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☆ Evergrande sold yacht this year, say sources, as creditors sharpen focus on offshore assets
▼ + stars: | 2023-09-29 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The yacht "Event", which is believed to be owned by China Evergrande, is docked in Hong Kong, China October 11, 2021. Evergrande's offshore bondholders are expected to sharpen their focus on offshore assets as the developer's debt restructuring plan flounders with the founder now being investigated over suspected "illegal crimes". Compared to its $31.7 billion in total offshore liabilities, Evergrande has far fewer assets outside China. Of the remaining offshore assets of the company and its founder, creditors would need to establish whether they have already been used as collateral to raise funds. Foreign bondholders' "ability to get to these (offshore) assets is a function of the legal claim - has he (Chairman Hui) pledged it?"

Persons: China Evergrande, Tyrone Siu, Evergrande, Hui Ka Yan, Hui, Scott Murdoch, Julie Zhu, Marc Jones, Sumeet Chatterjee Organizations: REUTERS, Rights, China Evergrande, HK, Reuters, Boeing, Gulfstream, Wall Street Journal, Thomson Locations: China, Hong Kong, Sydney, London, Lincoln

☆ Evergrande shares halted as concerns mount about developer's prospect
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. The company shares ended down 19% on Wednesday in the Hong Kong market, taking their losses to 81% since the resumption of trading in late August after a 17-month suspension. The recent regulatory easing may stabilize the housing market in the world's second-largest economy to some extent, Saxo Greater China Market Strategist Redmond Wong wrote in a research note.

Persons: Florence Lo, Hui Ka Yan, Hui, Evergrande, Gary Ng, Ng, Redmond Wong, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam Organizations: REUTERS, China Evergrande, HK, Bloomberg, Reuters, Asia Pacific, China Market, Thomson Locations: Beijing, China, HONG KONG, China's, Evergrande, Asia, Hong Kong, Saxo, Sydney, Lincoln

☆ Exclusive: HSBC to acquire Citigroup China consumer wealth business -sources
▼ + stars: | 2023-09-28 | by ( Selena Li | ) www.reuters.com time to read: +1 min

[1/2] A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu//File Photo Acquire Licensing RightsHONG KONG, Sept 28 (Reuters) - HSBC (HSBA.L) is set to acquire Citigroup's (C.N) China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a major boost to the London-based bank's business in that country. Citi said in December it was looking to sell some of its portfolios as part of its plan to wind down its China retail banking business. Citi's China wealth management operations, part of the retail banking business it has planned to exit since 2021, mainly serves mass affluent clients in the world's second-largest economy. Reporting by Selena Li; Editing by Sumeet Chatterjee, Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Citi, Selena Li, Sumeet Chatterjee, Tom Hogue, Sonali Paul Organizations: HSBC, REUTERS, U.S, Citi, Thomson Locations: Hong Kong, China, HONG KONG, London, Asia

☆ Timeline: China Evergrande's worsening debt crisis
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +5 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Here is a timeline of how Evergrande's debt crisis has unfolded:August, 2021Many Evergrande projects across the country halt construction due to overdue payments. November, 2022A mansion belonging to Evergrande's chairman in Hong Kong's prestigious The Peak residential enclave is seized by lender China Construction Bank (Asia). February, 2023An independent committee finds Evergrande's directors fell "below standards" through their involvement in diverting loans secured by unit Evergrande Property Services (6666.HK) to the group. July, 2023Evergrande posts a net loss of 476 billion yuan and 105.9 billion yuan for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020 when its operation was normal.

