Fang Fenglei cashes in on Bank of China
Hopu Investment Management Co., a fund run by Goldman Sachs Chinese partner, Fang Fenglei, bought about 30 percent of a $2.3 billion Bank of China stake sold by Royal Bank of Scotland this week. Bank of China (601988, SH; 3988, HK) advanced 4.62 percent in Hong Kong and 2.03 percent in Shanghai after the purchase was annouced. Industrial and Commercial Bank of China (601398,SH; 1398,HK) rose 3.61 percent in Hong Kong and 2.29 percent in Shanghai. It was Hopu's second investment in a publicly traded company since the fund invested around US$300m in the owner of a Mongolian iron ore mine, together with Temasek last year.
Fang, 56, is one of China's most high profile traders. Chairman of Goldman Sachs's Chinese venture, Goldman Sachs Gao Hua Securities, he gave up day-to-day duties running the JV in 2007 to focus on Hopu. Fang also co-founded China International Capital Corporation (CICC) in 1995. China Investment Corp., the nation's USD200 billion sovereign wealth fund, has also been buying shares in the three biggest Chinese banks, Chairman Lou Jiwei said in Beijing today.
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