Regulation
China to launch trading board for start-ups in Shanghai
The Shanghai Stock Exchange (SSE) will introduce a new board for technology start-ups, Chinese President Xi Jinping said at the country's first International Import Expo.
Hong Kong plans crypto fund restrictions
Hong Kong's Securities & Futures Commission (SFC) has announced plans to impose new crypto investment rules, including licensing conditions for funds that back virtual assets.
China to relax constraints on insurance participation in PE
China has proposed easing restrictions on insurers investing in private equity, which may help alleviate a significant slowdown in renminbi fundraising.
India proposes regulatory changes to boost start-up listings
The Securities and Exchange Board of India (SEBI) has floated a number of proposals intended to ease the listing process for technology-focused start-ups.
China seeks PE assistance to help boost public markets
China’s securities regulator said on Friday that it will take measures to facilitate private equity investment in listed companies – as well as speed up merger approvals and support bond issuance – as part of a broader government campaign to revive...
China PE incentives: End of the party
The once commonplace incentives used by local governments in China to attract PE fund managers are now largely extinct. New GPs struggle even to register in a city, let alone get paid for doing so
Chinese probe uncovers irregularities in one-third of local GPs
Nearly one-third of domestic private equity firms inspected by China’s securities watchdog in the first half of this year were found to have irregularities, prompting the regulator to reaffirm its intent to further step up scrutiny of the industry.
China outbound deal structure: Risk factors
Many Chinese A-share companies have wholeheartedly pursued outbound acquisitions, sometimes bringing in local PE funds for support. But integrating the target into the listed vehicle can be problematic
China-Europe: A sense of uncertainty
Chinese interest in European assets – from industrial technology to consumer brands – is undimmed, but certain governments, as well as the EU itself, are taking steps to protect their crown jewels
US regulation: Cold shoulder
New trade legislation in the US is set to have important ramifications for Chinese private equity deal making in a range of data-related technology segments. Macro effects, however, may be muted
Emerging markets ESG: Alliances of convenience
Portfolio companies in Asia’s emerging markets are increasingly enthusiastic about implementing environment, social and governance (ESG) policies, but only when they see clear benefits for their business
China signals easing of listing rules for tech companies
China has issued guidelines for domestic listings by pre-profit technology start-ups as well as companies with weighted voting rights (WVR) structures that allow founders to retain control despite dilution of their shareholdings.
Indian NPAs: Solvency strikes
With a series of highly publicized bankruptcy proceedings, government efforts to rein in India’s non-performing assets may finally be paying off. Investors expect a wave of turnaround opportunities
Renminbi fundraising: Winter has come
A two-year renminbi fundraising boom in China has ended abruptly due to a combination of controversy, regulatory intervention, and dwindling investor sentiment. But the market may benefit in the long term
Korea tender offers: Bidding on winners
Tender offers have long been overlooked in South Korea’s PE toolbox, where their traditional use in privatization deals seems to have little value. Local GPs may be able to adapt them to the market’s needs
Korean IPOs: The public eye
A growing number of South Korean buyout firms are testing the waters for domestic IPOs. Continued regulatory hurdles mean that realizing value will require planning for the post-offer period
Korea macro: Tempered tiger
Korea’s economic momentum has simmered down as demographic, political and industrial evolutions suggest a structural decline. Investors are monitoring the transition with a conditional sense of optimism
Indian e-commerce: Tipping the scales
India’s new e-commerce policy seeks to provide clarity for all industry participants, but many stakeholders are wary that the government plans to tilt the playing field against overseas players
Technology risk: Big brother
Advanced technologies experiencing rapid commercialization such as artificial intelligence will be subject to a range of social and regulatory risks. Investors must not ignore the debate on ethical deployment
Deal focus: KKR lays down a marker in Taiwan
Seven years after its privatization of Yageo Corp was blocked, KKR is back pursuing a $1.56 billion bid for LYC Chemical Corp. The initial response from regulators has been positive
KKR targets $1.56b privatization of Taiwan’s LCY Chemical
KKR is pursuing its first Taiwan privatization since 2011 – when the acquisition of Yageo Corp. was blocked, prompting questions about the government’s attitude towards PE buyouts – with a NT$47.8 billion ($1.56 billion) bid for LCY Chemical Corp.
Trans Pacific Partnership: A rising tide
When the US withdrew from the Trans Pacific Partnership, the remaining participants decided to go it alone. Hopes are high that the deal will result in improved business environments across Southeast Asia
Malaysia PE: Shaken, not stirred
Malaysian investors are unfazed by a period of political tumult that has directly embroiled the country’s government-guided private equity industry. An erratic growth trajectory now appears set to stabilize
India raises cap on local PE fund exposure to offshore companies
The Securities and Exchange Board of India (SEBI) has raised the limit on capital that can be invested by local private equity and venture capital funds in overseas companies from $500 million to $750 million.
