UCB digital currency
Publish: 2021-05-02 19:12:03
1. TUC is the official token of Turing chain. It is a digital currency based on blockchain technology, but it is not the mainstream digital currency. Its stability is not as stable as BTC, Eth and usdt.
2. 1、 The tuition fees of American universities
there is a huge difference between the tuition fees of American public universities and that of foreign students (including international students), while private universities are treated equally. The main reason is that part of the budget of public universities comes from the tax revenue of the state government, while the families of foreign students or foreign students do not pay tax in the state, so they can not enjoy this kind of welfare. The regulations for students in this state are similar in different states, which mostly refers to that candidates and their parents have lived in the state where the school is located for more than one year before applying for the school, and have tax returns. International students need to issue visa documents to support their status in the United States, so they are charged according to the standards of foreign students. Indivial schools even charge international students separately, which is higher than that of foreign students
let me first make a simple comparison between the tuition fees of local and foreign students in public universities, and you can immediately understand the reason why American universities especially like to recruit international students in poor economy. Take the University of Virginia in 2012-13 as an example:
tuition of local students: $12224, room charge: $5170, board rate: $4270, books and supplies: $1220, estimated miscellaneous expenses: $2470, total amount: $25354 note: this figure refers to the living expenses of local students, If you live off campus (most schools are not allowed to live off campus in the first grade, but allowed after the second grade), you can save some money
tuition for foreign students (including international students): $38236 room charge): $5170 board rate): $4270 books and supplies): $1220 estimated miscellaneous expenses: $3710 total amount: $52606, Now the bad economy has led to the rection of tax allocation for universities, and foreign and international students have become the cash cow of American public universities
let's take a look at the tuition fees of Duke University in 2012-13, a famous representative Private University: tuition: $44101, room charge: $6140, board rate: $5630, estimated miscellaneous expenses: $3472, total amount: $59343
comparing this group of data, we can see that, The cost difference between private and public universities is not significant for international students, so the saying that going to public universities can save money does not exist for international students. At the same time, I also list the total expenses of several other famous private universities in 2012-13 for reference: Harvard University $54496, Yale University $58600, Stanford University $54506, Columbia University $61642, Brown University $55, 016 Carnegie Mellon University) $59710
from these data, it is not difficult to see that if you want to study in the United States, you have to pay 50000-60000 US dollars to the school before you start school every year, so that you have the opportunity to enter the United States< Second, personal consumption
1. Travel expenses:
the cost of domestic and round-trip international air tickets in the United States is calculated according to the round-trip air tickets between Beijing and Washington. According to different seasons, economy class can range from $1000 to $3000 (including tax). Students' vacation is just the hot season of tourism, and the price is often very high if they don't buy tickets in advance
2. Non immigrant identity documents include visa fees:
most students hold F-1 student visa, which is a kind of non immigrant visa. Once the visa expires, they need to return to the United States with a valid I-20 form. Therefore, when considering international travel expenses, they should also consider the related visa fees
3. Mobile phone and Internet access costs:
wireless Internet is available everywhere in American universities. If you live on campus, tuition and miscellaneous fees have been included. If you live off campus, you need to consider that TV cable internet access costs about 40 dollars a month. Mobile phones can range from $30 to more than $100 a month depending on the program you sign< 4. Gasoline and driving insurance:
the United States is a nation on wheels. Universities in the suburbs can hardly move without a car. Buying a car is a fixed expense, while repairing a car is hard to predict. Gasoline is about $3 a gallon now, depending on how many miles they drive each year. Driving insurance for unmarried young people is very expensive, It's almost effortless to spend four or five hundred dollars a month on cars
5. Medical and life insurance:
this is extremely important, and it is also something that many Chinese parents and international students have ignored. In particular, a series of recent cases have prompted American universities to step up their requirements in this regard. In April this year, Wang Ke, a Chinese student at California State University at Northridge, was paralyzed by a car accident. Although the perpetrators were brought to justice, medical and insurance problems related to the case surfaced. Similarly, Chinese student Ma helina lost her student status because she couldn't go to school e to lumbar disease. Her parents couldn't get a visa to visit their relatives. At the same time, she faced economic and medical problems. In view of this series of thorny problems, many American universities have issued a series of new rigid regulations. For example, Harvard University requires international students to provide medical insurance certificates from American insurance companies, otherwise they must pay an annual health insurance fee of $2168 to enroll, and their own medical insurance should cover the cost of international medical transportation in emergency. More than 2000 years of medical insurance in the United States is not very expensive, but if you get sick, it costs four or five hundred dollars to see a simple cold and fever without insurance, let alone other things.
