Companies vie for control of Zhong De
By Lydia Chen |
June 14, 2011, Tuesday
|
Print Edition
Print Edition
A MARRIAGE between people from two different cultures is seldom easy.
This may also be true in business as Deutsche Bank AG and Shanxi Securities Co are said to have an internal conflict over management control of their joint venture, Zhong De Securities.
Wang Zhonghe, chief executive officer of the Beijing-based venture and representative of Deutsche Bank, is expected to be replaced by Jiang Peixing, who will work on behalf of Shanxi Securities, when Wang's contract expires in July, according to Capital Week.
The public relations officers at both Zhong De Securities and Deutsche Bank declined to comment.
Jiang currently works as deputy chief executive officer of China Construction Bank International Ltd.
The possible departure of Wang indicates Shanxi Securities intends to be the real boss at the venture despite the fact that Germany's largest lender has been the leading partner since Zhong De Securities was launched in 2009 and Wang has performed reasonably well.
Deutsche Bank has a 33.3 percent stake in the venture, the maximum allowed for a foreign investor. Shanxi Securities holds the remainder.
Zhong De handled seven initial public offering deals in 2010, third most among eight securities joint ventures. China International Capital Corp led the way with 15 and UBS Securities followed with 10, according to a report by China Venture yesterday.
However, Zhong De's net profit was 1.76 million yuan, the second lowest among all securities ventures. Daiwa SSC Securities Co, a joint venture between Shanghai Securities Co and Japan's Daiwa Securities Capital Markets Co, was the worst with a net profit of 820,000 yuan, Securities Association of China said in a report.
A low underwriting service fee may have dragged Zhong De's profit down, according to Capital Week.
This may also be true in business as Deutsche Bank AG and Shanxi Securities Co are said to have an internal conflict over management control of their joint venture, Zhong De Securities.
Wang Zhonghe, chief executive officer of the Beijing-based venture and representative of Deutsche Bank, is expected to be replaced by Jiang Peixing, who will work on behalf of Shanxi Securities, when Wang's contract expires in July, according to Capital Week.
The public relations officers at both Zhong De Securities and Deutsche Bank declined to comment.
Jiang currently works as deputy chief executive officer of China Construction Bank International Ltd.
The possible departure of Wang indicates Shanxi Securities intends to be the real boss at the venture despite the fact that Germany's largest lender has been the leading partner since Zhong De Securities was launched in 2009 and Wang has performed reasonably well.
Deutsche Bank has a 33.3 percent stake in the venture, the maximum allowed for a foreign investor. Shanxi Securities holds the remainder.
Zhong De handled seven initial public offering deals in 2010, third most among eight securities joint ventures. China International Capital Corp led the way with 15 and UBS Securities followed with 10, according to a report by China Venture yesterday.
However, Zhong De's net profit was 1.76 million yuan, the second lowest among all securities ventures. Daiwa SSC Securities Co, a joint venture between Shanghai Securities Co and Japan's Daiwa Securities Capital Markets Co, was the worst with a net profit of 820,000 yuan, Securities Association of China said in a report.
A low underwriting service fee may have dragged Zhong De's profit down, according to Capital Week.
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