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☆ UBS Prepares for $4 Billion Legal Hit From Credit Suisse Deal
▼ + stars: | 2023-05-17 | by ( Weilun Soon | Matthew Thomas | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ubs-prepares-for-4-billion-legal-hit-from-credit-suisse-deal-966a412d

☆ Why Some Investors Are Betting on China’s Recovery but Avoiding Chinese Shares
▼ + stars: | 2023-05-15 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Luxury conglomerate LVMH Moët Hennessy Louis Vuitton is one of the top picks of international investors betting on China’s recovery. Photo: Qilai Shen/Bloomberg NewsGlobal investors wanting to profit from China’s economic recovery are increasingly turning to companies in Paris, Las Vegas and beyond. They are loading up on shares of European, American and Japanese companies instead of Chinese stocks, as high geopolitical tensions between Beijing and Washington have made it unpalatable for some international money managers to invest in Chinese companies.

☆ China’s Oil Strategy Mixes Diplomacy and a Domestic Drilling Push
▼ + stars: | 2023-04-29 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

OPEC expects China’s 2023 demand for crude oil to rise around 5% from last year. Photo: Cfoto/Zuma PressChina’s biggest oil companies are increasing their drilling at home and signing big deals overseas, part of a push for energy security that has also led to rising trade with countries that are subject to U.S. sanctions. China’s demand for crude oil is likely to hit 15.6 million barrels a day this year, around 5% higher than last year, according to a forecast from the Organization of the Petroleum Exporting Countries. The country is the second-largest consumer of oil after the U.S., so any change in its behavior could have a big impact on global prices.

☆ Huobi’s New Boss Shakes Up Crypto Firm With China Plan
▼ + stars: | 2023-03-27 | by ( Weilun Soon | Elaine Yu | ) www.wsj.com time to read: 1 min

Cryptocurrency entrepreneur Justin Sun is attempting to revive the fortunes of digital-assets exchange Huobi by shifting its focus back to China—with the aid of a digital citizenship program from a tiny Caribbean island. Mr. Sun is pushing the Beijing-founded company to win customers in Hong Kong and China, despite a ban on crypto trading in the mainland that forced Huobi to stop accepting business from there.

Executives at UBS Group AG, which until recently competed with rival Credit Suisse Group AG to win business from Asia’s biggest companies and richest people, must now tackle the thorny question of how to combine the two banks in the region. That is just one conundrum facing senior executives at the banking giant following its acquisition of Credit Suisse for $3.25 billion, an emergency deal orchestrated by the Swiss government. But it is a critical one for a bank that has long seen Asia as a key growth market, particularly for wealth management—where banks offer services to the ultrarich.

☆ Credit Suisse’s Message to Clients: ‘No Need to Take Action Right Now’
▼ + stars: | 2023-03-20 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG has told its bankers to reassure clients that it is business as usual, even as those same employees worry about job security after rival UBS Group AG agreed to buy the troubled Swiss bank. Within 90 minutes of the two banks announcing a $3.24 billion deal on Sunday evening, Credit Suisse gave talking points designed to guide bankers and advisers on how to respond to clients’ queries about the potential merger.

☆ India’s Highest Court Orders Probe Into Adani Market Turmoil
▼ + stars: | 2023-03-02 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The Supreme Court of India formed a committee to investigate the cause of the market turmoil that has engulfed billionaire Gautam Adani’s namesake conglomerate, saying it would look for regulatory failures or securities-law violations that could have contributed to a massive selloff in the group’s stocks. The inquiry by the six-person panel adds to an investigation that is already being conducted by the country’s securities and markets regulator. The new expert committee will be chaired by a former Supreme Court judge and includes two bankers, a lawyer, an entrepreneur and a retired Bombay High Court judge. It has been given two months to come up with a report, according to a court order on Thursday.