there is a huge difference between the tuition fees of American public universities and that of foreign students (including international students), while private universities are treated equally. The main reason is that part of the budget of public universities comes from the tax revenue of the state government, while the families of foreign students or foreign students do not pay tax in the state, so they can not enjoy this kind of welfare. The regulations for students in this state are similar in different states, which mostly refers to that candidates and their parents have lived in the state where the school is located for more than one year before applying for the school, and have tax returns. International students need to issue visa documents to support their status in the United States, so they are charged according to the standards of foreign students. Indivial schools even charge international students separately, which is higher than that of foreign students
let me first make a simple comparison between the tuition fees of local and foreign students in public universities, and you can immediately understand the reason why American universities especially like to recruit international students in poor economy. Take the University of Virginia in 2012-13 as an example:
tuition of local students: $12224, room charge: $5170, board rate: $4270, books and supplies: $1220, estimated miscellaneous expenses: $2470, total amount: $25354 note: this figure refers to the living expenses of local students, If you live off campus (most schools are not allowed to live off campus in the first grade, but allowed after the second grade), you can save some money
tuition for foreign students (including international students): $38236 room charge): $5170 board rate): $4270 books and supplies): $1220 estimated miscellaneous expenses: $3710 total amount: $52606, Now the bad economy has led to the rection of tax allocation for universities, and foreign and international students have become the cash cow of American public universities
let's take a look at the tuition fees of Duke University in 2012-13, a famous representative Private University: tuition: $44101, room charge: $6140, board rate: $5630, estimated miscellaneous expenses: $3472, total amount: $59343
comparing this group of data, we can see that, The cost difference between private and public universities is not significant for international students, so the saying that going to public universities can save money does not exist for international students. At the same time, I also list the total expenses of several other famous private universities in 2012-13 for reference: Harvard University $54496, Yale University $58600, Stanford University $54506, Columbia University $61642, Brown University $55, 016 Carnegie Mellon University) $59710
from these data, it is not difficult to see that if you want to study in the United States, you have to pay 50000-60000 US dollars to the school before you start school every year, so that you have the opportunity to enter the United States< Second, personal consumption
1. Travel expenses:
the cost of domestic and round-trip international air tickets in the United States is calculated according to the round-trip air tickets between Beijing and Washington. According to different seasons, economy class can range from $1000 to $3000 (including tax). Students' vacation is just the hot season of tourism, and the price is often very high if they don't buy tickets in advance
2. Non immigrant identity documents include visa fees:
most students hold F-1 student visa, which is a kind of non immigrant visa. Once the visa expires, they need to return to the United States with a valid I-20 form. Therefore, when considering international travel expenses, they should also consider the related visa fees
3. Mobile phone and Internet access costs:
wireless Internet is available everywhere in American universities. If you live on campus, tuition and miscellaneous fees have been included. If you live off campus, you need to consider that TV cable internet access costs about 40 dollars a month. Mobile phones can range from $30 to more than $100 a month depending on the program you sign< 4. Gasoline and driving insurance:
the United States is a nation on wheels. Universities in the suburbs can hardly move without a car. Buying a car is a fixed expense, while repairing a car is hard to predict. Gasoline is about $3 a gallon now, depending on how many miles they drive each year. Driving insurance for unmarried young people is very expensive, It's almost effortless to spend four or five hundred dollars a month on cars
5. Medical and life insurance:
this is extremely important, and it is also something that many Chinese parents and international students have ignored. In particular, a series of recent cases have prompted American universities to step up their requirements in this regard. In April this year, Wang Ke, a Chinese student at California State University at Northridge, was paralyzed by a car accident. Although the perpetrators were brought to justice, medical and insurance problems related to the case surfaced. Similarly, Chinese student Ma helina lost her student status because she couldn't go to school e to lumbar disease. Her parents couldn't get a visa to visit their relatives. At the same time, she faced economic and medical problems. In view of this series of thorny problems, many American universities have issued a series of new rigid regulations. For example, Harvard University requires international students to provide medical insurance certificates from American insurance companies, otherwise they must pay an annual health insurance fee of $2168 to enroll, and their own medical insurance should cover the cost of international medical transportation in emergency. More than 2000 years of medical insurance in the United States is not very expensive, but if you get sick, it costs four or five hundred dollars to see a simple cold and fever without insurance, let alone other things.
