Bohai Harvest RST

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Hunter Biden, right, flew to China in 2013 aboard Air Force Two, with his father, Joe Biden, left, December 4, 2013. 10 days later Hunter Biden signed a $1.5 Billion deal with the Chinese military.[1]

Bohai Harvest RST (BHR) was created and funded by two Chinese investment funds, owned by the Bank of China (Bohai Capital and Harvest Global). As described in their marketing presentation: “BHR is held in high regard by Chinese government bodies and SOEs [state owned enterprises] at all levels.” BHR’s founding shareholders were: Rosemont Seneca Thornton LLC, Bohai Capital, Angju Investment Consulting (Shanghai) Co Ltd (昂驹投资咨询(上海)有限公司) Angju Investment owned by Li Xiangsheng (李祥生 also known as Jonathan Li), and Shanghai Ample Harvest Financial Services Co Ltd (上海丰实金融服务有限公司). The third and fourth Chinese characters in BHR’s Chinese name represent China (华) and America (美) respectively, indicating that the business is likely viewed by the Chinese SOE shareholders (and the Chinese government) as a country-level business partnership.[2]

Bohai Capital is the private equity arm of Bank of China International Holdings Ltd (中銀國際控股有限公司) (BOCI) and China’s first-ever RMB-denominated private equity fund approved by the State Council. BOCI is wholly-owned by Bank of China Limited (中国银行股份有限公司 ) (BOC), one of China’s big-four state banks, with state-level foreign exchange responsibilities. BOC was formerly part-owned by the Social Security Fund (SSF), and is now controlled by Central Huijin Investment (中央汇金投资有限责任公司), a Chinese government investment fund.

Origins

Bohai Harvest Rosemont.jpeg

In 2012 Hunter Biden and Devon Archer made contact with Chinese financier Jonathan Li, who ran the equity fund Bohai Capital. The trio discussed a plan to become partners in a new company, Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co. (BHR), that would invest Chinese capital outside the country. Eighty percent of the resulting company, Bohai Harvest, was controlled by Chinese state-owned interests.[3] On December 4, 2013, Vice President Joe Biden and his son, Hunter Biden, and Hunter's daughter Finnegan visited Beijing.[4] Joe Biden held a marathon five-hour meeting with CCP General Secretary Xi Jinping. Hunter Biden spent the time with Jonathan Li.[5] The Bidens walked away after this trip as 30% owners of a $1.5 billion investment fund, Bohai Harvest RST (BHR), a partnership between Bohai Capital and Rosemont Seneca. They offered nothing to the Chinese Comminists by way of consideration but their services as lobbyists and door openers. Bohai Harvest Rosemont (BHR) was incorporated in Shanghai according to State Market Regulatory Administration records on December 16, 2013.[6]

The U.S. Department of Justice (DOJ) charged China General Nuclear Power Corp (CGN) with conspiracy to unlawfully engage and participate in the production and development of special nuclear material outside the United States which could cause “significant damage to our national security.”[7] CGN is owned in part by Bohai Harvest RST and the Biden family.[8]

Bank of China

Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd. (BHR) was not a legitimate investment company in the classical sense, set up to make financial return on investment through legal means. The firm was set up as a tool for the CCPs global economic imperial ambitions, using the Biden name, and others in their orbit, to market Chinese mercantile domination.[9]

The Bank of China is owned by the Chinese government and closely connected with the Chinese military and intelligence services. Biden, Heinz, and Archer transferred and sold "duel use" technology to the Chinese military which was used to create the Chinese drone program and replicate the Chinese version of the F-15 fighter.[10]

Bohai Harvest RST (BHR) invested in an app the Chinese leftwing communist government is using to surveil ethnic minority Muslims in western China. Over one million Muslims living in the region are now incarcerated in Chinese gulags.

