Chief Correspondent, Hong Kong
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Jan 17, 2011

Competition intensifies for banking talent in Asia

HONG KONG, Jan 17 (Reuters) – The gloves are off in the fight for talent in
the Asia investment banking industry, with newly arrived financial institutions
establishing a foothold in the rapidly growing region.

While competition for talent is always intense for the banking sector, Asia
based executives, recruiters and analysts say the talent wars in the region have
reached new heights.

Jan 12, 2011

Asia private equity exits outstrip new deals

SYDNEY/HONG KONG (Reuters) – Asia’s private equity industry has quickly turned into a sellers’ market, as firms cash out of investments made on the back of the region’s robust economic growth.

And the trend is expected to continue as long as Asia’s stock markets remain steady and institutional demand holds up.

Jan 12, 2011

Analysis: Asia private equity exits outstrip new deals

SYDNEY/HONG KONG (Reuters) – Asia’s private equity industry has quickly turned into a sellers’ market, as firms cash out of investments made on the back of the region’s robust economic growth.

And the trend is expected to continue as long as Asia’s stock markets remain steady and institutional demand holds up.

Jan 7, 2011

DealTalk: Xinmao has itself to blame for failed Draka bid

BEIJING/HONG KONG (Reuters) – If there are 10 steps to successfully gatecrashing a large, cross-border, public acquisition, China’s Xinmao seems to have missed most of them.

Xinmao, a conglomerate little known outside its hometown of Tianjin, pulled the plug on its 1 billion euro ($1.3 billion) bid for Dutch cable company Draka (DRAK.AS: Quote, Profile, Research, Stock Buzz) on Thursday, conceding it would be unable to formally launch an offer before Italian rival Prysmian (PRY.MI: Quote, Profile, Research, Stock Buzz) closed its 870 million euro agreed bid.

Jan 7, 2011

Xinmao has itself to blame for failed Draka bid

BEIJING/HONG KONG, Jan 7 (Reuters) – If there are 10 steps to successfully
gatecrashing a large, cross-border, public acquisition, China’s Xinmao seems
to have missed most of them.

Xinmao, a conglomerate little known outside its hometown of Tianjin,
pulled the plug on its 1 billion euro ($1.3 billion) bid for Dutch cable
company Draka on Thursday, conceding it would be unable to formally
launch an offer before Italian rival Prysmian closed its 870 million
euro agreed bid. [ID:nLDE7050QD]

Jan 7, 2011

China OKs JPMorgan, Morgan Stanley joint ventures

HONG KONG (Reuters) – Chinese securities regulator on Friday approved the joint ventures of J.P. Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), bringing the banks a step closer toward operating securities businesses in China that they, and other banks, have long sought.

The approval will enable the two Wall Street banks to underwrite stocks and bonds in one of the fastest growing securities market in the world.

Dec 24, 2010

Down to wire, UBS tops Asia ECM pile again

HONG KONG, Dec 24 (Reuters) – After a brutal first half that had rivals
calling the end of UBS’s equity capital markets reign in Asia, the Swiss bank
staged a late-year revival to land it on top for the sixth year running.

For the investment banking business, equity capital markets deals account
for more than two-thirds of what a major foreign bank earns in Asia. The 2010
IPO boom pushed that percentage even higher, with some banks earning an
estimated $500 million in 2010 fees from Asia stock deals alone, according to
Thomson Reuters.

Dec 23, 2010

Hong Kong yuan bonds find slow boat to China

HONG KONG, Dec 23 (Reuters) – Companies issuing yuan
denominated bonds are finding that raising funds in Hong Kong
is the easy part. It’s getting the money into China that’s hard.

In addition to revealing China’s famously deliberate
bureaucracy, the Hong Kong-to-China lag in yuan remittance
highlights the risks issuers are taking with the deals,
particularly at a time when Beijing is still unsure about Hong
Kong’s newly created yuan-denominated bond market.

Dec 23, 2010

In last HK IPO of 2010, Zoomlion rises

HONG KONG, Dec 23 (Reuters) – Shares of China’s Zoomlion
(000157.SZ: Quote, Profile, Research, Stock Buzz), which makes and leases heavy industrial equipment,
debuted 1.9 percent higher after a $1.7 billion IPO, listing at a
time when stocks are sagging and investors are holding on to
money as the year winds down.

Changsha Zoomlion Heavy Industry Science and Technology Co
Ltd (1157.HK: Quote, Profile, Research, Stock Buzz) opened at HK$15.26 and rose by as much as 2.8
percent in early trade, the most actively traded stock on the
Hong Kong exchange on Thursday.

Dec 15, 2010

Unitas agrees to buy Dutch pump maker Hyva -source

HONG KONG, Dec 15 (Reuters) – Private equity firm Unitas
Capital has agreed to buy 3i Group Plc’s (III.L: Quote, Profile, Research, Stock Buzz) Dutch pump
manufacturer Hyva, a source with direct knowledge of the matter
said on Wednesday.

Financial terms of the unique deal — which sees an
Asia-focused fund buying a European asset — were not
immediately available. Previous valuations estimated the deal
could reach $830 million.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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