William R. Kenan Professor of Government was quoted in an article in the South China Morning Post. The article discussed Merrill Lynch's stunning rise to the top of the initial public offering (IPO) business in China in 2004. Many competitors attribute the company's success to government ties it has gained access to through one new employee, Wilson Feng. "Some studies show that a large number of [Chinese] officials in investment banking...are princelings," Li said.
According to the article, Merrill Lynch maintains that its success is due to better management decisions. "We've retooled the business substantially," said Damian Chunilal, the head of investment banking in Hong Kong.
