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Oct 31 (Reuters) - Australia's Nitro Software (NTO.AX) said on Monday it would back a near A$500 million ($320.15 million) offer from KKR Inc's (KKR.N) Alludo that trumps an earlier bid from major shareholder Potentia Capital Management. Shares of Nitro Software rose as much as 19.1% to A$2.06 in morning trade, the highest point since January. In a statement, Nitro said the Alludo offer was fully funded by "equity sources", without identifying the backers. Potentia has built a 19.8% stake in Nitro and declined to comment on the Alludo offer. Last week, ELMO Software (ELO.AX) agreed a $A500 million takeover from Los Angeles-based K1 Investment Management.

SYDNEY, Oct 28 (Reuters) - Australian investment firm Potentia Capital Management has increased its offer for Nitro Software Ltd (NTO.AX) to $A1.80 per share, valuing the company at A$430 million, according to a statement on Friday. Potentia said the offer would be its final after an indicative $1.58 per share bid was made in August. The deal is the second in the Australian software sector to be announced this week after K1 Investment Management said on Wednesday it had agreed a near $A500 million to buy ELMO Software. Potentia currently owns 19.8% of Nitro, maker of document software, and its stock was halted on Friday. Reporting by Scott Murdoch in Sydney; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business sentiment in China hits record low as zero-COVID persists, survey shows
▼ + stars: | 2022-10-28 | by ( Josh Horwitz | Scott Murdoch | ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 28 (Reuters) - Optimism among U.S. businesses in China has hit record low levels, an annual survey showed on Friday, as competitive, economic, and regulatory challenges compound the stresses already imposed by Beijing's ongoing zero-COVID policies. Just 55% of 307 companies surveyed by the American Chamber of Commerce in Shanghai and consultancy PwC China described themselves as optimistic about the five-year business outlook. "What keeps a lot of businesses up at night is competition and rising competition from Chinese competitors," Sean Stein, chairman of the chamber told a news conference. He added that in the past chief rivals may have been state-backed Chinese rivals, but private digital players were increasingly dominant in the local market. Reporting by Josh Horwitz Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's ELMO Software agrees near-$A500m takeover offer from U.S. firm
▼ + stars: | 2022-10-26 | 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: +1 min

SYDNEY, Oct 26 (Reuters) - Australia's ELMO Software (ELO.AX) said on Wednesday it has agreed to a near-A$500 million ($319 million) takeover bid from Los Angeles-based K1 Investment Management. The offer is a 100.4% premium to the closing share price on Oct. 12, the day before ELMO announced it had received approaches expressing interest in a takeover. ELMO's shares on Wednesday shot 41% higher, erasing a 27% loss incurred so far in 2022 ahead of the takeover. Two of ELMO's biggest investors, JLAB Investments and the Garber Family Trust, have also backed the bid, ELMO's statement on Wednesday said. Since K1 is an overseas firm the takeover will require approval from Australia's Foreign Investment Review Board.

☆ Hong Kong hopes China Congress could revive economy, reverse IPO slump
▼ + stars: | 2022-10-13 | 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: +3 min

HONG KONG, Oct 13 (Reuters) - Hong Kong dealmakers expect China's 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues that could help revive the city's IPO issuance from nine-year lows. Hong Kong only recently began its own reopening, relaxing its tough virus policies which have tarnished its credentials as a global financial centre. There has been just $9.28 billion worth of IPOs in Hong Kong this year, down from $37.1 billion in the same period in 2021, according to Refinitiv figures. Moreover, more than 80% of the IPOs in Hong Kong this year are trading under water since their debut, according to Dealogic data. Mainland Chinese IPOs have raised $54.12 billion, down 33% from $80.89 billion in the first three quarters of 2022, according to Refinitiv data.

☆ Wall Street titans to join Nov 2 summit in Hong Kong as COVID rules relaxed
▼ + stars: | 2022-09-29 | by ( Scott Murdoch | Donny Kwok | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -The heads of some of the world’s top banks and asset managers will attend an investment summit in Hong Kong on Nov. 2, the city’s financial regulator said on Thursday, signalling a re-opening of the financial hub after strict pandemic-linked curbs. Goldman Sachs Group Inc CEO David Solomon, Citigroup Inc head Jane Fraser, Morgan Stanley boss James Gorman and BlackRock Inc President Rob Kapito will be among the speakers at the Global Financial Leaders’ Investment Summit, the Hong Kong Monetary Authority (HKMA) said. Hong Kong’s unrelenting COVID curbs have battered its economy and standing as a financial centre. Some banks had warned top bosses would not attend if any restrictions remained in place. HKMA Chief Executive Eddie Yue said on Thursday the final guidelines for those attending the summit were still being finalised.

Leapmotor raised $800 million, while Onewo raised $733 million from their initial public offerings(IPOs). Lithium battery maker CALB is finalising its $1.28 billion Hong Kong IPO and has priced its shares at HK$38 each, according to two sources with direct knowledge of the matter. Leapmotor and Onewo IPOs received a lukewarm response from the city's retail investors who did not take up the full amount of shares offered to them, according to the firms' filings. Leapmotor shares were priced at the low end of its marketed range, while Onewo shares were priced at the mid point of its indicated price range. read more($1 = 7.8498 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC hires Goldman Sach's Ma to lead North Asia global banking
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermidHONG KONG, Sept 27 (Reuters) - HSBC has appointed Goldman Sachs partner Christina Ma as its head of global banking for North Asia, according to a memo seen by Reuters. Ma will join the bank after 21 years with Goldman Sachs , most recently as its head of Greater China equities. He will leave HSBC on Nov. 1 after 27 years with the bank. Ma will remain based in Hong Kong, and starts her new role in the first quarter of 2023, the memo said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ China EV maker Leapmotor set to raise $800 million in Hong Kong IPO
▼ + stars: | 2022-09-25 | 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: +3 min

