According to the South China Morning Post today of 5 May 2008, direct investment fund CDH Investments and buyout fund Hony Capital - a unit of Legend Holdings, the parent of the world's No. 3 computer maker Lenovo Group - will each set up a mainland registered yuan fund of 5 billion yuan, Caijing magazine reported.
Large institutional investors such as the National Social Security Fund were likely to become founding investors of the funds, which are expected to be completed by the end of this month, it said.
It could be the largest yuan funds to be set up by non-mainland-based private equity firms.
Jason's comments: the PE market has extremely been low in the past five months or since late last year. The "CDH Investment, Hony Capital to set up funds totalling
10b yuan" is no doubt stimulating and encouraging to the low investment market, and also indicate to the greatest extents that the PE market in mainland China is still promising and bright in the near futures or in the long run.
5/03/2008
The 7 Habits of Highly Useless Corporate Lawyers !
1. Be risk-averse at all times. Clients have come to expect this from their lawyers. It's tradition. Honor it.
2. Tell the client only what it can't do. Business clients are run by business people who take risks. They need to be managed, guided, stopped. Don't encourage them.
3. Whatever you do, don't take a stand, and don't make a recommendation. (You don't want to be wrong, do you?)
4. Treat the client as a potential adversary at all times. Keep a distance.
5. Cover yourself. Write a lot to the client. Craft lots of confirming letters which use clauses like "it is our understanding", "our analysis is limited to..." and "we do not express an opinion as to whether..."
6. Churn up extra fees with extra letters and memoranda and tasks. Milk the engagement. (If you are going to be a weenie anyway, you might as well be a sneaky weenie.)
7. As out-house counsel, you are American royalty. Never forget that.
(Notes from "me": "Ernie from Glen Burnie", not his real name, is an unreliable but wise childhood friend who likes the works of Hunter Thompson. EFGB is now a partner at a Washington, DC law firm. For years he has claimed that the following--by an unknown and long-dead lawyer, and dated 1836--was discovered during the 1980s in the ruins of an old Episcopal church in a northern Virginia town near our native DC. I would believe EFGB--except that I doubt that the word "weenie" was much in style in the antebellum American south)
2. Tell the client only what it can't do. Business clients are run by business people who take risks. They need to be managed, guided, stopped. Don't encourage them.
3. Whatever you do, don't take a stand, and don't make a recommendation. (You don't want to be wrong, do you?)
4. Treat the client as a potential adversary at all times. Keep a distance.
5. Cover yourself. Write a lot to the client. Craft lots of confirming letters which use clauses like "it is our understanding", "our analysis is limited to..." and "we do not express an opinion as to whether..."
6. Churn up extra fees with extra letters and memoranda and tasks. Milk the engagement. (If you are going to be a weenie anyway, you might as well be a sneaky weenie.)
7. As out-house counsel, you are American royalty. Never forget that.
(Notes from "me": "Ernie from Glen Burnie", not his real name, is an unreliable but wise childhood friend who likes the works of Hunter Thompson. EFGB is now a partner at a Washington, DC law firm. For years he has claimed that the following--by an unknown and long-dead lawyer, and dated 1836--was discovered during the 1980s in the ruins of an old Episcopal church in a northern Virginia town near our native DC. I would believe EFGB--except that I doubt that the word "weenie" was much in style in the antebellum American south)
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