中国投资有限责任公司(China Investment Corp., 简称：中投公司)增购12亿美元摩根士丹利(Morgan Stanley)股份的举动，是全球金融危机去年初恶化以来，中国这家主权财富基金首次大规模公开投资一家西方银行。自金融危机恶化以来，中投公司的管理人士和其他中国官员一直在谈论他们对美国和欧洲金融业是如何缺乏信心，而这很大程度上要归因于中投公司2007年12月向摩根士丹利投资56亿美元以及更早时它出资购买百事通集团(Blackstone Group LP)股份所蒙受的巨额帐面损失。中国官员们说，他们对市场动荡以及围绕美国和欧洲政府各种救助计划的不确定性感到担忧。因此，中投公司此次再度投资摩根士丹利显然是它对欧美金融业新投下了一张信任票。不过这种信心可能今年4月时已经显露了苗头，当时中投公司董事长楼继伟表示，公司正陆续看到投资机会，计划今年要扩大海外投资。中投公司此次再度投资摩根士丹利严格说来对该公司算不上什么大手笔。所投入的12亿美元大约只占该公司2,000亿美元资金额的0.6%。这笔投资基本上只是将中投在摩根士丹利的持股比例恢复到9.9%的原有水平。由于日本的三菱UFJ金融集团(Mitsubishi UFJ Financial Group Inc.)去年10月投资摩根士丹利，中投公司在摩根士丹利的持股比例曾一度降至9.9%以下。与此同时，由于中投公司周二是以每股27.44美元的价格收购摩根士丹利股份的，购股价大大低于摩根士丹利2007年12月时50多美元的股价，这样就拉低了中投公司手中摩根士丹利股份的平均购买价，从而使中投公司有望更早在摩根士丹利这一投资上实现持平。中投公司对摩根士丹利的信心显然高于新加坡的主权财富基金淡马锡控股(Temasek Holdings)对巴克莱集团(Barclays PLC)和美国银行(Bank of America Corp.)这两家西方大型银行的信心。据知情人士周三对道琼斯通讯社(Dow Jones Newswires)说，淡马锡去年12月和今年1月将其手中2%的巴克莱集团股份全部出售，并因此亏损约8.5亿美元。另据知情人士说，淡马锡已将手中3.8%的美国银行股份全部出售，并因此亏损约46亿美元。投资美国银行蒙受亏损一事使淡马锡在新加坡国内少有地遭到了批评。新加坡人批评淡马锡的部分原因是他们觉得这家公司对它标榜的长期投资理念转变了态度。淡马锡解释说，它2007年12月原本投资的是美林(Merrill Lynch)，美林后来被美国银行收购。淡马锡的代表托马斯(Myrna Thomas)发布在该公司网站上的一份声明说，这意味着淡马锡的这笔投资与“更广泛的美国经济”更紧密地联系在了一起，而此时风险－回报环境也发生了显著变化。上周，新加坡财政部长也尝试着对淡马锡解除投资美国银行一事进行了解释。Jason Dean / Peter Stein（“中国日志”（China Journal）关注全球第一人口大国的发展变化，《华尔街日报》获奖团队数十位记者倾情献稿，Sky Canaves主笔。欢迎读者发送邮件至chinajournal@wsj.com或在下面评论栏中发表评论和建议。）相关阅读中投将追加购买摩根士丹利股票 2009-06-03中投设立专门机构负责重大战略投资 2009-04-30中投公司将扩大全球投资 2009-04-20中投去年对外整体投资出现少量帐面亏损 2009-03-30 本文涉及股票或公司document.write (truthmeter('2009年06月04日10:28', 'MTU'));Mitsubishi UFJ Financial Group Inc. (ADS)总部地点：日本上市地点：纽约证交所股票代码：MTUdocument.write (truthmeter('2009年06月04日10:28', 'BCS'));Barclays PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：BCSdocument.write (truthmeter('2009年06月04日10:28', 'BAC'));美国银行英文名称：Bank of America Co.总部地点：美国上市地点：纽约证交所股票代码：BACdocument.write (truthmeter('2009年06月04日10:28', 'BCS'));巴克莱集团英文名称：Barclays PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：BCSdocument.write (truthmeter('2009年06月04日10:28', 'MS'));摩根士丹利英文名称：Morgan Stanley总部地点：美国上市地点：纽约证交所股票代码：MSdocument.write (truthmeter('2009年06月04日10:28', 'BX'));百仕通集团英文名称：Blackstone Group L.P.总部地点：美国上市地点：纽约证交所股票代码：BXdocument.write (truthmeter('2009年06月04日10:28', 'TEMAH.YY'));Temasek Holdings总部地点：新加坡(Singapore)股票代码：TEMdocument.write (truthmeter('2009年06月04日10:28', '8306.TO'));三菱UFJ金融集团英文名称：Mitsubishi UFJ Financial Groupdocument.write (truthmeter('2009年06月04日10:28', 'BARC.LN'));Barclays Plc总部地点：英国上市地点：伦敦股票代码：BARCdocument.write (truthmeter('2009年06月04日10:28', '8306.TO'));Mitsubishi UFJ Financial Group Inc.总部地点：日本上市地点：东京证交所股票代码：8306
China Investment Corp.'s purchase of an additional $1.2 billion stake in Morgan Stanley (MS) is the Chinese sovereign-wealth fund's first big public investment in a western bank since the global financial crisis worsened early last year.Since then, CIC executives and other Chinese officials have talked about how little confidence they had in U.S. and European financial sector, thanks in large part to the heavy paper losses CIC suffered on a previous $5.6 billion stake it bought in Morgan Stanley in December 2007, plus an earlier stake in Blackstone Group LP (BX). Officials said they worried about the market turmoil and the uncertainty over U.S. and European government bailout programs.So, the new deal is clearly a new vote of confidence by CIC - though one perhaps foreshadowed in April, when CIC Chairman Lou Jiwei said the fund was starting to see opportunities and planned to expand its overseas investments this year.This latest investment isn't exactly a big plunge. The total represents 0.6% of the fund's roughly $200 billion war chest. And CIC is basically bringing its stake in the U.S. bank back to its original level of 9.9%. That stake was diluted when Japan's Mitsubishi UFJ Financial Group Inc. (MTU) invested new funds in Morgan Stanley in October.Meanwhile, the lower price of the current issue - Tuesday's deal was priced at $27.44 a share, compared to the more-than $50 level at which Morgan Stanley shares were trading in December 2007 - lowers the average cost of CIC's total stake in Morgan Stanley, bringing it closer to the day when CIC can break even on the