3. Euro # euro exchange rate, length 11, each element has a name
landmass # 48 land area, Each has a named vector
Precip # length of 70
rivers # length of 141 rivers in North America
state.abb # two letter abbreviation of 50 states in the United States
state.area # area of 50 states in the United States
state.name # full name of 50 states
factor
state.division # 50 states There are 9 categories
state. Region
matrix Array
euro. Cross # 11 currency exchange rate matrix
free. X # quarterly records of four factors affecting income
state. X77 # eight indicators of 50 states in the United States
uspersonal expenditure # data of five years in five consumption directions
vadeaths # Virginia mortality (per thousand people)
< br
volcano # geographic information of a volcanic area (10m) × The total telephone number of 8 regions in 7 years
iris 3 ﹥ iris morphological data
Titanic crew statistics
ucbadminisions ﹥ Berkeley department in 1973 Frequency of enrollment and gender
crimtab ﹥ the relationship between left middle finger length and height of 3000 male criminals
haireyecolor ﹥ frequency of hair color, eye color and gender of 592 people
occupationalstatus ﹥ British male father son occupational contact
class matrix
eurodist ﹥ distance matrix of 12 European cities, Only in the lower triangle
harman23.cor # 305 girls' correlation coefficient matrix of eight morphological indicators
harman74.cor # 145 children's correlation coefficient matrix of 24 psychological indicators
data frame
air quality # New York Daily air quality from May to September 1973
Anscombe # four groups of X-Y data, although there are similar statistics, However, the actual data are quite different
attenu ﹥ observation data of 23 earthquakes in California from multiple observation stations
attitude ﹥ survey results of 30 departments in seven aspects, the survey results are the percentage of 35 employees in the same department in favor of
beaver 1 ﹥ body temperature data of a beaver every 10 minutes, A total of 114 data
beaver2 ﹥ body temperature data of another beaver every 10 minutes, a total of 100 data
BOD ﹥ with the improvement of water quality, The change of biochemical reaction demand for oxygen (mg / L) with time (day)
cars # the influence of car speed on braking distance in 1920s
chickwts # the influence of different diet types on chicken growth speed
esoph # a case control study of esophageal cancer in France
faithful # the outbreak time and ration of a geyser
< br />
formaldehyde #
freeny #
records of quarterly income and other four factors
dating from # paired case-control data, For conditional logistic regression
insectsprays #
iris #
iris #
life cycle savings #
long # strongly collinear macroeconomic data
Morley # speed of light measurement test data
mtcars # < 32 cars in 11 The data of
OrchardSprays were used to study the effects of different sprays on honeybees. The influence of three treatments on plant yield was
PlantGrowth />PlantGrowth. The effects of
pressure />pressure temperature and air pressure
ran # in vms1.5, random numbers are generated in groups of three in FORTRAN, with a total of 400 groups
? There is something wrong with the random number. Fixed in vms2.0 or above<
rock # morphological data of 48 stones
sleep # hypnotic effect of two drugs
stackloss # chemical plant data of ammonia to nitric acid
Swiss fertility rate and socio-economic indicators
toothgrowth # effect of VC dosage and intake mode on guinea pig teeth
trees # tree morphological indicators
< br/ >
usarrests # four crime rate indicators of 50 states in the United States
usjudgeratings # 12 evaluation indicators of 43 lawyers
warpbreaks # loom abnormal data
women # height and weight of 15 women
List
state.center # longitude and latitude of 50 state centers in the United States
class data box
chickweight # effects of diet on growth of chickens
CO2 # differences in CO2 uptake of cold tolerant plants
DNase # relationship between DNase concentration and optical density in several experiments
indometh # pharmacokinetic data of a drug
loblolly # height of loblolly # loblolly # loblolly # height of loblolly # loblolly # loblolly # height of loblolly # loblolly # loblolly # loblolly 35 Age and provenance
Orange ﹥ orange tree growth data
theoph ﹥ theophylline pharmacokinetic data
time series data
Airlines ﹥ US passenger mileage revenue from 1937 to 1960 (actually sold seats multiplied by mileage)
air passengers ﹥ box & Jenkins Airlines monthly international route passengers from 1949 to 1960<
Australs # Australia's quarterly population (in thousands) from 1971 to 1994
bjsales # a time series related to sales
bjsales. Lead # leading indicator of the previous indicator
CO2 # monthly atmospheric CO2 concentration (PPM) from 1959 to 1997
discoveries # annual huge discoveries or occurrences from 1860 to 1959 The number of Ming
ldeaths # 1974-1979 Mortality of emphysema and asthma
fdeaths # female part of the above mortality
mdeaths # male part of the above mortality
freeny. Y # quarterly income
Johnson # quarterly dividend of Johnson & Johnson stock from 1960 to 1980 />LH # LH level, Every 10 minutes
lynx data from 1821 to 1934
nhtemp data from 1912 to 1971
Nile flow from 1871 to 1970
nottem data from 1920 to 1939 The number of deaths or serious injuries of British drivers per month
sunspot.month # 1749-1997 sunspot number per month
sunspot.year # 1700-1988 sunspot number per year
sunspots # 1749-1983 sunspot number per month
treering # normalized tree ring data
ukgas # 1960-1986 natural gas consumption per month Consumption
usaccdeaths # 1973-1978 us monthly accidental deaths
uspop # 1790 – 1970 US population per decade (in millions)
www usage # network connections per minute
seatbelts # multivariate time series. It is the same as ukdriverdeaths, reflecting more factors
eustockmarkets # multivariate time series. European stock market four main indicators of each working day records, a total of 1860 records.
