Submission declined on 18 April 2024 by DoubleGrazing (talk). This submission's references do not show that the subject qualifies for a Wikipedia article—that is, they do not show significant coverage (not just passing mentions) about the subject in published, reliable, secondary sources that are independent of the subject (see the guidelines on the notability of books). Before any resubmission, additional references meeting these criteria should be added (see technical help and learn about mistakes to avoid when addressing this issue). If no additional references exist, the subject is not suitable for Wikipedia. This submission does not appear to be written in the formal tone expected of an encyclopedia article. Entries should be written from a neutral point of view, and should refer to a range of independent, reliable, published sources. Please rewrite your submission in a more encyclopedic format. Please make sure to avoid peacock terms that promote the subject.
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Submission declined on 25 February 2024 by Crunchydillpickle (talk). This submission is not adequately supported by reliable sources. Reliable sources are required so that information can be verified. If you need help with referencing, please see Referencing for beginners and Citing sources. Declined by Crunchydillpickle 6 months ago. | ![]() |
Comment: The seven citations reference four sources, the first two of which contribute nothing towards notability, and the last two are almost, but not quite, enough.The whole thing also reads like the back cover blurb of this book. Note, your job as the draft author is to describe the book, not to sell it. DoubleGrazing (talk) 14:24, 18 April 2024 (UTC)
Comment: Feel free to re-submit once you add in-line citations to everything!! Crunchydillpickle🥒 (talk) 23:58, 25 February 2024 (UTC)
Money Machine: A Trailblazing American Venture in China, authored by Weijian Shan, is an account of one of the most important deals in private equity history: the acquisition of a Chinese national bank by a foreign investor, marking a first in the history of such financial endeavors. The narrative delves into the complexities and innovative strategies employed to achieve this unprecedented acquisition, highlighting the navigational challenges within China's regulatory and financial system.
About the Author
editWeijian Shan, born in 1954, is a prominent figure in economics, business, and literature, based in Hong Kong. Serving as the Executive Chairman of PAG, a major investment firm focusing on the Asia-Pacific, Shan also holds positions as a Trustee at The British Museum and as an independent board member at Alibaba Group.[1]
He has penned several autobiographical and analytical works, including "Out of the Gobi: My Story of China and America" (2019), which details his experiences during China's Cultural Revolution[2]. His other notable works are "Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank" (2021), and "Money Machine: A Trailblazing American Venture in China" (2023), both providing insights into significant financial dealings and ventures.
Synopsis
editMoney Machine: A Trailblazing American Venture in China (2023) is a story of Newbridge Capital acquiring control of Shenzhen Development Bank (SDB), a nationwide Chinese bank, transforming it into one of China's healthiest and most profitable banks.
Set amidst post-World Trade Organization (WTO) China in 2002, the book depicts a period where Chinese banks faced insolvency despite government-controlled deposit and lending rates, effectively granting them a "license to print money," hence the title of the book. SDB, a mid-sized nationwide bank, was amongst the weakest and relied on a continuous influx of deposit, akin to a Ponzi scheme, to stay afloat[3]. When the Shenzhen municipal government decided to divest its controlling stake in SDB, Shan, Co-Managing Partner of Newbridge, seized the opportunity.
The book provides a rare and unfiltered look into the inner workings of private equity buyouts and the Chinese bureaucracy, illustrating that policymaking often involved considerations beyond economic rationale[4]. Shan describes the challenge of dealing with enigmatic figures within the system and discerning between their stated objectives and hidden agendas[5]. He notes that the Chinese decision-making process, which often sought unanimous support, effectively granted veto power to each agency involved and, when combined with the tendency to wait for other departments to act first, made approving complex transactions exceedingly time-consuming and difficult. The lack of communication and siloed operation between different echelons of government and regulatory agencies further complicated the process[6]. Shan unveils the intricate details of backroom dealing and power struggles within the Shenzhen municipal government, particularly amongst key figures.
When delving into the specifics of the deal, Shan meticulously recounts its progression through an endless cascade of negotiation rounds, offers, and counteroffers. Amidst this, he confronted significant hurdles in raising bank capital and implementing share reform due to conflicting policies issued by different regulators. Under the leadership of Frank Newman, a veteran American banker and turnaround specialist, a division was created to segregate and manage non-performing loans. The new management team prioritized competence over nepotism when hiring and tied executive compensation to performance[7]. To enhance portfolio quality, only credit officers, not the CEO or branch managers, were authorized to approve loans. To broaden their customer base, the team focused on mid-sized corporates overlooked by the larger State-owned banks.
In the end, after having transformed the bank into a healthy and much larger institution, Newbridge exited it for a staggering sum. Newbridge’s and Shan's legacy as a trailblazer in Sino-American finance is etched in history.
Reception
editShan has discussed his book at notable venues, including The Foreign Correspondents’ Club in Hong Kong and Asia Society Hong Kong.
References
edit- ^ admin. "Weijian Shan - Economist, businessman, author of Out of the Gobi". Weijian Shan. Retrieved 2024-04-18.
- ^ "Out of the Gobi: My Story of China and America". Asia Society Hong Kong Center. Retrieved 2024-04-18.
- ^ Shan, Weijian (2023). Money Machine: A Trailblazing American Venture in China (1st ed.). Wiley & Sons. ISBN 9781394161201.
- ^ "Money Machine: A Riveting Read From One of Private Equity's Very Best | Brian Wong | Oxford Political Review". oxfordpoliticalreview.com. 2023-03-14. Retrieved 2024-04-18.
- ^ "Money Machine: A Riveting Read From One of Private Equity's Very Best | Brian Wong | Oxford Political Review". oxfordpoliticalreview.com. 2023-03-14. Retrieved 2024-04-18.
- ^ "Money Machine: A Riveting Read From One of Private Equity's Very Best | Brian Wong | Oxford Political Review". oxfordpoliticalreview.com. 2023-03-14. Retrieved 2024-04-18.
- ^ "Mao's former barefoot doctor recalls sole foreign takeover of Chinese bank". South China Morning Post. 2023-01-31. Retrieved 2024-04-18.