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HONG KONG, Oct 31 (Reuters) - Hong Kong aims to restore its reputation as a global financial hub by playing host to a bevy of top Wall Street executives this week, defying critics who say a talent crunch and geopolitical tension will hobble its ambition. Alongside the main theme of "navigating through uncertainty", the summit is widely expected to focus on whether Hong Kong can remain a global financial centre after almost three years of border controls and pandemic restrictions. COVID-19 CONTROLSThe two-day summit, organised by the Hong Kong Monetary Authority (HKMA) - the de-facto central bank - has suffered at least two marquee participants dropping out after contracting COVID-19. Those who make it will look for reassurances of the city returning to pre-pandemic normalcy, making it easier for them to move talent to Hong Kong. Reporting by Scott Murdoch in Sydney and Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

BEIJING/HONG KONG, Oct 25 (Reuters) - Global credit rating agency Moody's downgraded Fosun International Ltd (0656.HK) by one notch on Tuesday and revised its outlook to "negative" from "ratings under review" amid concerns over the firm's accelerated asset sales. Fosun and its units had earlier cut stakes in firms such as New China Life Insurance (601336.SS) and Shanghai Yuyuan Tourist Mart Group (600655.SS). Fosun, controlled by billionaire entrepreneur Guo Guangchang, was once one of China's most aggressive dealmakers overseas, buying high-profile assets including resort brand Club Med. Fosun's cash on hand at the holding company level is insufficient to cover its short-term debt maturing over the next 12 months, Moody's added. Fosun also expects to gradually repay the outstanding senior notes and increase borrowings from banks, the report said.

BEIJING/HONG KONG, Oct 25 (Reuters) - Global rating agency Moody's downgraded Fosun International Limited (0656.HK) by one notch on Tuesday and revised its outlook to 'negative' from 'ratings under review', after the firm divested more assets to ease liquidity and debt burdens. "Moody's expects Fosun to face difficulties in refinancing its sizable short-term debt in public bond markets, both onshore and offshore, given the current weak market sentiment," the rating agency said. Fosun's cash on hand at the holding company level is insufficient to cover its short-term debt maturing over the next 12 months, Moody's said. Fosun's management also plans to gradually repay the outstanding senior notes and increase borrowings from banks, the report said. The company did not make any comments on the Bloomberg story or the Citigroup report in response to queries from Reuters.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Temasek-backed Vertex set to raise nearly $500 mln for new China-focused fund
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 18 (Reuters) - Venture capital firm Vertex Ventures, backed by Singapore state investor Temasek, is set to raise nearly $500 million for a new fund that will invest in efforts to step up China's domestic tech development, a senior executive said. The new fund's size will exceed an initial target of $400 million, compare with an earlier, similar fund that raised $275 million, said Tay Choon Chong, managing partner at Vertex Ventures China. Register now for FREE unlimited access to Reuters.com Register"China is pivoting from relying on imported technologies to its own tech know-how," Tay said. The latest Vertex fund comes amid a slowdown this year in U.S. dollar-denominated fundraising by China-focused venture capital and private equity firms. While looking for investment opportunities involving companies developing advanced technologies, Vertex will also look for firms that have potential in reducing Beijing's reliance on foreign suppliers, Tay said.

A screen announces the listing of private-equity firm TPG, during the IPO at the Nasdaq Market site in Times Square in New York City, U.S., January 13, 2022. TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6 billion, the company said during its March earnings call. If successful, the fund will be its largest Asia fund to date. Hong Kong-based Baring Private Equity Asia last week announced it had closed its eighth, and largest, pan-Asia fund at $11.2 billion. read moreTPG's U.S rival Carlyle Group (CG.O) aims at raising $8.5 billion in a new Asia fund, according to separate people familiar with the situation.

TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6 billion, the company said during its March earnings call. If successful, the fund will be its largest Asia fund to date. Hong Kong-based Baring Private Equity Asia last week announced it had closed its eighth, and largest, pan-Asia fund at $11.2 billion. read moreTPG's U.S rival Carlyle Group (CG.O) is aiming to raise $8.5 billion in a new Asia fund, according to separate people familiar with the situation. It last raised a $4.6 billion Asia fund in February 2019.

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