Rosemont Seneca Thornton

Rosemont Seneca Thornton (RST) was formed from a joint venture between Rosemont Seneca Partners and Thornton, an investment advisory firm headed by James Bulger, of the famous Boston family (son of William “Billy Bulger, the longest serving President of the Massachusetts Senate and the nephew of James “Whitey” Bulger, the infamous mobster who ran the Winter Hill Gang). Rosemont Seneca was formed in 2009 as a private equity and advisory firm that was co-founded by Hunter Biden and Christopher Heinz, of the Heinz ketchup fortune and step-son to long time Democratic senator and later Secretary of State John Kerry, along with their friend Devon Archer, Chris Heinz’s college roommate at Yale. The original anchor investor in Rosemont Seneca (which at one point claimed $2.4bn in assets under management) was Rosemont Capital, a Heinz family office alternative investment fund, named after Rosemont – the Heinz family estate outside Pittsburgh. During the most vibrant years of this partnership’s international investment and “consulting” activity, it is important to note that Joe Biden was Vice President and John Kerry was Secretary of State. It was not coincidental that Rosemont Seneca’s headquarters was in Washington, D.C. as opposed to New York where most of its competitors maintained their offices given the investment professional labor pool in and around Wall Street.

BHR Funds

BHR’s website lists an office in Beijing and brags that the company “is the designated cross-border investment platform of Bohai Industrial Investment Fund and benefits from the support of its Chinese stakeholders including the Bank of China and China Development Bank Capital” and that it “collaborates with Chinese companies in overseas mergers and acquisitions in the high-end manufacturing, healthcare, artificial intelligence and natural resources sectors.”[11]

BHR Shanghai Equity Investment

渤海华美(上海)股权投资基金合伙企业(有限合伙)

BHR Shanghai Equity Investment (BHRSEI) is the special purpose vehicle created to invest in a Sinopec capital injection into its marketing and sales arm. In September 2014, Sinopec a major oil and gas company covering every aspect from exploration to refining and distribution, announced that it would sell 30% of its sales and marketing unit. The 30% sale raised 107 billion RMB or nearly $17.5 billion at 2014 exchange rates.

There are a few notable aspects of BHRSEI. First, in its September 2014 filing on the Hong Kong Stock Exchange, Sinopec describes BHR as controlled by a Chinese SOE. Specifically in the filing it states:

Bohai Harvest RST (Shanghai) Equity Investment Management Co., Ltd. (渤海華美 (上海)股權投資金管理有限公司, hereinafter “Bohai Harvest Management”) is the executive partner of Bohai Harvest RST. Bohai Harvest Management is a company established and controlled by Bohai Industrial Investment Fund Management Co., Ltd. (渤海產業投資基金管理有限公司, hereinafter “Bohai Industrial”), a company controlled by Bank of China Limited, to focus on mergers and acquisitions, and investment in and reforms of state-owned enterprise….Bohai Industrial currently entrusted to manage is Bohai Industrial Investment Fund which is a RMB-denominated industrial investment fund approved to be established by the State Council with the permit from the National Development and Reform Commission of the PRC.

This has a clear and direct implication. The investment of HUNTER during the time his father was Vice President of the United States was classified and controlled as a state owned enterprise of the People's Republic of China. It received state controlled funds to invest in state owned assets.

Second, the investment capital raised by BHR to invest in the Sinopec marketing arm came from state owned investors. China Everbright and China Southern Capital, both state owned firms, are foundational investors in this specific fund. This furthers the pattern that state enterprise links dominates BHR from clients to targets.

Third, the remaining investors, outside of BHR, in the Sinopec marketing arm are almost exclusively SOE. From Bank of China linked funds to ICBC, Cinda, and CICC all major Chinese SOE financial firms, there is effectively no private involvement. This simply furthers the picture that BHR is about recycling Chinese state investment allowing specific parties to skim from their involvement and not about adding specific value.

Bohai Huamei II (Shanghai) Equity Investment Fund Partnership

渤海华美二期(上海)股权投资基金合伙企业(有限合伙)

Bohai Harvest II (BHR II) appears to be a single asset SPV. Incorporated in October 2014, BHR II has three shareholders: BHR, Haikou Blue Sea Rhythm Business Consulting, and Beijing Shixin Rongtai Investment Management. Haikou in corporate records, appears as a small consulting operation with minimal financial assets or contributions to the partnership. The owners are not linked directly to other corporate registrations. Their involvement likely, especially coming from the southern island of Hainan which could imply some link to HNA with whom the BIDEN’s have connections mentioned previously.

