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Welcome to the major leagues of debt. Collateralized debt obligations, almost always referred to as a CDOs, are horrendously
complicated deals that often leave anyone without a MBA wondering what was put into these CDOs.
The first thing to
understand about bonds, (aka debt) is that bonds are often backed by something else. Think about your home mortgage. If you
don't pay your mortgage, the bank can take the house. You end up homeless, and the bank sells the house to pay off the rest
of that mortgage. There is something "backing" that mortgage; something lender can fall back on, if you don't pay your bills
like a good human being. That's called collateral.
CDOs are one flavor of an entire sector of investing called structured
finance, and they are also backed. CDOs, in the simplest concept, are just bonds backed by something else. In most cases,
a CDO is backed by a collection of various types of debt. CDOs can be home mortgages, or other types of debt like credit cards,
auto loans, and personal loans. Most of these types of debt are usually considered a bit more risky and they don't have the
backing that a home loan does. So, if you think it through, you can imagine that CDOs are usually considered a risky investment.
To take a step further, understand that CDOs have multiple flavors within each CDO. These flavors are called tranches. If you've taken French, you might recognize the word, it means "slice" or "portion." Each slice of that CDO you invest in is a little different and carries different amounts of risk.
You could invest in the lowest risk tranche of the CDO, which would
provide you lower risk. But, you don't get a good return on that investment. Or, you can be the heroic adventurer of bonds
and invest in the lowest-grade tranche of the CDO. You'll make an amazing return, but if the economy even looks at you wrong,
you might lose the entire investment.
CDOs aren¿t easy, and are almost always invested in by mutual funds, insurance
companies and hedge funds. As an individual investor, you will probably not come across a CDO you can participate in.
Home / Markets / Industries / Industrials
Monday, June 30, 2008
Brilliance China Automotive Holdings Limited (OTC Bulletin Board: BCAHY; HKEx: 1114) Announces Change of Chief Financial Officer and Redesignation of Director
Comtex
HONG KONG, June 30, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ ----The Board announced the cessation of Mr. Lei as the Chief Financial Officer of the Company and redesignation of Mr. Lei as a non-executive director of the Company effective 1st July, 2008 due to the appointment of Mr. Lei as the Chief Financial Officer of BBA, a jointly controlled entity of the Company effective 12th May, 2008. Mr. Qian has been appointed as the Chief Financial Officer of the Company effective 1st July, 2008 to replace Mr. Lei.
The board (the "Board") of directors of Brilliance China Automotive Holdings Limited (the "Company", together with its subsidiaries, the "Group") announced the nomination of Mr. Lei Xiaoyang ("Mr. Lei") by the Company to be the Chief Financial Officer of BMW Brilliance Automotive Ltd. ("BBA"), a jointly controlled entity indirectly held as to 49.5% by the Company. The appointment of Mr. Lei as the Chief Financial Officer of BBA was effective on 12th May, 2008. As a result of the appointment of Mr. Lei as the Chief Financial Officer of BBA, Mr. Lei will cease to be the Chief Financial Officer of the Company effective 1st July, 2008.
Mr. Qian Zuming ("Mr. Qian") has been appointed as the Chief Financial Officer of the Company effective 1st July, 2008. Mr. Qian, age 45, is currently a Vice President and the Chief Financial Officer of Shenyang Brilliance JinBei Automobile Co., Ltd. ("Shenyang Automotive"), a 51% owned subsidiary of the Company. Mr. Qian is an associate member of the Institute of Financial Accountants of the United Kingdom.. He holds a Master of Finance Degree from the Graduate School, The Chinese Academy of Social Sciences and a Master of Business Administration Degree from The Wisconsin International University (USA), Ukraine.
Mr. Lei has confirmed that he has no disagreement with the Board and there are no matters in relation to his cessation as the Chief Financial Officer of the Company that need to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") or the shareholders of the Company.