Persons: Aly, Evergrande, Hui, Clare Jim, Xie Yu, Roxanne Liu, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Bloomberg, China Construction Bank, Evergrande, Services, Administration of Financial, Life Insurance, Evergrande . Police, Financial Wealth Management, Thomson Locations: China, Shenzhen, Guangdong province, China's, Evergrande, Hong, Asia, Hong Kong, U.S

☆ Explainer: What's in store for China Evergrande with its chairman now under police watch?
▼ + stars: | 2023-09-27 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

Evergrande has been in the process of seeking its creditors' approval to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations, amid weakening cash flows. A major group of Evergrande offshore bondholders plans to join a liquidation petition due to be heard in a Hong Kong on Oct. 30 unless Evergrande can present a new restructuring plan before then. Evergrande's supercharged growth helped it become one of China's biggest and most lucrative property developers with sales worth $110 billion in 2020. The company's entire offshore debt was deemed in default after it missed several bond payments in late 2021, and creditors have been grappling with a solution since then. Soon after that, authorities scrambled to assure markets that risks to the property sector and economy could be controlled.

Persons: Evergrande, HUI, YAN, Hui, Scott Murdoch, Sumeet Chatterjee, Muralikumar Organizations: China Evergrande, HK, Bloomberg, Evergrande, Thomson Locations: China's, Hong Kong, Evergrande, Guangzhou, China, Beijing, Sydney

☆ Exclusive: Some Evergrande creditors plan to join winding-up petition if no new debt plan by Oct 30
▼ + stars: | 2023-09-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations. In July, the hearing for that winding-up petition against Evergrande was adjourned to Oct. 30, in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Many of the defaulted developers have been scrambling to get their offshore creditors' approval for debt restructuring plans to avoid collapse or being forced into liquidation proceedings.

Persons: Aly, Evergrande's, Evergrande, homebuyers, Scott Murdoch, Donny Kwok, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, Rights, China Evergrande, Group, Thomson Locations: Danzhou, Hainan province, China, HK, Hong Kong, Shenzhen

☆ China Evergrande shares tumble for second day after unit misses bond payment
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 26 (Reuters) - China Evergrande Group (3333.HK) shares slid for a second consecutive session on Tuesday, dropping as much as 8% after a unit of the embattled property developer missed an onshore bond repayment. Evergrande has been seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion that includes bonds, collateral, and repurchase obligations. Under the plan unveiled in March this year, Evergrande proposed various options to offshore creditors, including swapping some of their debt holdings into new notes with maturities of 10 to 12 years. ($1 = 7.3102 yuan)Reporting by Donny Kwok; Editing by Sumeet Chatterjee and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hengda, Donny Kwok, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, China Evergrande, HK, Group, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG

☆ Singapore's central bank looking into banks' role in $1.8 bln money laundering case
▼ + stars: | 2023-09-26 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 26 (Reuters) - Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops. The scandal has raised questions on whether the banks are strictly following the city-state's stringent anti-money laundering rules. ($1 = 1.3677 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Sumeet Chatterjee and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Yantoultra Ngui, Sumeet Chatterjee, Anil D'Silva Organizations: Monetary Authority of Singapore, Singapore, MAS, FIs, Thomson Locations: SINGAPORE, China, Singapore, Asia

☆ Qantas charter unit's pilots vote in favour of protected industrial action
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Three pilot groups, including pilots from aircraft charter company Network Aviation, have been negotiating with Qantas management over wage policy revisions. A spokesperson for QantasLink, an airline brand of Qantas, termed the step towards industrial action by the AFAP as "disappointing". "We have already reached in-principle agreement with the two other unions representing Network Aviation pilots, and we're continuing to negotiate in good faith to secure new agreements with our turboprop pilots." There are contingency plans in place to minimise disruptions to customers if the union proceeds with the industrial action, the spokesperson told Reuters. The AFAP also flagged the potential industrial action might impact certain charter flight operations to large mines and oil gas projects in Western Australia.

Persons: Loren Elliott, Rishav Chatterjee, Lewis Jackson, Aishwarya Nair, Rashmi Organizations: Qantas, Sydney Airport, REUTERS, Pilots, Network Aviation, Qantas Airways, Australian Federation of Air Pilots, Reuters, Network Aviation's, Thomson Locations: Sydney, Australia, Western Australia

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

NEW YORK (AP) — Inside the U.N.'s gates, world leaders use the spotlight to talk — to each other and the entire planet. Nonprofit organizations send their senior leaders to the sidelines of the U.N. General Assembly at significant expense to make sure their voices are heard in the right rooms. It was one of some 40 events the Ford Foundation hosted connected to General Assembly week, flexing its power to convene. The sidelines of the General Assembly first began drawing major crowds in 2014, when a U.N. The framework, he said, helps groups “to focus on a pretty specific action that might feel small given the SDGs but still has impact.

