Investments
China’s Jiuding committed to pre-IPO strategy
China pre-IPO specialist Kunwu Jiuding Capital will not change its strategy despite a slump in listings - and exit multiples - before domestic regulators slammed the door on new share offerings completely towards the end of last year.
IDG invests $4m in China Weipass Series A round
IDG Capital Partners has provided a $4 million round of Series A funding to China WeiPass, a smartphone app for payment verification.
Lumis, HDFC invest in India’s PeopleStrong
Lumis Partners has teamed up with Housing Development Finance Corporation (HDFC) to invest in PeopleStrong, an Indian human resources outsourcing company. The size of the equity commitment was not disclosed.
Hony to set up China film fund with Shanghai Media Group
Hony Capital will team up with SMG Pictures to launch a joint film and television fund worth a reported RMB3 billion ($489 million).
Orix, Perigon to make partial exits from Air Asia X via IPO
Orix Corp. and Perigon Advisory will make partial exits from regional budget carrier AirAsia's long-haul subsidiary through an IPO that is targeting up to $370 million.
PAG agrees $150m investment in Chinese property developer
PAG’s absolute returns division will invest in China-focused shopping mall operator Zall Development Group through a $100 million convertible bond issue, with the option to subscribe to a further $50 million worth of bonds. Assuming full conversion,...
Morgan Stanley-backed Hyundai Rotem gets green light for IPO
Hyundai Rotem, a South Korean railway vehicle manufacturer backed by Morgan Stanley Private Equity Asia (MSPEA), has received approval to list on the Korea Stock Exchange. It will likely be the country’s largest share offering so far this year and the...
Oaktree Cap invests $20m Indian pharma packager
Oaktree Capital Management has bought a 60% stake in Cogent Glass for around INR1.2 billion ($20.6 million). As part of the deal, Cogent has signed an agreement with Oaktree portfolio company SGD for technology sharing as well as marketing and management...
Safety first: Investing in China's food supply chain
Driven by rising disposable incomes and lower confidence in food safety, Chinese consumers are willing to pay a premium for quality. PE firms have identified the opportunity, but taking it can be difficult
CapVent taps into Indian water market
Access to potable water is limited in India with groundwater in one-third of the country’s 600 districts tainted by high levels of fluoride, iron, salinity and arsenic. Meanwhile, tap water is mostly undrinkable.
Navis plugs into Southeast Asia energy demand
Southeast Asia's hunger for energy cannot be overstated. Of the region’s 600 million inhabitants, a staggering 160 million live without electricity. According to a report published last year by the National University of Singapore’s Energy Studies...
Angels say SE Asia ripe for 500 Durians
Dave McClure, Silicon Valley super angel and founding partner of 500 Startups, was on the road in Asia once again this month as part of his firm’s “Geeks on a Plane” (GOAP) tour. While this was not the first time the tech-focused venture capital...
Portfolio: India Value Fund Advisors and Meru Cabs
When India Value Fund Advisors launched Meru Cabs in Mumbai, it created a radio taxi service where none existed. Meru has overcome numerous difficulties to become the largest taxi company of its kind in India
China IPOs: Different this time
There are signs that the China listings logjam is gradually becoming unstuck, sowing seeds of hope for PE equity and VC investors fielding awkward questions from LPs about liquidity horizons. But markets are unlikely to bounce back to their former highs...
DEG invests $12m in Indian hospital chain
German Investment and Development (DEG), a development finance institution, has invested INR700 million ($12 million) in the Ivy Healthcare Group which runs a chain of super specialty hospitals in the north Indian state of Punjab.
Apollo exits Welspun Maxsteel stake to promoter
Apollo Global Management has sold a 12.5% stake in India’s Welspun Maxsteel Limited (WMSL) to parent company Welspun Corp at a 30% discount to the fair market value. It’s the second part of a larger INR22.5 billion ($502.9 million at the time) deal...
Japan's Marubeni scales back deal for PE-owned Gavilon
Marubeni has scaled back its offer for General Atlantic-owned US grain trader Gavilon by $1 billion after cutting the company's energy trading arm out of the deal.
Quadrant-backed Virtus Health jumps 9% on ASX debut
Shares in Virtus Health, an Australian in-vitro fertilization company backed by Quadrant Private Equity, closed up 9% at A$6.20 on its first day of trading on the Australian Securities Exchange. The IPO had been priced at the top end of the indicative...
Taiwan scores poorly on attracting PE – white paper
Taiwan’s government promised to revise rules on foreign investment and facilitate the inflow of private equity capital after a report issued by the American Chamber of Commerce in Taipei (AmCham) delivered a stinging criticism of the domestic investment...
GIC in $50m partial exit from India's Adani Ports
Government of Singapore Investment Corporation (GIC) has sold part of its 1.78% stake in India’s Adani Ports & Special Economic Zone (APSEZL) for INR2.9 billion ($50.6 million).
Korea’s STX Pan Ocean files for bankruptcy after PE rescue fails
STX Pan Ocean, South Korea’s largest bulk shipping group, has filed for court receivership after attempts to secure a private equity-led restructuring of the beleaguered business failed.
China’s LightInTheBox raises $79m through US IPO
VC-backed Chinese online retailer LightInTheBox saw its stock jump 22% on its first day of trading in New York, following an IPO that raised $79 million. It is the first Chinese company to go public in the US this year, and only the second to make the...
Dalian Wanda to buy PE-owned UK yacht maker – report
Dalian Wanda Group is expected to buy Britain’s largest luxury yachtmaker Sunseeker - currently owned by Irish private equity firm FL Partners - for EUR300 million ($400 million).
Secondaries valuations remain challenging – KIC
Korea Investment Corporation (KIC) will increase its allocation to alternatives to as much as 25%, up from 15%, but CIO Don Lee said there were no immediate plans to add managers in the secondary space, citing valuation challenges in the market.