HONG KONG, Sept 25 (Reuters) - Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology is set to raise $800 million by pricing its shares at HK$48 ($6.12) each in its Hong Kong initial public offering (IPO), said two sources with direct knowledge of the matter. Hong Kong IPO volumes have fallen nearly 90% as global markets remain roiled by China regulatory uncertainty, rising interest rates, high inflation and the Russia's war in Ukraine. Despite the Leapmotor and CALB deals, plus China Vanke's property services unit Onewo Inc raising $733 million, dealmakers are cautious there will be a solid rebound in new share sales in Hong Kong and overseas before 2023. "It feels that these IPOs are kind of one-off transactions and think the Hong Kong market is not yet fully opened up," said Shifara Samsudeen, LightStream Research analyst who publishes on Smartkarma. ($1 = 7.8493 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani Sarkar and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ China EV maker Leapmotor set to raise $800 mln in Hong Kong IPO - sources
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterHONG KONG, Sept 25 (Reuters) - China electric vehicle maker Zhejiang Leapmotor Technology is set to raise $800 million by pricing its shares at HK$48($6.12) each in its Hong Kong initial public offering, according to two sources with direct knowledge of the matter. The sources spoke on condition of anonymity as the information was not yet public. Leapmotor did not immediately respond to a Reuters request for comment outside of normal business hours. ($1 = 7.8493 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. Reuters reported on Thursday that Credit Suisse had sounded out investors about a possible capital raising as it attempts a radical overhaul of its investment bank. "When we launched our strategic review, we committed to an ambitious timeline whilst also making it clear that we would carry out a rigorous and diligent evaluation of all options for Credit Suisse," the note said. A Credit Suisse spokesperson confirmed the contents of the memo. A bank spokesman said "Credit Suisse is not exiting the U.S.

☆ Macau plans November return for mainland Chinese tour groups
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterA general view of Macau peninsula, China, seen from Macau Tower October 8, 2015. REUTERS/Bobby YipHONG KONG, Sept 24 (Reuters) - Macau aims to open to mainland Chinese tour groups in November for the first time in almost three years, the city's chief executive, Ho Iat Seng, said on Saturday. The gambling hub has implemented stringent pandemic restrictions, with tight border controls in place since 2020 having a major impact on its casino industry. Mainland tour groups are a key source of visitors for the city's casinos. Register now for FREE unlimited access to Reuters.com RegisterReporting by Twinnie Siu and Scott Murdoch.

It is the largest office REIT in Asia by area. Shares in the Embassy REIT closed at 354.42 Indian rupees on Friday in Mumbai, giving it a market capitalisation of $4.15 billion. Blackstone currently has a 32% stake in the Embassy REIT and at the current market value the proposed sale by Blackstone would represent 7.2% to 9.6% of its stake, according to Reuters calculations. ADIA INTERESTADIA is likely to pick up about $200 million of Blackstone's stake sale, with talks also ongoing with other possible investors, the first source said. For ADIA, the investment would expand its interest in the Indian office market.

☆ Hong Kong will scrap COVID hotel quarantine from Sept. 26
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +4 min

Travellers queue up for shuttle bus to quarantine hotels at the Hong Kong International Airport, amid the coronavirus disease (COVID-19) pandemic, in Hong Kong, China, August 1, 2022. REUTERS/Tyrone SiuHONG KONG, Sept 23 (Reuters) - Hong Kong will scrap its controversial COVID-19 hotel quarantine policy for all arrivals from Sept. 26, more than 2.5 years after it was first implemented, in a long-awaited move for many residents and businesses in the financial hub. The former British colony is a global outlier outside mainland China in imposing hotel quarantine for international arrivals, in line with the country's "dynamic zero" COVID strategy. Both events have been widely seen as a bid to show that Hong Kong can resume business as usual. Hong Kong has reported more than 1.7 million COVID infections and 9,934 deaths since the pandemic began.

REUTERS/Florence Lo/Illustration/File PhotoHONG KONG, Sept 21 (Reuters) - China's Tencent Music Entertainment Group (1698.HK) shares started trading at HK$18 ($2.29) each in the company's Hong Kong listing debut on Wednesday. The online music company announced last week that while New York would remain its primary listing venue it would start trading its shares in Hong Kong. Register now for FREE unlimited access to Reuters.com RegisterTencent Music said one of its U.S.-listed shares represented two of its Hong Kong shares. The two sides recently struck a deal to end the decade-long stand off and U.S. officials have arrived in Hong Kong to start reviewing U.S.-listed Chinese companies. ($1 = 7.8496 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch and Donny Kwok; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ China EV maker Leapmotor launches up to $1 billion Hong Kong IPO
▼ + stars: | 2022-09-19 | 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: +2 min

Register now for FREE unlimited access to Reuters.com RegisterHONG KONG, Sept 20 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology is aiming to raise $1.03 billion in an initial public offering (IPO) launched on Tuesday, according to its regulatory filings. The company is selling 130.82 million shares in the deal that will be the largest IPO in Hong Kong in 2022. Leapmotor has locked five cornerstone investors - led by the Zhejiang and Jinhua industrial funds - who will buy up to $308.33 million shares, according to the filings. Leapmotor produces four electric vehicle models that mainly target China’s middle- and lower-end mass market in a 79,500 yuan-300,000 yuan ($11,466.40-$43,269.44) price range, according to its website and prospectus filed with the Hong Kong Stock Exchange. ($1 = 7.8488 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch in Hong Kong; Editing by Cynthia Osterman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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