landmass # 48 land area, Each has a named vector
Precip # length of 70
rivers # length of 141 rivers in North America
state.abb # two letter abbreviation of 50 states in the United States
state.area # area of 50 states in the United States
state.name # full name of 50 states
factor
state.division # 50 states There are 9 categories
state. Region
matrix Array
euro. Cross # 11 currency exchange rate matrix
free. X # quarterly records of four factors affecting income
state. X77 # eight indicators of 50 states in the United States
uspersonal expenditure # data of five years in five consumption directions
vadeaths # Virginia mortality (per thousand people)
< br
volcano # geographic information of a volcanic area (10m) × The total telephone number of 8 regions in 7 years
iris 3 ﹥ iris morphological data
Titanic crew statistics
ucbadminisions ﹥ Berkeley department in 1973 Frequency of enrollment and gender
crimtab ﹥ the relationship between left middle finger length and height of 3000 male criminals
haireyecolor ﹥ frequency of hair color, eye color and gender of 592 people
occupationalstatus ﹥ British male father son occupational contact
class matrix
eurodist ﹥ distance matrix of 12 European cities, Only in the lower triangle
harman23.cor # 305 girls' correlation coefficient matrix of eight morphological indicators
harman74.cor # 145 children's correlation coefficient matrix of 24 psychological indicators
data frame
air quality # New York Daily air quality from May to September 1973
Anscombe # four groups of X-Y data, although there are similar statistics, However, the actual data are quite different
attenu ﹥ observation data of 23 earthquakes in California from multiple observation stations
attitude ﹥ survey results of 30 departments in seven aspects, the survey results are the percentage of 35 employees in the same department in favor of
beaver 1 ﹥ body temperature data of a beaver every 10 minutes, A total of 114 data
beaver2 ﹥ body temperature data of another beaver every 10 minutes, a total of 100 data
BOD ﹥ with the improvement of water quality, The change of biochemical reaction demand for oxygen (mg / L) with time (day)
cars # the influence of car speed on braking distance in 1920s
chickwts # the influence of different diet types on chicken growth speed
esoph # a case control study of esophageal cancer in France
faithful # the outbreak time and ration of a geyser
< br />
formaldehyde #
freeny #
records of quarterly income and other four factors
dating from # paired case-control data, For conditional logistic regression
insectsprays #
iris #
iris #
life cycle savings #
long # strongly collinear macroeconomic data
Morley # speed of light measurement test data
mtcars # < 32 cars in 11 The data of
OrchardSprays were used to study the effects of different sprays on honeybees. The influence of three treatments on plant yield was
PlantGrowth />PlantGrowth. The effects of
pressure />pressure temperature and air pressure
ran # in vms1.5, random numbers are generated in groups of three in FORTRAN, with a total of 400 groups
? There is something wrong with the random number. Fixed in vms2.0 or above<
rock # morphological data of 48 stones
sleep # hypnotic effect of two drugs
stackloss # chemical plant data of ammonia to nitric acid
Swiss fertility rate and socio-economic indicators
toothgrowth # effect of VC dosage and intake mode on guinea pig teeth
trees # tree morphological indicators
< br/ >
usarrests # four crime rate indicators of 50 states in the United States
usjudgeratings # 12 evaluation indicators of 43 lawyers
warpbreaks # loom abnormal data
women # height and weight of 15 women
List
state.center # longitude and latitude of 50 state centers in the United States
class data box
chickweight # effects of diet on growth of chickens
CO2 # differences in CO2 uptake of cold tolerant plants
DNase # relationship between DNase concentration and optical density in several experiments
indometh # pharmacokinetic data of a drug
loblolly # height of loblolly # loblolly # loblolly # height of loblolly # loblolly # loblolly # height of loblolly # loblolly # loblolly # loblolly 35 Age and provenance
Orange ﹥ orange tree growth data
theoph ﹥ theophylline pharmacokinetic data
time series data
Airlines ﹥ US passenger mileage revenue from 1937 to 1960 (actually sold seats multiplied by mileage)
air passengers ﹥ box & Jenkins Airlines monthly international route passengers from 1949 to 1960<
Australs # Australia's quarterly population (in thousands) from 1971 to 1994
bjsales # a time series related to sales
bjsales. Lead # leading indicator of the previous indicator
CO2 # monthly atmospheric CO2 concentration (PPM) from 1959 to 1997
discoveries # annual huge discoveries or occurrences from 1860 to 1959 The number of Ming
ldeaths # 1974-1979 Mortality of emphysema and asthma
fdeaths # female part of the above mortality
mdeaths # male part of the above mortality
freeny. Y # quarterly income
Johnson # quarterly dividend of Johnson & Johnson stock from 1960 to 1980 />LH # LH level, Every 10 minutes
lynx data from 1821 to 1934
nhtemp data from 1912 to 1971
Nile flow from 1871 to 1970
nottem data from 1920 to 1939 The number of deaths or serious injuries of British drivers per month
sunspot.month # 1749-1997 sunspot number per month
sunspot.year # 1700-1988 sunspot number per year
sunspots # 1749-1983 sunspot number per month
treering # normalized tree ring data
ukgas # 1960-1986 natural gas consumption per month Consumption
usaccdeaths # 1973-1978 us monthly accidental deaths
uspop # 1790 – 1970 US population per decade (in millions)
www usage # network connections per minute
seatbelts # multivariate time series. It is the same as ukdriverdeaths, reflecting more factors
eustockmarkets # multivariate time series. European stock market four main indicators of each working day records, a total of 1860 records.
