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China Resources Beer explores possibility of minority stake in the Asian unit of world’s largest brewer

China Resources Beer, maker of the world’s bestselling beer Snow, said on Friday it is exploring the possibility of acquiring a minority stake in Budweiser APAC, the Asian unit of Belgian-based Anheuser-Busch InBev.“We’re paying close attention to this issue and evaluating its business, but we have yet to decide whether we are interested and if [the acquisition] will fit into the expansion plans for China Resources Beer,” executive director and chief executive Hou Xiaohai said in response to a… Source link

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Unit of China’s sovereign wealth fund takes over Xiao Jianhua-linked Heng Feng Bank in third case of nationalisation since May

China’s sovereign wealth fund has taken over Heng Feng Bank, a troubled lender linked to fugitive financier Xiao Jianhua, in the third case in as many months of the state exerting its grip over wayward financial institutions.Central Huijin Investment, a subsidiary of the China Investment Corporation that acts as the Chinese government’s shareholder in the country’s four biggest banks, has emerged as a strategic investor in Heng Feng, according to a brief report overnight by Shanghai Securities… Source link

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S&P becomes first foreign firm to rate domestic Chinese bonds, assigns highest score to ICBC unit

S&P Global Ratings is the first foreign credit-rating company to rate domestic Chinese bonds after awarding its top score to a unit of the country’s largest bank.S&P assigned a “AAA” rating on July 11 to ICBC Financial Leasing, a unit of Industrial and Commercial Bank of China. That is the highest grade on the ratings scale S&P established for China. It does not correspond to the same rating on its global scale.The move puts S&P in front of the other two major ratings agencies, Moody’s… Source link

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UBS wealth management unit thinks mainland equities could perform well in second half, beating out gold and real estate

Trade talks between Beijing and Washington have entered a new normal, characterised by a drawn out cycle of progress followed by renewed tensions, a relationship based on repetitive conflict that adds up to higher volatility for China and Hong Kong equities, according to UBS.But supportive policies from Beijing means there could be 10 per cent upside in Chinese equities, while Hong Kong’s market, which has no immediate stimulus, is likely to underperform, said Eva Lee, head of Hong Kong… Source link

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Anbang asset disposal gets underway as domestic insurance unit is sold to group of five buyers

Anbang Group has sold its entire stake in Hexie Health Insurance, reflecting the first asset disposal since the state seizure of the conglomerate that was once among China’s most aggressive leveraged buyers of overseas assets.Five buyers including Fujia Group, a privately held company with holdings ranging from petrochemicals to finance, bought the health-insurance unit, according to a statement posted on the website of the Insurance Association of China on Thursday. The stake transfer was… Source link

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Richard Li’s FWD pays record US$3 billion for life insurance unit of Thailand’s Siam Commercial Bank

FWD Group, the insurance unit of Hong Kong tycoon Richard Li Tzar-kai’s Pacific Century Group, has agreed to buy SGB Life Assurance, the life insurance business of Thailand’s Siam Commercial Bank, for 92.7 billion Thai baht (US$3 billion), reflecting the largest insurance deal in Southeast Asia in terms of value.Li is the younger son of Li Ka-shing, Hong Kong’s richest businessman.The deal, signed on July 1, is the latest in a string of mergers and acquisitions by FWD across Asia. It comes just… Source link

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Chinese shoe seller Belle plans to spin off its Topsports athletic wear retail unit through an initial public offering in Hong Kong

Belle International Holdings, the largest seller of women’s shoes in China, said it’s planning to spin off a unit that distributes sportswear and athletic shoes for Adidas and Nike for a listing on the Hong Kong stock exchange.A listing by Belle’s Topsports International Holdings unit could raise up to US$1 billion in Hong Kong, according to a Reuters report that cites sources close to the matter. The initial public offer is sponsored by Bank of America Merrill Lynch and Morgan Stanley,… Source link

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Richard Li’s FWD is in talks to buy MetLife’s Hong Kong insurance unit to expand through acquisition

FWD Group is in advanced talks to buy MetLife’s Hong Kong insurance unit in what would be the latest in a string of acquisitions by the insurer backed by billionaire Richard Li, people familiar with the matter said.The companies could reach an agreement in the next few weeks, the people said, asking not to be identified because the discussions are private. A deal could value MetLife Hong Kong at less than US$400 million and would help FWD boost its presence in the former British colony, the… Source link

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Hong Kong utility CLP may report first-half loss following shrinkage as big as HK$7 billion in goodwill of Australia unit

CLP Holdings, the bigger of Hong Kong’s two electricity suppliers, said late on Thursday it will report a loss for the first half of 2019 due to a shrinkage as large as HK$7 billion (US$894.5 million) in the value of the goodwill of its EnergyAustralia retail business.In a profit warning issued to the Hong Kong stock exchange, the utility, founded in 1901, said the shrinkage in EnergyAustralia’s goodwill could amount to between HK$6 billion to HK$7 billion, after a new pricing regime with lower… Source link

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Infor Announces New India Business Unit to Accelerate Strategic Growth and Increase Customer Intimacy – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Promotes veteran Ranga Pothula as managing director and general manager of new region   MUMBAI, INDIA  – Media OutReach – 18 June 2019 – Infor, a global leader in business cloud software specialized by industry, announced the India Business Unit (IBU) as a new separate region — comprising India, Nepal, Bangladesh and Pakistan — to further accelerate progress and tap growth opportunities in this vast market. Additionally, Ranga Pothula is named managing director and general manager for the IBU to drive the next phase of growth. This move lowers the center of gravity…

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