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REUTERS/Aly Song/File PhotoSYDNEY/HONG KONG, May 8 (Reuters) - Alibaba's (9988.HK) logistics arm aims to raise up to $2 billion via a listing in Hong Kong likely early next year, sources with knowledge of the matter said, bolstering hopes for a capital markets revival in the Asian financial hub. Cainiao, which has started work on the IPO, is looking to raise between $1 billion and $2 billion in Hong Kong, according to three sources. IPO PROSPECTSDealmakers hope that Cainiao's potential IPO, expected to be followed by market debuts from some of the other Alibaba units in the near-term, could help revive sluggish fundraising activities in Hong Kong. About $1.5 billion has been raised from IPOs in Hong Kong so far this year, marginally above the $1.2 billion raised in the same period last year, according to Refinitiv data. ($1 = 6.9149 Chinese yuan renminbi)Reporting by Scott Murdoch in Sydney and Julie Zhu in Hong Kong; Editing by Sumeet Chatterjee and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Apple results show iPhone's 'consumer staple nature' in a tough environment, Wall Street says
▼ + stars: | 2023-05-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Most Wall Street analysts like what they're seeing from Apple , viewing the iPhone maker's better-than-expected results as a sign of resilience and its continued ability to deliver even in a tough environment. Apple rose 2% in the premarket after posting earnings that beat expectations, driven by stronger-than-expected iPhone sales. Chatterjee has an overweight rating on Apple and a price target that implies upside of 14.6%. Softening demand 'casts a cloud' Despite the company's better-than-feared results, some analysts do expect volatility ahead. UBS analyst David Vogt reiterated his buy rating on the stock but said softening demand "likely casts a cloud on the stock near term."

The visit is Dimon's first to mainland China since the pandemic gathered pace in 2020 and closed the world's second-largest economy for almost three years as it enforced some of the world's most stringent restrictions. He will also visit Hong Kong in early June after the Shanghai trip, two of the sources added. Dimon visited the Asian financial hub of Hong Kong to meet the bank's staff and clients in November 2021. A JPMorgan spokesperson in Hong Kong declined to comment on Dimon's visit to mainland China and Hong Kong. Reporting by Julie Zhu in Hong Kong, Scott Murdoch in Sydney and Nupur Anand in New York; Editing by Sumeet Chatterjee and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Bain Capital nearing final close of Asia fund worth $6 billion - sources
▼ + stars: | 2023-05-05 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

The committed capital to the fund has exceeded the firm's initial target of $5 billion, said one of the two people and a third source with knowledge of the fundraising. Bain Capital declined to comment. About $131.6 billion in total was raised in 2022 for Asia-focused funds, about half of 2021's $251.2 billion, Preqin data showed. Fundraising so far this year has totalled just $15.5 billion, the data showed. Last year, Bain Capital closed a $2 billion "special situations fund" for Asia Pacific to cover a range of asset types but with a focus on real estate.

☆ Kellogg lifts annual forecasts on price hikes, resilient demand
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Kellogg Co (K.N) on Thursday forecast a smaller drop in annual profit and raised the lower end of its sales outlook on the back of consistent price hikes and resilient demand for its cereals and snacks. Shares of the Michigan-based company rose marginally in premarket trading after the Corn Flakes maker beat market expectations for first-quarter revenue and profit. The Pringles maker's strong outlook reflects comments from peers PepsiCo Inc (PEP.O) and Hershey Co (HSY.N), who also lifted their annual forecasts in recent months boosted by price increases. However, organic volumes declined by 1.9% in the first quarter, while overall prices rose 15.6%. Net sales in the first quarter rose 10.4% to $4.05 billion, beating analysts' estimate of $3.95 billion, according to Refinitiv IBES data.

