U.S. President Joe Biden and Xi Jinping held a telephone conversation in the evening of Feb. 10 EST. Outsiders have focused on the fact that the call was the first between the U.S. and Chinese leaders since Biden took office. But it also brought back attention to a business story that had been published in Beijing‘s official media before that.
The Beijing Business Daily reported on February 8 that Shanghai Miao Ke Lando indirectly holds a 90% stake in Brownes, a long-established Western Australian dairy company, through an M&A fund.
According to the article, Beijing Business News is sponsored by Beijing Daily Newspaper Group, an organ of the Beijing Municipal Party Committee. Headquartered in Shanghai, Miao Ke Lan Duo is the leading cheese company in China and the “No. 1 cheese stock” in the A-share market. The so-called M&A fund in the report is a joint venture between Miao Ke Lando and Bohai Huamei (Shanghai) Equity Investment Fund Management Co.
The U.S. election fraud is rampant, and the Biden father and son scandal is rampant, in which Hunter Biden was revealed to have served on the board of Bohai Huamei, and still holds a 10% stake in Bohai Huamei through his company Skaneateles, LLC (“Skaneateles”).
It is worth noting that Bohai Huamei’s parent company, Bohai Industrial Investment Fund Management Company Limited (“Bohai”), has high ties to the Chinese Communist government.
According to the official introduction, Bohai was founded in 2006, and its management of Bohai Industrial Investment Fund is the first RMB equity investment fund in China, which was approved by the State Council of the Communist Party of China and set up by the Development and Reform Commission. Bohai’s shareholders include major state-owned banks and financial institutions such as Bank of China, China Development Bank, China Post and Reserve Bank, China Life, and the National Social Security Fund. Bohai was founded by Dai Xianglong, the then mayor of Tianjin and former governor of the People’s Bank of China.
Bohai was positioned by senior management as “a company focused on mergers and acquisitions and state-owned enterprise reform investment”, and Bohai’s many industrial investment funds, but the Bohai Huamei, which was established less than a year ago, got a ticket to the Sinopec mixed reform feast.
The company’s sales company belongs to Sinopec’s high-quality assets. September 2014, the much-anticipated Sinopec mixed reform list of attracting capital was finally finalized. Sinopec announced that Sinopec Sales, a wholly-owned subsidiary, would be subscribed to 29.99% of Sinopec Sales by 25 domestic and foreign investors for a total of RMB 107.094 billion (including the equivalent in US dollars) in cash. The remaining 70.01% of the shares will continue to be held by Sinopec.
The article “What to do after Sinopec Attracts 100 Billion” on September 16, 2014 by qq.com Financial Channel sorted out the background of 25 investors who were finally shortlisted for Sinopec, one of which was Bohai Huamei, which according to the description of Bohai Huamei Fund is “a According to the description of Bohai Huamei Fund, Bohai Huamei is “a limited partnership established under Chinese law ‘exclusively for the purpose of this capital increase'”.
This can be reinterpreted, as early as 2014 before the official launch of the Sinopec sales plate restructuring, the Bohai Huamei established on December 16, 2013 seems to have been “inside” the mixed feast of VIPs. The establishment of Bohai Huamei was apparently shortly after the second visit of then US Vice President Joe Biden to Beijing on December 4, 2013.
In particular, the 2014 round of capital increase is only the first step in Sinopec’s hybrid reform, the board of directors was established after the sales company will plan to go public. This listing plan was later stalled due to Xi Jinping’s anti-corruption efforts, which resulted in a major blow to the “oil gang” of Zhou Yongkang, former member of the Standing Committee of the Political Bureau and Secretary of the Political and Legal Committee of the Communist Party of China, including the investigation of four senior executives of Sinopec, and the collapse of corruption.
In other words, the grand finale of this mixed reform feast of Sinopec has not yet appeared, that is, the sales segment will be listed independently. For example, news on Feb. 9 showed that Sinopec answered investors’ inquiries about the progress of Sinopec’s sales IPO.
On Feb. 5, the White House press secretary indirectly confirmed at a press conference that Hunter Biden still holds a stake in a private Chinese company. The problem is that Bohai Huamei’s parent company, Bohai, is a PE fund that is 100% officially controlled by the Chinese Communist Party.
Bohai Huamei once came out to explain that Hunter Biden did not buy 10% of the shares until Biden left the vice presidency. The problem is that once Sinopec goes public in the future, the original shareholders, including Bohai Huamei, will profit handsomely. As the Chinese saying goes, if Hunter owns Bohai Huamei, will this cause Biden to “take the short end of the stick and eat the soft end of the stick”?
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