Last year, China said it will allow global banks to take controlling stakes in local securities ventures.
Other backers include Malaysian sovereign wealth fund Khazanah, Sequoia Capital, IFC and Alibaba Entrepreneurs Fund.
Chinese regulators are right to be concerned about the “very rapid run-up in consumer lending”.
Haitong seeks to draw more of the nation’s growing ranks of multi-millionaires to its wealth management business.
At least 4 out of 8 banks have decided not to renew credit and don’t intend to extend fresh loans.
The firm has attracted almost $60 million in the series A round
WeWork’s expansion in HK comes as soaring office rents have pushed some financial firms, hedge funds out of the financial district.
The company operates a brokerage and a healthcare business.
China UCF Group Co., the conglomerate led by businessman Zhang Zhenxin, is backing the acquisition of Hong Kong Life Insurance Ltd. in a deal valuing the insurer at HK$7.1 billion ($914 million). Hong Kong Life’s owners, including Chong Hing Bank Ltd. and Oversea-Chinese Banking Corp., agreed to sell their holdings… Read more »
UCF is in late-stage discussions with Hong Kong Life’s owners.