By Cathy Kit Ching
Keefe, currently head of corporate banking for Japan, will take on responsibilities for Citigroup bankers in the region dealing with companies, financial institutions and public-sector entities, according to a press release.
Chinese entrepreneurs facing the twin challenges of succession and a slowing economy are becoming more willing to cede majority ownership to buyout firms. It’s a tectonic shift in a market where the likes of Carlyle Group LP and KKR & Co. have traditionally been forced to forgo controlling stakes.
The chairman and founder of Alibaba, China’s largest e-commerce site, said in November he aims to generate at least 50 percent of the group’s revenue from outside the country. That’s a tall order considering the contribution from offshore has been moving in the opposite direction.
Anbang Insurance Group Co, that backed out of a takeover bid for Starwood Hotels & Resorts Worldwide Inc., is on track to complete its $6.5 billion purchase of another U.S. hotel company from Blackstone Group.
The Hong Kong sourcing company that supplies clothes and toys to U.S. retailers like Wal-Mart Stores Inc., is considering a sale of its distribution unit LF Asia
China: Agri-trader COFCO plans N America foray as part of aggressive global expansion, might list in 2019
COFCO’s top priority was gaining export capacity in North America and it was already in talks for potential partnerships or acquisitions in the region, COFCO President Patrick Yu told Reuters
China-based wealth and asset management service provider Noah Holdings Limited has named former Adam Street Partner member PV Wang as its new co-Chief Investment Officer (co-CIO) for international operations.
The transaction is the largest overseas financial-services purchase by a Chinese brokerage since Citic Securities Co. bought Credit Agricole SA’s CLSA unit for more than $800 million in 2013, data compiled by Bloomberg showed.
Alibaba has invested $900 million while Ant Financial has invested $350 million, Ele.me said in a statement on its official Weibo microblog. Alibaba confirmed the investment in an emailed statement to Reuters.
The round was led by China-based financial conglomerate AVIC Trust, and saw participation from a subsidiary of Warburg Pincus, also an existing investor of Mofang.