What is $9bn between friends? Not more than a trifle, if you are Bank of Communications and your biggest, closest buddies have already agreed to a private placement capital raising equivalent to a fifth of your diluted share capital. A pity for those shareholders that the Chinese bank is now trading at a discount to the subscription price. Perhaps by thinking about what else the funds could have bought (half of Société Générale or UniCredit by market capitalisation for example), the bet does not appear so bad.
朋友之間90億美元算什麼錢？實在不算什麼——前提是你是交通銀行(BoCom)，而你最大、最要好的朋友已同意進行一場私募籌資，規模相當於你的稀釋後股本的五分之一。可憐那些股東，這家中資銀行目前的股價低於私募認購價。也許想一想這筆錢原本還可能買到什麼——比如法國興業銀行(Société Générale)或義大利裕信銀行(UniCredit)的一半市值——就會覺得這筆賭注似乎不算太糟。
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