regulation
Chinese PE regulation: Tug-of-war
The National Development and Reform Commission and China Securities Regulatory Commission have yet to resolve their dispute over private equity oversight. Uncertainty isn't helpful to industry participants
NDRC private equity executive moves to CSRC
Liu Jianjun, a senor official at the National Development and Reform Commission (NDRC) who oversaw the private equity division, has been handed a leading role within the China Securities Regulatory Commission's (CSRC) fund department. The move comes amid...
China's VIEs: A political football
The investment structure that has underpinned foreign investment in China’s internet and telecom sectors is being questioned by investors and regulators. Is the VIE dead and, if so, what could replace it?
China PE and mutual funds: Never the twain shall meet
China’s securities regulator has invited domestic PE firms to raise mutual funds, prompting a rival agency to forbid such a move. Regardless, industry participants are uninspired by this opportunity
Q&A: Shearman & Sterling's Lorna Chen
For domestic private equity funds in China, regulation remains a clouded issue - it is unclear who should be responsible for the issue and how. Lorna Chen, a partner with Shearman & Sterling, explains where the difficulties lie
Strained relations: Foreign PE and financial services
Global buyout firms have seen less deal flow in South Korea in recent years, with financial services sector activity a shadow of its former self. This doesn’t necessarily mean they are unwelcome
China's NDRC seeks tighter grip on private equity
China's top planning body, the National Development and Reform Commission (NDRC), has reiterated its call for private equity funds to register with local governments. It is the latest move in an ongoing turf war over the asset class after the Chinese...
Indonesia webinar: Turning hype into returns
Indonesia has emerged as the next big thing in Asian PE, but there are concerns about rising valuations and whether the market is deep enough to meet expectations. Industry participants share their views
New Silk Route’s Rajat Gupta sues co-founder
Rajat Gupta, the former Goldman Sachs director who was convicted last year of insider trading, is taking legal action against his co-founder of private equity firm New Silk Route (NSR), claiming breach of contract.
Australian trade buyer fined in Castle Harlan ‘bid rigging’ case
Australian’s Federal Court ordered engineering firm Bradken to pay $22.4 million in damages over its takeover of a Canadian mining services company Norcast that was previously bought and sold on the same day by US private equity firm Castle Harlan.
China secondaries: When push comes to shove
China GPs are under pressure to return cash to investors but IPO exits are challenging. Secondary sales are emerging as an option. Who best placed to deliver on the US dollar and renminbi sides?
Hunting the lion city
When John Tsang, Hong Kong’s financial secretary, extended the private equity industry a significant tax incentive in last week’s budget, it was presented in the wider context of encouraging more funds to domicile in the territory. In some quarters,...
Indian government stays firm on its e-commerce FDI ban
The Indian government has said it will not revise its current ban on foreign direct investment (FDI) in India's e-commerce sector.
India to tax buyback exits by foreign investors
India plans to impose a 20% withholding tax on foreign investors in private companies who exit their holdings through a buyback of shares. Investments routed through jurisdictions such as Mauritius and Singapore to take advantage of double tax treaty...
Hong Kong extends offshore funds tax exemption to private equity
Private equity investors will qualify for the profits tax exemption extended to offshore funds in Hong Kong as part of government efforts to encourage more vehicles to domicile in the territory.
China’s CSRC issues draft regulation on PE supervision
China’s securities regulator has issued draft rules that impose greater oversight on domestic private equity funds. The proposals, and in particular the watchdog role to be played by the Asset Management Association of China (AMAC), represent another...
Deloitte sued over US-listed ChinaCast Education
Deloitte is being sued by a group of US investors over its auditing role at ChinaCast Education Corp. The Chinese company, which was backed by VC investors in its early years, went public in the US via a reverse merger in 2007 but has since been de-listed.
Australian government commits $360m to innovation fund, clarifies VC structures
The Australian government will provide A$350 million ($360 million) in new funding for the Innovation Investment Fund to support small- and medium-sized enterprises (SMEs). Improvements have also been made to the early stage and venture capital limited...
SEBI approves first Indian social venture fund
The Incube Connect Fund has become the first social venture fund to be approved under the Securities and Exchange Board of India’s (SEBI) new registration regulations.
Asian advocacy: PE associations reach out to regulators
PE practitioners like light-touch regulation and usually prefer to stay at arm's length from government. A combination of global and national pressures has forced industry associations to revisit their strategies
India expects tax settlement with Vodafone, seeks to reassure investors
The Indian government is close to settling its $2.6 billion tax dispute with Vodafone, according to the country’s finance minister. If the issue can be resolved it would reassure foreign investors’ concerned about the tax treatment of transactions...
The debt deadline: Japans's SMEs at a crossroads
Japan’s Debt Moratorium Law, seen by some industry participants as an impediment to PE deal flow in the last three year, is set to expire at the end of March. Does this spell new opportunities for the industry?
CSRC to tighten surveillance on IPO applicants
The China Securities Regulatory Commission (CSRC), under the pressure to clamp down on corporate fraud, plans to introduce a formal examination process of the 2012 financial reports of companies seeking a public listing.
China's B-share exodus
China International Marine Containers’ landmark B-share to H-share conversion could be the first of many such migrations. Does Hony Capital’s participation point to a role for private equity?