MacQuarie “planning” new China link

The “millionaire factory” the Macquarie group is seeking a new partner in China, according to Bloomberg.

The financial wire service names Hengtai Securities as the likely partner.

So far, there has been no announcement of this reported move.

And Bloomberg, itself, is quoting only anonymous sources.

But if true – and successful – the venture would give Macquarie access to China’s $106 billion equity and bond underwriting market, at a critical time.

Finance from other international sources has virtually dried up, as a result of the global economic crisis.

Macquarie is said to have signed a memorandum of understanding with Hengtai last week.

Shares in Maquarie rose by 5.1 per cent yesterday as rumours of the new link spread.

The planned venture follows Chinese approval of a 20 per cent investment Macquarie made in that country’s Kunming International  Trust company last month.

It is set to negotiate final terms on its new venture over the next few months.