Mr. Lei is currently an executive director of the Company and will be redesignated as a non-executive director of the Company effective 1st July, 2008.
Mr. Lei, age 51, was a non-executive director of the Company from June 2003 to June 2005 and was redesignated as an executive director of the Company effective June 2005. Mr. Lei has been the Deputy Chief Economist as well as General Manager of the Department of Asset Operations in Huachen Automotive Group Holdings Company Limited since January 2003. He was the Assistant President of Liaoning International Trust and Investment Corporation from June 1996 to September 2002, and was in charge of the Financing Department, Accounting Department, Strategic Planning Department and Securities Department. Mr. Lei holds a Bachelor of Engineering Degree from the Shenyang Polytechnic University and a Master of Finance Degree from Liaoning University as well as a Master of Business Administration Degree from Roosevelt University in the United States of America.
Mr. Lei is a director and chief financial officer of Shenyang XingYuanDong Automobile Component Co., Ltd., a director of each of Shenyang Automotive, Ningbo Brilliance Ruixing Auto Components Co., Ltd., Mianyang Brilliance Ruian Automotive Components Co., Ltd., Shenyang Jianhua Motors Engine Co., Ltd., China Brilliance Automotive Components Group Limited, Southern State Investment Limited, Beston Asia Investment Limited, Pure Shine Limited, Key Choice Group Limited, Brilliance China Finance Limited., Shenyang ChenFa Automobile Component Co., Ltd., and Shenyang Brilliance Power Train Machinery Co. Ltd., all of which are subsidiaries of the Company. Save as disclosed, he does not hold any position in any subsidiaries of the Company.
Save as disclosed above, Mr. Lei does not have any relationships with any other directors, senior management, substantial shareholders or controlling shareholders of the Company.
Mr. Lei is currently a director of Shanghai Shenhua Holdings Co., Ltd., an A-share company listed on the Shanghai Stock Exchange. Save as disclosed above, Mr. Lei has not held any directorship in any listed public companies in the last three years.
As at the date of this announcement, Mr. Lei is entitled to exercise share options to subscribe for 3,000,000 shares of the Company at a subscription price of HK$1.32 per share for a period of 10 years commencing from 28th December, 2006 and share options to subscribe for 3,000,000 shares of the Company at a subscription price of HK$1.746 per share for a period of 10 years commencing from 31st December, 2007, under the share option scheme of the Company adopted in 2002. Save as disclosed herein, Mr. Lei is not interested or deemed to be interested in any shares or underlying shares of the Company pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
No service agreement has been entered into between the Company and Mr. Lei. The appointment of Mr. Lei has no fixed term but he is subject to the retirement by rotation requirements under the bye-laws of the Company. As a non-executive director, the emoluments of Mr. Lei will be determined by the Board with reference to his qualifications, experience and duties and responsibilities in the Group. Mr. Lei was paid RMB1,074,000 as his salary and benefits as an executive director of the Company for the year ended 31st December, 2007.
There is no information relating to Mr. Lei which is discloseable under Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on the Stock Exchange. By order of the Board Brilliance China Automotive Holdings Limited Wu Xiao An (also known as Ng Siu On) Chairman Hong Kong, 30th June, 2008
As at the date of this announcement, the Board comprises five executive directors, Mr. Wu Xiao An (also known as Mr. Ng Siu On) (Chairman), Mr. Qi Yumin (Chief Executive Officer), Mr. He Guohua, Mr. Wang Shiping and Mr. Lei Xiaoyang (Chief Financial Officer); and three independent non-executive directors, Mr. Xu Bingjin, Mr. Song Jian and Mr. Jiang Bo.
For further information, please contact: Lisa Ng Brilliance China Automotive Holdings Limited Tel: +852-2523-7227 Carol Lau Weber Shandwick in Hong Kong Tel: +852-2533-9981
SOURCE Brilliance China Automotive Holdings Limited
Copyright (C) 2008 PR Newswire. All rights reserved
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