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☆ Blackstone says India top Asian market, eyes infra investments
▼ + stars: | 2023-02-14 | by ( M. Sriram | ) www.reuters.com time to read: +3 min

MUMBAI, Feb 14 (Reuters) - India will continue to be Blackstone Inc's (BX.N) biggest market in Asia and the private equity giant may consider infrastructure investments there in the future, a top company executive said on Tuesday. Blackstone said it manages assets worth $50 billion in India, including in private equity and real estate. Private equity deals in India totalled $32 billion last year, a 27% drop from 2021. Even as Blackstone remains bullish on India, Gray said more certainty around tax and capital market laws will help increase foreign investments in India. China's share in Asia's total private equity deal value dropped to 28% in 2022 from 41% in 2021, the data showed.

☆ SK Innovation battery unit SK On aims to raise up to $2.4 bln -sources
▼ + stars: | 2023-02-10 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

SK On in December raised 2.8 trillion won from SK Innovation and 800 billion won from financial investors including Korea Investment Private Equity. A spokeswoman declined to comment on valuation but said SK On expects an additional 500 billion won from private equity funds this year as part of last year's fundraising. SK Innovation was not immediately available for comment. SK Innovation on Tuesday said it would focus spending on growing SK On this year even as the business was taking longer than it expected to turn a profit. SK On will eventually launch an initial public offering, as per an agreement with financial investors, SK Innovation said in November.

The port-to-property group, led by Gautam Adani, one of the world's richest people, has denied the allegations and called them baseless, adding it has always made the necessary regulatory disclosures. "But from an offshore investor's perspective the allegations (made by Hindenburg) ... do not seem to be clearly addressed," he said. The U.S. short-seller has said Adani's "response largely confirmed our findings and ignored our key questions." Australia's corporate regulator said on Wednesday it would review the Hindenburg report as concerns raised also relate to Adani's Australian operations. Adani Enterprises lost nearly 6% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion.

☆ EV maker Lotus Tech to go public in the U.S. via deal with L Catterton SPAC
▼ + stars: | 2023-01-31 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Lotus Tech is the luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia's Etika Automotive. The unit is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely. Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc , will retain their interests in the company and own 89.7% of it following the deal, it said. The company plans to use the proceeds from the combination of the businesses for product innovation and to expand its global distribution network. "We expect the partnership to provide significant support as Lotus Tech expands globally, with promising brand collaboration and strategic partnership potential worldwide," Lotus Tech's Chief Executive Officer Feng Qingfeng said.

☆ Asia shares slip ahead of expected weak China economic data
▼ + stars: | 2023-01-17 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 17 (Reuters) - Asia shares mostly slipped on Tuesday ahead of Beijing's expected release of weak fourth-quarter economic data, although investor sentiment about China's rebound remained positive even as the global economy edges closer to recession. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was down 0.18% at 0127 GMT. "I think investors will look through the Q4 GDP prints and focus on 2023," said Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong. Hong Kong's Hang Seng Index (.HSI) opened down 0.3% while China's benchmark CSI300 Index (.CSI300) remained flat. Reporting by Kane Wu in Hong Kong; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Ant indirectly owns stakes ranging from more than 20% to slightly more than 5% in those companies. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. read moreLi Nan, professor of Finance at Shanghai Jiaotong University, however said Ant's inherent problems remain after its change of control.

☆ Shares of Ant-linked firms rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Hong Kong-listed shares of Ma's Alibaba (9988.HK) jumped more than 5%. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. Ant Group said on Sunday it has no plan to initiate an IPO.

☆ Chinese billionaire Jack Ma to relinquish control of Ant Group
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 7 (Reuters) - Ant Group's founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group said on Saturday. This trend will continue the erosion of the most productive parts of the Chinese economy. DUNCAN CLARK, CHAIRMAN OF INVESTMENT ADVISORY FIRM BDA, BEIJING:"Yes, it's obviously significant if he is no longer the controlling shareholder. This in theory should pave the way for an IPO assuming the other key issue - oversight/ownership of data - is also resolved. At least Ant investors can (now) have some timetable for an exit after a long period of uncertainty."

