Tencent Music Plans IPO in United States at More than $25 Billion Valuation

Tencent Music Plans IPO in United States at More than $25 Billion Valuation

Tencent Music, a business unit of China technology giant Tencent Holdings, is planning an IPO in the United States that is expected to value the music business at more than $25 billion.  The filing was made to the Hong Kong Stock Exchange (HKSE) on 8th July 2018, which will be spin-off from Tencent Holdings (listed on HKSE).

” Tencent Music Plans IPO in United States at More than $25 Billion Valuation “

Tencent Music Entertainment Group, is a leading online music entertainment platform in China and is a business subsidiary of spin-off from Tencent Holdings.  In December 2017, the world’s largest music streaming company Spotify, took a 9% equity stake in Tencent Music, and Tencent taking a 7.5% equity stake in Spotify.  In April 2018, Spotify went public in United States at more than $26 billion market value.  Spotify was founded by Daniel Ek and Martin Lorentzon and was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers (April 2018).  After the IPO, both founders Daniel Ek and Martin Lorentzon became billionaires with net worth of more than $2 billion & $1 billion respectively.

Tencent was founded in Shenzhen, China in November 1998 by 5 founders, Ma Huateng (Pony Ma), Zhang Zhidong, Xu Chenye, Chen Yidan and Zeng Liqing.  It is one of the world’s largest technology company with a market value of more than $500 billion (July 2018) while Tencent CEO Ma Huateng (Pony Ma) is one of the world’s richest man with more than $40 billion personal net worth.

Tencent is a leading provider of Internet value added services in China.  It has more than 1.04 billion users on its social messaging platforms, Weixin and WeChat and 805 million users its QQ platform.  On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.

Source: ReutersSCMPTencent FilingTWI

 

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World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities 

World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities

The world’s largest hedge fund Bridgewater Associates with $160 billion AUM, has received license in China to launch private securities products in China for qualified institutional and high-net-worth individual investors in China.  The Shanghai-based subsidiary, has received the Private Securities Investment Fund Manager (PFM) license from the Asset Management Association of China in June 2018.

” World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities “

Bridgewater Associate is founded in 1975 by Ray Dalio.  Today, the he hedge fund manages about $160 billion for around 350 of the largest global institutional clients including public and corporate pension funds, university endowments, charitable foundations, supranational agencies, sovereign wealth funds, and central banks.

Ray Dalio is one of the wealthiest man in the world with an estimated net worth of more than $17 billion.

Source: China DailyReuters, Bloomberg , Asset Management Association of China, Bridgewater Associates

 

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Chinese Top Actress Shu Qi Buys $16.23 Million Apartment in Hong Kong Mid-Levels West

Chinese Top Actress Shu Qi Buys $16.23 Million Apartment in Hong Kong Mid-Levels West

Chinese top actress Shu Qi has bought a $16.23 Million (HK$ 127.5 million) apartment in Hong Kong’s Mid-Levels West in June 2018.  The apartment is a duplex (2,499 sq ft) at yoo 18 Bonham in the luxury residential area in Mid-Levels West.  Mid-Levels West is located near Soho, Lan Kwai Fong and top education institutions including University of Hong Kong, King’s College, St. Paul’s College, Ying Wa Girls’ School and St. Stephen’s Girls’ College.

” Chinese Top Actress Shu Qi Buys $16.23 Million Apartment in Hong Kong Mid-Levels West “

The luxury development, yoo 18 Bonham, has only 12 large luxury residential flats, with 3 simplexes, 8 duplexes and 1 single triplex ranging from 1,200 to 3,700 sq ft.  Each unit at yoo 18 Bonham has 2 lifts (a main lift & a service lift).  The triplex and each duplex have 2 private lift lobbies, while each simplex has one private lift lobby.  The upper floor units offer a 270-degree panoramic view of Victoria Harbour.  The project was developed by YOO Studio founded by John Hitchcox and Phillippe Starck in 1999.  YOO Studio has developed 82 projects across 57 cities in 24 countries.

Shu Qi is one of China’s top actress and in the 2017 Forbes China Celebrity List, she was ranked 48th with earnings of $6.81 million (CNY 45 million).  She was born in 1976 (age 42) in Taiwan, and had relocated to Hong Kong to develop her movie career.

