CITIC Capital
CITIC Capital closes VC fund on $113m
CITIC Capital has reached a final close of on $113 million on its debut venture capital fund, short of the $150 million target.
AVCJ China Awards: PE deal of the year – Alibaba Group
AFTER THREE YEARS OF ON-AND-OFF negotiations with Yahoo, Alibaba Group finally agreed to repurchase half of the US internet firm’s 40% stake in itself for $7.6 billion last September. Supported by $5.9 billion in financing, of which $3.9 billion was...
CITIC Capital’s Yichen Zhang joins EMPEA board
Yichen Zhang, chairman and CEO of CITIC Capital, has joined the board of directors at the Emerging Markets Private Equity Association (EMPEA). He will also sit on the organization’s Asia Council.
AsiaInfo-Linkage finally accepts CITIC-backed MBO offer
Chinese telecom software provider AsiaInfo-Linkage has accepted a take-private offer from CITIC Capital Partners that values the company at approximately $890 million. The initial offer was made last January but has taken the AsiaInfo board about 16 months...
CITIC, CDH exit early days China SOE buyout
Two facts worth noting about Chinese private equity: first, there is almost always a willing strategic buyer for a well positioned domestic business; second, the vast majority of PE investments are for minority stakes so if the entrepreneur has set his...
CITIC, CDH generate 4x return through China auto parts exit
CITIC Capital Partners and CDH Investments Management have exited Chinese auto components manufacturer Nanjing Aotecar to a domestic buyer. According to sources familiar with the transaction, CITIC has secured an approximately 4x money multiple on an...
CITIC, Vector see 3x return on RAE Systems trade sale
CITIC Capital Partners and Vector Capital have exited gas detection equipment manufacturer RAE Systems through a $340 million trade sale to Honeywell. The China-focused GP came in as a co-investor on US-based Vector’s privatization of the company in...
China’s NSSF assets top $178b in 2012
China’s National Council for Social Security Fund (NSSF) reported a 7% investment return in 2012, its best performance in three years, as total assets under management topped RMB1 trillion ($178 billion) for the first time.
AVCJ at 25: Yichen Zhang of CITIC Capital
Yichen Zhang, CEO of CITIC Capital, watched as pre-IPO strategies took Chinese private equity to unthinkable highs in the mid- to late-2000s. As the market returns to more sustainable levels, he sees control opportunities amid the chaos
CITIC Capital Japan-backed Tri-Wall acquires DS Smith unit
Tri-Wall, a Hong Kong-headquartered heavy-duty cardboard manufacturer backed by CITIC Capital Partners, has acquired the UK Tri-Wall unit of British packaging firm D.S. Smith.
China cross-border deals: Inside out and outside in
Many mid-cap Western companies want to boost their China exposure, but lack the resources to address the market properly. Some – but not all – PE firms are able to pick apart broken strategies and build them anew
Jack Ma’s retirement as Alibaba CEO fuels IPO speculation
Jack Ma will step down as CEO of Alibaba Group in May ahead of the private equity-backed firm’s widely anticipated IPO. Ma, who will remain as chairman indicated that he wanted to hand over to a younger successor, telling employees that “the next...
Hony Capital’s John Zhao becomes CVCA chairman
John Zhao, CEO of Hony Capital, has been elected to succeed Yichen Zhang, his counterpart at CITIC Capital, as chairman of the China Venture Capital and Private Equity Association (CVCA).
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...
Teutonic ambitions
Another week, another Chinese strategic acquisition of a German manufacturing asset. The most recent case involves Fusheng Industrial, Greater China's leading producer of industrial air compressors, buying its German rival ALMiG Kompresssoren.
CITIC Captial to acquire Japan’s Polymatech
CITIC Capital Partners has agreed to acquire 100% of Polymatech, a manufacturer of polymer parts for the electronics industry, based in Fukushima.
CITIC Capital in advanced talks on AsiaInfo take-private – report
CITIC Capital is reportedly close to securing a management buyout of AsiaInfo-Linkage, the US-listed telecoms software manufacturer, to take the company private. The companies are said to be in advanced talks and the deal was thought to be worth around...
A slice of the pie: Selling a stake in the GP
PE firms have been selling stakes in themselves for as long as they’ve existed. The invasion of first-time funds into Asia creates extra opportunities for LPs keen to participate in GP economics
CITIC Securities targets up to $1.6b for RMB fund
CITIC Securities is targeting RMB5-10 billion ($798 million to $1.6 billion) for its first private equity fund, most of which will come from Chinese institutions, including government agencies. The vehicle will buy stakes in companies involved in M&A...
Alibaba in bumper Yahoo buyback
New and existing private equity investors acquire much-sought-after stakes in Alibaba Group as the e-commerce firm repurchases part of Yahoo’s stake in a $7.6 billion deal
PE firms, sovereign funds support Alibaba’s Yahoo buyback
China Investment Corporation (CIC), Boyu Capital, CITIC Capital and CDB Capital participated in a $3.9 billion equity issue by Alibaba Group alongside existing investors including Silver Lake, DST Global and Temasek Holdings. The financing was used to...
NSSF nears $3.6b private equity investments
The National Council for Social Security Fund (NSSF) announced that it had committed RMB22.6 billion ($3.6 billion) to 16 venture capital and private equity funds as of mid-September.
Banks invited to finance PE-backed Focus Media buyout - report
Banks in Asia are reportedly being approached to provide up to $1.7 billion in financing for the private equity-backed management buyout of NASDAQ-listed Focus Media Holding.
Shandong Heavy invests $922m in PE-backed Kion
Weichai Power, a Chinese automotive and equipment manufacturer owned by Shandong Heavy Industry, will invest EUR738 million ($922 million) in Kion, the German forklift truckmaker backed by KKR and Goldman Sachs. It is the largest Chinese direct investment...