☆ Macquarie sees higher income from commodities arm, logs record profit
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Australia's Macquarie Group (MQG.AX) on Friday forecast higher short-term income from its lucrative commodities trading business as price volatility and increased hedging boosted the company's annual profit to a record high. The Sydney-based firm's Commodities and Global Markets segment posted a net profit of about A$6 billion ($4.02 billion), 54% higher than last year, as more customers hedged against volatile energy markets. In the short term, the company expects consistent contributions from client and trading activity in the financial markets platform. It also bumped up its final dividend to A$4.50 per share from A$3.50 per share a year earlier. ($1 = 1.4932 Australian dollars)Reporting by Roushni Nair and Rishav Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, May 4 (Reuters) - China's biggest financial data provider Wind Information Co told some customers late last year that it was restricting offshore users from accessing certain business and economic data as a result of the cybersecurity regulator's new data rules, two sources said. Restricted access to Wind by offshore users comes as China sharpens its focus on data usage and security amid rising geopolitical tensions and concerns about privacy in the world's second-largest economy. A Wind salesperson told the source in September the company had made the changes as per instructions from the Cyberspace Administration of China (CAC), which asked it to stop providing offshore users with certain data. The restrictions on offshore users' access to certain Wind data have expanded since last September, said the first source. Reuters has reported, citing sources that Chinese data providers including company databases Qichacha, partially owned by Wind, and TianYanCha have stopped opening to offshore users for at least months.

☆ Kraft Heinz lifts profit outlook on price hikes, easing costs
▼ + stars: | 2023-05-03 | by ( Aatrayee Chatterjee | ) www.reuters.com time to read: +2 min

(Reuters) -Kraft Heinz Co raised its full-year profit forecast on Wednesday on the back of higher prices and sustained demand for its packaged food items as raw material costs, which have plagued the industry, also ease. FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File PhotoShares of the Philadelphia Cream Cheese maker were up 3.9% in early trading after it also reported better-than-expected quarterly results. The strong outlook echoes comments from peers PepsiCo Inc and Mondelez, who have also lifted annual forecasts supported by price increases. Excluding one-off items, Kraft Heinz earned 68 cents per share, topping analysts’ estimate of 60 cents per share, according to Refinitiv IBES data.

☆ Apple's profit report is the market's next big test now. JPMorgan breaks down whether it can deliver
▼ + stars: | 2023-05-03 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

With the Federal Reserve's rate decision now in the rear view mirror, the next major test for markets will come from Apple 's March quarter earnings, scheduled for release postmarket Thursday. The largest tech companies so far this earnings season appear to be faring better-than-feared, despite expectations for broad earnings declines compared to a year ago. Some of those "dissimilarities" include stabilizing growth rates "more evident for other Big Tech companies versus Apple's set up for revenue and earning declines," he said. However, "fundamental drivers" for Apple and its stock differ from most of its Big Tech rivals, Chatterjee noted. Apple reports fiscal second quarter results Thursday covering the calendar first quarter, as Apple's fiscal year ends on Sept. 30.

☆ HSBC top shareholder renews call for breaking up of bank
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 18 (Reuters) - Top shareholder of HSBC (HSBA.L) renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has "drained" its Asia unit of dividends and growth capital to support its relatively low-return non-Asia businesses. Over the past two years, Ping An AMC said it had shared numerous structural suggestions with HSBC management ranging from listing the HSBC Asia business in Hong Kong to consolidating Asia businesses. Reporting by Selena Li; Editing by Sumeet Chatterjee and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Analyst Samik Chatterjee upgraded HP shares to overweight from neutral. "We are looking to turn a corner in relation to the headwinds that have plagued the PC end-market," Chatterjee wrote in a note Monday. He added that structural margin improvement in the printer segment should help HPQ offset some of the downward pressures from easing supply. The analyst admitted that HP still faces long-term challenges in its printer segment. Shares have jumped almost 11% in 2023 amid a rally in tech shares, after slumping almost 29% in 2022.

☆ JPMorgan upgrades laser maker, says it will rally more than 30%
▼ + stars: | 2023-04-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Light waves and laser product maker Lumentum should rally for investors who can see past near-term demand challenges, according to JPMorgan. Chatterjee's new price target implies the stock could rally 32.6% from where it finished Friday's session. LITE YTD mountain Lumentum shares The company is, he noted, facing a "perfect storm" in terms of demand. But he noted shares will trade below a 10x price-to-earnings multiple in both years, which is lower than its historic multiple of 13x. That makes an attractive entry point, he said, with "current valuation pricing in more risks than we see as realistic or assuming the lower demand in Telecom and Datacom is structural rather than cyclical."

