China
Unitas buys controlling stake in ZTE subsidiary
When ZTE decided to divest Shenzhen ZTE Netview Technology (ZNV), a subsidiary focused on power and environment monitoring and video surveillance, it wanted to act quickly. Unitas Capital was up to the task, overcoming rival bids from several financial...
Actis exits Xiabu Xiabu in secondary sale
In the past 12 months we have seen a 10-fold increase in secondary sales in China by value, but it is unwise to read too much into the spike: 80% of the $2.9 billion total came from Goldman Sachs selling its minority interest in Industrial and Commercial...
VCs and mobile internet: The race to stay relevant
Venture capital investors targeting the mobile and social media space are only as good as their understanding of the consumer habits and technologies that underpin industry trends
LPs on Asia: The risk factor
Proximity is reassuring. It shouldn't be surprising that a corporate governance scandal in Asia triggers concerns among institutional investors in North America who are far removed from the information flow and first hear the news via newspaper headlines...
Founder of SAIF-backed NVC Lighting sells a 12% stake
Wu Changjiang, founder and former chairman of NVC Lighting Technology Corp, a Hong Kong-listed lighting company backed by SAIF Partners, has agreed to sell close to two-thirds of his stake to Elec-Tech International (HK), another China-based lighting...
Unitas snaps up majority stake in Shenzhen ZTE Netview
Unitas Capital has taken a controlling interest in Shenzhen ZTE Netview Technology (ZNV), a subsidiary of Hong Kong-listed tech company ZTE Corporation, for RMB1.3 billion ($208 million). The transaction came out of ZTE’s broader program to divest non-core...
Zoomlion's PE backers exit CIFA holdings for $236m
Chinese construction equipment maker Zoomlion has paid $236 million for equity interests held by Hony Capital, Goldman Sachs and Mandarin Capital Partners in the business unit that was used to buy Italy’s Compagnia Italiana Forme Acciaio (CIFA) in 2008.
Abax, chairman complete $364m Fushi Copperweld take-private
Abax Global Capital has finally completed its management buyout of NASDAQ-listed Chinese wire manufacturer Fushi Copperweld more than two years after the initial bid was submitted. The transaction, staged in conjunction with Li Fu, Fushi’s chairman...
ShangPhama board agrees to TPG-backed buyout
ShangPharma Corporation, a Chinese pharmaceutical and biotech research outsourcing firm listed on the New York Stock Exchange, has agreed to management buyout by Michael Hui, the firm’s chairman and CEO, and TPG Capital. The transaction values the company...
China’s Weichai could raise Kion stake to one third
Weichai Power, a Chinese automotive and equipment manufacturer owned by Shandong Heavy Industry, has obtained the option in increase its stake in German forklift truck maker Kion to one third. The company owns 25% of the business and already has an option...
Wilson Sonsini opens Beijing office
Venture capital-focused law firm Wilson Sonsini has opened an office in Beijing, enlarging a Greater China footprint that already takes in Shanghai and Hong Kong. The office is led by Kefei Li, a partner with the firm. He reports to Weiheng Chen, the...
Templeton fully divests second emerging markets fund
Franklin Templeton has exited all the investments held in its second emerging markets fund, which was established in 2005 and had a corpus of $132.5 million. The vehicle has generated a net IRR of 34.3% and a money multiple of 2.1x.
Baird invests in Singapore’s Boston Plastics
Baird Capital Partners Asia has invested in Singapore plastic injection molding company Boston Plastics. It acquired shares from individual investors and company management, with the latter retaining majority control of the business.
Focus Media agrees to $3.7b PE-backed buyout
Chinese advertising company Focus Media has agreed to a $3.7 billion management buyout backed by a consortium of private equity firms. It is by some distance China’s largest-ever buyout transaction and is only surpassed in the broader private equity...
Templeton invests in China’s Tongda Group
Franklin Templeton has acquired a 6.3% stake in Tongda Group Holdings, a Chinese manufacturer of high-precision components used in consumer electronics products. The investment was made through Templeton Strategic Emerging Markets Fund IV, which targets...
Healthcare-focused Essex Woodlands opens Shanghai office
Essex Woodlands, the Silicon Valley-based healthcare investor, has opened an office in Shanghai as it looks to deepen its exposure to one of China’s fastest-growing sectors. David Yang and Scott Barry, both managing directors with the firm, will run...
China removes QFII cap on sovereigns, central banks
China's State Administration of Foreign Exchange (SAFE) has removed the $1 billion limit on quotas for sovereign wealth funds, central banks and monetary authorities under the Qualified Institutional Investor (QFII) program.
Singapore named most attractive market for infrastructure investment
Singapore is the world’s most attractive market for infrastructure investment, according to a new report.
Hony invests in China International Marine Containers
Hony Capital has secured a 5.16% stake in China International Marine Containers (CIMC), the state-owned container producer that intends to shift its listing from China's B-share market to the Hong Kong Stock Exchange.
Carlyle plans partial exit from Kaisa – report
The Carlyle Group is reportedly selling part of its holding in Hong Kong-listed Chinese real estate developer Kaisa Group for up to $67 million.
GCS Capital finalizes Dexia asset management deal
GCS Capital has agreed to buy Dexia asset management (DAM) business shortly after entering into exclusive negotiations with the Belgo-French financial group. The Hong Kong-based private equity firm has also signed a strategic partnership agreement with...
Actis exits hotpot chain Xiabu Xiabu to General Atlantic
Actis has exited Chinese hotpot chain Xiabu Xiabu to General Atlantic after an investment period of four years.
2012: That was the year that was
The broad trends and particular highlights of private equity fundraising, investment and exit activity in Asia
China wine funds: Sour grapes?
Wealthy Chinese may recognize wine’s investment potential, but inexperience, taxation issues and limited access to top-tier vineyards means many domestic wine funds often promise more than they can deliver