Chinese investment giant CMIG misses bond payment, sending shockwaves through US$11 trillion market

An investment giant backed by dozens of the biggest Chinese firms and dubbed the “the aircraft carrier of China’s private companies” by local media has partly suspended trading of its bonds after missing a repayment. The case underlines the mounting pressure in the country’s US$11 trillion bond market, said analysts, as a liquidity crunch forces an increasing number of heavily indebted companies to the brink of default. China Minsheng Investment Group (CMIG) has stopped taking bids for three of its bonds “due to recent price volatilities”, according to a filing…

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Indonesia’s e-commerce scene heats up as Tokopedia secures US$1.1 billion from Alibaba, SoftBank

Indonesian e-commerce company Tokopedia said on Wednesday that it had secured US$1.1 billion in its latest funding round led by Chinese e-commerce giant Alibaba Group Holding and Japan’s SoftBank Group Corp. This follows a similar investment in 2017, also led by Alibaba, which has been expanding rapidly into Southeast Asia amid slowing growth in China’s e-commerce market. Alibaba is the owner of the South China Morning Post. Tokopedia said it planned to use the funds to invest in technology and infrastructure, adding the firm would continue to focus on the…

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Fugitive Chinese tycoon Guo Wengui ‘has US$1.1 billion of assets frozen by Hong Kong court’

Another HK$8.7 billion (US$1.1 billion) of assets of fugitive mainland China tycoon Guo Wengui has been frozen by a Hong Kong court, local media reported on Tuesday, citing court documents. The report by online news outlet HK01 came as Guo, also known as Miles Kwok, was expected to hold a press conference in New York on Tuesday, claimed to be with an introduction by former US presidential adviser Steve Bannon. A restraint order issued on October 23 includes prohibition of sales of 510 million shares – or 14.98 per cent…

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