Source: SCMP, JLL, Forbes

 

2017 Forbes China Celebrity List: Selected

Rank Name USD CNY
1 Fan Bingbing $45.5 Million 300 Million
2 Lu Han $31.9 Million 210 Million
3 Yang Mi $30.3 Million 200 Million
7 Jackie $50.1 Million 330 Million
8 Angelababy $33.4 Million 220 Million
9 Jay Chou $39.4 Million 260 Million
23 Liu Yifei $6.1 Million 40 Million
27 Andy Lau $21.2 Million 140 Million
28 Zhao Wei $6.1 Million 40 Million
29 Li Bingbing $12.9 Million 85 Million
32 Lin Chi-Ling $22.0 Million 145 Million
45 Faye Wong $13.7 Million 90 Million
48 Shu Qi $6.8 Million 45 Million
57 Jacky Cheung $18.2 Million 120 Million
58 Eason Chan $13.7 Million 90 Million
59 Donnie Yen $14.4 Million 95 Million
61 Louis Koo $16.7 Million 110 Million
65 Show Lo $12.1 Million 80 Million
66 Tony  Leung $12.1 Million 80 Million
68 Ruby Lin $6.1 Million 40 Million
82 Carina Lau $9.1 Million 60 Million
84 Nicholas Tse $9.1 Million 60 Million
85 Aaron Kwok $8.3 Million 55 Million
97 A Mei $11.4 Million 75 Million
98 Zhang Yimou $6.1 Million 40 Million

 

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Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay United States authorities $76 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.  The United States Department of Justice (DoJ) have announced that Credit Suisse had engaged in a corrupt scheme by by hiring friends and family of Chinese government officials to win business with Chinese state-owned entities, generating at least $46 million in profits.

” Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific “

Between 2007 and 2013, several Credit Suisse senior managers in the Asia Pacific (APAC) region had hired and promoted candidates of government officials and executives of clients that were state-owned entities (SOEs) to win business for Credit Suisse.  These ‘relationship hires’ often lacked necessary technical skills, and offered fewer qualifications and significantly less relevant banking experience than other candidates for the jobs.  The hiring of friends and family of Chinese government officials had generated the bank at least $46 million in profits.

The DoJ and Credit Suisse (Hong Kong) have entered into a non-prosecution agreement, with the Swiss bank paying a criminal penalty of $47 million ($76,853,720) to resolve the matter.  In related proceedings, Credit Suisse Group also settled with the U.S. Securities and Exchange Commission (SEC), paying a total of $24,989,843 in disgorgement of profits and $4.8 million ($4,833,961) in prejudgment interest.  The total fine from both United States authorities DoJ and SEC, amounted to $76 million ($76,853,720).

Other banks have also made settlements with U.S. authorities for hiring practices, including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Lenovo Owner Completes Purchase of  89.93% of Banque Internationale à Luxembourg for $1.76 Billion

Lenovo Owner Completes Purchase of  89.93% of Banque Internationale à Luxembourg for $1.76 Billion

Legend Holdings, a HK listed company and founded by Lenovo owner Li Chuan Zhi, has completed purchase of 89.93% of Banque Internationale à Luxembourg (BIL), a leading universal banking group headquartered in Luxembourg.  The announcement to acquire the Luxembourg bank was made in September 2017, and is the completed after receiving regulatory approval from the Commission de Surveillance du Secteur Financier (CSSF) and the European Central Bank (ECB) for the acquisition of Precision Capital’s 89.936% stake in Banque Internationale à Luxembourg (BIL).  The minority share of  9.993% is owned by Grand Duchy of Luxembourg.

” Lenovo Owner Completes Purchase 89.93% of Banque Internationale à Luxembourg for $1.76 Billion “

Banque Internationale à Luxembourg (BIL) have total assets of €23 billion and assets under management of €37.7 billion.  Legend Holdings is founded in 1984 by Liu Chuan Zhi as Legends Computer, and is a leading diversified investment group today, with €43.92 billion of assets, annual revenues in excess of €40 billion and close to 70,000 employees worldwide.  In 2004, the company changed the English name to Lenovo and successfully acquired IBM’s global PC business in 2004, growing the brand into a global leader.

Liu Chuan Zhi is a multi-billionaire and his daughter is Jean Liu, the President of Didi Chuxing, China’s largest ride-hailing company.

