It's 8pm on March 25. That's no normal hour for a press conference, but the Grand Hyatt ballroom is packed with journalists and photographers. So is the one up in Beijing. They are there to hear the 2008 annual results of the world's largest bank, Industrial and Commercial Bank of China, and, perhaps more importantly, find out whether its three strategic investors are about to dump their US$12.86 billion worth of stakes in the lender when their lock-up period expires next month.
Their concern is valid. With few exceptions, strategic investors of most mainland banks listed in Hong Kong have sold their holdings for much-needed cash to survive the financial crisis. Share prices have been battered. Short positions on ICBC have been growing.
No sooner had the press conference started when a journalist asked about the sell-down. To the media's surprise, bank chairman Jiang Jianqing said a 'mystery guest' would provide an answer at the end of the meeting.
So an hour went by while Mr Jiang talked about interest spreads, loans and the economy before he finally announced the arrival of his 'mystery guest'.
Enter Michael Evans, deputy chairman of Goldman Sachs, ICBC's largest strategic investor. It was so dramatic that one could almost see the spotlights and hear the drum roll.
But instead of addressing the sell-down concerns, he began by saying: 'We have worked hard as a strategic investor.' Journalists were given an account of how Goldman had trained 4,000 ICBC officials in Hong Kong, Beijing and New York; how its senior management was working full-time to help the mainland bank beef up its credit and operational risk management operations, and how they have hired world-class consultants to implement the plan to ensure long-term benefits.