Chinese short seller target gets backing from Morgan Stanley
Morgan Stanley will invest $50 million in Yongye International, a US-listed Chinese plant nutrients producer that has been accused of fraud by a short seller. The investment bank’s Asia private equity unit has agreed to buy preferred shares in Yongye, which are convertible into common stock at an initial price of $8.80 per share. Should the company meet certain undisclosed profit targets, the conversion price may increase to $15 per share.
Yongye plans to use the proceeds to boost capacity, repay debt and supplement working capital as well as for general corporate purposes. The investment amounts to a huge vote of confidence in the Chinese...
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.