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Alleged Insider Trading Casts Doubts on Oil Deal

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Alleged Insider Trading Casts Doubts on Oil Deal 16 businesscompanies WEDNESDAY, AUGUST 1, 2012 CHINA DAILY Future is Crystal-clear Alleged insider trading after London spectacular By GAO YUAN ics industry is in the primary casts doubts on oil deal [email protected] stage, and the industry will only grow when a fully func- At the Olympic Games tioning industrial chain is CONNECTIONS BEING INVESTIGATED opening ceremony on Friday, formed,” said Deng Bohong, But analysts still suggest chances more than 70,000 paddle- There is no doubt managing director of Shen- CNOOC announced deal to buy Nexen Inc shaped LED tablets installed that leading Chinese zhen Dans Digital Technology are good that off er will be approved for $15.1 billion on July 23 on each spectators’ seat, lit companies will be- Co Ltd. the stadium, making London ‘‘ “But we are not seeing the By ZHENG YANGPENG The SEC said businesses Bowl the largest digital display come leading brands formation of this chain any- July 2012 21 23 27 [email protected] owned by Zhang, including on Earth. across the world.” time soon.” China Rongsheng Heavy Indus- But while Deng and his 40-man SEC ordered MICHAEL PAYNE China’s potentially largest tries, have a close relationship investigation INDUSTRY all eyes were FORMER HEAD OF THE MARKETING company are famous for win- on Zhang Zhirong overseas acquisition to date with CNOOC. on the Lon- DIVISION OF THE INTERNATIONAL ning numerous international on allegations of OLYMPIC COMMITTEE. was clouded by an insider-trad- Rongsheng Heavy, which insider trading don landmark displaying the awards over the past decade. ing investigation that the US is China’s largest private ship- spectacular digital animation, Th e company mainly produces launched last week, but analysts builder by order book and was it was a Chinese company, computer graphics content for said the charges shouldn’t aff ect co-founded by Zhang in 2005, Crystal CG, which made the in Beijing, better known as the real estate developers and fi lm- US regulators’ decision signed its fi rst off shore engineer- Rongsheng Heavy Zhang Zhirong magic happen. Bird’s Nest. makers. OIL on whether to approve ing contract with CNOOC to Industries is a supplier used his fully-owned Crystal specializes in large- “Crystal took all its experi- But even the top end of to CNOOC company, the deal. build a 3,000-meter deepwater- Zhang Zhirong Well Advantage, scale computer graphics, pro- ence in the three-dimensional the industry is struggling, Instead, analysts said, over- pipe-laying crane vessel for the chairman of to buy $14.3 million viding visuals for events such digital area from the Beijing with increasing numbers seas politics that pose a poten- the offshore oil producer. For- Rongsheng Heavy worth of Nexen's shares as stadium extravaganzas and Olympics to the opening of local computer graphics tial threat to the deal should be mer financial reports released and holds 47.75 two days before the deal graphics for TV networks. ceremony in London,” said workshops luring small cli- percent of its shares was announced. a greater concern to CNOOC by Rongsheng Heavy, a Hong FENG XIUXIA / CHINA DAILY But with London behind it, Michael Payne, former head of ents away with cheaper rates Ltd more. Kong-traded company, said the Beijing-based company is the marketing division of the and eating up bigger players’ On Friday, the US Securities the company signed a strategic now gearing up to win its next International Olympic Com- profi t margins. and Exchange Commission agreement with CNOOC in big customer amid growing mittee. But the government, which obtained a federal court order 2010. 15.1 13 competition and weak demand. Payne said the growing inno- says cultural and creative to freeze the assets of traders By pinpointing Zhang’s close billion dollars million dollars “Digitalized visual content vation, design and quality of industries is important to help who were alleged to have reaped relationship with CNOOC, the packaging is a very young Chinese companies indicate boost the nation’s slowing more than $13 million from ille- SEC laid the groundwork for its the amount CNOOC has agreed the amount of gains by sus- industry globally, and we need that they will increasingly be GDP, is also keen to give the to pay for Nexen pected insider traders taking gal trades ahead of CNOOC’s allegation that Zhang’s company advantage of the CNOOC deal international events such as manufacturing for their own industry a hand. announcement that it would buy was involved in insider trading. the London Olympics to show- clients, as opposed to doing Th e central government has Nexen Inc, a Canadian oil group. Before the purchase of the Nexen ple who knew the details of the signifi cant eff ect on CNOOC’s case what we