Exits
Biotech player CANbridge drops on debut after $87m HK IPO
CANbridge Pharmaceuticals, a Beijing-based drug developer that focuses on treatments for cancer and rare diseases, lost 27% in value on its Hong Kong trading debut following a HK$685.1 million ($87.8 million) IPO.
Navis sells Asia inspection business to CDPQ
Navis Capital Partners has sold its minority interest in Qima, an Asia-focused testing, inspection, and certification (TIC) business to Caisse de dépôt et placement du Québec (CDPQ), following a four-year holding period.
China's SenseTime plans pared back Hong Kong IPO
Chinese artificial intelligence (AI) technology developer SenseTime is looking to raise up to HK$5.99 billion in a Hong Kong IPO that is considerably smaller than originally envisaged.
Asia exits: Pass the parcel
Sponsor-to-sponsor exits are set to reach a record high in Asia this year as private equity firms increase velocity of deployment and some strategics remain in a pandemic-induced funk
Longreach to exit Taiwan bank after 14-year hold
The Longreach Group has agreed to sell Taiwan’s EnTie Commercial Bank to IBF Financial Holdings for NT$33.7 billion ($1.2 billion), ending a 14-year journey marked by several frustrated exit attempts.
China's Didi to delist in New York
China ride-hailing platform Didi, which has traded poorly ever since being targeted by regulators in the wake of its IPO in June, plans to delist from the New York Stock Exchange and relist in Hong Kong.
Grab completes SPAC merger, sees volatile trading debut
Southeast Asia ride-hailing platform turned super app Grab experienced a tumultuous first day of trading on NASDAQ following the completion of its merger with a US-listed special purpose acquisition company (SPAC) at an enterprise valuation of $30.4 billion....
Deal focus: Permira passes Tricor baton to Baring
Permira helped Tricor Group consolidate its position in Asian corporate services and upgrade its product offering. Under Baring Private Equity Asia’s ownership, the CEO wants to build a $10 billion company
PE investors wary of inflation in 2022 - AVCJ Forum
Inflation is top of mind for Asia-focused private equity investors as they assess the various uncertainties facing the industry in 2022, the AVCJ Private Equity & Venture Forum heard.
CVC exits Malaysia snacks business to Universal Robina
CVC Capital Partners has agreed to sell Malaysia-based snack foods producer Munchy Food Industries to Universal Robina Corporation (URC) – a branded consumer food and beverage business in the Philippines – for MYR1.93 billion ($454 million).
China biotech IPOs in Hong Kong to stay strong - AVCJ Forum
The frenzy for Chinese biotech developers listing in Hong Kong is expected to continue well into 2022, industry participants told the AVCJ Private Equity & Venture Forum.
SPAC regime reflects HK's cautious approach to expansion - AVCJ Forum
The Hong Kong Stock Exchange (HKEx) is positioning its soon-to-launch special purpose acquisition company (SPAC) regime as part of efforts to broaden its appeal in terms of capital markets tools and geographies. At the same time, executives are wary of...
NetEase music spinout completes $449m Hong Kong IPO
Cloud Village, a music streaming business controlled by Chinese internet giant NetEase and backed by several private equity investors, has raised HK$3.5 billion ($449 million) through a Hong Kong IPO.
China IPOs: The star still wanes
Proceeds from private equity-backed offerings on China’s Star Market are down 75% from their peak one year ago, reflecting ongoing regulatory interference and diminished investor confidence
Deal focus: Icon retains its private equity appeal
EQT’s $1.67 billion acquisition of Icon Group underscores the recent trend in large-cap buyouts, as well as the long-term growth potential for cancer care specialists in Australia and the wider Asian region
EQT buys Australia cancer care business from PE consortium
Goldman Sachs Asset Management, QIC, and Pagoda Investment – a China-focused GP set up by a former QIC executive – have agreed to sell Australia cancer care provider Icon Group to EQT for a reported valuation of A$2.3 billion ($1.67 billion).
Carlyle acquires Korean cafe operator, Anchor Equity exits
The Carlyle Group has acquired A Twosome Place, a Korea-based café operator with more than 1,400 stores nationwide, from Anchor Equity Partners.
PE-backed Paytm raises $2.5b in India's largest-ever IPO
Indian digital payments platform Paytm completed the country’s largest-ever IPO – raising INR183 billion ($2.47 billion) – but then saw its stock fall 27% on debut.
MBK sells Japan's Accordia Golf to Fortress
MBK Partners has agreed to sell Japan-based golf course operator Accordia Golf, which it acquired in 2017 via a tender offer, to Fortress Investment Group.
Baring, Quadrant claim firm of the year prizes at AVCJ Awards
Baring Private Equity Asia (BPEA) and Quadrant Private Equity won the firm of the year prizes at the 2021 AVCJ Private Equity & Venture Capital Awards, as KKR and NewQuest Capital Partners secured two victories apiece, and Weijian Shan received the AVCJ...
India's Nykaa trades up after $719m IPO
India-based beauty e-commerce platform Nykaa is trading at more than 100% premium to its IPO price after completing a INR53.5 billion ($719 million) offering that facilitated partial exits for TPG Capital and Lighthouse Funds.
Potentia exits Australia SaaS provider to UK strategic
Australia’s Potentia Capital has exited compliance software-as-a-service (SaaS) supplier CompliSpace to UK-based Ideagen for about A$110 million ($81 million) after a less-than-two-year hold.
North Asia IPOs: Welcome eruptions
A steady rhythm of small and mid-sized IPOs in North Asia is now being punctuated by globally noticeable events. Valuations are up, but Korean and Japanese investors are game
Southeast Asia IPOs: Opportunity knocks
A breakthrough offering in Indonesia and regulatory progress in Singapore highlight Southeast Asia’s growing viability as a tech IPO market. It’s unclear how well this is being communicated globally