Persons: ”, Elizabeth Cousens, ‘, ’ ”, Monica Aleman, She’ll, James Baldwin, Protesters, Keya Chatterjee, Chatterjee, Joe Biden, Antonio Guterres, Melinda Gates, Mark Suzman, ” Suzman, Atul Tandon, Zia Khan Organizations: Nonprofit, General, UN Foundation, Sustainable, Ford Foundation, Assembly, Climate Summit, Melinda Gates Foundation, Gates Foundation, Opportunity International, The Rockefeller Foundation, Brookings Institution, Lilly Endowment Inc, AP Locations: New York City, U.S, Manhattan, Washington, United States, China, India, Russia, United Kingdom, France, South Africa

☆ UK's Mothercare says it expects to complete refinancing shortly
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

Sept 22 (Reuters) - Mothercare (MTC.L) expects to complete a refinancing shortly and will remain in discussions with stakeholders and financing partners to ensure adequate financing, the British baby products retailer said on Friday. Mothercare also posted a 44% drop in its full-year adjusted core profit to 6.7 million pounds ($8.21 million), which sent the London-listed company's stock tumbling 15.6% in early trade. The company has been struggling with the unprecedented demand shock caused by the pandemic, the Russia-Ukraine conflict and high interest rates. Its total cash was 7.1 million pounds as of March 25, down from 9.2 million pounds, a year ago. ($1 = 0.8159 pounds)Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mothercare, Daniel Le Vesconte, Aatrayee Chatterjee, Savio D'Souza Organizations: Thomson Locations: London, Russia, Ukraine, Bengaluru

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Credit Suisse, which was Switzerland's second-biggest bank, suffered years of scandals and losses before it had to be rescued in March in a state-engineered takeover by UBS. Credit Suisse declined to comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters requests for comment. Last month, a Moscow court banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries, Reuters reported, citing court documents.

Persons: Denis Balibouse, Laws, Engen Tham, Selena Li, Jihoon Lee, Alexander Marrow, Sumeet Chatterjee, Stephen Coates, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Reuters, Suisse, Western, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Swiss, Ireland, Saudi Arabia, Russia, Moscow, Ukraine, Bahrain, Dubai, Abu Dhabi, Japan, Thailand, Turkey, Shanghai, Hong Kong, London

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS completed its takeover of Credit Suisse in June. UBS and Credit Suisse did not respond to Reuters request for comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters request for comment. In the review document, UBS said "a single non-cooperative regulator can jeopardize the timeline of the parent bank merger and other transactions", impacting other related integration deals.

Persons: Denis Balibouse, Engen Tham, Selena Li, Sumeet Chatterjee, Stephen Coates Organizations: Credit Suisse, UBS, REUTERS, Rights, UBS Group AG, Reuters, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Ireland, Saudi Arabia, Swiss, Shanghai, Hong Kong

☆ Sunac, Country Garden debt deals bring respite for China's property sector
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +4 min

HONG KONG, Sept 19 (Reuters) - Chinese developers Sunac (1918.HK) and Country Garden (2007.HK) brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales. Shares in Sunac China Holdings surged as much as 14% on Tuesday after creditors approved its $9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer. The developments come as Beijing steps up efforts to revive the property sector, which accounts for roughly a quarter of the world's second-largest economy, with a raft of support measures unveiled over the last few weeks. While Sunac is among a string of Chinese developers that have defaulted on their offshore debt obligations since an unprecedented liquidity crisis hit the property sector in 2021, Country Garden has not missed any offshore payments yet. PROPERTY SECTOR OUTLOOKMajor developers in the process of restructuring their debt include China Evergrande Group (3333.HK), whose liquidity crunch was a turning point in the country's real estate crisis.