Source: Banque Internationale à LuxembourgSouth China Morning Post

 

 

About Legend Holdings

Legend Holdings is a leading large investment group in China. The company has built an innovative business model of both strategic and financial investments. Through strategic investments, the company invests in segments including IT, financial services, innovative consumer services, and agriculture & food. The company’s financial investments business primarily consists of angel investments, venture capital and private equity across all stages of a company’s life cycle.

Over the past 33 years, under the leadership of the company’s Founder and Chairman, Liu Chuanzhi, and President, Zhu Linan, the company has capitalized on its understanding of China’s key development themes, complementary investment businesses and extensive management expertise to cultivate a number of outstanding and influential enterprises in China and overseas. By promoting business alignment and consolidation, and continuously optimizing its investment portfolio, the Company realizes sustainable growth in its corporate value.

Visit: Legend Holdings

 

About Banque Internationale à Luxembourg (BIL)

Founded in 1856, Banque Internationale à Luxembourg (BIL) is the oldest multi-business bank in the Grand Duchy. It has always played an active role in the main stages of development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on financial markets. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland (since 1984), Denmark (since 2000), the Middle East (since 2005) and Sweden (since 2016).

Visit: Banque Internationale à Luxembourg

 

 

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World Largest Mobile Telco Tower Operator China Tower to Raise $10 Billion in Hong Kong IPO

World Largest Mobile Telco Tower Operator China Tower to Raise $10 Billion in Hong Kong IPO

The world’s largest mobile telecommunication tower operator China Tower, is raising $8 billion to $10 billion in Hong Kong IPO.  The IPO will value the company in the range of $40 billion, and will be one of the largest capital raised on the Hong Kong Stock Exchange.

” World Largest Mobile Telco Tower Operator China Tower to Raise $10 Billion in Hong Kong IPO “

  • Agricultural Bank of China – 7th July 2010 and raised $19.22 billion (Greenshoe $22 billion)
  • Industrial and Commercial Bank of China – 20th October 2006 and raised $19.09 billion
  • AIA – 21st October 2010 and raised $17.82 billion

China Tower was formed in 2014 with the merger of China Mobile, China Telecom and China Unicom in 2014.  It is the world’s largest telecommunications tower infrastructure service provider, operating and managing 1,872,154 sites and served 2,687,475 tenants.  In 2017, the company have a market share of around 96.3% in China (number of sites in the PRC telecommunications tower infrastructure market).  In 2017, China Tower reported operating revenue of $10.2 billion (CNY 68.66 billion) and operating profit of $1.156 billion (CNY 7.71 billion).

The company major shareholders are China Mobile (38%), Unicom (28.1%) and China Telecom (27.8% stake).  China International Capital Corp and Goldman Sachs are joint sponsors for the IPO.

Source: Hong Kong ExchangeReuters, Bloomberg

 

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Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian police had seized nearly $270 million (MYR 1.1 billion) of luxury handbags, jewelry, watches and values from properties linked to Malaysia’s ex-Prime Minister Najib Razak and his wife. More than 12,000 items were seized, including 423 watches, 234 pairs of sunglasses and 567 handbags, of which 272 are Hermes bags.  The items were seized from 6 properties, and are estimated be worth between $222 million to $270 million (MYR 900 million to MYR 1.1 billion).

” Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak “

Malaysian’s authorities are investigating Malaysia’s ex-Prime Minister Najib Razak involvement in siphoning billions of funds from the state investment vehicle founded in 2009, 1Malaysia Development Berhad (1MDB).  He is alleged to have laundered $681 million through his bank account, but had stated the money were donations from Saudi Arabia.  He was the Prime Minister of Malaysia from 2008 to 2018, and is the eldest son of Malaysia’s 2nd Prime Minister Abdul Razak Hussein (1970-1976).

The US Department of Justice has alleged in lawsuits that more than $4.5 billion from 1MDB was misappropriated, with money going int Hollywood movie “The Wolf of Wall Street”, Picasso painting, luxury yacht and luxury real estates in South Carolina and New York.

Source: Business Insider, Reuters, Reuters

 

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Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong 

Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong 

Chinese online travel service provider Tongcheng-eLong backed by Tencent and Ctrip.com, has filed for IPO in Hong Kong.  It is expected to raise between $1 billion to $1.5 billion in the IPO.

“Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong”

The Tongcheng-eLong platform provides travel services, such as transportation ticketing, accommodation reservation and other value-added products. In 2017, it had 121.2 million monthly active users, revenue of  $385 million (CNY 2.5 billion) and net profit of $30 million (CNY 194 million).