☆ Gautam Adani Seeks to Appease Investors as Flagship Unit’s Earnings Jump
▼ + stars: | 2023-02-14 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Indian billionaire Gautam Adani sought to calm investors’ nerves on Tuesday, telling them that the current market volatility was temporary after a weekslong share-price rout that had wiped $123 billion off the stock-market value of companies he controls. Mr. Adani was addressing shareholders as Adani Enterprises Ltd., the flagship business of India’s Adani Group, posted its highest quarterly profit in years. The company, whose assets include coal mines, airports and highways, reported net income equivalent to about $99.3 million for the three months ended December, its third fiscal quarter. Net income for the first three quarters of the financial year was $212 million.

☆ Three Arrows Founders Start Crypto Bankruptcy Claims Exchange
▼ + stars: | 2023-02-13 | by ( Weilun Soon | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

The founders of failed hedge fund Three Arrows Capital Ltd. have resurfaced with a $25 million crypto-exchange venture that will let users trade bankruptcy claims from insolvent platforms and funds, including their own. Open Exchange, or OPNX, was created by Su Zhu and Kyle Davies—who set up Three Arrows together—and the two founders of crypto exchange CoinFLEX. The new platform is expected to launch by the end of this month, Mr. Su said. It has begun accepting applications from individuals who want to be among the first to trade their crypto claims; Mr. Su tweeted on Sunday that there were more than 3,600 sign-ups so far. U.S. residents are among those that aren’t eligible for the wait list, the company said.

☆ Adani Group Stocks Extend Recovery After Steep Slide
▼ + stars: | 2023-02-08 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Some of Adani Group’s controlling shareholders have promised to repay $1.1 billion in loans that were backed by shares. Most shares of companies in Adani Group rose Wednesday, continuing a rebound in the Indian conglomerate’s combined market value after a plummet in its stock prices over the past two weeks. Shares of five of the seven companies named after Indian billionaire Gautam Adani climbed, with the flagship Adani Enterprises Ltd. ending the day up around 20%. The rally brought the market value of the seven companies to $112 billion, up from the $105 billion it hit Monday. The valuation is still down 48% from levels reached before U.S. short seller Hindenburg Research published a scathing report on the conglomerate on Jan. 24 .

☆ Adani Companies Report Profits, Easing Market Rout
▼ + stars: | 2023-02-07 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The shares of some companies owned by India’s Adani Group rallied Tuesday, showing investors had a mixed view of the embattled conglomerate near the start of a crowded week of earnings releases from its subsidiaries. Adani Enterprises Ltd., the flagship part of the group of companies owned by billionaire Gautam Adani , closed the day 14.6% higher, reversing some of the heavy losses it sustained in the wake of a scathing report by U.S. short seller Hindenburg Research. Adani Ports & Special Economic Zone Ltd. and Adani Wilmar Ltd. also ended the day higher, but four other companies bearing the Adani name continued to fall.

☆ Adani Plans $1.1 Billion Loan Repayment After Share Collateral Plummets
▼ + stars: | 2023-02-06 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

The ports-to-energy conglomerate controlled by Indian billionaire Gautam Adani said its founders will prepay a $1.1 billion loan that was backed by shares of some of its companies, a move to shore up investor confidence after a rout in its stock prices over the past two weeks. The Adani Group said Monday that its so-called promoters—a term used to describe controlling shareholders—have posted amounts to pay off the loan ahead of its maturity in September 2024. The loan was backed by shares in several Adani companies, all of which have fallen dramatically since U.S. short seller Hindenburg Research published a scathing report on the Adani Group on Jan. 24.

☆ Adani Group Plans $1.1 Billion Loan Repayment After Share Collateral Plummets
▼ + stars: | 2023-02-06 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

One of the large shareholders of Adani Power, the energy firm at the core of Indian billionaire Gautam Adani’s business empire, is an offshore company called Opal Investment Pvt. Ltd.Adani Power described Opal in its latest quarterly report as an independent shareholder that has no ties to the ports-to-power conglomerate beyond its 4.69% stake in Adani Power.

