Hong Kong-headquartered solar park developer Sky Solar Holdings, Ltd., backed by IDG-ACCEL China Capital, has filed for an IPO on the NASDAQ to raise as much as US$172.5 million, according to a securities filing. The company is planning to sell 12.5 million American Depository Shares (ADS) at US$10 to US$12 apiece. IDG-ACCEL China Capital, a […]
Beijing-based housekeeping services app maker Ayibang has received tens of millions U.S. dollar series B financing led by Vertex Venture Holdings Ltd., according to a post published on the company's official Weibo account. Existing investors Shunwei Capital Partners and Ceyuan Ventures also participated. The company says it will use the proceeds to expand its services […]
Shanghai-based car dealership China Grand Automotive Services Co., Ltd., backed by TPG Capital, has reportedly put on hold a planned Hong Kong IPO to raise around US$800 million, according to media reports. Representatives of TPG did not respond to inquiries to confirm the news. The company may not launch an IPO this year, and it […]
Beijing-based online English language education firm 51Talk says it has received US$55 million series C financing led by Sequoia Capital, according to a statement posted on its official Weibo account. Existing investors Shunwei Capital and DCM also participated.
Beijing-based mobile e-commerce platform KouDai has received US$350 million series C round of financing led by Chinese Internet giant Tencent Holdings Limited, according to a statement posted on the company's official Weibo account. Tencent invested US$145 million in the round. In return, Tencent reportedly received around 10% of the company, but this information cannot be […]
Global private equity firm The Blackstone Group has raised over US$4.4 billion for its first Asian real estate fund, according to a securities filing submitted to the U.S. Securities and Exchange Commission on October 21. The fund, named Blackstone Real Estate Partners Asia L.P., was launched in April 2013. It has a hard cap of […]
Salisbury, U.K.-based molecular diagnostic testing firm Enigma Diagnostics Ltd. says that Sailing Capital Management has agreed to invest US$50 million to help support the British company's global expansion, according to a company announcement. Sailing Capital is an investment firm controlled by Shanghai International Group (SIG). Last December, it launched a RMB5 billion buyout fund to […]
Herzeliya, Israel-based venture capital fund Carmel Ventures says it has reached a US$197 million final closing of its latest fund, Carmel Ventures IV, according to a company announcement. Several Asian strategic investors including Baidu Inc., Ping An Insurance Company of China, Ltd., and Qihoo 360 Technology Co. Ltd. have invested in the fund as limited […]
China Everbright Limited (CEL), the Hong Kong-listed financial services arm of China Everbright Group, has agreed to acquire U.S. vehicle testing equipment firm the Burke E. Porter Machinery Company (BEP) for US$90 million, according to a regulatory filing. CEL is buying all outstanding shares of BEP, which will continue to be run by its current […]
China’s export for September picked up by 15.3% year-on-year to reach US$213.7 billion, beating market estimate, according to data released by China's General Administration of Customs.
China's official purchasing manufacturing managers' index (PMI) remains constant at 51.1 in September over the previous month, according to data released by China’s National Bureau of Statistics.
The HSBC flash China Manufacturing Index (PMI) came in at 50.5 in September, slightly up from 50.2 in August. The reading is a two-month high. The flash China Manufacturing Output Index was 51.8 in September, unchanged from August’s two-month low.
Hong Kong-based food conglomerate Tsit Wing International Holdings Limited says that Mitsui & Co., Ltd. has acquired less than 20% stake for JPY2.2 billion (US$20.6 million) to become a strategic investor of the company, according to a company announcement. Mitsui & Co., a Japanese general trading companies and part of the Mitsui Group, bought the […]
Global private equity firm Advent International says it has hired Dr. Yu Dahai as an operating partner in the chemicals sectors, according to a company announcement. Dr. Yu will advise and work closely with Advent’s chemicals team to help source new investment opportunities globally, including China.
China International Capital Corporation (CICC) says that Jin Liqun has resigned from the position of chairman and member of CICC’s board of directors, according to an emailed company statement. Ding Xuedong, chairman and CEO of China Investment Corporation (CIC), has been appointed as CICC’s new chairman and member of the board of directors.
