Hong Kong’s tax exemption for offshore private equity funds – introduced with a view to encouraging managers to expand their presence in the territory – has failed to deliver, according to the advisory body that made detailed proposals as to how the legislation should be implemented.
The exemption, which was extended to include private equity in 2015, means that firms with funds domiciled offshore no longer have to set up structures designed to avoid triggering permanent establishment...
MGI Tech, a Chinese manufacturer of gene sequencing devices, has raised more than $1 billion in funding led by IDG Capital and CPE (formerly known as Citic Private Equity).
IMM Private Equity has agreed to acquire Korea Kolmar Holdings’ pharmaceutical contract manufacturing organization (CMO) and its drug development business for KRW512.5 billion ($413 million).
Exacta Capital Partners, a Singapore-based private equity firm affiliated with Mizuho Bank, has led an acquisition of gym operator Anytime Fitness Asia for an undisclosed sum.
Marelli, a leading global automotive components supplier formed when KKR combined Japan’s Calsonic Kansei Corporation with Europe-based Magneti Marelli, has secured JPY130 billion ($1.2 billion) in additional funding to ride out a market downturn.