☆ Gautam Adani’s Wealth Almost Halved by Stock-Price Plunge
▼ + stars: | 2023-02-03 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The net worth of Indian billionaire Gautam Adani has fallen by around $58 billion over the past week and a half, the result of a rout in stock prices linked to his namesake conglomerate following the publication of a report by a U.S. short seller. The combined market value of shares owned by India’s Adani Group has halved since New York-based Hindenburg Research published a report on Jan. 24 that alleged fraud and stock-market manipulation at the business, among other allegations. Adani has denied the claims.

☆ Gautam Adani’s Net Worth Drops by $58 Billion in 10 Days
▼ + stars: | 2023-02-03 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

☆ Losses From Adani Stock Rout Top $100 Billion
▼ + stars: | 2023-02-02 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

Gautam Adani said Thursday that the assets of his namesake conglomerate were robust. Shares of companies linked to Indian billionaire Gautam Adani continued to slide on Thursday, after his namesake conglomerate canceled a planned share sale that was meant to raise more than $2 billion. Adani Enterprises Ltd., the group’s flagship business that scrapped its follow-on public offering after a plunge in its shares the previous day, fell another 26% on Thursday. The shares have lost more than half their value since Hindenburg Research, a U.S. short seller, released a scathing report last week alleging fraud and stock-price manipulation at Mr. Adani’s conglomerate.

☆ Adani's market losses have now topped $100 billion in the week since being targeted by a short seller
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAdani's market losses have now topped $100 billion in the week since being targeted by a short sellerWall Street Journal reporter Weilun Soon discusses the continued losses in shares of the listed companies of India's Adani Group after it shelved a massive stock sale.

AHMEDABAD, India— Gautam Adani is ubiquitous in this country. His name is plastered on roadside billboards and on the airports and shipping docks he operates. His power plants light Mumbai office towers and irrigate rural fields, fueled by coal he imports from mines as far away as Australia. He recently expanded into defense and media.

☆ Adani Stock Slump Deepens After Blockbuster Share Offering
▼ + stars: | 2023-02-01 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

A blockbuster share sale by the flagship business of Indian billionaire Gautam Adani did little to stem a market rout in his companies, which plummeted again on Wednesday. Adani Enterprises Ltd. , the crown jewel in Adani Group’s energy and infrastructure empire, lost more than a quarter of its value, saddling the investors that took part in its $2.5 billion follow-on public offering with large paper losses. The six other companies bearing Adani’s name fell between 2% and 20%, in some cases by the maximum amount allowed by India’s stock exchanges.

☆ Adani Scraps Share Sale After Market Rout
▼ + stars: | 2023-02-01 | by ( Weilun Soon | Ben Foldy | ) www.wsj.com time to read: 1 min

Indian billionaire Gautam Adani ‘s flagship company reversed course and canceled an up-to-$2.5 billion share sale after its stock tumbled as the conglomerate struggles to contain the fallout from fraud allegations by U.S. short seller Hindenburg Research. A day earlier, Adani Enterprises Ltd. said it had collected enough investor bids to pull off the so-called follow-on public offering. But the company’s shares fell more than 25% Wednesday, which would have left investors in the offering with big losses.

☆ Adani Draws Enough Investor Bids to Pull Off $2.5 Billion Stock Sale
▼ + stars: | 2023-01-31 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

The flagship company of India’s Adani Group collected enough investor bids Tuesday to pull off a large stock sale, advancing its fundraising plans in the face of fraud allegations from a U.S. short seller. By Tuesday afternoon in India, a public share offering by Adani Enterprises Ltd. was slightly oversubscribed—indicating that the Mumbai-listed company would be able to complete the deal, which aimed to raise up to $2.5 billion.

Gautam Adani has accumulated wealth through companies that own coal mines, ports, cement producers and other assets. A giant Indian conglomerate couldn’t stop the freefall in its shares and bonds set off by an American short seller in what has grown into a bitter fight over the empire created by one of India’s richest and most politically connected businesspeople. Adani Group, an energy and infrastructure company, released its 413-page rebuttal to the short seller’s claims just as the trading week began in Asia. Investors weren’t convinced and dumped shares of the company on Monday, bringing the total value lost to $64 billion since last week.

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