Li Dongmei

US Securities Regulator Blocks Chinese Takeover Of Chicago Stock Exchange

The U.S. Securities and Exchange Commission (“SEC”) decision to block a Chinese-led investor group from buying the Chicago Stock Exchange ends a two-year campaign to turn the small , 136-year old exchange into a venue for international IPOs. It also marks the latest in a string of blocked deals involving Chinese companies trying to buy major U.S. assets.

China’s HNA Group Selling $2B Hong Kong Properties To Cut Debt Burden

China’s embattled  HNA Group is again selling assets to pay down its debt burden. In a statement to the Hong Kong stock exchange Tuesday, HNA unit Hong Kong International Construction Investment Management Group Co Ltd said  it will sell two Hong Kong properties to Henderson Land Development Co Ltd for HK$16 billion (US$2 billion).

China Says No More Local Government Guarantees For Corporate Bonds

Chinese companies issuing bonds can no longer seek debt guarantees from local governments, or tell their investors that their bonds are backed by local governments, according to a new measures announced by China’s top State planning body. A notice detailing new rules for corporate bond issuance issued Monday by the National Development and Reform Commission stated: “It is strictly forbidden for reporting enterprises to require or accept the local government and its subordinate departments in various names to provide guarantee …

China Gets Low Marks On Autonomous Vehicle Preparedness Ranking

China will need to upgrade its regulatory framework and infrastructure before it becomes a leader in the autonomous vehicles space, according to a study by KPMG. In the report, China came 16th on a list of 20 nations in terms of readiness for autonomous vehicles, just below Spain, but ahead of Brazil, Russia and India.

Chinese E-commerce Giant JD.com Outlines Plans For European Expansion

Chinese online retail and logistics giant JD.com has outlined plans to expand in Europe over the coming years, setting the stage for a showdown with both Amazon and Chinese online retail rival Alibaba. Speaking with media, Richard Liu, founder and chief executive of JD, said his company will launch its first European e-commerce sales and delivery services in France, then roll out services in the United Kingdom and Germany. Liu estimated the company would spend at least 1 billion euros …

China Sets Up Online Exchange To Handle Distressed Assets

China has a new way to deal with its growing pile of bad corporate debt with the establishment of the nation’s first online distressed asset exchange. China Huarong Asset Management Co Ltd, a large state-owned asset manager, last week launched an online platform for bad debt transactions named the Huarong Zhongguancun Distressed Asset Exchange Co. The new entity is the first institution in China dedicated to the trading of bad debt and will have a registered capital of RMB500 million (US$80 …

China Said Planning New Crackdown On Digital Currencies

The Chinese government is planning additional steps to crack down on cryptocurrency speculation in that country, according to domestic media reports. A series of new regulatory measures will be taken in the coming weeks against initial coin offerings (ICO) and virtual currency transactions conducted in China and abroad, including the possible banning and disposal of domestic and foreign virtual currency exchange websites and related businesses, according to the Financial Times of the People’s Bank of China (PBOC), and reported on …

Baidu Venture Capital Raises US$317M For Artificial Intelligence Focused Fund

Baidu Venture Capital (BV), the early-stage investment unit of Baidu Inc. focused on artificial intelligence investments, has completed the first closing of its second RMB fund, having raised nearly RMB2 billion (US$317 million), according to a WeChat post by the firm. Together with BV’s first RMB fund and a US dollar fund, the firm has total assets under management of around RMB3 billion (US$476 million), the company said. External investors joined the fund for the first time as limited partners, …

Warburg Pincus Closes $2.3 Billion Financial Sector Fund

Warburg Pincus today announced it has raised Warburg Pincus Financial Sector, L.P. with US$2.3 billion. The fund, launched in June 2017 with a target of US$1.6 billion, is a companion fund to Warburg Pincus XII, L.P., a US$13.4 billion private equity Fund that closed in late 2015.

KKR Adds New Members And Managing Directors, With Seven Additions In Asia Pacific

KKR today announced a newly promoted group of 23 members, which are KKR’s equivalent of partners, and 44 managing directors, effective from January 1, 2018. Two members and five managing directors in Asia Pacific are among the newly anointed top ranks at one of the largest private equity firms in the world with US$153 billion assets under management as of September 30, 2017.

Alibaba Leads US$335M Series E Round In Chinese Used Car Transaction Platform Souche

Alibaba Group Holding Ltd. has led a US$335 million series E round in Chinese used car online transaction platform Souche, with participation from Warburg Pincus, Primavera Capital and CMB International. This round takes place less than 12 months after the a US$100 million series C round completed in November 2016 led by Ant Financial, and less than 6 months after a US$180 million series D round completed in April 2017 led by Warburg Pincus. After this round of financing, Alibaba …