Persons: Sunac, Gary Ng, ANZ Senior China Economist Betty Wang, It's, Donny Kwok, Xie Yu, Steven Bian, Kevin Huang, Anne Marie Roantree, Sumeet Chatterjee, Lincoln Organizations: HK, Sunac China Holdings, Country Garden, Natixis Corporate, Investment Bank, China Evergrande, ANZ Senior China Economist, Thomson Locations: HONG KONG, Beijing, Hong Kong, Sunac, China, Shanghai

☆ Country Garden wins approval to extend another onshore bond
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Sept 19 (Reuters) - Embattled Chinese developer Country Garden (2007.HK) has won approval from creditors to extend repayment on another onshore bond, the last in the batch of eight bonds it has been seeking extensions for, two sources familiar with the matter said. The 492 million yuan ($67 million) onshore bond was issued by a subsidiary of Country Garden, and the company had delayed voting on this bond three times before creditors on Monday voted in favor to extend the maturity, the sources said. Under the terms of the agreement, the issuer, Guangdong Giant Leap Construction Co would provide no less than 200 million yuan as a pledged guarantee for the bond, the two sources added. Country Garden, whose financial woes have hit the Chinese property sector outlook, earlier proposed to extend maturities of eight onshore bonds worth 10.8 billion yuan by three years. ($1 = 7.2946 Chinese yuan renminbi)Reporting by Steven Bian in Shanghai, Kevin Huang in Beijing, and Xie Yu in Hong Kong; Editing by Sumeet Chatterjee and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Bian, Kevin Huang, Xie Yu, Sumeet Chatterjee Organizations: HK, Country, Thomson Locations: HONG KONG, Guangdong, Shanghai, Beijing, Hong Kong, Lincoln

☆ Newmont clears regulatory hurdle for Newcrest deal, awaits shareholder vote
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The world's largest gold producer had in August received a clearance from Australia's competition regulator. Newmont also received a clearance from Japan's Fair Trade Commission last week, allowing the transaction to be closed anytime post September-end. If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share, with an implied value of A$29.27 a share. The deal still awaits the crucial Newcrest shareholder vote, scheduled for Oct. 13, as well as nods from regulators in the Philippines and Papua New Guinea. Australia's largest gold miner, Newcrest, had in May backed the takeover offer from Newmont, in what would be the third-largest deal ever involving an Australian company.

Persons: Dado Ruvic, Newmont, Newcrest, Rishav Chatterjee, Shilpi Majumdar Organizations: REUTERS, Newmont Corp, Foreign Investment, Board, Fair Trade, Reuters, Thomson Locations: Philippines, Papua New Guinea, Newmont, Bengaluru

☆ Cash-squeezed developer Country Garden faces another dollar coupon deadline
▼ + stars: | 2023-09-18 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A Country Garden spokesperson did not immediately respond to Reuters request for comment on Monday about its latest debt repayment obligation. Country Garden last month warned of default risks if its financial performance continues to deteriorate. Last week, onshore bondholders approved to extend repayments of seven other Country Garden bonds by three years. Many creditors believe that Country Garden will have to restructure its offshore debt if it doesn't get liquidity support soon.

Persons: Aly, Sandra Chow, Chow, Kim, Ashurst, Xie Yu, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HK, London, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Asia, Pacific, Hong Kong, New York, Lincoln

☆ Chinese state firms' help to troubled shadow bank does little to address investor concerns
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

BEIJING, Sept 18 (Reuters) - The involvement of two Chinese state-owned financial firms in Zhongrong International Trust Co's operations and management may diffuse risk at the troubled shadow bank but does little to ease concerns about missed payments, analysts and investors said. It was not immediately clear whether the support by the two firms was engineered by the Chinese authorities, but Beijing has previously bailed out troubled financial firms by roping in state entities to contain broader contagion risk. The agreement allows the two financial firms to "provide professional services for operations and management" of Zhongrong, it said, adding the move would not impact its debt ownership and legal relationship in trust products. That would further dampen investors' confidence in trust products." "It's good news and at least provides some clarity," said Zhang, who is an investor in a Zhongrong trust product and gave only his surname due to sensitivity of the matter.