Given the lack of records on these individuals or firm, their involvement is puzzling. The other shareholder is Shixin Asset Management a holding company of state cooperative managed by the Beijing city government “link(ing) the Party and the government closely to the peasant masses”.

The financial purpose of the partnership was to take part in the China RE IPO which occurred in October 2015. What makes this notable however is it appears linked to the Bank of China work on the IPO. In a filing with the Hong Kong exchange, the stock allocation was described as:

Certain offer shares are placed to the joint bookrunners and/or connected customers of the joint lead managers (definition (See the Guidelines for the Placement of Equity Securities as set out in Appendix 6 of the Listing Rules). Placing of 143,500,000 offer shares To Bohai

Huamei Phase II (Shanghai) Equity Investment Fund Partnership (Limited Partnership) (for BOCI Asia Connected placee of a limited company)

Bank of China International, the Bank of China Hong Kong subsidiary handling IPO and other related investment banking work as well as traditional banking services such as foreign exchange settlement, is listed as a “Joint Bookrunner/Co-Lead Manager”. Out of this work, BHR II receives a China RE stock allocation of 143 million shares. Given the size of the China RE sale, the team of bookrunners included BoC, CICC, UBS, ICBC, CITIC CLSA, and HSBC or some of the most connected and financially influence Chinese and global banks operating in China. BoC designated its place as BHR II. As BHR is technically considered a subsidiary of BoC, this is a connected party transaction. Financial records indicate significant capital injection into BHR II via BHR that likely comes from client funds.

The primarily problematic aspect is that BHR appears to be receiving preferential treatment in which the sons of the American Vice President and the son, and likely American Secretary of State, receive financial benefits. This is state allocation of financial benefits.

Bohai Huamei (Shanghai) Equity Investment

渤海华美瑞拉(上海)股权投资基金管理有限公司

BH Shanghai is a unique subsidiary for BHR. Unlike other first level subsidiaries, it is multiple additional sub-partnerships. While it is not unusual for specific partnership funds to be invested in multiple assets, this is one of the only subsidiary partnerships that appears to have multiple sub partnerships. The reason for this is not clear from available information.

There appears to be little logic behind the investments under the broad umbrella within BH Shanghai. Investments are scattered throughout a variety of industries and clients come from a variety of backgrounds. There is very likely a good reason why but there is little apparent pattern of investment holdings or clients within BH Shanghai.

One deal they appear to have partnered with a food technology subsidiary of AVIC (Aviation Industry Corporation of China) to recapitalize a Chinese dairy. Notably, this Chinese dairy and now a subsidiary of AVIC also appear to own an Australian dairy.

Another deal run through a Chengdu partnership appears to make a project based investment into a relatively new real estate firm Topchain, in an industry dominated by established firms in China, partnering with a previously unknown Hong Kong based BHR named shell company BHR Win Aura.

Topchain at the group level is linked closely to local government SOEs in key cities like Shenzhen and Guangzhou.

Other partnerships that move through Jiangxi shell companies either list no outward investment or list outward investments in partnerships in bonded port zones that offer investment incentives but no known assets within the partnerships

Skaneateles

In April 2020 Chinese business websites showed Hunter Biden’s name removed from the Bohai Harvest RST (BHR) board of directors, however the sites also show Skaneateles LLC, owned solely by Hunter Biden, as still being a “sponsor/shareholder” with 3 million yuan ($464,000) invested in the company, comprising a 10% stake in the China-based business venture. The business records for Skaneateles found on the Department of Consumer and Regulatory Affairs website list Hunter Biden as the “executing officer” of the company, and the address for the LLC is a multimillion-dollar home in Hollywood Hills, Los Angeles.[12] That is where the Washington Examiner previously reported Hunter Biden and his wife, Melissa Cohen, had been renting a $12,000-a-month home.[13]

One of the companies in BHR’s portfolio as of August 30, 2021, Joe Biden's target date for the withdrawal from Afghanistan, is Contemporary Amperex Technology Co., Limited (CATL),[14] the “world’s largest maker of electric vehicle batteries.”[15]

