摩根大通挂牌出售亚洲投资业务引发疑虑

    摩根大通（JPMorgan）正在将旗下的一项亚洲业务Global Special Opportunities Group挂牌出售，希望藉此拿到10亿美元。这家银行已经向很多私募股权公司以及专注于信用业务的对冲基金兜售过这块业务，而这些公司显然都希望能在迅速发展的亚洲信用市场进一步扩张——我们这里讲的亚洲实际上就是指中国。《金融时报》（The Financial Times）报道称，黑石集团（Blackstone）旗下的GSO、凯雷（Carlyle）和KKR都在接触中。

    人们可能禁不住会将这次出售与摩根大通最近引发争议的中国员工聘用行为联系起来。据称这家公司目前正在接受美国当局的调查，因为它涉嫌聘用中国官员子女以接近中国大型国有企业。

    这样的做法似乎在很多美国人看来是可耻的，但在中国，利用“关系”促成业务不仅是常态，而且对于签订有保障的合同至关重要。因为合同在中国几乎没有任何意义，差不多可以随时撕毁，无需付出大的代价。简单说，在中国，只有收到了钱，交易才能算完成，画上了句号。这就给这个原本已经是高风险的行业额外带来了戴亮风险。外国人可以用来降低这种风险的办法就是找一个中方谈判席熟悉的面孔。

    摩根大通计划出售的这家子公司只有35名雇员，看起来并不是美国当局调查的目标——但这一点并不重要。不过，这起事件还是引发了对于在华经营成本的质疑——有兴趣出手的公司必须考虑这个问题。亚洲银行家们告诉我，有些做法在亚洲普遍存在，是“标准的经营做法”。如果摩根大通因此获罪，那么任何一家寻求在亚洲拓展业务的美国投资公司都将面临很大的风险。那么，这个因素会降低美国在亚洲金融子公司的价值吗？摩根大通的这项或许可以测试这个问题。（财富中文网）   

    JPMorgan has put its Asia-based Global Special Opportunities Group on the block, hoping to fetch a cool $1 billion from the sale. The bank has been shopping the group around to a number of private equity firms and credit-focused hedge funds that apparently want greater exposure to the fast-growing Asian -- and by Asian we really mean Chinese -- credit markets. TheFinancial Times reports that Blackstone's GSO arm, Carlyle (CG), and KKR (KKR) are kicking the tires.

    One can't help but think that the impetus behind this sale may have to do with all the heat JPMorgan (JPM) has taken recently over its controversial Chinese hiring practices. The firm is supposedly under investigation by U.S. authorities for allegedly hiring the sons and daughters of Chinese officials in an attempt to gain access to China's massive state-controlled companies.

    While the practice seems despicable to many Americans, in China, using your "Guanxi" (connections) to facilitate business is not only the norm, it is crucial in creating a bonded contract. That's because in China contracts have little meaning and can be broken pretty much at any time with little penalty. Put simply, a deal isn't done in China until the money is transferred -- period. That introduces a great deal of risk in what is already a risky venture. The way a foreigner can reduce that risk is to bring a familiar face to their side of the bargaining table.

    The unit up for sale, which has only 35 employees, doesn't appear to be the one U.S. authorities have been targeting in their investigation -- but that doesn't really matter. The incident still raises questions about the cost of doing business in China -- something interested firms must take into account. If JPM is found guilty of violating the law for something that bankers in Asia tell me is ubiquitous and "standard operating practice," then any U.S. investment firm looking to expand in Asia would be exposing themselves to a great deal of risk. As such, does this reduce the value of U.S. financial subs in Asia? This deal could be test.