4. My friend, I will provide you with the whole story of the first case of China's banking instry's overseas acquisition of domestic banks in the United States. I hope it will be helpful to your thesis
"looking at the loss of US $20 million or US $30 million on the book, we always think that our approach is very correct. We can't always focus on the stock price. We should look at it in the long run. " On March 20, Dong Wenbiao, chairman of Minsheng Bank, said firmly in an interview with China entrepreneur< On October 8, 2007, Minsheng Bank announced the acquisition of up to 20% of the shares of United Bank Holding Company (NASDAQ: UCBH, hereinafter referred to as "the United Bank") in three stages, which initiated the first acquisition of domestic banks in the United States by China's banking instry< On March 1, 2008, Minsheng Bank announced that it had obtained the approval of China Banking Regulatory Commission and State Administration of foreign exchange to participate in 4.9% equity of United Bank of America, and had completed the remittance approval proceres in Beijing Foreign Exchange Administration Department of State Administration of foreign exchange, with the amount of US $95.73 million
in mid and late March, China Entrepreneur magazine interviewed Dong Wenbiao, chairman of Minsheng Bank, and some management of Minsheng Bank and United Bank of America twice to restore the whole story of the merger<
although it is a foregone conclusion for Minsheng to become a shareholder of the United Bank, with the spread of the US subprime mortgage crisis, the share price of the United Bank has been more than half of the transfer price at the time of negotiation. Looking back, what is the value of the acquisition to Minsheng Bank? Will Minsheng Bank take further actions to achieve its acquisition target? It has yet to be verified< On July 3, 2007, Hu Shaojie, chairman of the inter bank, met Dong Wenbiao for the first time. In Dong's impression, Hu is a "capable banker", dedicated, diligent, enterprising, and "deeply supported by the Federal Reserve". For half a year, United Bank had already contacted three other Chinese financial institutions. These include Huaxia Bank and Ping An insurance, according to people familiar with the matter. Until contact with Minsheng Bank, the two sides hit it off and expressed their willingness to continue in-depth communication on the spot<
the associated bank, which was listed on NASDAQ in November 1998, is a bank run by Chinese people and mainly serves Chinese people, with its headquarters in San Francisco. As one of the three largest Chinese banks in the United States, by the end of 2007, the total assets were US $11.8 billion. Although the scale of its assets is only one tenth of that of Minsheng Bank, in Dong Wenbiao's view, it is a right marriage“ I can't buy Citigroup, HSBC, that's impossible. "
according to Dong Wenbiao, in the five-year plan announced by Minsheng Bank in February 2007, internationalization, diversification and financial holding are the main directions. Minsheng Bank discussed with investment banks and financial advisers two or three years ago, seeking to enter the U.S. market, and entrusted them to help find some acquisition targets
in 2007, one of Merrill's customers, United Bank of America, acquired business development bank, China's first wholly foreign-funded bank in Shanghai. At the same time, it also wanted to seek cooperation with a Chinese local bank that could match in image, business and culture to jointly explore the Chinese market. Ren keying, chairman of Merrill Lynch's investment bank in China, once helped Minsheng Bank to go public and became familiar with Dong Wenbiao. Ren naturally became an important figure in the two sides< In September 2007, the two sides held their first formal talks in the VIP Building of Beijing Friendship Hotel
present at that time were Dong Wenbiao, chairman of Minsheng Bank, Hong Qi, vice president of Minsheng Bank, Mao Xiaofeng, Secretary of the board of directors, Hu Shaojie, chairman of United Bank, and Ren keying, chairman of Merrill Lynch China investment bank. Hong Qi recalled that Hu is a Chinese and can understand Chinese, but he can only speak a little. When it takes a long time to elaborate, he speaks English. At this time, Ren keying and others on one side became the media of communication between the two sides. Half a year later, Hu is quite fluent in Chinese
"feeling is important." Hongqi said, "first of all, they are culturally interlinked and easy to communicate; Second, we want to go out, so that both sides can cooperate across national boundaries and complement each other in business. "< At the end of September, the negotiation entered the second step. The meeting was held in the VIP reception room on the 10th floor of Minsheng Bank. The content was about the preliminary plan of share transfer and price. At that time, the main problem was how to pass the regulatory approval in the United States. Hu Shaojie introced in detail the regulatory requirements of the United States and the proposal of Merrill Lynch. The two sides agreed to transfer 4.9% of the equity of United Bank to Minsheng in the first step, 9.9% in the second step and 10% in the third step“ Because for the United Bank, 4.9% need not be reported for approval, so it has less voice and less influence; When it comes to 9.9%, if it does not involve substantial control, it may not be a big problem; By 20%, the problem is more complicated. So it's a three-step process, a step-by-step trial. " Hongqi said
at the end of September and the beginning of October, Hu Shaojie frequently went back and forth between San Francisco, Beijing and Shanghai, and basically came and went alone. "He moves very fast, sometimes he stays for one day. After we finish talking about one thing in a short time, when the problem is solved, he goes back to Shanghai (at that time, the acquisition of defutai by the United Bank of China in Shanghai was also in progress)," he said After three or four more meetings, in early October, accompanied by project personnel from Merrill Lynch, Hong Qi and an independent director came to the headquarters of the United Bank for the first time
an independent office building in the center of San Francisco is not very high or very big, but it is very imposing. The office is in good order and the majority of Chinese are Chinese. This is Hongqi's intuitive feeling about the headquarters of the United Bank. Here, he has a makeshift lounge. Sometimes, he would go around the building. What impresses Hong Qi is that every time he passes the chairman's office, he sees a figure behind him: Hu is always working on his computer<
