Chief Correspondent, Hong Kong
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Aug 19, 2013

Alibaba in talks with HKEx on ownership structure ahead of IPO-sources

HONG KONG, Aug 19 (Reuters) – Alibaba Group Holding Ltd
is in talks with the Hong Kong stock exchange about
allowing its founders to maintain control over the Chinese
e-commerce company even after it becomes listed, people familiar
with the matter told Reuters.

Alibaba is widely expected to launch an initial public
offering worth more than $15 billion by the end of the year,
with Hong Kong tipped as the likely venue.

Jul 10, 2013

KKR tops rivals with largest Asia fund as valuations drop

HONG KONG, July 10 (Reuters) – A record $6 billion Asia fund
announced by U.S. private equity firm KKR & Co on Wednesday will
be deployed at a time when an economic slowdown and emerging
market sell-off has knocked the overall value of Asia Pacific
corporations to historic lows.

While the market volatility should offer KKR opportunities
to buy low, the record of the private equity industry in Asia
shows that investing in the region is not as easy as it seems.

Jul 10, 2013

KKR raises $6 billion in new Asia fund, region’s largest

HONG KONG, July 10 (Reuters) – KKR & Co raised $6 billion
for its third Asia private equity fund, equipping the firm with
the largest such fund in the region at a time when market
turmoil is creating both opportunities and challenges for
foreign investors.

KKR said it raised $1.5 billion, or 26 percent of the fund,
from Asian investors. That is an increase from the $908 million
it raised from the region for its first Asia fund.

Jul 8, 2013

Shadow banking bolsters China Inc as Beijing tightens credit

SHANGHAI/HONG KONG, July 9 (Reuters) – Wang Zhiyong, the
founder of a Shanghai-based gift card company, tried twice to
get a bank loan for his business and failed both times.

So Wang turned to China’s vast network of alternative
lenders, opting for a so called “curb side” loan. Such a loan is
just one segment of the country’s shadow banking system, which
includes pawn shops, credit guarantee firms, trust companies and
other mechanisms as sources of funds for Chinese borrowers.

Jun 27, 2013

Minsheng Bank tells the story of Beijing’s credit worries

HONG KONG (Reuters) – The funding crunch prompted by China’s central bank was meant to teach a lesson to the Chinese banks that continue to embrace risky lending tactics.

A look at the funding and loan figures at mid-sized lender China Minsheng Banking Corp. (600016.SS: Quote, Profile, Research, Stock Buzz) helps explain why the People’s Bank of China (PBOC) made its move.

Jun 24, 2013

Ex-banker faces off against China bears with hedge fund

HONG KONG (Reuters) – Paul Conway’s eventful career in China included advising companies on stock offerings and overseeing a messy business restructuring — the latter stint forcing him to hire a bodyguard to fend off harassment from local thugs.

Now the 43-year-old former banker is raising around $60 million for a hedge fund that will invest in U.S.-listed, Chinese companies, another assignment that many would consider not for the faint-hearted after a series of accounting scandals that have battered sentiment towards the sector since 2010.

Jun 2, 2013

Rugby-Rare breed of Lions tourist emerges in Hong Kong

HONG KONG, June 2 (Reuters) – Alan Duckworth and Michael Thomas met for the first time last week, hours before hopping a plane from Heathrow to Hong Kong. The Englishman and the Welshman will share a hotel room for the next six weeks, in seven cities, spanning two continents as they follow the world’s most renowned touring rugby squad.

More than 20,000 fans of the British and Irish Lions rugby team are expected to travel to Australia to cheer on the 37 players as they try to capture their first series win since 1997.

Jun 1, 2013

Rugby-Composed Lions lay down marker in Hong Kong, says Gatland

HONG KONG, June 1 (Reuters) – The British and Irish Lions head to Australia buoyed by a convincing victory over the Barbarians in Hong Kong which has “laid down a marker” for the main part of the tour, coach Warren Gatland said on Saturday.

The Lions overcame extreme heat and humidity as they opened the 125th anniversary tour with a 59-8 win.

Jun 1, 2013

Rugby-Lions crush Barbarians to kick off tour

HONG KONG, June 1 (Reuters) – Mike Phillips and Alex Cuthbert scored two tries apiece as the British and Irish Lions kicked off their 125th anniversary tour with a comfortable 59-8 victory over the Barbarians in oppressive humidity in Hong Kong on Saturday.

Tries from skipper Paul O’Connell and Phillips helped the Lions to a 23-3 halftime lead and the floodgates opened after the break with Phillips adding a second, Cuthbert grabbing his brace and fellow Welshmen Jonathan Davies, Dan Lydiate and Alun Wyn-Jones also crossing.

May 30, 2013

Lions face heat and Barbarians in tour opener

HONG KONG (Reuters) – After six months’ planning and three weeks’ training, coach Warren Gatland finally begins his British and Irish Lions adventure in earnest on Saturday with what should be a gentle opening match against the Barbarians to open the 125th anniversary tour.

Ahead of three tests and six provincial games in Australia, the Lions are making their first appearance in Hong Kong, where the city’s intense heat and humidity will play a key factor.

    • 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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