China dominates the world’s production of lithium-ion batteries used in electric vehicles and most portable consumer electronic devices such as cell phones and laptops. China accounts for 80 percent of the world’s total output of raw materials for advanced batteries.[16] If Joe Biden were to implement his “clean energy” plans, the United States would become dependent on China to produce the batteries that power America’s technologies.[17] CATL is the largest manufacturer of electric vehicle batteries with a 27.9 percent market share. Since Biden's green agenda came to the fore in November 2020, and the August 31, 2021 Fall of Kabul, CATL's stock price tripled.[18] On August 28, 2021 Forbes magazine reported,

"the mineral resources under the ground in Afghanistan could be worth almost 10 times the country’s infamous opium crop.

These minerals include lithium, gold, silver, platinum, iron, copper aluminum and uranium. Among those lithium stands out as a real prize because it has become essential to the manufacture of the lithium ion batteries used in electric vehicles.

Better still for China, if it gets its way, is that Afghanistan is set to be the Saudi Arabia of Afghanistan. In other words, the central Asian country is reputedly home to heaps of lithium. As the largest car market in the world, and the global move to EVs, China will likely want to secure every last pound of lithium that it can."[19]

According to the Chinese state media Global Times, on June 28, 2021 a deal between CATL and Tesla Motors was announced;[20] four days later the AP reported that the US left Bagram airfield at night without telling the new Afghan National Army commander.[21]

Before the dust even settled over Afghanistan, CNBC reported China was already in talks with the Taliban to exploit Afghanistan's rare earth metals.[22] The Biden family is set to personally benefit from China gaining access to Afghanistan’s rare earth elements.

See also

References

  1. https://www.nbcnews.com/politics/2020-election/biden-s-trip-china-son-hunter-2013-comes-under-new-n1061051
  2. https://www.baldingsworld.com/wp-content/uploads/2020/10/KVBJHB.pdf
  3. https://nypost.com/article/hunter-biden-china-timeline-business-ties/
  4. https://youtu.be/Eg6SP0ugUrk
  5. https://www.newyorker.com/magazine/2019/07/08/will-hunter-biden-jeopardize-his-fathers-campaign
  6. The State Administration for Industry and Commerce at the time
  7. Press Release, U.S. Dep’t. of Justice, U.S. Nuclear Engineer, China General Nuclear Power Company and Energy Technology International Indicted in Nuclear Power Conspiracy against the United States (Thursday, April 14, 2016).
  8. The Troubling Reason Why Biden is so Soft on China, N.Y. POST (May 11, 2019).
  9. https://creativedestructionmedia.com/investigations/2020/10/31/joe-co-didnt-just-sell-out-america-they-sold-out-the-whole-free-world/
  10. https://nypost.com/2018/03/15/inside-the-shady-private-equity-firm-run-by-kerry-and-bidens-kids/
  11. http://www.bhrpe.com/list.php?catid=31&page=1
  12. https://archive.is/hVgaU
  13. https://www.washingtonexaminer.com/politics/hunter-biden-renting-12-000-per-month-hollywood-home-while-defying-child-support-suit
  14. https://tracxn.com/d/private-equity/bhr/AqYaQZwpCM9_bWngRtAEWb3D0qIHitqyE0ObxZ649Ig
  15. https://archive.is/wzhmr
  16. https://www.voanews.com/silicon-valley-technology/how-china-dominates-global-battery-supply-chain
  17. https://www.americanenergyalliance.org/2020/09/bidens-green-dream-made-in-china/
  18. https://cdn.substack.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fa189b059-c867-4a68-a7f8-d6e04dd23558_712x514.jpeg
  19. https://archive.is/wip/y95my
  20. https://www.globaltimes.cn/page/202106/1227312.shtml#:~:text=China%20is%20the%20largest%20manufacturer,%2C%20BMW%2C%20Volkswagen%20and%20Geely.
  21. https://apnews.com/article/bagram-afghanistan-airfield-us-troops-f3614828364f567593251aaaa167e623
  22. https://www.cnbc.com/2021/08/17/taliban-in-afghanistan-china-may-exploit-rare-earth-metals-analyst-says.html