investment bank.Still, CIC's move shows more confidence in Morgan Stanley than its fellow state-owned investment fund Temasek Holdings of Singapore displayed in two big Western banks, Barclays PLC (BCS) and Bank of America Corp. (BAC).Temasek sold its roughly 2% stake in Barclays in December and January, booking a loss of about $850 million, people familiar with the situation told Dow Jones Newswires on Wednesday.In addition, Temasek recently sold its entire 3.8% holding in Bank of America for a loss of about $4.6 billion, people familiar with the situation said at the time.The Bank of America loss sparked some rare public criticism within Singapore, in part over a perceived shift in Temasek's attitude toward what had once been billed as a long-term investment.Temasek explained that its original December 2007 investment was in Merrill Lynch, which was later taken over by Bank of America. That meant the investment became more strongly linked 'to the broader U.S. economy,' Temasek representative Myrna Thomas wrote in a statement posted on Temasek's Web site, at a time when 'the risk-return environment had also changed substantially.' Last week, Singapore's finance minister took a stab at explaining the divestment, too.Jason Dean / Peter Stein
China Investment Corp.'s purchase of an additional $1.2 billion stake in Morgan Stanley (MS) is the Chinese sovereign-wealth fund's first big public investment in a western bank since the global financial crisis worsened early last year.Since then, CIC executives and other Chinese officials have talked about how little confidence they had in U.S. and European financial sector, thanks in large part to the heavy paper losses CIC suffered on a previous $5.6 billion stake it bought in Morgan Stanley in December 2007, plus an earlier stake in Blackstone Group LP (BX). Officials said they worried about the market turmoil and the uncertainty over U.S. and European government bailout programs.So, the new deal is clearly a new vote of confidence by CIC - though one perhaps foreshadowed in April, when CIC Chairman Lou Jiwei said the fund was starting to see opportunities and planned to expand its overseas investments this year.This latest investment isn't exactly a big plunge. The total represents 0.6% of the fund's roughly $200 billion war chest. And CIC is basically bringing its stake in the U.S. bank back to its original level of 9.9%. That stake was diluted when Japan's Mitsubishi UFJ Financial Group Inc. (MTU) invested new funds in Morgan Stanley in October.Meanwhile, the lower price of the current issue - Tuesday's deal was priced at $27.44 a share, compared to the more-than $50 level at which Morgan Stanley shares were trading in December 2007 - lowers the average cost of CIC's total stake in Morgan Stanley, bringing it closer to the day when CIC can break even on the investment bank.Still, CIC's move shows more confidence in Morgan Stanley than its fellow state-owned investment fund Temasek Holdings of Singapore displayed in two big Western banks, Barclays PLC (BCS) and Bank of America Corp. (BAC).Temasek sold its roughly 2% stake in Barclays in December and January, booking a loss of about $850 million, people familiar with the situation told Dow Jones Newswires on Wednesday.In addition, Temasek recently sold its entire 3.8% holding in Bank of America for a loss of about $4.6 billion, people familiar with the situation said at the time.The Bank of America loss sparked some rare public criticism within Singapore, in part over a perceived shift in Temasek's attitude toward what had once been billed as a long-term investment.Temasek explained that its original December 2007 investment was in Merrill Lynch, which was later taken over by Bank of America. That meant the investment became more strongly linked 'to the broader U.S. economy,' Temasek representative Myrna Thomas wrote in a statement posted on Temasek's Web site, at a time when 'the risk-return environment had also changed substantially.' Last week, Singapore's finance minister took a stab at explaining the divestment, too.Jason Dean / Peter Stein
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