For those keeping scores at home, and we know you are, this is now the third installment on the on-again, off again love affair between Bear Stearns and the Chinese government sponsored investment firm, CITIC. At this point, we don't know what or whom to believe.

Dow Jones Newswires broke the story last week after speaking to a senior Chinese official, who had confirmed that CITIC Bank and Bear Sternrs had been talking.

A few days later, CITIC Bank, a publicly traded entity filed a statement to the Shanghai Stock Exchange denying it had made any contact with the US investment firm.

Just minutes ago, news crossing the wire indicated that supposedly CITIC Securities, also a division of CITIC Group, had reached an agreement to swap approximately USD $1 billion worth of equities with Bear Stearns in a complicated convertible debt deal. That is of course until CITIC Securities files a statement of its own, denying all involvement. The saga continues.

Jay Sheng is Shanghaiist's Business Editor. Email tips, news and gossip about business in Shanghai and China to biz at shanghaiist.com.