Alibaba’s Jack Ma leads investment in Hong Kong brokerage
A consortium led by Jack Ma, founder and executive chairman of Alibaba Group, has acquired 81% of Hong Kong-listed brokerage Reorient Group.
A Reorient filing on May 8 said Yunfeng Financial Holdings, an investment vehicle which is 40% owned by Ma, and four other investors participated in a private placement of shares priced at HK$2.00 apiece. This represents a nearly 78% discount to the last trading price on April 20.
The other investors include Harbour Yields, Violet Passion Holdings, Gentle Bright Development and Chosen Global Holdings.
According to the latest Hong Kong Stock Exchange filing, Yunfeng Financial Holdings acquired about 1.34 billion shares in Reorient for HK$2.68 billion ($346 million).
Reorient provides a range of financial services such as securities trading, corporate finance advisory, and restructuring and asset management services. The group's revenue increased 72% year-on-year to HK$133.4 million in 2014, while net income came to HK$758.9 million, compared to a loss of HK$87.4 million in 2013.
On Thursday, Chinese sports channel LeTV Sports announced it raised a $129 million Series A round of funding led by Dalian Wanda Group and Yunfeng Capital, a private equity fund set up by Ma and David Yu.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.