Some senior dealmakers at China's third-largest brokerage by market value will see an even steeper cut of two-thirds to their 2022 bonuses, said one of the people. The trend has accelerated as employers cut pay and perks in response to the government's "common prosperity" rhetoric. MILDER CUTSA senior investment banker in China could earn three million to 10 million yuan ($445,000 to $1.48 million) a year in total remuneration, excluding stock incentives, industry sources have said. By way of comparison, Wall Street bonuses fell 26% last year to average $176,700, versus a record 2021, showed a report last month from New York State Comptroller Thomas DiNapoli. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as by uploading photographs to social media of expensive meals or overseas trips, industry sources said.

☆ Chinese lenders focus on risk management amid global banking crisis
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 3 (Reuters) - China's top lenders should enhance risk management practices and be more sensitive to macroeconomic fluctuations, senior Chinese banking officials said, in response to a global banking sector crisis that has roiled financial markets. The collapse of Silicon Valley Bank (SVB) suggests banks should strictly abide by the regulatory requirements and measures of risk management, Xie Xiaoxue, from China Construction Bank Corp's (CCB) credit management department, said. "China's commercial banks should constantly improve the organisational structure of risk management and strengthen risk governance with sound and prudent measures," Xie wrote. Executives at China's big five banks said during annual results last week the lenders have limited exposure to the banking crisis. Xie said that Chinese banks should fully use stress tests and other tools to measure the impact of economic fluctuations and the changes in market participants' financial situations.

☆ HSBC board recommends shareholders vote against spin-off resolution
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 3 (Reuters) - HSBC Holdings Plc's (HSBA.L) board is unanimous in recommending that shareholders vote against proposals to restructure the bank and pay fixed dividends, its chairman, Mark Tucker, told Hong Kong shareholders on Monday. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for a break up of the bank. His second proposed resolution calls on HSBC to restore pre-COVID-19 dividend levels. Tucker told the shareholders a restructuring or spin-off of its Asia business, as demanded by Lui, would create a major period of uncertainty for clients, and employees and shareholders would be disrupted. Reporting by Selena Li; Editing by Sumeet Chatterjee, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC brushes aside Hong Kong investor's Asia spin-off proposal
▼ + stars: | 2023-04-02 | by ( Selena Li | ) www.reuters.com time to read: +4 min

HONG KONG, April 3 (Reuters) - HSBC Holdings PLC (HSBA.L) on Monday pushed aside a proposal by an activist shareholder in Hong Kong to spin off its mainstay Asia business, reiterating the adverse impact on the Asia-focussed bank's cost and clients. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for the break up of the bank. The Hong Kong meeting is being held ahead of HSBC's main annual general meeting in the British city of Birmingham on May 5, to discuss its 2022 results and "other matters of interest", an earlier notice shows. On Lui's demand for higher dividends, Quinn told the Hong Kong shareholders that the London-headquartered bank intended to get the payouts back to pre-COVID level as soon as possible. ($1 = 7.8499 Hong Kong dollars)Reporting by Selena Li; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: India regulator probing some Adani offshore deals for possible rule violations-sources
▼ + stars: | 2023-04-01 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +4 min

An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. Vinod Adani could not be reached for comment. Hindenburg's report eroded more than $100 billion in the value of shares in Adani group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before.

☆ Alibaba restructuring to enhance decision-making, CEO says
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

[1/3] Trader works at the post where Alibaba is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 28, 2023. REUTERS/Brendan McDermidSHANGHAI/HONG KONG, March 30 (Reuters) - Alibaba Group's (9988.HK) restructuring will allow all its business units to become more agile and enhance faster decision-making and responses to market changes, the tech conglomerate's chief executive Daniel Zhang said on Thursday. The restructuring also opens up the possibility for each unit to raise funds through its own initial public offering (IPO). Some analysts say Alibaba is currently undervalued as a standalone conglomerate and a breakup would allow investors to value each business division independently. The restructuring could also better protect Alibaba shareholders from regulatory pressures, as penalties levied on one division in theory would not affect the operations of another, analysts says.

☆ Alibaba to decide on control over new business units after IPOs
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

Zhang's comments come two days after Alibaba announced its largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs. The business units will have their own CEOs and boards, though Alibaba will retain seats on those boards in the short-term, Zhang added. Alibaba began laying the groundwork for the restructuring a few years ago, Zhang told investors during a conference call, adding the business units could pursue public listings on their own in the future. After these units go public, Alibaba "will continue to evaluate the strategic importance of these companies" and "will decide whether or not to continue to retain control," Alibaba CFO Toby Xu said on the call. Alibaba, however, will decide whether the group wants to keep strategic control of each unit after they go public, Xu said.