With Japan and China leading the way, the Asia Pacific region registered world-leading levels of high net worth individual (HNWI) population and wealth growth in 2013, with no signs of slowing down, according to the Asia Pacific Wealth Report 2014 published by RBC Wealth Management and outsourcing firm Capgemini. HNWIs are defined as those having […]
Asia ex-Japan hedge funds lead global peers with year-to-date returns of 6.66%, due in large part to a 25.79% rise in Indian equities since the start of the year, according to the latest data released by hedge fund research firm Eurekahedge. Funds investing in North and Latin American came in second and third place, delivering […]
China's growth and appetite for foreign direct investment (FDI) has made Africa its largest investment destination, according to a new report written by the Economist Intelligence Unit (EIU) for global law firm Mayer Brown. The report finds that whilst energy and mineral resources have attracted the most Chinese FDI, investments and activities that support Africa's […]
China's RMB will become one of the three most important international currencies in the next five years, together with the U.S. dollar and the Euro, says David Daokui Li, a professor at Tsinghua University's School of Economics and Management. The Japanese Yen and the British Pound will gradually be replaced by the RMB in international […]
Hong Kong-based department store operator Lifestyle International Holdings Limited says that a subsidiary of the Qatar Investment Authority has agreed to acquire a minority stake of the company for a total price of HK$4.8 billion (US$620 million), according to a company announcement. Qatar Investment Authority will acquire over 324 million shares of the Hong Kong-listed […]
Alibaba Group Holding Ltd.'s financial services arm, Ant Financial Services Group, has been officially established, according to a company announcement. Formerly known as Small and Micro Financial Services Company, the company initiated its formation process in early 2013. It is comprised of Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit and MYbank, which […]
Now, China's ruling Communist Party (CPC) just completed its four-day 4th Plenum. How is the market going to react? According to a research report by BofA Merrill Lynch Global Research, it should be overall positive, as the CPC emphasizes constitution more than ever, and the messages of the communique released today by the official Xinhua […]
China's HSBC flash PMI edged up to 50.4 in October from 50.2 in September, slightly strong than market expectation of 50.2. This signals that growth momentum has only succeeded in stabilizing, but more policy easing is needed to achieve growth target, says a research report issued by Nomura. The index' components are not as encouraging […]
In today's two-tier interest rate world, the Chinese property sector looks particularly fragile, says a research report written by Mark Tinker, head of AXA Framlington Asia, a specialist investment management firm within the AXA Investment Managers Group. Currently, of the US$37 trillion in global government bond markets, 60% of them are yielding less than 1%, […]
Business confidence slipped for the second consecutive month in October, falling to an eight month low. The MNI China Business Indicator fell to 51.7 in October, a further deterioration from September’s sharp decline to 52.2, according to latest data jointly released by MNI Indicators and Deutsche Börse Group. While the indicator remains above the breakeven […]
The Communist Party of China (CPC) will hold its 4th Plenum on October 20 to 23, and is likely to introduce a series of reform measures that will have significant impact on the Chinese economy and society in the coming years, says a BofA Merrill Lynch Global Research report. The 4th Plenum is supposed to […]
China's freshly released credit data shows that new loans have recovered to the normal level due to the ongoing targeted easing policies, but the de-leveraging of shadow banking activity continues, says a research report by ANZ's chief China economist Liu Li-Gang. China’s new RMB loans picked up to RMB857.2 billion in September, above market expectations. […]
China’s reforms will be the key factor to watch for the country’s equity markets over the medium term. Chinese markets still offer many good opportunities, and those will only improve as these reforms begin to pay off, writes Helen Zhu, head of China Equities at BlackRock, Inc., in a report. Two key upcoming meetings will […]
The author is Liu Li-Gang, chief economist of Greater China at ANZ China's consumer price index (CPI) inflation slowed sharply to 1.6% year-on-year in September, the lowest level since January 2010, compared with 2.0% in the prior month. On a monthly basis, CPI rose 0.5%, lower than 0.8% recorded last September. The sharp deceleration of […]
Despite a weak third quarter issuance of dim sum bonds, a type of bonds issued outside of China but denominated in Chinese RMB, Fitch Ratings still expects another record breaking year in 2014, says a research report issued by the rating agency. Total dim sum bond issuance in U.S. dollar terms fell by 65% to […]