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CLSA Asia-Pacific Markets

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发表于 2008-11-20 11:01 |显示全部楼层
The Scoop

A Canadian in Hong Kong

CLSA Asia-Pacific Markets is the Asian brokerage, investment banking and private equity arm of French banking giant Cr�dit Agricole. The company was the brainchild of Canadian-born and Hong Kong-based business journalist Gary Coull, who spun the firm off from a Hong Kong brokerage firm called Winfull Laing and Cruickshank. When massive French bank Cr�dit Lyonnais (which was acquired by Cr�dit Agricole in 2003) bought out the firm, Coull took charge and set up the groundwork for an international brokerage operating out of Hong Kong.

With Cr�dit Agricole's 65 percent ownership, Coull worked hard during his tenure as chairman to attract the attention of even more international investors to the Asian market. Part of his plan to do so included hosting annual investor forums, which featured splashy parties and appearances by international celebrities such as Elton John, James Brown and Macy Gray. Coull died in October 2006 of colon cancer, only one month after he was named one of the top 50 most influential people in Asian financial history by FinanceAsia.

CLSA was established as an equity brokerage, but as Asian markets have grown over the past several years, the company has delved more into the booming business of capital raising through IPOs. Today, it is a leading force in the equity capital markets in Asia. CLSA has been involved in 233 successful equity transactions in Asia, 111 of which involved companies in Greater China, helping raise USD$57 billion for corporates from January 2002 to June 2008. In that period, CLSA completed 76 M&A and advisory transactions in nine markets.

In 2003, CLSA Asia-Pacific launched a separate business in Japan under the name Calyon Securities. The firm offers equity research and sales in the Japanese market.

China securities

In 2003 CLSA also established the first Sino-foreign joint venture investment bank in China, following the country's membership in the World Trade Organization. The joint venture is called China Euro Securities, Ltd. (CESL) and is headquartered in Shanghai, employing 80 investment professionals. CESL was originally a collaboration between CLSA Asia-Pacific Markets and Xiangcai Securities. However, in April 2007, Fortune Securities Company Limited officially took over Xiangcai's 67 percent stake in the company.

CESL has been successful in extending CLSA's investment banking business to China. Since it was incorporated, CESL has completed 17 lead underwriting and sponsoring deals and has been recognized as the "Most Innovative Investment Bank Team in China" by the Securities Times in 2006, a Chinese newspaper overseen by the China Securities Regulatory Commission. One of CESL's biggest deals was the secondary offering of Zhenhua Port Machinery in December 2004, which was 88 times oversubscribed.

Through its own business license and affiliates, CESL's investment banking services include: equity financing, debt financing, private placement, enterprise restructuring and ownership reform, M&A, shareholding structure reform, enterprise strategy and financial planning. In June 2008, CESL was granted a broking license and equity research license, making it the first Sino-foreign joint venture securities company to be permitted to broke A-shares and offer full-service research.

A variety of vehicles

In March 2006, CLSA reorganized its private equity business into a separate group called CLSA Capital Partners, which currently manages eight funds for the company: Alcor Capital, Aria Investment Partners, MezzAsia Capital, Fudo Capital, CLSA Sunrise Capital, Clean Resources Asia, Clean Water Asia and Pacific Transport.

These eight funds represent a diverse range of investment vehicles. Alcor Capital is an absolute return hedge fund focused on long- and short-term equity opportunities. Aria Investment Partners focuses on growth and expansion capital for Asian mid-market companies, while CLSA Sunrise Capital focuses on growth opportunities in Japan. The company's two absolute return environmental funds -- Clean Resources Asia and Clean Water Asia -- give investors the chance to place bets on the burgeoning renewable energy and water infrastructure businesses. Fudo Capital is a real estate private equity fund and MezzAsia Capital is a mezzanine capital fund which covers mid-cap companies from Hong Kong to India.

Dealmakers

CLSA has a strong track record in the issuance of equity products for Asian corporates and in 2007 ranked in the top ten on Bloomberg's underwriter league tables, which measures all eligible equity issues in Asia Pacific (excluding Japan, Australia and New Zealand). CLSA's proceeds in that category were approximately USD$2.6 billion, giving them a rank of No. 10 with 1.9 percent of the market share. In addition, CLSA climbed the Thomson Financial (now Thomson Reuters) league tables three places in the category of equity capital markets in 2007, earning itself a place in the coveted top ten for bookrunning of common stock in Asia (excluding Japan and Australia). The bank's proceeds in that category were approximately USD$2.8 billion, giving it a rank of No. 10 with 2.2 percent of the market share.

Some of CLSA's deals include acting as the sole bookrunner for Chuang's China Investment, Ltd. on its USD$40 million top-up share placement in July 2007. CLSA was also sole bookrunner of the top-up share placement of Maxitech International Holdings, a deal worth USD$34.5 million. Bigger transactions include the USD$371 million underwriting of PNOC Energy Development in the Philippines and the USD$207 million co-management of ZhongDe Waste Technology AG's IPO in China.

Indian equity

Throughout its existence, CLSA has been focused on deals in China and in Hong Kong, where the company has its headquarters. But in June 2007, CLSA made significant inroads into the Indian market by acting as the sole global coordinator and sole bookrunner in the qualified institutional placement (QIP) of Max India Limited, a healthcare, life insurance and clinical research company located in Mumbai. The deal was the largest sole-led equity deal in India the past five years, raising USD$243 million. Pankaj Agrawal, the co-head of the India investment banking division of CLSA, said that the QIP was "comfortably oversubscribed."

Getting Hired

I'd like to thank the Academy

CLSA boasts over 1,500 employees in 13 offices in Asia as well as offices in Dubai, London and New York. For young executives, the firm operates CLSA Academy. Experienced hires can submit a personal profile as well as a division and location preference through a separate recruitment page. Both options are available on CLSA's careers site at www.clsa.com/public/careers.

CLSA Academy is described by the firm not as a graduate trainee program, but as "an executive-level induction into the world of finance for typically non-financial professionals." Candidates from a variety of backgrounds are encouraged to apply. Competition is fierce, with less than 15 places offered each year to a pool of more than 2,000 applicants. The program starts with three months of training at CLSA's head offices in Hong Kong, followed by four-month rotational programs at global offices through the firm's key businesses -- research, sales, sales trading, investment banking and private equity.

According to CLSA's web site, "after 18 to 24 months of rotations, you will move into a role mutually agreed by yourself and the CLSA management team." Academy associates are paid a basic monthly salary, with visas, flight costs, accommodation, travel insurance and medical insurance handled by the firm. Just be prepared to be flexible and travel at the drop of a hat, as the program is "for those with an adventurous spirit."

To apply for the CLSA Academy, the first step is to fill out an online questionnaire, which is only available on CLSA's web site during open application dates. If you would like more information on the program, including testimonials from current and former participants as well as a FAQ, take a look at www.clsa.com/academy. For updates or any questions, contact academy@clsa.com with your e-mail address.

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