HONG KONG (Reuters) – China’s CITIC Pacific (0267.HK: Quote, Profile, Research, Stock Buzz) has agreed to buy the main operating unit of its parent, state-backed CITIC Group, for $36.5 billion in a stock and cash deal aimed at diversifying its metals and mining business.
The purchase will give a much-needed boost to CITIC Pacific’s ailing finances after it miscalculated the huge cost of developing a mine in Western Australia.
HONG KONG/BEIJING, March 28 (Reuters) – China’s move to list
one of its biggest state-run conglomerates in Hong Kong has left
some investors questioning whether Beijing’s choice is about
improving corporate management and welcoming foreign investors
or cementing its own control.
CITIC Group Corp, China’s state-run flagship
investment company, is to transfer its main operating assets to
its majority-owned, Hong Kong-listed industrial conglomerate
CITIC Pacific Ltd. The deal, valued at $42 billion,
comes just a few months after China’s Communist Party promised
to promote use of free markets to bolster growth in the world’s
HONG KONG, March 27 (Reuters) – Shares and bonds of Chinese
conglomerate CITIC Pacific Ltd surged after its
state-owned parent, one of the country’s biggest industrial
companies, injected prime operating assets into the Hong
In a sign that Beijing is intent on accelerating
market-based economic reform, the move switches a raft of parent
firm CITIC Group Corp’s steel, property, banking and
mining businesses out of full state control and into the glare
of the private sector. The businesses made
billion of dollars of profit last year for CITIC Group, which
owns 57.5 percent of CITIC Pacific.
HONG KONG, March 26 (Reuters) – Chinese pork producer W.H.
Group, which acquired U.S.-based Smithfield Foods last year, has
hired 28 book runners for its planned $5-6 billion Hong Kong
initial public offering, a record number for banks working on an
Asian IPO, IFR reported.
W.H. Group’s jumbo underwriting team would surpass the
previous record of 21 banks that worked on China Galaxy
Securities Ltd’s $1.1 billion IPO last year, IFR, a
Thomson Reuters publication, said on Wednesday.
HONG KONG (Reuters) – Every big bank in town wanted a piece of the Alibaba Group Holding Ltd initial public offering, set to be the biggest technology listing ever.
So much so that, according to Thomson Reuters data, major banks skipped an estimated $100 million in combined fees they could have made from work for other clients over the past year.
HONG KONG (Reuters) – Singapore state investor Temasek Holdings TEM.UL has agreed to buy almost a quarter of health and beauty retailer A.S. Watson for about $5.7 billion in what would be its single biggest investment and one that would boost its exposure to Asia’s fast growing consumer sector.
The purchase of 24.9 percent of A.S. Watson, owned by Asia’s richest man Li Ka-shing, is part of Temasek’s aggressive reshaping of its $170 billion portfolio to ensure higher returns. The state investor’s returns have often lagged its own internal metric in recent years as it focused on blue chip stocks.
HONG KONG, March 19 (Reuters) – After a year of waiting, the
man running what could be the biggest-ever technology IPO
finally lost patience with Hong Kong.
Joe Tsai, the Alibaba Group Holding executive
in charge of plans for the highly anticipated deal, only
abandoned hope of a Hong Kong listing in the last few weeks,
according to people familiar with the matter. The company’s
shareholding structure, giving senior managers sway over board
appointments, would not pass muster with local regulators.
HONG KONG (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd has decided to hold its long-awaited IPO in the United States and is in discussions with six banks to underwrite the deal, in what is set to the most high-profile public offering since Facebook Inc’s listing nearly two years ago.
Alibaba said in a statement on Sunday it had decided to begin the U.S. IPO process, ending months of speculation about where it would go public.
HONG KONG, March 16 (Reuters) – Alibaba Group Holding Ltd said on Sunday it has decided to begin the process
for an initial public offering (IPO) in the United States,
ending months of speculation about where the Chinese e-commerce
giant would go public.
Alibaba’s planned U.S. listing is the most anticipated IPO
since Facebook Inc raised $16 billion in 2012. Alibaba’s
decision to go to the United States is a blow to the Hong Kong
stock exchange, which was initially the company’s preferred
venue for the IPO.
HONG KONG, March 14 (Reuters) – Hong Kong’s de facto central
bank has rapped UBS AG for its role in the city’s
benchmark lending rate fixing case and warned that it would
consider additional supervisory actions in light of the Swiss
bank’s compliance failures.
Marking the end of a 15-month investigation, the Hong Kong
Monetary Authority (HKMA) said Friday it has found no evidence
of collusion between banks to rig benchmark lending rates after
going through messages and emails between 2005 and 2012.