A trio of mainland conglomerates are claiming the attention of market watchers today, with HNA leading the news with a missed attempt at a $1.4 billion IPO in Switzerland. The troubled investment firm’s tech counterpart looks to be in worse shape as one of its core units heads for delisting and woeful former Anbang boss Wu Xiaohui starts his trial in Shanghai by fighting all charges against him. Meanwhile Blackstone is merely selling stuff in India, and there’s much more to read just a few lines further down the page.
HNA Group scrapped its planned listing of Swiss-based airline caterer Gategroup at the 11th hour on Monday, dealing a blow to the cash-strapped Chinese conglomerate’s efforts to reduce its debt mountain.
Gategroup, which announced in a statement that the IPO had been canceled, had been due to start trading in Switzerland on Tuesday, with the IPO valuing the whole company at as much as $2.8 billion. HNA expected to raise as much as 1.29 billion Swiss francs ($1.4 billion) from selling a stake of up to 65 percent in Gategroup — funds needed as the Chinese company battles a liquidity crunch following $50 billion in acquisitions. Read more>>
[adrotate group=”11″]Singapore-based leading real estate company CapitaLand Ltd and global investment firm The Xander Group Inc. are the front runners to acquire Pune-based IT Parks, which is owned by US fund The Blackstone Group, said two people aware of the development.
Blackstone has put its BlueRidge special economic zone (SEZ) and another IT SEZ in Hinjewadi area of Pune on sale, and hired Morgan Stanley to find a buyer. Read more>>
Hong Kong property tycoon Hui Wing-mau on Monday urged the city’s young people and entrepreneurs to seize opportunities afforded by the “Greater Bay Area”, as he kicked off work on China’s next top skyscraper in Shenzhen.
In an exclusive interview, the Shimao Group chairman also said he hoped a state leader would be tasked with promoting Beijing’s bay area project, aimed at socially and economically integrating Hong Kong, Macau and nine Guangdong cities. He said that would show the central government values the plan. Read more>>
The former chairman of Anbang Insurance Group Co Ltd [ANBANG.UL], Wu Xiaohui, contested all charges against him in a high-profile trial that began in Shanghai on Wednesday, adding he was unaware whether his activities had violated the law.
Wu’s trial for alleged economic crimes, including fundraising fraud and embezzlement, comes a month after the government seized control of the once-high flying insurer and announced that Wu was being prosecuted, as Beijing cracks down on big-spending conglomerates and financial risk. Read more>>
The Chinese tech company that once called Apple “outdated” and vowed to disrupt Tesla is facing delisting in China, leaving billions of yuan in unpaid debts and hundreds of thousands of retail investors out of pocket.
Leshi Internet Information & Technology, founded in 2004 by Jia Yueting – who went on to become a poster boy for China’s emerging tech prowess, had trading in its shares suspended on Monday after a former chairman of the company, who poured some 15 billion yuan (US$2.4 billion) into it in a rescue bid, resigned earlier in the month. Read more>>
US-BASED co-working space provider WeWork plans to open offices in Jakarta, Kuala Lumpur, Bangkok and Manila by end-2018, as part of a US$500 million effort started in August last year to grow in South-east Asia and South Korea.
That continues WeWork’s pattern of aggressive expansion in the region. Industry watchers say that in seven months, WeWork has opened, confirmed or been in talks for over 300,000 sq ft of space in Singapore. Read more>>