China's sovereign wealth fund was among the major investors in Visa's $19.1 billion initial public offering (IPO)this month, according to the report from "Caijing" a magazine to mean Finance and Economics in the acronym of Pin Yin system of romanization.
China investment, or CIC, invested more than $100 million as a strategic investor in the share offering,"Caijing" said, citing unnamed sources. Major insurer China Life Insurance said it took a $300 million stake in the offering, which was the biggest IPO in U.S. history.
Annual profits soar at Chinese banks. Maket values have dropped as investors shun U.S. suprime-related holdings.
At $259 billion, Industrial and Commercial Bank of China a.k.a. ICBC's market value is more than double that of Citigroup, which it overtook as the world's largest bank by that measure in July. Bank of China is worth $158 billion, about the same as J.P. Morgan Chase. Published by the Washington Post, March 26, 2008 on page D5 for your reference.
Francis Shieh a.k.a. Xie Shihao,a reader of WashPost with daily interest apropos of US-China/Sino-American economics. I send my blogs for your possible interest at the expense of my time re my educational endeavor. 10.24 a.m.