Minsheng and his party stayed in the headquarters of the inter bank for four days, but they didn't have time to go to the branches. On the first day, lawyers, auditors and investment banks will report the results of e diligence, and on the next three days, they will negotiate and finalize the terms of cooperation
"when we really talk about terms, it's very sharp and even can be broken down. Sometimes from morning till two or three o'clock at night, it's still deadlocked. " With a smile and a gentle voice, Hongqi talked about the crucial three-day negotiation at the headquarters of the United Bank. At the beginning, it was up to the lawyers of both sides to negotiate. When the lawyers were unable to decide which clause to let and which clause to supplement, they usually communicated with Hong and Hu by telephone respectively. When they couldn't stand up to it, Hong Qi and Hu Shaojie came forward to "fight alone". On two occasions, they talked for a long time, all the way to the second half of the night. When two people talk about being very angry, they will leave for a while, go out for a walk, calm down and come back to talk
Minsheng and the United bank refused to elaborate on the terms of compromise and adherence. According to Hong Qi, the sharp problems mainly focus on: what issues can directors sent by Minsheng Bank have the right to participate in decision-making and whether they can vote against the board of directors, as well as their respective protective measures on the equity structure, the time and price of intervention, the time and way of withdrawal, etc“ If the business is not good, I can't return it. That's also a problem. In a word, we are looking for an equivalence of rights and obligations. Sometimes they suggest that it is not because of their deliberate non equivalence, but because of the regulatory requirements of the Federal Reserve. Let's ask them to come up with the law to see if the regulation has such a requirement. Some have this requirement, but the interpretation of regulatory laws is diverse, not necessarily their interpretation. "
Hong Qi personally felt that some regulations in the United States do restrict some foreign investments too much. There are many clauses restricting investors' right to speak, and many clauses can not be explained. "It depends on whether you figure out these things and whether you fight for them. If we can't come to a conclusion on this one, we will consider whether we can make it a little easier, and then find it back on another clause, so as to achieve a balance. I'll let you have these and you'll let me have those. We'll be fine. " Obviously, the two sides are playing a game of wisdom“ Fortunately, both sides are quite frank. If there is malice, we may not be able to talk about it any more. "
in terms of people's livelihood, we also communicated with the Federal Reserve, the US Treasury and the monetary regulatory authorities. What the US side is most concerned about is: why do you invest in the US? What are the motives and intentions“ In fact, it's very simple. These banks in the United States operate so well that we can't guide their work. We just come to learn. When they account for 9.9% of the shares, what do we send two directors and two senior executives to do? How can I learn if I don't send someone here? "<
after the trip to the United States, Minsheng Bank officially announced its acquisition plan for the United Bank on October 8 last year: it will acquire joint holding in three steps and eventually become its largest shareholder. The first step is to subscribe for about 5.35 million new shares (4.9% of the total share capital after the issuance) to be issued by joint holdings in the near future with cash of about US $97 million to US $145 million (equivalent to about RMB 737 million to RMB 1102 million); The second step is to increase Minsheng Bank's shareholding to 9.9% with an additional investment of US $115 million to US $172 million (equivalent to RMB 874 million to RMB 1307 million) before March 31, 2008 (which can be postponed to December 31, 2008 after negotiation); Third, Minsheng Bank has the right to further increase its joint holding shares to 20% by purchasing new shares issued by joint holding or by selling old shares by some shareholders designated by joint holding. Minsheng Bank promised that its shares in the inter bank will be locked for three years, with a total investment of no more than 2.5 billion yuan< At this time, some analysts reported that Su qingzan, a director from Temasek, expressed different opinions on the acquisition. He believes that the main business of the inter bank is to focus on commercial real estate loans, and the proportion of trade financing business is relatively low. On the whole, it is not consistent with the development direction of people's livelihood strategy, and the provisions of its term lock are not reasonable
in response, Dong Wenbiao told China entrepreneur that the directors of Temasek voted "abstention" rather than "No." as a strategic investor of Minsheng Bank, Temasek must have some ideas of its own. " Dong Wenbiao said. In addition, there is another view that Temasek's abstention is e to the strict supervision in the United States and more restrictions on the right to speak, which makes it difficult to participate in a bank in the United States<
recently, Minsheng has remitted the first stage investment funds. Hu Shaojie once said: "the benefits of the people's livelihood are very good. I hope to invest in the shares of the people's livelihood." Hongqi admitted that the two sides had exchanged shares, but because of the huge difference in the scale between the two sides, if they exchanged shares, the proportion of the United Bank in the people's livelihood would be very small“ As a result, there is not much substantive discussion. "<
now, the two sides have entered the negotiation stage of business cooperation. The United Bank mainly sent a female vice president, Sophia, Chinese, Shanghai native, who immigrated to the United States at the age of five, with good Chinese. Minsheng has sent two directors, and the next step is to send an executive vice president to do business. "This kind of participation in management is more focused on business docking between each other." Dong Wenbiao said< According to Dong Wen
