz, a former general partner with private equity giant Kohlberg Kravis Roberts & Co.
'Huamei's business is intermediation between different cultures and systems. It is an example of intermediation and mutual benefit to be achieved by cooperation between China and the United States,'said Stevenson, who has been active in China since 1975.
Gong Shaolin, Huamei's co-chairman and chairman of China Merchants Securities, said the new company addresses demand in China and the United States created by growth in the Chinese economy.
'There are rapidly increasing demands for investment, merger and acquisition among enterprises in China and the United States with the continuous growth of China's economy and the constant enhancement of China's competitiveness. Therefore, the formation of Huamei is a significant event as it is able to offer financial advisory services for those enterprises,'said Gong.
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