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☆ Activist Investor Calls for Overhaul of Korean Tobacco Giant KT&G
▼ + stars: | 2022-10-26 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Flashlight Capital wants KT&G to separate its ginseng unit from its tobacco business. Workers sort ginseng in Wonju, South Korea, last year. An investment firm founded by a former Carlyle Group executive has acquired a minority stake in a South Korean tobacco conglomerate and is calling for a business overhaul and the spinoff of its ginseng business, according to a letter viewed by The Wall Street Journal. Sanghyun Lee , who served as Carlyle head of Korea from 2011 to 2019, now runs Flashlight Capital Partners Pte. It has built a roughly 1% stake in KT&G according to people familiar with the matter.

☆ Hong Kong’s Stock Exchange Proposes Waiving Revenue Requirement for Some Tech IPOs
▼ + stars: | 2022-10-19 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Primary and secondary listings on Hong Kong’s stock exchange so far this year are down 71% from the same period last year. Hong Kong’s stock exchange is planning new rules allowing some technology and science companies that haven’t yet generated revenue to go public, its latest effort to boost initial-public-offering volumes. Hong Kong Exchanges & Clearing operator of the exchange, wants to lower the bar for listings of pre-revenue and early-stage technology companies. That would expand the number of potential IPOs in a market that has struggled this year. Primary and secondary listings in Hong Kong so far this year have raised $10.78 billion, down 71% from the same period in 2021, according to Dealogic.

MALANG, Indonesia—When the tear gas got to Hutriadi Hermanto and his friend Faris Brahmanto in the stands of an Indonesian soccer game earlier this month, it hit them hard. Mr. Faris said he felt like he couldn’t breathe. A large crowd had already gathered on the staircase that descended to the exit. There was pushing and shoving, and people were falling down. Some leapt over others to the front, or stepped on arms, legs, chests to make it out alive.

☆ Chinese EV Maker Leapmotor Flops in Hong Kong Market Debut
▼ + stars: | 2022-09-29 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Two new listings stumbled in their Hong Kong trading debuts after raising a total of $1.5 billion in tumultuous market conditions, casting a cloud over a growing pipeline of companies preparing to go public in the Asian financial hub. Shares of Zhejiang Leapmotor Technology Co., a Chinese electric-vehicle maker, fell as much as 42% below their initial public offering price within their first few hours of trading on Thursday. The seven-year-old company raised $800 million in its IPO—significantly less than the $1.5 billion it had previously aimed for—after pricing its shares at the bottom of a guided range.

☆ FTX Wins Auction for Bankrupt Crypto Broker Voyager Digital’s Assets
▼ + stars: | 2022-09-27 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried, founder of FTX, has been aggressively acquiring distressed assets during the crypto downturn. Sam Bankman -Fried’s crypto exchange FTX won an auction for the assets of Voyager Digital with a bid valued at $1.42 billion, the bankrupt cryptocurrency broker and lender said. The deal follows a competitive process that lasted two weeks, Voyager said in a statement on Monday. FTX and competing crypto exchange Binance had both made bids near $50 million, The Wall Street Journal reported earlier this month.

☆ China Vanke’s Property Management Arm Plans Up to $783.6 Million IPO
▼ + stars: | 2022-09-19 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

China Vanke’s Onewo could raise as much as $783.6 million in its Hong Kong initial public offering. Onewo Inc., a Chinese property manager majority-owned by developer China Vanke plans to raise up to $783.6 million in its Hong Kong initial public offering, testing a difficult market for new listings against the backdrop of turmoil in China’s real-estate market. The company expects to offer the shares for anywhere from 47.10 Hong Kong dollars—equivalent to $6—to HK$52.70, according to a filing to Hong Kong’s stock exchange on Monday. That gives Onewo a valuation of $7 billion to $7.84 billion, Vanke said.

☆ China Puts Lockheed, Raytheon on Trade Blacklist Over Taiwan Arms Sales
▼ + stars: | 2021-10-21 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Jets made by Lockheed Martin flew over Taipei on Oct. 21, 2021. China slapped fresh sanctions on the U.S.’s two largest defense contractors as tensions between the countries continued to escalate following the shooting down of a Chinese balloon. On Thursday, the Chinese Commerce Ministry said it blacklisted Lockheed Martin Corp. and an arm of Raytheon Technologies Corp. over the companies’ arms sales to Taiwan. Putting the companies on its “unreliable entities list” prohibits them from export and import activities related to China.

Almost all shares in the Hang Seng Index were trading lower by midday Monday. Hong Kong shares faced a wave of selling after the conclusion of the Chinese Communist Party’s national congress meeting over the weekend. The Hang Seng Index was down 5% by midday, bringing it below its lowest closing level since April 29, 2009. Shares in mainland China were also down, but not by as much. The benchmark CSI 300 was 1.7% lower and the Shanghai Composite Index was down around 0.9%.

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