Tongcheng-eLong is formed in December 2017 through a merger of Tongcheng and eLong, founded in 2004 and 1999 respectively.  In 2016, ELong with major investors including Expedia, was delisted on Nasdaq by Ctrip and Tencent.

In the IPO filing, the 2 biggest shareholders in Tongcheng-eLong are Tencent Holdings (24.92%), one of China’s largest technology company and Ctrip (22.88%), the largest online travel company in China and second largest in the world after USA-based Booking Holdings.

James Liang, co-founder and Executive Chairman of Ctrip and Zhixiang Wu, co-founder and President & CEO of Tongcheng Tourism serve as co-chairmen of Tongcheng-eLong.  Heping Ma, co-founder of Tongcheng Tourism & President of Tongcheng Network and Hao Jiang, CEO of eLong are joint CEOs in Tongcheng-eLong.

Source: Hong Kong ExchangeBooking, Forbes, Forbes, Ctrip.com

 

 

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Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion

Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion

China’s leading e-commerce platform for services Meituan-Dianping has filed for IPO in Hong Kong, expecting to raise a few billion in capital with a target market value of around $60 billion.

” Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion “

Meituan-Dianping was formed in 2015 through the merger of Meituan.com and Dianping.com, founded in 2003 and 2010 respectively.  Meituan was founded by Wang Xing in 2010, and is the co-founder, CEO and Chairman of the board of Meituan-Dianpin.

Wang Xing’s share in Meituan-Dianping (through Crown Holdings (9.7705%) and Shared Patience (1.66%) represents more than 11.43% of the company, giving him a share value of $6.85 billion at $60 billion market value.  Dianping founder Mu Rongjun has a 2.51% total direct and indirect interests with share value of $1.5 billion through direct ownership in Share Vision (0.14%) and Charmway Enterprises (2.36%), a trust for family and himself.  Other major investors include China’s technology giant Tencent, more than 19.3% interests via Tencent Huai River Investment (12.44%) Tencent Mobility Limited 6.86%) and Sequoia Capital (4.06%).

Meituan-Dianping is China’s leading e-commerce platform for services, providing services including movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods.  In 2017, the platform generated over 5.8 billion transactions, totaling $54.63 billion (CNY 357 billion) in gross transaction volume,  310 million transacting users and 4.4 million active merchants in over 2,800 cities and counties across China.  In 2017, it reported $5.19 billion (CNY 33.9 billion) revenue.  In April 2018, its subsidiary Tollan Holdings acquired Mobile for $2.7 billion.

 Bank of America Merrill Lynch, Goldman Sachs  and Morgan Stanley are joint sponsors for the IPO.

Source: HKSE, Reuters, Bloomberg , Techcrunch

 

 

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Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

The former chief executive of the now defunct Anglo Irish Bank, David Drumm had been sentenced to 6 years jail  for misleading investors and clients.  In 2008, he had created the impression that deposits at the Anglo Irish Bank were $8.4 million (EUR 7.2 billion) larger than what the bank had, the year which is now known as the Global Financial Crisis.

” Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors “

David Drumm, a chartered accountant, had became the CEO of Anglo Irish Bank in his late 30s in 2005.  The Irish bank grown rapidly during the “Celtic Tiger” years, the economic phase of Republic of Ireland which expanded rapidly between mid-1990s to late-2000s, through foreign direct investments and property boom.  (Celtic refers to the Celtic culture, region and language that includes Ireland, Wales, Ireland, Brittany, Scotland.  Tiger refers to a fast growing economy such as the Asian Tiger in the 1960s to 1990s: Hong Kong, Singapore, South Korea and Taiwan)
In 2008, David Drumm stepped down as CEO of Anglo Irish Bank following the outbreak of the scandal.  In 2009, he moved to Boston in United States and subsequently filed for bankruptcy, where the move is reported to escape the harsher bankruptcy law in Ireland.  In 2015, he was arrested on an extradition warrant by the US Attorney’s Office in Massachusetts on the request of the Republic of Ireland.  Anglo Irish Bank was an Irish bank from 1964 to 2011, merging with Irish Nationwide Building Society in 2011 to form the Irish Bank Resolution Corporation.  In 2013, the bank was placed into liquidation overnight by Ireland’s emergency legislation.

Source: Reuters, Bloomberg, The Guardian, Anglo Irish Bank

 

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