Analysis >> Regulation
China take-privates: Holding pattern
Pressure is mounting on Chinese companies listed in New York, from domestic and US regulators. Is another wave of PE-backed take-privates imminent?
Blockchain: Going mainstream
The most disruptive technology in financial services is also the most esoteric and misunderstood. As a long, speculative uptake phase unfolds, investors are coming to terms with the future
China education: Opportunity erased?
Private equity investors have pumped billions of dollars into Chinese online education platforms, notably in the K-12 space. A regulatory crackdown has left them wondering how they can get their money back
India IPOs: A pleasant surprise
The lack of a reliable IPO channel is a longstanding exit obstacle for venture capital investors in India. Domestic listings may, unexpectedly, prove to be the answer
Australia LPs: Revert to the mean
Engagement, efficiency, and accountability are the driving forces behind reforms to Australia’s superannuation system. But could private equity lose out in a race to the middle on returns?
2Q analysis: Trouble in China
Efforts to rein in China’s technology giants have dampened investor sentiment, with India and Southeast Asia stepping into the void. China remains active for fundraising, but there are fears that US IPO activity could take a hit
PE & gambling: Ante up
Private equity has exhibited consistent appetite for gambling-related assets amid pandemic-fueled uncertainty. Regulation remains a significant wildcard in Asia. Reputational risk, not so much
China: A controversial ESOP
An employee stock ownership plan introduced alongside Hillhouse Capital’s 2019 investment in Gree Electric Appliances has raised questions about enrichment and alignment
Carried interest: Safe in Hong Kong?
Tax treatment of carried interest has been an issue of contention in Hong Kong for several years. Just when it seemed to be resolved, draft implementation guidelines are causing disquiet
China IPOs: Regulatory rumblings
China’s Star Market has seen a drop-off in IPOs as regulators call for heightened scrutiny of listing candidates – to the point of asking PE and VC investors to identify the LPs in their funds
Vietnam SOEs: Diverted divestments
Murky accounting and politics have rapidly decelerated the privatization of Vietnam’s government-owned companies in recent years. Private equity is biding its time and testing creative inroads
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
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
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
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
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
India-China-US: Byte back
Historically a neutral power, India appears to be siding with the US in a multi-faceted war with China. This could have far-reaching consequences for VC investors and the technology ecosystem
LPs & climate change risk: Numbers game
With more information at their fingertips, institutional investors are better positioned to understand and act on climate risks and opportunities in their portfolios. But private markets are still playing catchup
GPs & climate change risk: Material matters
Climate change risk is becoming a broader debate within private equity, taking in the long-term impact of floods, droughts, and fires on portfolios. Most GPs have yet to turn thought into action
Hong Kong vs Singapore: Onshore overtures
Hong Kong and Singapore both position themselves as the headquarters of choice for private equity firms in Asia. But the competitive dynamics – from politics to structures – are not straightforward