☆ Recovery in Asia M&A, stuck at 8-year-lows, rests on macro conditions
▼ + stars: | 2022-12-19 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

Deals are set to revive slowly as companies and funds watch out for easier macroeconomic conditions, they said. "This will provide a more stable backdrop for the return of a more robust M&A market," said Maliah. Deals in private equity, a major M&A driver, amounted to $139 billion as of Dec. 15, down 52% on all of 2021. "Banks' ability to write big-size checks is still much challenged," said Samson Lo, UBS's co-head of Asia-Pacific M&A. An improvement in Asian equity capital market volumes from three-year lows will also help M&A deals, dealmakers said.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

Bonus payout discussions are currently underway at Morgan Stanley globally, they said. Morgan Stanley, which does not disclose details of bonus payouts, declined to comment. Wall Street investment bankers can expect much smaller bonuses this year as the economy slows, according to projections published last month by Johnson Associates Inc, a compensation consultant in New York. This year's bonus discussions are taking place after Morgan Stanley CEO James Gorman said earlier this month that the bank was making "modest job cuts" worldwide. Morgan Stanley reported a 30% slump in third-quarter profit in October, missing analysts' estimate as a slowdown in global dealmaking hurt its investment banking business.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

TOKYO/HONG KONG, Dec 8 (Reuters) - Japan Industrial Partners, the preferred bidder to buy out Toshiba Corp (6502.T), has moved closer to securing financing from banks, three people with knowledge of the matter said. JIP's bid has called for Toshiba management to retain their jobs - a proposal which initially made some of the banks cautious about lending, sources have said. The sources all declined to be identified as the talks are private. Sumitomo Mitsui Banking Corp, the core unit of Sumitomo Mitsui Financial Group Inc (8316.T), and Mizuho Bank Ltd, the core unit of Mizuho Financial Group Inc (8411.T) declined to comment. ($1 = 137.0500 yen)Reporting by Kane Wu, Makiko Yamazaki and Ritsuko Shimizu; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street bankers to see bonuses shrink as dealmaking sputters - Bloomberg Law
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Wall Street banks are weighing plans to slash bonuses this year, Bloomberg Law reported on Friday, as investment banking comes under pressure from choppy markets and a high interest-rate environment. Citigroup Inc (C.N) and Bank of America Corp (BAC.N) are considering cutting bonus pools by as much as 30%, the report said, citing people with knowledge of the internal deliberations. JPMorgan Chase and Co , the biggest U.S. bank by assets, is also planning bonus cuts, a source familiar with the matter told Reuters. Compensation and performance discussions typically begin in December as senior executives give indications about overall bonus pools that will be negotiated and finalized toward year-end. Citigroup and Bank of America declined to comment on the matter, while JPMorgan and Goldman Sachs did not respond to Reuters requests for comment.

☆ World stocks in upbeat spirits, Fed's Powell in the spotlight
▼ + stars: | 2022-11-30 | by ( Dhara Ranasinghe | Foo Yun Chee | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 29, 2022. REUTERS/StaffLONDON, Nov 30 (Reuters) - World equity markets rallied on Wednesday and focus turned to Jerome Powell, who speaks later in the day in what will be the U.S. Federal Reserve chief's last opportunity to steer sentiment ahead of the Fed's December meeting. European stock markets rallied (.STOXX) and U.S. equity futures pointed to a firm start for Wall Street , . MSCI's broadest gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) rallied more than 1% to its highest since September. Hong Kong's Hang Seng Index rallied more than 2% (.HSI), although Japan's blue-chip Nikkei fell 0.2% (.N225).

☆ Asia stocks rebound despite disappointing China data
▼ + stars: | 2022-11-30 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

MSCI's broadest gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) reversed morning losses to gain 0.67%. "Despite the surge in cases and recent protests, China has not hardened its COVID approach and is continuing to fine-tune its policy, which is encouraging to investors." "Headlines from China regarding COVID restrictions and protests are causing jitters among investors. A series of U.S. data concerning manufacturing, inflation and jobs will also be released this week. Oil prices posted gains of more than 1% in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains.

☆ Asia stocks choppy as investors cautious after disappointing China data
▼ + stars: | 2022-11-30 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 30 (Reuters) - Asian shares wobbled on Wednesday as investors remain cautious about China's path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.02% at 0201 GMT, paring earlier losses. The losses in Hong Kong and China reversed positive sentiment from Tuesday, when Chinese officials said the country would speed up COVID-19 vaccinations for elderly people. "Headlines from China regarding COVID restrictions and protests are causing jitters among investors. A series of U.S. data concerning manufacturing, inflation and jobs will also be released this week.

The report noted that potential disposals of non-core assets may include Fosun's stake in Cainiao. According to Refinitiv data, Fosun has agreed to sell or sold over $5 billion in assets this year. Reuters reported on Tuesday that Fosun has appointed Deutsche Bank to sell its stake in reinsurance company Peak Re. read moreIn 2013, Fosun had invested 500 million yuan as a co-founder of Cainiao, the logistics firm that underpins delivery for Alibaba's e-commerce marketplaces. Cainiao raked in 26 billion yuan in revenue in the six months ended September, up 19% year-on-year and accounting for 6% of Alibaba's total revenue.

