Khazanah cornerstones Hony investee Chaowei Power IPO
Chaowei Power Holdings Ltd., a PRC electric bike motor battery manufacturer, debuted on the Stock Exchange of Hong Kong, collecting HK$474.8 million ($61 million), but saw its stock fall over 9% on its first trading day, amid global and PRC economic uncertainties.
As a cornerstone IPO investor, Chaowei Power attracted Malaysian SWF Khazanah Nasional, which has subscribed 7.5% of the enlarged share capital for $21 million, or 30% of the total IPO issue. Chaowei Power has established a nationwide sales and distribution network across China, with 421 exclusive distributors. PRC buyout firm Hony Capital was also an investor in the company, committing just over $41 million in March 2010, and will retain a 15% stake - not counted as part of the public float - in the business after the listing.
More on Exits
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.