are capable of,” outsourced work for others. approved a series of policies If the deal passes the review shares, which took place just two acquisition,” the source said. acquisition. Politics could be a said Lu Zhenggang, founder “There is no doubt that supporting the development of process, CNOOC could boost days before the deal was made Nexen announced the $15.1 greater threat. and chairman of Crystal. leading Chinese companies the culture industry since 2011. its proved reserves by 30 percent public, Well Advantage had billion, all-cash equity offer “Insider trades happen. And With about 3,000 employ- will become leading brands Th e nation’s culture industry and increase its production by not traded Nexen shares since from CNOOC on July 23. anybody in this process can do ees worldwide, the company across the world,” Payne said. is expected to see an annual 20 percent. January. And immediately aft er Industry experts said the it. Lawyers, underwriters, you said it will continue to invest in However, industry insiders growth rate of more than 20 Before the announcement, Nexen’s stock rose 52 percent, chance of the deal’s approval name it,” said Tao Jingzhou, innovation and talent recruit- are worried that small market percent during the 12th Five- Hong Kong-based Well Advan- Well Advantage sold the shares. by Canadian regulators is very managing partner of Dechert ment. scale and weak demand may year Plan (2011-15) period, tage Ltd, controlled by Zhang CNOOC so far has not yet high. Uncertainty about the LLP Asian Practice. Its deal with London was pose a threat to the survival increasing the gross added val- Zhirong, and other unidenti- offi cially responded to the case case comes mainly from US “Insider trades could not struck in 2009 when the com- of computer graphics content ue of the industry to between fied traders stockpiled shares and whether the development regulators. have impeded the acquisition pany won a bid to supply digi- providers. 800 billon yuan and 900 bil- of Nexen aft er knowing con- will aff ect its purchase of Nexen. In 2005, CNOOC withdrew unless they evidently affected talized animation content to “It will take at least two years lion yuan ($125 billion to $141 fi dential information about the But the 21st Century Business its bid for the US oil company the bid price. So I don’t think the organizing committee. before the demand for digital billion), said Li Xiaojie, vice- deal, the SEC said in a statement Herald, citing an anonymous Unocal Corp after the offer they will have signifi cant aff ect Prior to that, the company visual package services starts minister of culture, said earlier announcing a complaint fi led in source in CNOOC, reported drew stiff opposition in Wash- on CNOOC’s acquisition.” demonstrated what it could do to grow, and we should prob- this year. US court. that the company has initiated an ington. Nexen has about 10 per- Ge Shunqi, a professor with at the 2008 Beijing Olympics, ably wait longer for the boost “We welcome the policies Zhang, 43, is the chairman internal investigation to deter- cent of its assets in the US Gulf. Center for Transnationals’ Stud- animating a traditional Chinese in demand,” Lu said. that have been set with a long- and founder of China Rongsh- mine how information about the However, experts inter- ies of Naikai University, said that wash painting on a 145-meter- His comments were echoed term perspective, the industry eng Heavy Industries, a Chinese deal was leaked. viewed by China Daily said the “the SEC’s probe is irrelevant to long LED scroll lying at the by others. will benefi t from them,” said shipbuilder. “Th ere were not many peo- SEC case itself will not exert a the acquisition case.” center of the National Stadium “China’s computer graph- Deng from Dans. Qingdao West Coast Investment Promotion Co Ltd Global recruitment of internationally oriented high-caliber professionals Qingdao West Coast Investment Promotion Co Ltd is a State-owned areas of the country. With Jiaozhou Bay Bridge and Jiaozhou Bay Tun- The new economic zone has fi ve national industrial parks, including insula blue economy pilot zone. enterprise directly under the Qingdao West Coast New Economic nel opened to traffi c in the middle of 2011, the new zone has become an economic and technological development zone, a bonded port area, Pioneering professionals are welcome to participate in the develop- Zone. Its registered capital totals 50 million yuan, and its focus is on more closely integrated into the old part of the Qingdao city. Covering a an export-processing zone, an experimental new-technology industrial ment of the zone. building an investment platform to serve Qingdao’s western coastal planned land area of more than 2,000 square kilometers and a sea area development zone, and a Sino-German Ecological Park, and it will also Registration and examination area.
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