By Mars Woo
Warburg Pincus earlier expressed interest to join in Lianjia’s $2-billion funding round that values the Chinese firm at $13 billion.
As the wealthy target greater investment diversification and as business owners hand over the reins to successors, family offices are sprouting in the Asian financial hubs, taking advantage of incentives such as tax breaks and residency being offered.
The move comes ahead of Singles’ Day which last year netted the firm over $25 billion in sales.
Tencent holds a 49 per cent stake in the joint venture while Hillhouse Capital, a private equity firm with $20 billion in assets under management, owns the remaining 51 per cent.
The 48-year-old chairman of 360 Security Technology Inc. has experienced the downside of listing in China, after stocks tumbled on concerns about a U.S. trade war and a slowing economy.
While Three Gorges is still working on the bid to increase its 23% stake in EDP, the timeline to achieve regulatory approval in Europe and the U.S. has slipped to early next year from the end of this year.
Tencent’s restructuring comes as the company’s main business of gaming and online services grew at a slower pace, hit by regulatory hurdles this year.
With this JV in the UK, Youon Bike will mark its fourth international foray after Russia, India and Malaysia.
Chinese community-based e-marketplace Qiongling Group has raised a Series B+ round while car-sharing platform Moli Information Technology has secured $14 million in Series A
The acquired business will now operate as an independent entity, and will launch a new brand in January 2019.