Money Machine is the riveting story of how an American investment buyout firm accomplished the impossible, buying control of an ailing national bank in China and transforming it into one of the healthiest and most profitable financial institutions in the country.

This astonishing true story is the third book by legendary investor and bestselling author Weijian Shan. As the chief architect of the deal, Shan is the ultimate insider, leading the reader on a daring adventure into the secret world of private equity moneymaking, full of victories and frustrations, obstacles and inspiration, as he and his hardy team of investors work to solve seemingly unsolvable problems through persistence and creativity.

Shan’s firm was in uncharted territory. No foreign company had ever acquired control of a national bank in China, where the banking industry was tightly regulated. With the risk of failure lurking around every corner, the struggle to win control of the bank was fought from Hong Kong boardrooms to Texas courtrooms, and all the way to the halls of power in Beijing.

But winning control was just the first part of the story, and Money Machine traces the deal from inception all the way to its triumphant conclusion: The creation of one of China’s most innovative banks and the unlocking of billions in value for Shan’s investors. The deal was a victory not just for Shan and his partners but for the bank itself; its employees and shareholders; and China’s reform-minded regulators, determined to bring the country’s banking system into the 21st century.

This is a story of the tremendous changes sweeping through China during a remarkable period of breakneck growth. It is also a story of private equity at its best, creating value by being transformational and improving market efficiency as it does so. This is a book for anyone who wants to learn about how buyout works across borders, how to survive and thrive in a foreign culture, and, what it takes to be successful.

Praise for MONEY MACHINE

“Banking reform, long an oxymoron in a country of government-controlled banking system, was energized by a foreign private equity takeover. This book shares the full story. As the tenacious architect of this historic transaction, Shan provides a breathtaking account of the financialization of modern China.”
― Stephen Roach, Yale professor and former Chairman of Morgan Stanley Asia, author of Accidental Conflict: America, China, and the Clash of False Narratives

“An absolutely amazing tale! It’s highly informative and reads like a novel. A must read for anyone doing business in China. And that means almost everyone.”
― Max Baucus, United States Senator (1978–2014) and Chair of the Senate Finance Committee (2007–2014), US Ambassador to China (2014–2017)

“Money Machine is the third of Weijian Shan’s riveting memoirs. It is the inside story of how an American private equity firm took over an ailing bank in China and fixed it, before exiting in one of the most lucrative financial transactions ever―and a win for all sides involved. It is also a cautionary tale of just how much tenacity is required when it comes to investing in China―something which is as relevant today as it was over a decade ago.”
― Henny Sender, Managing Director of BlackRock, formerly Chief Correspondent for international finance at the Financial Times

“Money Machine is an instant dealmaker’s classic. The author delivers an eyewitness drama of fundamental change. Money Machine ultimately is less about money but about change. Read and learn.”
― Andrew Sheng, Distinguished Fellow, Asia Global Institute, University of Hong Kong, formerly Chairman, Hong Kong Securities and Futures Commission