Persons: Zhongrong, They'll, Zhang, Xu, I've, Ziyi Tang, Ryan Woo, Sumeet Chatterjee Organizations: Trust, Citic Trust, CCB, Citic Group, China Construction Bank, National Financial Regulatory Administration, People's Bank of China, Citic, Shanghai, Thomson Locations: BEIJING, Beijing

ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region's strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. "International investors are seeing the value of portfolio diversification that Southeast Asia provides," Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: DoubleDragon, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, Tay, Anuruk Karoonyavanich, Yantoultra Ngui, Scott Murdoch, Sumeet Chatterjee, Miral Organizations: Nasdaq, REUTERS, U.S, IPOs, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America's, U.S ., Deloitte, International, DBS, Thomson Locations: New York City, U.S, Asia, SINGAPORE, SYDNEY, United States, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Indonesia, Southeast, Southeast Asia, China, Sydney

☆ Macquarie, Columbia Asia among bidders for Ramsay-Sime Darby $1.3 bln healthcare JV - sources
▼ + stars: | 2023-09-13 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +1 min

REUTERS/FILE/David Gray Acquire Licensing RightsSept 13 (Reuters) - Australia's Macquarie (MQG.AX) and Malaysian hospital chain Columbia Asia are among the bidders for the acquisition of a healthcare joint venture between Ramsay Health Care and Sime Darby, according to sources familiar with the matter. Ramsay Health Care (RHC.AX) and Malaysian conglomerate Sime Darby (SIME.KL) in June announced their plan to sell Ramsay Sime Darby Health Care (RSD) in a deal that could value the Asia-focused joint venture at 6 billion ringgit ($1.28 billion). Macquarie has been investing in the healthcare sector since 2005 and has been operating in Malaysia for over 24 years, while Columbia Asia has been running medical facilities across Southeast Asia with significant presence in Malaysia. Bloomberg had earlier reported that a unit of Kuala Lumpur- listed Sunway Bhd was also among the shortlisted bidders along with Columbia Asia and Macquarie. Columbia Asia, Macquarie, Sunway, Ramsay and Sime Darby did not immediately respond to a request for comment.

Persons: David Gray, Macquarie, Sime Darby, Ramsay, Ramsay Sime Darby, Rishav Chatterjee, Saumyadeb Organizations: Macquarie Group Ltd, Ramsay Health Care, Sime, Ramsay Sime, Ramsay Sime Darby Health, IHH Healthcare, KKR, Co Inc, Columbia, Bloomberg, Thomson Locations: Sydney, Australia, Columbia Asia, Malaysian, Asia, Malaysia, Southeast Asia, Kuala Lumpur, Macquarie . Columbia Asia, Macquarie, Sunway, Bengaluru, Yantoultra, Singapore

☆ Here’s what major analysts thought of the new iPhone and what to do with Apple’s stock
▼ + stars: | 2023-09-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

He highlighted the enhanced photo capabilities on Pro models and called the new double tap feature the most notable upgrade to the Apple Watch. Many analysts expected hikes around $100 and $200 for the beefed up Pro and Pro Max iterations. Apple essentially delivered a $100 price hike on the Pro Max by doing away with the lower storage option. He noted that the hike on the Pro Max skewed to the low end of the Wall Street firm's expectation range. Evercore ISI's Amit Daryanani regarded the event as "mildly disappointing" for bulls hoping for a Pro price increase.

Persons: Toni Sacconaghi, Canaccord Genuity's Michael Walkley, Goldman Sachs, Michael Ng, Wells, Aaron Rakers, Pro Max, iPhones, Atif Malik, Evercore ISI's Amit Daryanani, David Vogt, Samik Chatterjee, Erik Woodring's, Morgan, Apple, Woodring, Sacconaghi, — CNBC's Michael Bloom Organizations: Apple, Apple Watch, Wall, Pro, Citi, UBS Locations: China

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