MSPE Asia singles out Yongye as a value proposition
To Yongye International, a Chinese agricultural nutrients producer, Morgan Stanley Private Equity (MSPE) Asia is every bit the white knight. Under attack from short-sellers that had branded the company a fraud, Yongye’s stock was in trouble: it was down 48% for the year when Absaroka Capital Management, a Wyoming-based hedge fund, accused the company of manipulating its earnings, prompting a further 19% drop during trading on May 19. When it was announced on May 31 that MSPE Asia had agreed to invest $50 million in Yongye, the company’s stock soared 42% in a matter of hours.
This is not the first time private equity has moved in for a mid-cap Chinese company that is perceived to be undervalued. In the last two years, a number of funds have teamed up with company management...
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