☆ Australia's HMC Capital to buy hospitals from U.S. firm for $802 mln
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Australian asset manager HMC Capital Ltd (HMC.AX) said on Thursday it will buy 11 private hospitals from U.S.-based Medical Properties Trust (MPW.N) for A$1.20 billion ($802.08 million). The hospitals are currently managed by Brookfield Corp's (BN.TO) Healthscope, the second-largest private hospital operator in Australia. Additionally, HMC Capital will raise A$123 million to fund the transaction. "This acquisition transforms HCW into Australia's largest diversified healthcare REIT with greater exposure to critical healthcare infrastructure in Australia's major capital cities," said HMC Capital CEO David Di Pilla. HMC Capital is a Sydney-based asset manager founded and backed by banker-turned-investor David Di Pilla.

☆ Companies Urged to Take Stock of Their Impact on Nature and Related Risks
▼ + stars: | 2023-03-28 | by ( Joshua Kirby | ) www.wsj.com time to read: +5 min

“We used to think of nature as an endless supplier of resources into our business practices,” he said. “We’re trying to shift the conversation around the nature of the relationship between nature and business.”The final framework should give priority to the end result in natural areas, said Kat Bruce, founder and director of environmental-DNA startup NatureMetrics. Some $44 trillion of global economic value is moderately or highly dependent on nature, according to the World Economic Forum. Companies and shareholders should pay more attention to the material risk of natural degradation, Mr. Goldner said. The draft framework includes sector-specific guidance for areas including agriculture, mining, energy and financial services.

☆ UBS offers retention packages to Credit Suisse Asia wealth bankers -sources
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

In a town hall address in Hong Kong on Friday, Iqbal Khan, UBS's president for global wealth management, also focussed on stabilising the Credit Suisse Asia team and boosting confidence, one of the two sources said. In his address, Khan said the top performers at the Credit Suisse wealth business will get retention packages, the second source said. Spokespeople for Credit Suisse and UBS declined to comment. UBS told Credit Suisse wealth bankers in Zurich this week that it is weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, Reuters reported on Monday. Reporting by Xie Yu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Christian Schmollinger and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ China property stocks fall after Evergrande debt revamp plan
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 23 (Reuters) - China Evergrande Group's (3333.HK) long-awaited offshore debt restructuring proposals failed to address investor concerns about the property sector's prospects, sending shares of rival developers lower on Thursday. An index tracking mainland-based property developers (.HSMPI) slipped 1.1% by early morning Hong Kong time, while the broader stock benchmark (.HIS) was flat. Under the debt restructuring plan, Evergrande bondholders were given two main options. "I think its too early to speculate that this could show that the worst is over for Evergrande," he added. Evergrande said on Wednesday that additional financing of 250 billion yuan ($36.55 billion) to 300 billion yuan would be required for its business as it resumes operations over the next three years.

Its offshore debt restructuring, the country's biggest such exercise, is aimed at saving it from a disorderly collapse. The developer has $22.7 billion of offshore debt, all of which is deemed to be in default. A dollar bondholder, who was not authorised to speak to media, likened the debt restructuring plan to lending a bucket of rice to someone and being repaid with two grains a year. Evergrande said on Wednesday that additional financing of 250 billion yuan ($36.65 billion) to 300 billion yuan would be required as it resumes operations over the next three years. If Evergrande fails to push ahead with restructuring plan, the developer may have to face liquidation proceedings filed by an investor in one of its units in a Hong Kong court.

☆ Asia banks may face difficulty bolstering capital via AT1s - Citi
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The challenge will be particularly acute for a large number of smaller banks in Asia more reliant on AT1s compared with Western peers due to tighter regulatory liquidity requirements. AT1 bonds, which can be converted to equity, rank higher than shares in the capital structure of a bank. The write-down to zero at Credit Suisse will produce the largest loss in the $275 billion AT1 market to date. Citi said in its note it expected the Credit Suisse fallout to trigger re-pricing of AT1 across Asian banks' capital structures. "Regulators may tighten capital and liquidity requirements, which may impact smaller banks more," Citi said in the research note.

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