"looking at the loss of US $20 million or US $30 million on the book, we always think that our approach is very correct. We can't always focus on the stock price. We should look at it in the long run. " On March 20, Dong Wenbiao, chairman of Minsheng Bank, said firmly in an interview with China entrepreneur< On October 8, 2007, Minsheng Bank announced the acquisition of up to 20% of the shares of United Bank Holding Company (NASDAQ: UCBH, hereinafter referred to as "the United Bank") in three stages, which initiated the first acquisition of domestic banks in the United States by China's banking instry< On March 1, 2008, Minsheng Bank announced that it had obtained the approval of China Banking Regulatory Commission and State Administration of foreign exchange to participate in 4.9% equity of United Bank of America, and had completed the remittance approval proceres in Beijing Foreign Exchange Administration Department of State Administration of foreign exchange, with the amount of US $95.73 million
in mid and late March, China Entrepreneur magazine interviewed Dong Wenbiao, chairman of Minsheng Bank, and some management of Minsheng Bank and United Bank of America twice to restore the whole story of the merger<
although it is a foregone conclusion for Minsheng to become a shareholder of the United Bank, with the spread of the US subprime mortgage crisis, the share price of the United Bank has been more than half of the transfer price at the time of negotiation. Looking back, what is the value of the acquisition to Minsheng Bank? Will Minsheng Bank take further actions to achieve its acquisition target? It has yet to be verified< On July 3, 2007, Hu Shaojie, chairman of the inter bank, met Dong Wenbiao for the first time. In Dong's impression, Hu is a "capable banker", dedicated, diligent, enterprising, and "deeply supported by the Federal Reserve". For half a year, United Bank had already contacted three other Chinese financial institutions. These include Huaxia Bank and Ping An insurance, according to people familiar with the matter. Until contact with Minsheng Bank, the two sides hit it off and expressed their willingness to continue in-depth communication on the spot<
the associated bank, which was listed on NASDAQ in November 1998, is a bank run by Chinese people and mainly serves Chinese people, with its headquarters in San Francisco. As one of the three largest Chinese banks in the United States, by the end of 2007, the total assets were US $11.8 billion. Although the scale of its assets is only one tenth of that of Minsheng Bank, in Dong Wenbiao's view, it is a right marriage“ I can't buy Citigroup, HSBC, that's impossible. "
according to Dong Wenbiao, in the five-year plan announced by Minsheng Bank in February 2007, internationalization, diversification and financial holding are the main directions. Minsheng Bank discussed with investment banks and financial advisers two or three years ago, seeking to enter the U.S. market, and entrusted them to help find some acquisition targets
in 2007, one of Merrill's customers, United Bank of America, acquired business development bank, China's first wholly foreign-funded bank in Shanghai. At the same time, it also wanted to seek cooperation with a Chinese local bank that could match in image, business and culture to jointly explore the Chinese market. Ren keying, chairman of Merrill Lynch's investment bank in China, once helped Minsheng Bank to go public and became familiar with Dong Wenbiao. Ren naturally became an important figure in the two sides< In September 2007, the two sides held their first formal talks in the VIP Building of Beijing Friendship Hotel
present at that time were Dong Wenbiao, chairman of Minsheng Bank, Hong Qi, vice president of Minsheng Bank, Mao Xiaofeng, Secretary of the board of directors, Hu Shaojie, chairman of United Bank, and Ren keying, chairman of Merrill Lynch China investment bank. Hong Qi recalled that Hu is a Chinese and can understand Chinese, but he can only speak a little. When it takes a long time to elaborate, he speaks English. At this time, Ren keying and others on one side became the media of communication between the two sides. Half a year later, Hu is quite fluent in Chinese
"feeling is important." Hongqi said, "first of all, they are culturally interlinked and easy to communicate; Second, we want to go out, so that both sides can cooperate across national boundaries and complement each other in business. "< At the end of September, the negotiation entered the second step. The meeting was held in the VIP reception room on the 10th floor of Minsheng Bank. The content was about the preliminary plan of share transfer and price. At that time, the main problem was how to pass the regulatory approval in the United States. Hu Shaojie introced in detail the regulatory requirements of the United States and the proposal of Merrill Lynch. The two sides agreed to transfer 4.9% of the equity of United Bank to Minsheng in the first step, 9.9% in the second step and 10% in the third step“ Because for the United Bank, 4.9% need not be reported for approval, so it has less voice and less influence; When it comes to 9.9%, if it does not involve substantial control, it may not be a big problem; By 20%, the problem is more complicated. So it's a three-step process, a step-by-step trial. " Hongqi said
at the end of September and the beginning of October, Hu Shaojie frequently went back and forth between San Francisco, Beijing and Shanghai, and basically came and went alone. "He moves very fast, sometimes he stays for one day. After we finish talking about one thing in a short time, when the problem is solved, he goes back to Shanghai (at that time, the acquisition of defutai by the United Bank of China in Shanghai was also in progress)," he said After three or four more meetings, in early October, accompanied by project personnel from Merrill Lynch, Hong Qi and an independent director came to the headquarters of the United Bank for the first time
an independent office building in the center of San Francisco is not very high or very big, but it is very imposing. The office is in good order and the majority of Chinese are Chinese. This is Hongqi's intuitive feeling about the headquarters of the United Bank. Here, he has a makeshift lounge. Sometimes, he would go around the building. What impresses Hong Qi is that every time he passes the chairman's office, he sees a figure behind him: Hu is always working on his computer<
