Analysis >> Regulation
China-Europe: A sense of uncertainty
Chinese interest in European assets – from industrial technology to consumer brands – is undimmed, but certain governments, as well as the EU itself, are taking steps to protect their crown jewels
US regulation: Cold shoulder
New trade legislation in the US is set to have important ramifications for Chinese private equity deal making in a range of data-related technology segments. Macro effects, however, may be muted
Emerging markets ESG: Alliances of convenience
Portfolio companies in Asia’s emerging markets are increasingly enthusiastic about implementing environment, social and governance (ESG) policies, but only when they see clear benefits for their business
Indian NPAs: Solvency strikes
With a series of highly publicized bankruptcy proceedings, government efforts to rein in India’s non-performing assets may finally be paying off. Investors expect a wave of turnaround opportunities
Renminbi fundraising: Winter has come
A two-year renminbi fundraising boom in China has ended abruptly due to a combination of controversy, regulatory intervention, and dwindling investor sentiment. But the market may benefit in the long term
Korea tender offers: Bidding on winners
Tender offers have long been overlooked in South Korea’s PE toolbox, where their traditional use in privatization deals seems to have little value. Local GPs may be able to adapt them to the market’s needs
Korean IPOs: The public eye
A growing number of South Korean buyout firms are testing the waters for domestic IPOs. Continued regulatory hurdles mean that realizing value will require planning for the post-offer period
Korea macro: Tempered tiger
Korea’s economic momentum has simmered down as demographic, political and industrial evolutions suggest a structural decline. Investors are monitoring the transition with a conditional sense of optimism
Indian e-commerce: Tipping the scales
India’s new e-commerce policy seeks to provide clarity for all industry participants, but many stakeholders are wary that the government plans to tilt the playing field against overseas players
Trans Pacific Partnership: A rising tide
When the US withdrew from the Trans Pacific Partnership, the remaining participants decided to go it alone. Hopes are high that the deal will result in improved business environments across Southeast Asia
Malaysia PE: Shaken, not stirred
Malaysian investors are unfazed by a period of political tumult that has directly embroiled the country’s government-guided private equity industry. An erratic growth trajectory now appears set to stabilize
China-US trade: Balance of power
A long-smoldering trade dispute between the US and China has begun to reverberate globally across a range of sectors. Private equity must not ignore the potential impacts
Hong Kong technology IPOs: Size matters
Hong Kong has altered its IPO regime to attract tech companies with unorthodox shareholding structures and biotech start-ups with no revenue. But only certain businesses are welcome to apply
Australia distress: The luxury of time
Two pieces of legislation – one enacted and the other pending – are expected to facilitate corporate restructuring in Australia. It remains to be seen how turnaround investors take advantage of this
China insurance and PE: Get real
The asset management units of Chinese insurance companies can no longer launch debt-like products masquerading as private equity, amid concerns about rising corporate and local government debt burdens
Australian superannuation reform: Efficiency drive
With proposed changes to Australia’s superannuation system emphasizing performance rather than just cost, more money could be directed into expensive yet high-performing asset classes like private equity
China fintech: Follow the consumer
A crackdown on cash loans has undermined investor confidence in China’s fast-growing online consumer-lending market. However, VC players are confident that start-ups can find other angles
ESG: Quantifiable benefits
Finding ways to implement environment, social and governance (ESG) policies and track performance with greater consistency has become a priority for some – but by no means all – Asian GPs
India NBFCs: The next level
India’s NBFCs remain an attractive entry to an underserved finance market, but the growing maturity of the segment means returns may be more modest going forward
India energy: Power trip
A sudden shake-up in the economics of India’s energy sector has piqued investor appetite to the point of indigestion. As the market settles, a long-term growth story appears set to support a range of industries
Taiwan PE: Local problem, local solution
Mutual fund managers are expected to be among the first beneficiaries of moves by the Taiwan government to cultivate a domestic PE ecosystem. Industry participants are optimistic, but they must be patient
Private debt: Feet on the ground
Investors see growing opportunity in Asian credit, but the region has proven difficult for foreign managers to address. Local expertise, particularly in emerging markets, can unlock the best returns
Fund structuring: Change at the margins
While the Cayman Islands remains the go-to jurisdiction for PE firms seeking a domicile for Asia-focused funds, investor demand and regulatory remit mean structures are now more carefully considered
China-Australia: Communication breakdown
A couple of high-profile rejections of Chinese deals overshadow the fact that most foreign investments in the country receive approval. Prospective buyers are advised to engage with interested parties from the outset