China 

China’s state-owned enterprise reform debate rumbles on as sale of Gree Electric controlling share nears

Reform and the potential partial privatisation of China’s state-owned enterprises has been slow since the idea was first introduced in 2013, but debate is now raging about the outlook for broader changes, with the possibility that the world’s largest manufacturer of residential air conditioners could come under the control of the private sector.The sale is regarded as a test case of Beijing’s attitude toward the roles of state and private corporate ownership after the announcement by the Zhuhai… Source link

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Credit Suisse to take controlling stake in Chinese securities joint venture

Credit Suisse said on Monday that its plans to take a controlling stake in its securities joint venture in China, the latest overseas firm to take advantage of Beijing’s efforts to further open the country’s financial services industry.China announced in 2017 that it would allow foreign banks to own majority stakes in their securities joint ventures as part of an effort to open up its banking sector. UBS was the first foreign bank to receive approval from regulators in November to increase its… Source link

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China grants JPMorgan and Nomura approval to take controlling stakes in local securities firms

JPMorgan Chase and Nomura Holdings have received approval from the Chinese securities regulator to set up majority-owned brokerage joint ventures.The approvals, the first since December, follow an earlier pledge by mainland officials to further open the nation’s domestic securities market to foreign competition.The two companies can each set up a joint venture with a controlling 51 per cent stake, according to an announcement by the China Securities Regulatory Commission on Friday after the… Source link

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Nephew of ‘King of Gambling’ Stanley Ho calls for STDM’s new controlling shareholders to settle HK$2 billion in unpaid share dividends

The nephew of “King of Gambling” Stanley Ho has written to the new alliance controlling his uncle’s casino empire demanding HK$2 billion (US$255 million) in unpaid dividends. Michael Hotung, also known as Mak Shun-ming, sent the letter via his lawyer on Monday. In the letter seen by the Post, he urged the new controlling shareholders of STDM, which refers to Shun Tak Holdings managing director Pansy Ho Chiu-king and the Henry Fok Foundation, to pay what he estimated to be worth HK$2 billion in unpaid dividends from the 6,263 STDM…

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Ecommerce 

Is Nexon founder Kim Jung-ju preparing to sell controlling stake in South Korea’s biggest gaming company?

The founder of Nexon, South Korea’s largest video game company, has fanned speculation he will sell his controlling stake in the company, which produces hugely popular action role-playing online games Dungeon & Fighter and MapleStory. Kim Jung-ju is considering new business opportunities, according to a company spokesperson, as Chinese and US firms emerge as possible buyers of his stake in Nexon. “I’m considering various ways that would help make Nexon a globally competitive company all the more,” Kim said in a statement published on Saturday. “I’ve been always in agony,…

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