Chief Correspondent, Hong Kong
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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.

Nov 11, 2010

TPG’s Bonderman cites cloud computing as top idea

HONG KONG, Nov 10 (Reuters) – David Bonderman, one of the
founders of TPG Capital [TPG.UL], laid out a series of investment
ideas on Thursday, among them cloud computing and media
fragmentation.

Bonderman, a colourful character and one of the private
equity industry’s early pioneers, also said energy and power were
on his radar. He is among the top decision-makers at one of the
world’s largest private equity funds.

Oct 27, 2010

DealTalk: UBS may lose Asia ECM crown for first time in 6 years

HONG KONG (Reuters) – Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) is on track to dislodge UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) as Asia’s top equity capital market house for the first time in six years in 2010, helped by its role in several major Greater China offerings.

There are still a few offerings in the pipeline that could change the final status of the league table rankings.

Oct 27, 2010

UBS may lose Asia ECM crown for first time in 6 years

HONG KONG, Oct 27 (Reuters) – Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) is on
track to dislodge UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) as Asia’s top equity capital
market house for the first time in six years in 2010, helped by
its role in several major Greater China offerings.

There are still a few offerings in the pipeline that could
change the final status of the league table rankings.

Oct 26, 2010

Chinese firm eyes Norway’s solar firm Elkem-sources

HONG KONG, Oct 26 (Reuters)- China National BlueStar, a
state-run specialty chemicals company backed by U.S. private
equity firm Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz), is in talks to acquire
part or all of Norwegian solar silicon product maker Elkem AS,
according to three sources familiar with the matter.

An Elkem takeover could cost BlueStar around $1 billion
based on the Norwegian company’s financial figures and analysts
notes. [nTOE67T022].

Oct 25, 2010

Taiwan group sets $2 bln China Network buy-source

HONG KONG, Oct 25 (Reuters) – A Taiwan-based consortium led
by Want Want Holdings has agreed to buy Taiwan cable operator
China Network Systems (CNS) for more than $2 billion from
buyout group MBK Partners, a source familiar with the matter
told Reuters on Monday.

The deal is likely to revive more sales from private equity
portfolios in Taiwan.

Oct 22, 2010

KT Corp plans $500 mln Russian unit sale -sources

HONG KONG/LONDON, Oct 22 (Reuters) – KT Corp (030200.KS: Quote, Profile, Research, Stock Buzz),
South Korea’s top fixed-line and No.2 mobile company, is
considering selling its 80 percent stake in Russia’s New
Telephone Company, three people familiar with the matter said on
Friday.

KT Corp is close to auctioning off the business, worth
around $500 million, but has not yet mandated a bank to run the
process, one of the people said.

Oct 22, 2010

CNOOC, GNPC bid $5 billion for Kosmos Ghana assets

HONG KONG (Reuters) – China’s CNOOC (0883.HK: Quote, Profile, Research, Stock Buzz) and Ghana National Petroleum Corp (GNPC) have bid $5 billion for Kosmos Energy LLC’s assets in the West African state, including its stake in the Jubilee field, a source close to the deal said on Friday.

The offer tops an earlier, failed bid of more than $4 billion from Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) for the Kosmos assets, which includes a coveted 23.49 percent stake in a large, Ghana oil discovery known as the Jubilee field.

    • 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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