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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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Top venture capitalists, bankers land key role in deciding China’s tech board IPOs

Some of China’s most well-known venture capitalists and bankers could play a key advisory role in picking companies on the upcoming Nasdaq-style technology board in Shanghai.The Shanghai Stock Exchange published on Wednesday night two separate lists with names of candidates for the “listing and consultative committees” for the tech board.The two committees consist of 48 candidates each.Neil Shen Nanpeng, the founder and managing partner of Sequoia Capital China; Zhang Lei, CEO of Hillhouse… Source link

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Vietnam 

Việt Nam-Russia joint venture welcomes first oil flow from Cá Tầm field – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The CTC1-WHP oilrig in the Cá Tầm field. – Photo baobariavungtau Viet Nam News BÀ RỊA VŨNG TÀU — The Việt Nam-Russia oil and gas joint venture Vietsovpetro held a ceremony in the southern province of Bà Rịa-Vũng Tàu to welcome the first flow of oil pumped from the Cá Tầm oil field. Built in March 2018, the CTC1-WHP oilrig is the most important component of Cá Tầm’s development project under a shared production contract signed by the Việt Nam Oil and Gas Group (PetroVietnam), the PetroVietnam Exploration Production Corporation…

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XTep forms China venture with Wolverine to sell Merrell, Saucony shoes and sports apparel

XTep International Holdings will form a venture in China with Wolverine World Wide to sell Merrell footwear, Saucony running shoes, apparel and accessories, adopting a similar multi-brand business strategy as its bigger Fujian compatriot Anta Sports Products.Xtep, based in Quanzhou city of Fujian province, will commit 155 million yuan (US$23 million) in initial funding toward the 50:50 venture, which aims to open between 400 and 500 stores under each of the Merrell and Saucony brands in China… Source link

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China’s venture capital firms outperform US, European peers amid breakneck economic growth in the past two decades

Chinese venture capital funds have outperformed those in the US and Europe in the last 20 years, as the country’s breakneck economic growth has given impetus to the rapid expansion of the industry, according to analysts.Nevertheless, the sector is forecast to face major upheaval in 2019, with many smaller funds expected to collapse as winter sets in for the capital market amid a deepening economic downturn.Chinese VC funds delivered an overall return of 1.79 times in the period from 1997 to… Source link

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Tencent defends investment spree as core strategy amid venture ‘capital winter’ concerns

Tencent President Martin Lau Chi-ping launched a robust defence of the company’s practice of taking stakes in hundreds of companies, saying that investment is part of the Chinese internet giant’s core strategy.“Last year, there were those who equated Tencent doing investments to the company losing its aspirations, Tencent becoming like an investment bank,” Lau, a former Goldman Sachs investment banker, said at an annual gathering with its investee companies in Beijing last month.“In reality,… Source link

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Will China lose its tech mojo as venture capital for start-ups gets harder to come by?

Investors are pouring capital into China’s more mature, later-stage tech companies, polarising the tech scene into established “decacorns” – private companies with valuations of US$10 billion or more – versus capital-hungry, start-ups. Unlisted technology giants are attracting bigger and bigger private fundraising rounds, leaving less on the table for start-ups who need to raise their first two critical rounds of financing to get off the ground and scale up. A polarised market in which early-stage financing is sidelined could frustrate entrepreneurship and stifle innovation. After all, it is that kind…

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US venture capital defies ‘cold winter’ to raise US$15.5 billion for Chinese investments

While Chinese venture capital funds are suffering from what they see as the “coldest winter” in more than a decade, US dollar funds were able to raise more money to invest in Chinese firms last year, according to a new report. The total amount of US-dollar venture capital raised to invest in the Chinese market in 2018 rose 125 per cent year on year to US$15.5 billion, accounting for almost 35 per cent of the country’s entire market, according to data tracker Zero2IPO. In 2017, US dollars accounted for 28.7…

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Vietnam 

Huyndai joins venture with VN auto firm – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Representatives of Huyndai Motor and Thành Công Group sign the co-operation agreement. — Photo en.yna.co.kr Viet Nam News HÀ NỘI — The Republic of Korea’s carmaker Hyundai Motor Company on Thursday said it would set up a joint venture (JV) with Vietnamese firm Thành Công Group to boost sales in the emerging market, according to news website Yonhap. On January 23, the two parties signed an initial agreement to establish a sales JV with the goal of selling 100,000 vehicles in Việt Nam by 2020. The joint…

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Grab and ZhongAn team up for insurance joint venture in Southeast Asia

Chinese online insurer ZhongAn and online-to-offline platform Grab will set up a joint venture in Southeast Asia to sell insurance products to users through the latter’s mobile app. The digital insurance platform would be launched in Singapore in the first half of this year, before being rolled out in other markets, according to a joint release by the two companies. Users would be able to buy insurance through their mobile phones, allowing them to directly browse and pay for the coverage without going through an agent or broker, the companies…

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