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An extraordinary tale of an American firm’s astounding success in China
In Money Machine: A Trailblazing American Venture in China, Weijian Shan delivers a compelling account of one of the most significant deals in private equity history: the first and only foreign acquisition of control of a Chinese national bank. Money Machine is the fascinating inside story of the transaction as told by the man who led it, from the intrigues of dealmaking to the complex and uncharted process of securing control by a foreign investor of a Chinese nationwide financial institution, a feat that had never before been attempted, nor has it been repeated.
Shan also describes the astonishingly successful turnaround of the institution under the control of the American firm: the clash of cultures, the growth to strength and profitability, and ultimately, the extraordinarily profitable exit from the investment. In the process, he reveals new insights into how finance operates in China’s capital system and how private equity firms can add real value to companies. Readers will also find:
An exceptional firsthand account of truly singular deal-making and money-making, Money Machine will be of interest to investment bankers, investors, financial analysts and anyone who appreciates a suspenseful, true-life story.
WEIJIAN SHAN is Co-Founder and Executive Chairman of PAG, a leading private equity firm in Asia. Formerly, he was a partner at the private equity firm TPG and co-managing partner of TPG-Asia (formerly known as Newbridge Capital). Prior to his career in private equity, Shan was, at different times, a managing director at JP Morgan and a professor at the Wharton School of the University of Pennsylvania. He holds an MA and a PhD from the University of California, Berkeley, and an MBA from the University of San Francisco. Shan is member of the Board of Trustees of the British Museum and the International Advisory Council of the Hong Kong Stock Exchange. He is also the author of Out of the Gobi: My Story of China and America and Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank.
Foreword by Frank Newman: An Extraordinary Journey 1
A Note from the Author 2
Part I Courtship 4
Chapter 1 An Unexpected Question 5
Chapter 2 A License to Print Money 10
Chapter 3 The Craft of Private Equity 15
Chapter 4 A Special Time and Place 21
Chapter 5 Dancing with the Wolves 28
Chapter 6 Rolling Faster 37
Part II Fight 47
Chapter 7 Tug of War 48
Chapter 8 Behind the Scenes 55
Chapter 9 Roller Coaster 63
Chapter 10 Transition to Nowhere 70
Chapter 11 “Nut Case” 76
Chapter 12 Untying the Knot 82
Part III Transformation 90
Chapter 13 Making History 91
Chapter 14 Righting the Ship 95
Chapter 15 Bank Repairman 106
Chapter 16 Game of Chicken 115
Chapter 17 Window of Opportunity 120
Chapter 18 Mariana Trench to Mount Everest 127
Part IV Exit 133
Chapter 19 Coveted Prize 134
Chapter 20 Flavor of the Day 140
Chapter 21 Financial Tsunami 146
Chapter 22 Stars Align 155
Chapter 23 Turning Point 164
Chapter 24 A Deal That Shakes 171
Epilogue The Kingdom of Freedom 180
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