Minsheng and his party stayed in the headquarters of the inter bank for four days, but they didn't have time to go to the branches. On the first day, lawyers, auditors and investment banks will report the results of e diligence, and on the next three days, they will negotiate and finalize the terms of cooperation
"when we really talk about terms, it's very sharp and even can be broken down. Sometimes from morning till two or three o'clock at night, it's still deadlocked. " With a smile and a gentle voice, Hongqi talked about the crucial three-day negotiation at the headquarters of the United Bank. At the beginning, it was up to the lawyers of both sides to negotiate. When the lawyers were unable to decide which clause to let and which clause to supplement, they usually communicated with Hong and Hu by telephone respectively. When they couldn't stand up to it, Hong Qi and Hu Shaojie came forward to "fight alone". On two occasions, they talked for a long time, all the way to the second half of the night. When two people talk about being very angry, they will leave for a while, go out for a walk, calm down and come back to talk
Minsheng and the United bank refused to elaborate on the terms of compromise and adherence. According to Hong Qi, the sharp problems mainly focus on: what issues can directors sent by Minsheng Bank have the right to participate in decision-making and whether they can vote against the board of directors, as well as their respective protective measures on the equity structure, the time and price of intervention, the time and way of withdrawal, etc“ If the business is not good, I can't return it. That's also a problem. In a word, we are looking for an equivalence of rights and obligations. Sometimes they suggest that it is not because of their deliberate non equivalence, but because of the regulatory requirements of the Federal Reserve. Let's ask them to come up with the law to see if the regulation has such a requirement. Some have this requirement, but the interpretation of regulatory laws is diverse, not necessarily their interpretation. "
Hong Qi personally felt that some regulations in the United States do restrict some foreign investments too much. There are many clauses restricting investors' right to speak, and many clauses can not be explained. "It depends on whether you figure out these things and whether you fight for them. If we can't come to a conclusion on this one, we will consider whether we can make it a little easier, and then find it back on another clause, so as to achieve a balance. I'll let you have these and you'll let me have those. We'll be fine. " Obviously, the two sides are playing a game of wisdom“ Fortunately, both sides are quite frank. If there is malice, we may not be able to talk about it any more. "
in terms of people's livelihood, we also communicated with the Federal Reserve, the US Treasury and the monetary regulatory authorities. What the US side is most concerned about is: why do you invest in the US? What are the motives and intentions“ In fact, it's very simple. These banks in the United States operate so well that we can't guide their work. We just come to learn. When they account for 9.9% of the shares, what do we send two directors and two senior executives to do? How can I learn if I don't send someone here? "<
after the trip to the United States, Minsheng Bank officially announced its acquisition plan for the United Bank on October 8 last year: it will acquire joint holding in three steps and eventually become its largest shareholder. The first step is to subscribe for about 5.35 million new shares (4.9% of the total share capital after the issuance) to be issued by joint holdings in the near future with cash of about US $97 million to US $145 million (equivalent to about RMB 737 million to RMB 1102 million); The second step is to increase Minsheng Bank's shareholding to 9.9% with an additional investment of US $115 million to US $172 million (equivalent to RMB 874 million to RMB 1307 million) before March 31, 2008 (which can be postponed to December 31, 2008 after negotiation); Third, Minsheng Bank has the right to further increase its joint holding shares to 20% by purchasing new shares issued by joint holding or by selling old shares by some shareholders designated by joint holding. Minsheng Bank promised that its shares in the inter bank will be locked for three years, with a total investment of no more than 2.5 billion yuan< At this time, some analysts reported that Su qingzan, a director from Temasek, expressed different opinions on the acquisition. He believes that the main business of the inter bank is to focus on commercial real estate loans, and the proportion of trade financing business is relatively low. On the whole, it is not consistent with the development direction of people's livelihood strategy, and the provisions of its term lock are not reasonable
in response, Dong Wenbiao told China entrepreneur that the directors of Temasek voted "abstention" rather than "No." as a strategic investor of Minsheng Bank, Temasek must have some ideas of its own. " Dong Wenbiao said. In addition, there is another view that Temasek's abstention is e to the strict supervision in the United States and more restrictions on the right to speak, which makes it difficult to participate in a bank in the United States<
recently, Minsheng has remitted the first stage investment funds. Hu Shaojie once said: "the benefits of the people's livelihood are very good. I hope to invest in the shares of the people's livelihood." Hongqi admitted that the two sides had exchanged shares, but because of the huge difference in the scale between the two sides, if they exchanged shares, the proportion of the United Bank in the people's livelihood would be very small“ As a result, there is not much substantive discussion. "<
now, the two sides have entered the negotiation stage of business cooperation. The United Bank mainly sent a female vice president, Sophia, Chinese, Shanghai native, who immigrated to the United States at the age of five, with good Chinese. Minsheng has sent two directors, and the next step is to send an executive vice president to do business. "This kind of participation in management is more focused on business docking between each other." Dong Wenbiao said< According to Dong Wen
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