Regulation
Centurium, Joy invest $250m in China's Luckin Coffee
Centurium Capital and Joy Capital have invested $250 million in scandal-hit Chinese coffee shop chain, with Centurium describing it as a sign of faith in the company’s business model and long-term prospects.
China’s Danke to be delisted in US
The New York Exchange is set to delist Chinese apartment rental service provider Danke, having halted trading in the stock on March 15 because of poor information disclosure.
Applied terminates acquisition of Japan's Kokusai Electric
KKR’s $3.5 billion sale of Japanese semiconductor industry supplier Kokusai Electric to US-listed Applied Materials has fallen through due to regulatory approval issues in China.
Shariah investors in PE: Tailored exposure
Employees Provident Fund’s $600 million shariah-compliant co-investment mandate suggests increasing institutional appetite for Islamic finance solutions in private equity. Is the industry ready?
SPACs in Asia: Out of the comfort zone
Several Asian stock exchanges will consider allowing SPAC offerings, but implementation may run contrary to their regulatory ethos – and there is no guarantee of a strong market response
China regulation: Taming the giants
Recent regulatory reforms suggest that China will not let the growth of large technology companies go unchecked. The implications could be far-reaching, not least for VC investors and start-ups
India direct secondaries: Footprint freefall
A darker mood for Chinese investors in India is stirring expectations for a wave of direct secondary opportunities
Myanmar: Coup confusion
Myanmar's isolationism is likely to be harder to maintain this time should the military seek a return to its old ways. Investors are watching and waiting, but should they also be considering the ESG implications?
PE-backed Luckin files for bankruptcy in the US
Chinese coffee shop chain Luckin Coffee, which has several private equity backers, has filed for bankruptcy protection in the US to aid its restructuring efforts following the emergence of a sales fraud last year.
Q&A: Bain & Company's Henrik Naujoks
Henrik Naujoks, Bain & Company’s financial services lead for Asia, observes that investors must not ignore the increasing cohesion of the Greater Bay Area despite a relative lack of near-term gambits
Vista founder calls for investment in Asia tech infrastructure
Vista Equity Partners is keen to invest in Asia’s financial technology space, but founder Robert F. Smith stressed that governments must put in place the appropriate regulatory infrastructure.
Investors question eligibility for HK carried interest tax concession
Fund-of-funds and family offices could be excluded from Hong Kong’s proposed carried interest tax concession, industry participants have warned.
Asia fund administration: Odd jobs
COVID-19 is the latest in a growing list of drivers causing private equity firms to outsource various operations. The trend is implacable but inherently flexible
Hong Kong regulation: Carry on
The proposal to place a 0% tax on carried interest has been welcomed in Hong Kong, but PE industry participants are quietly looking to Hong Kong Monetary Authority to ensure balanced execution of the policy
Singapore bourse to consider SPAC listings
The Singapore Exchange (SGX) will consider allowing listings by special purpose acquisition companies (SPACs) on the back of a spike in fundraising activity for these structures in the US.
Hong Kong proposes 0% carried interest tax rate
The Hong Kong government has moved to placate private equity industry fears regarding the tax treatment of carried interest by proposing a 0% levy.
India antitrust regulator to probe private equity
India’s competition regulator will conduct a study on the role of private equity in India – identifying any potential antitrust issues – in response to the asset class’ rising prominence.
Hong Kong reaffirms carried interest pledge
Hong Kong Chief Executive Carrie Lam has reaffirmed the territory’s commitment to providing certainty on the tax treatment of carried interest as part of efforts to consolidate its position as a private equity hub.
Taiwan & tech tensions: Silicon island
Taiwan’s technology sector must play an awkward balancing game amid US-China tensions. This could be a surprisingly favorable position for opportunistic investment and global diversifications
ESG reporting pressures pile on GPs, LPs – AVCJ Forum
Rising compliance standards and COVID-19 have heightened the need for detailed reporting on environmental, social and governance (ESG) issues, LPs told the AVCJ ESG Forum.
China guidance funds: Money monsters
Government guidance funds are the policy-driven big beasts in China’s renminbi-fundraising landscape. While GPs may have little choice but to engage, they can do so judiciously
LPs see decoupling as bigger issue than delisting - AVCJ Forum
The long-term implications of US-China decoupling are of greater concern than the prospect of Chinese companies being forced to delist from US stock exchanges, LPs told the AVCJ China Forum.
China apps going global: Empires on hold
China’s data-driven consumer apps are having a harder time keeping politics out of business as they become increasingly competitive in global markets. Lessons are plentiful; solutions are not
China due diligence: Nightmare scenarios
Luckin Coffee’s precipitous rise and fall is a reminder of longstanding issues around corporate fraud in China. Failing to spot problems before they emerge remains a key concern for PE investors