HONG KONG/SYDNEY, Nov 15 (Reuters) - The fintech arm of Chinese e-commerce firm JD.Com (9618.HK) aims to win Beijing regulators' approval to list in Hong Kong as soon as the end of the year, three people with direct knowledge of the matter said, after a first attempt failed earlier this year. Reuters reported in May that JD Tech's original plan for a Hong Kong IPO was put on ice because it could not get regulatory approval for the deal to proceed. As a domestically incorporated company, JD Tech - JD.Com's fintech, cloud and artificial intelligence unit - needs approval from the China Securities Regulatory Commission (CSRC) to list offshore, including in the Chinese-controlled territory of Hong Kong. JD Tech, which was hived off as a separate unit in mid-2017, had appointed several banks to work on the IPO, but progress had slowed as it failed to win regulatory approval first time around, sources have previously told Reuters. read moreReporting by Julie Zhu and Kane Wu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Saudi Press Agency/Handout via REUTERSDUBAI, Nov 10 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is working with Lazard (LAZ.N) on funding options and a potential initial public offering of Masar, a $27 billion mega project in the holy city of Mecca, two sources with direct knowledge told Reuters. The PIF, Lazard and Masar did not respond to a Reuters query for comment. Bloomberg first reported Lazard was advising the sovereign wealth fund on NEOM. Masar is a 1.2 million square metre urban development project in the western part of Mecca. Reporting by Hadeel Al Sayegh;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Nov 8 (Reuters) - Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy. Wall Street ended sharply higher Monday as investors focused on Tuesday's midterm elections that will determine control of Congress, while shares of Meta Platforms jumped on a report of job cuts at the Facebook parent. Hong Kong's Hang Seng index (.HSI) and China's benchmark CSI300 Index (.CSI300) were up 0.3% and 0.14%, respectively. Investors are hoping China will gradually ease its zero-COVID policy and reopen to the world, even after health officials reiterated their commitment to the policy on Saturday at a press conference. Analysts said U.S. mid-term elections on Tuesday could impact markets.

☆ Asian stocks mixed as caution reigns ahead of U.S. midterms
▼ + stars: | 2022-11-08 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) narrowed gains to rise 0.12% at 0517 GMT. "The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday. Japan's Nikkei 225 (.N225) gained as much as 1.44%, hitting an eight-week high, as investors scooped up chips and other technology stocks. Analysts said U.S. mid-term elections on Tuesday could impact markets. Brent crude fell 0.32% to $97.61 a barrel by 0526 GMT, while U.S. crude fell 0.38% to $91.44 a barrel.

HONG KONG, Nov 3 (Reuters) - Wall Street major Morgan Stanley (MS.N) is expected to start a fresh round of layoffs globally in the coming weeks, three people with knowledge of the plan said, as dealmaking business takes a hit due to rising inflation and an economic downturn. One of the sources said the bank's 30-plus technology investment banking team in Asia Pacific will also be affected by the cuts. Morgan Stanley last month reported a 30% slump in third-quarter profit, missing analysts' estimate as a slowdown in global dealmaking hurt its investment bank business. Gorman is currently in Hong Kong at a high-profile financial summit aimed at re-opening the city to international investors after nearly three years of strict COVID restrictions. Reporting by Kane Wu and Julie Zhu in Hong Kong, Scott Murdoch in Sydney and Lananh Nguyen in New York; Editing by Sumeet Chatterjee and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong's Lee touts 'China advantage' to rebuild city's image as financial hub
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

[1/4] Hong Kong Chief Executive John Lee speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone SiuNov 2 (Reuters) - Hong Kong leader John Lee pitched the city's connection with China in an address to some of the world's top financial executives, as he pushes to rebuild the COVID-ravaged city's image as a major financial hub. Chief Executive Lee told the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit on Wednesday the city would continue working towards lifting COVID restrictions. "Hong Kong remains the only place in the world where the global advantage and the China advantage come together in a single city," Lee said. Authorities, he said, were keen for more international companies to list in Hong Kong to grow the city's capital markets activities.

[1/4] James Gorman, Chairman and Chief Executive of Morgan Stanley, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. "It’s a painful transition, but not an unexpected transition," said Gorman, also the bank's chairman, at the Global Financial Leaders' Investment Summit. It was Hong Kong's biggest corporate event since it shut its borders in 2020 and introduced restrictions to combat COVID-19. Inflation and "very quick" monetary tightening after over a decade of relatively accommodative policies are making the world more volatile and uncertain, said Goldman Sachs CEO David Solomon (GS.N). If central banks find a way to tame inflation meaningfully and in a balanced way, it will "increase the chance of a soft landing" for their economies, Solomon said.

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