tag:blogger.com,1999:blog-13378665.post112300935860946632..comments2024-03-01T16:32:41.076+08:00Comments on Sun Bin: CNOOC made the right callSun Binhttp://www.blogger.com/profile/08093210384069958083noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-13378665.post-1123297926169646272005-08-06T13:12:00.000+10:002005-08-06T13:12:00.000+10:00Thanks stormythis is the linkI agree with most of ...Thanks stormy<BR/><BR/>this is the <A HREF="http://www.taipeitimes.com/News/editorials/archives//2005/08/05/2003266518" REL="nofollow">link</A><BR/><BR/>I agree with most of the points raised by Philip Wallbridge. I think he wrote and good a well-balanced article, and he understood what is happening underneath.<BR/><BR/>If I were the Chinese government, I would not mind if US gov't is subsidizing $1bn to sell food to my people. I think the Chinese government is mainly concerned about being too reliant on import and one day this cheap source of food might be shut off and they would be screwed. So they want to make sure sufficient numbers of their farmer stay on the land and that they can feed their people in such circumstances.<BR/>Meanwhile, they have been turning their arable lands into factory. Such processes are not easily reversible (once you covered the fertile land with cement). They are not doing China, or our earth any good.<BR/><BR/>I also agree with him that the Chinese farmers and workers were exploited (by the 'capitalist' and to some extent their compatriots in cities). Unfortunately there is not much we could do about it. And this is the lesser evil compared with, say, N Korea (aks pre-1980 China). Sad and painful transition to have to go through, like English workers in Dickens' era.<BR/>That is the main reason I hope a small (or moderate) appreciation of RMB should be tested, gradually.Sun Binhttps://www.blogger.com/profile/08093210384069958083noreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123295378440810412005-08-06T12:29:00.000+10:002005-08-06T12:29:00.000+10:00http://www.taipeitimes.com/News/editorials/archive...http://www.taipeitimes.com/News/editorials/archives<BR/><BR/>/2005/08/05/2003266518<BR/><BR/>I suspect wordwrap is truncating the line. I broke the line with a CR.<BR/><BR/>Stormy.... sorry.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123287349344247262005-08-06T10:15:00.000+10:002005-08-06T10:15:00.000+10:00stormy,thanks for the link.Unfortunately the link ...stormy,<BR/><BR/>thanks for the link.<BR/>Unfortunately the link is truncated and does not workSun Binhttps://www.blogger.com/profile/08093210384069958083noreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123282506220258552005-08-06T08:55:00.000+10:002005-08-06T08:55:00.000+10:00http://www.taipeitimes.com/News/editorials/archive...http://www.taipeitimes.com/News/editorials/archives/2005/08/05/2003266518<BR/><BR/>You will enjoy this article, sun bin. I do agree with much of it. My real quarrel is with the way wealth is distributed...but from a slightly different perspective than yours.<BR/><BR/>StormyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123205461178639292005-08-05T11:31:00.000+10:002005-08-05T11:31:00.000+10:00I guess Haier probably met Bain Capital throught B...I guess Haier probably met Bain Capital throught Bain Consulting, who has worked with Tsingtao Beer, also located in Qingtao.<BR/>Zhang has begun his overseas effort almost 10 years ago (got burned in its 1st factory in Indonesia right before the 1997 crisis). Now he probably learned a lot and become more confident.<BR/>Only people who are confident in their own ability would not be afraid of taking new appraoch and strong partners. That probably applies for other Chinese enterprises as well.Sun Binhttps://www.blogger.com/profile/08093210384069958083noreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123204919237003492005-08-05T11:21:00.000+10:002005-08-05T11:21:00.000+10:00I'm guessing that the Blair-Blackstone connection ...I'm guessing that the Blair-Blackstone connection met Haier through their reverse merger ambitions. I wonder who approached who? Zhang Ruimin is a bit exceptional in his ability to trust his foreign management. The M&A scene will really start when smaller companies that Haier and CNOOC learn to follow suit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123090718524587522005-08-04T03:38:00.000+10:002005-08-04T03:38:00.000+10:00I was actually a bit surprised at the trust and wi...I was actually a bit surprised at the trust and willingness to seek help from Haier's part, in the partnerhsip with the private equities. Chinese managers learn faster (and are more willing to accept western management ideas) than I had thought.<BR/><BR/>CNOOC could have had a fair chance had them not missed the Apr deadline -- the opposition would be less fierce and more importantly, Unocal would not have to face the $500M penalty, and receive another $500M in payment. Moreover, the delay in CFIUS approval would only be a small opportunity cost for Unocal (no cash penalty). It amounts to $1bn difference in total, CNOOC could have still won the shareholder vote.Sun Binhttps://www.blogger.com/profile/08093210384069958083noreply@blogger.comtag:blogger.com,1999:blog-13378665.post-1123085893695205942005-08-04T02:18:00.000+10:002005-08-04T02:18:00.000+10:00Unocal was a bad test case of how future Chinese M...Unocal was a bad test case of how future Chinese M&A can be expected to play out because the deal involved oil, which at present has a "national security" connotation to lawmakers.<BR/><BR/> I expect that you're spot-on that the Haier-Maytag model will be a much more typical as Chinese manufacturers of consumer goods try to find a shortcut to posessing developed brands in foreign markets.<BR/><BR/> On the other hand the post-acquisition management will be very poor as Chinese firms learn the strategic and conceptual ins and outs of negotiating the front end of hardgoods in developed markets. Haier's experiences with Wal-Mart are a good example of things to come.Anonymousnoreply@blogger.com