Analysis >> Regulation
China IPOs: Star attraction
Having previously focused on offshore IPOs, China managers with US dollar funds are now considering the Star Market. But going onshore means more regulation as well as high valuations
India-China regulation: Punching bag
Chinese venture capital investors have become an increasingly significant presence in India’s venture capital ecosystem, but a recent regulatory reform calls their participation into question
Coronavirus & MAC clauses: Devil in the details
Business breakdowns caused by COVID-19 have spurred investors to re-examine their legal options with deals in pre-close limbo. That could spark a major evolution in M&A contracting
Retail investment in PE: Common stock
Signs are converging that increased retail investor participation in private equity is inevitable. Myriad roadblocks around access, alignment, and infrastructure will inhibit the transition
India AIFs: A new phase
Locally domiciled Alternative Investment Funds have emerged as the structure of choice for India-focused private equity firms, but the system is still troubled by some imperfections
ESG in Asia: Maturing perspectives
Asian investors are growing more confident in their approaches to environmental, social, and governance issues, but policies must be flexible enough to handle unforeseen complications
US tech regulation: Green card or red card?
Compliance with US regulations on foreign investment in critical technologies is forcing Chinese VC players to examine their fund structure and governance as well as their deployment strategies
India guaranteed return clauses: No sure things
Guaranteed minimum return clauses, and their impact on entrepreneurs, have drawn renewed scrutiny in Indian private equity. Investors say a reassessment of their contribution to value-add is long overdue
China investment regulation: Context clues
Revisions to China’s negative investment list show the country remains committed to widening access, but consistency in enforcement and clarity around political issues are significant challenges for investors
Women on corporate boards: Finding a voice
Investor pressure and industry lobbying has contributed to a rise in female representation on corporate boards. While quotas work for some, they aren’t necessarily the silver bullet
China VC and US regulation: Defensive positions
Chinese venture capital firms and strategic investors have found their path to US tech start-ups barred by new regulations. It is possible to find a way around, but it requires compromise
China-US decoupling: Silicon curtain
Evidence is mounting that US and Chinese ecosystems for advanced technologies are careening toward an antagonistic decoupling. Investors are philosophical and pragmatic
Greater Bay Area: Promise keepers
The Greater Bay Area initiative plans to speed up regional integration in the Pearl River Delta, with Hong Kong set to be a major beneficiary. Questions remain about the government’s ability to follow through
In scope: Asian fund managers and Cayman
Asian private equity firms may start moving their fund management entities away from the Cayman Islands due to new economic substance requirements. Is Hong Kong ready to accept them?
Vietnam banking: Where credit is due
Vietnam’s economic future is tied to an attractive but immature and constrained banking sector. Investors are prodding the edges of a precarious opportunity set
China's foreign investment law: A level playing field?
China’s new foreign investment law appears to make life easier for overseas investors in some areas, but uncertainty remains in others. Industry participants are waiting for more details to emerge in 2020
China ESG: Societal shift
China’s ESG compliance drive reflects a long structural change for financial markets and an evolutionary process for local business culture. Many investment variables are unique
Australia financial regulation: Compliance conundrum
Proposed reforms could redraw Australia’s financial services landscape as tougher regulatory requirements see banks back away from certain areas. PE investors want to pick up the pieces
Hong Kong tax: Playing catch-up
Hong Kong is introducing various initiatives intended to encourage private equity firms to bring more of their operations onshore. A failure to act may see Singapore emerge as Asia’s jurisdiction of choice
VC documentation: Standardizing small print
The rapid growth of venture capital in Southeast Asia has fostered the emergence of varied working practices. Singapore’s model investment agreements are intended to help bring order to chaos
Taiwan LPs: Increased exposure
As much as $10 billion could be released for investment in private equity following a hike in alternatives allocations for Taiwanese insurers. However, the major players will still deploy their capital with caution
India macro: Steady as she goes
India’s economy is expected to remain stable in the face of global volatility, but trouble spots remain. Investors must structure their portfolios carefully to ensure they are not caught off guard by sudden shocks
China PE incentives: End of the party
The once commonplace incentives used by local governments in China to attract PE fund managers are now largely extinct. New GPs struggle even to register in a city, let alone get paid for doing so
China outbound deal structure: Risk factors
Many Chinese A-share companies have wholeheartedly pursued outbound acquisitions, sometimes bringing in local PE funds for support. But integrating the target into the listed vehicle can be problematic