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George Clinical declined to comment. The private equity firm has entered a deal to buy most of George Clinical, the clinical research organisation said in December, adding the transaction was subject to FIRB approval. George Clinical did not disclose a sale price but said its parent, the George Institute, a medical research group, would retain an undefined stake. The George Clinical deal would involve the holding of healthcare and patient data which is considered sensitive in Australia. Hillhouse has offered to ensure data remains onshore and not be shared overseas, the people said.

Persons: George Clinical, Hillhouse, Zhang Lei, George, George Clinical's, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Christopher Cushing Organizations: Hillhouse Capital, Foreign Investment, Board, of, Treasury, George Institute, Yale University, Tencent Holdings, HK, JD.com Inc, Baidu Inc, Koninklijke Philips NV, Thomson, & $ Locations: HONG KONG, Beijing, Hong Kong, Singapore, London, United States, Australia, China, Refinitiv, Netherlands, Asia, Pacific, Sydney

☆ Private equity hurtles towards hard Asia reset
▼ + stars: | 2023-06-07 | by ( Una Galani | ) www.reuters.com time to read: +4 min

SINGAPORE, June 7 (Reuters Breakingviews) - Sequoia’s decision to carve out its China business formalises a push for a hard reset in Asia that private equity firms have until now largely been grappling with behind the scenes. These country-agnostic funds accounted for just over half the money raised in 2022 in the region, a 22-year high. Granted, these South and Southeast Asia markets are small at present compared to China; that’s why more firms are seeking bigger-ticket buyouts in Australia and Japan. That will eventually weigh on performance in the region, which for top-quartile Asia funds last year was a very respectable median 25% net internal rate of return, per Preqin. Private equity’s cooling relationship with China, though, is likely to hit hard for most.

Persons: Neil Shen, Shailendra Singh, Singh, Zhang Lei, There’s, Shen, Antony Currie, Katrina Hamlin Organizations: Reuters, Bain & Co, Bain Capital, KKR, XV Partners, Sequoia, Twitter, NEWS Venture, Sequoia Capital, Thomson Locations: SINGAPORE, China, Asia, Republic, Sequoia, India, Southeast Asia, Greater China, Malaysia, Philippines, Indonesia, Thailand, Hillhouse, Singapore, Australia, Japan, U.S

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

Persons: David Ma, Ma, FTX, Kane Wu, Fanny Potkin, Sumeet Chatterjee, Christopher Cushing Organizations: Capital, Hong Kong's, Capital Management, Hillhouse, Sea, U.S, Asia's, Thomson Locations: HONG KONG, SINGAPORE, Asia, Japan, Singapore, New York, Sea, India, Europe, Hong Kong

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea Capital's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

☆ Five Chinese startups that survived a tough year of Covid lockdowns
▼ + stars: | 2023-01-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — In a year of Covid lockdowns and travel restrictions, some Chinese startups that survived found growth online and overseas. The startup avoided significant impact from China's Covid lockdowns since it could deliver its products virtually, Jiang said. The company aggressively pushed overseas in 2022 – launching subsidiaries in Tokyo, Seoul, Germany, Dubai, Los Angeles and Hong Kong, Wan said. Previously, Wan said that Keenon had seen revenue at least double or more every year from a lower base, when the China market was growing. The company has a staff of 100 people in the southern Chinese province of Guangdong and Los Angeles, Lin said.

☆ Asian hedge funds amassed China's Pinduoduo, ditched JD.com in Q3
▼ + stars: | 2022-11-16 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 16 (Reuters) - Some of Asia’s largest hedge funds scooped up large stakes in Chinese e-commerce giant Pinduoduo in the third quarter while cutting holdings in its rival JD.com, according to their latest regulatory filings. Pinduoduo, the e-commerce platform known for selling inexpensive goods, in September launched its first overseas site in the United States. JD.com ADRs and Hong Kong shares (9618.HK) fell more than 20% each in the third quarter. As for JD.com, it is a pure domestic play with a higher correlation to overall trends in Chinese markets, analysts say. They also say investors could be moving their holdings in JD.com ADRs to Hong Kong-listed ones to hedge U.S. delisting risks.

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