Chinese Firm Wants to Change Bear Deal

Citic Securities Co. wants to make a "technical adjustment" in its deal, said Kong Dan, chairman of Citic Group, talking to reporters during a meeting of China's legislature. He gave no details but denied an earlier media report that quoted him as saying the deal was canceled.

Citic agreed in October to invest US$1 billion in Bear. The U.S. firm was to make a similar investment in its Chinese partner and the two were to launch an Asian securities joint venture.

Bear suffered a liquidity crisis last week and agreed Sunday to be purchased by JPMorgan Chase & Co.

Citic Group is the investment arm of China's Cabinet.

Its agreement with Bear came amid a flurry of investment deals by Chinese entities in U.S. and European banks, which want to replenish their capital following the recent credit crisis.