JD.com Receives $550 million Investment from Google in Strategic Partnership

JD.com Receives $550 million Investment from Google in Strategic Partnership

China leading e-commerce company has received $550 million cash investment from Google in a strategic partnership to improve user shopping experiences in the world, including Southeast Asia, the U.S. and Europe.  The two leading technology companies aim to explore the creation of next generation retail infrastructure solutions, to offer helpful, personalized and frictionless shopping experiences.

” JD.com Receives $550 million Investment from Google in Strategic Partnership “

JD.com is a major rival of Alibaba, while Google is competing with Amazon on online shopping experience.  JD.com investors includes Tencent and Walmart, and has strategic partnership with French giant hypermarket, Carrefour.

JD.com is China’s leading one-stop e-commerce platform, providing 301.8 million active customers.  In 2014, JD.com became publicly listed on NASDAQ with a market value of more than $26 billion.  In 2018 June,  JD.com is trading around $58 billion in market value, more than twice its IPO price.  JD.com is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  It reported more than 266 million annual active customers, 405 warehouses and $37.5 billion revenue in 2016.  The company was founded in 2004 in Beijing by CEO, Richard Liu who has an estimated net worth of around $10 billion.

Google is a subsidiary of Alphabet Inc, and owns products and platforms including Search, Maps, Gmail, Android, Google Play, Chrome and YouTube.

Source: JD.com, Reuters, SCMP

 

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More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO

More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO

Xiaomi is expected to raise up to $6.1 Billion for their July’s initial public offering (IPO) in Hong Kong, that will value the 8-year-old company between $53 billion to just under $70 billion.  The IPO will also make at least 3 other co-founders billionaires, alongside founder & CEO Lei Jun and co-founder & President Lin Bin.

” More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO “

At $75 billion market value with 20% public float, founder & CEO Lei Jun’s share will be worth $18.8 billion while co-founder & President Lin Bin’s share will be worth $8 billion.  3 other co-founders, Li Wanqiang, Wong Kong Kat and Hong Feng will also be billionaires with $1.9 billion each.

Shareholding value of founders ($50 billion with 25% public float):

  1. Lei Jun, 31.4% at $11.8 billion
  2. Lin Bin, 13.3% at $5 billion
  3. Li Wanqiang, 3.2% at $1.2 billion
  4. Wong Kong Kat, 3.2% at $1.2 billion
  5. Hong Feng, 3.2% at $1.2 billion
  6. Liu De, 1.6% at $0.6 billion
  7. Zhou Guangping, 1.4% at $0.5 billion
  8. Wang Chuan, 1.1% at $0.4 billion

Data Simulation: Bloomberg

Xiaomi is the first listing under new Hong Kong exchange rules.  It will go public in Hong Kong, postponing its initial plan to issue China Depository Receipts (CDRs) in Shanghai concurrently.  In April 2018, Hong Kong stock exchange (HKSE) announced companies with dual-class shareholding structures and biotech firms with no revenue will be able to apply for listing on the Hong Kong stock exchange from 30th April 2018 under new bourse rules.

Xiaomi is founded in 2010 by Lei Jun and 7 other co-founders.  It  is the 4th largest smartphone player by market share, behind Apple, Samsung and Huawei.  In 2017, the smartphone maker sold 91.4 million smartphones, generated revenue of $18.09 billion (CNY 114.6 billion) and incurred a net loss of $6.93 billion (CNY 43.9 billion).

In the IPO filing under the new Hong Kong listing rule, Xiaomi will have weighted voting rights (WVR) structure, or dual-class shares.  The dual-class share will give greater power to founding shareholders, even with minority shareholding.  At the moment, Lei Jun owns 31.4%  shareholding of Xiaomi while Lin Bin holds 13.3%.

Source: SCMP, Bloomberg, CGTN

 

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Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion

Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion

Amazon founder and CEO Jeff Bezos personal net worth has surged to $142.8 billion, according to Forbes real time billionaire ranking (20th June 2018).  His personal fortune is $50 billion more than the 2nd richest man in the world, Microsoft founder Bill Gates with $92.6 billion.  In 3rd place is Warren Buffett with $81.9 billion net worth.

” Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion “

Jeff Bezos (age 54) founded Amazon in a garage in 1994.  He was born in 1964 and graduated from Princeton University in computer science and electrical engineering in 1986.  He started working in Wall Street and worked in a hedge fund.  In 1994, he founded Amazon as an online bookstore, named after the South American River.  The bookstore opened on 16th July 1995 and in 1997, went publicly listed.  Today, Amazon is the 2nd largest company in the world at $837 billion (20th June 2018) in market value.  Apple is the largest company in market value at $913 billion (20th June 2018).

The fortune of Jeff Bezos at $142.8 billion is larger than the GDP of Kazakhstan with $137.28 billion (0.18% of global economy, 55th largest economy globally).  His personal investments includes his venture capital firm Bezos Expeditions, Twitter, Stackoverflow, Washington Post, Business Insider, Airbnb, Uber, Google and the space company Blue Origin.  The 54th largest economy is Qatar, one of the world’s largest oil producing countries with GDP of $152.45 billion.  United States is the largest economy with a GDP of $18.62 trillion, representing 24.55% of global economy.  China is 2nd with $11.2 trillion (14.76%) and Japan is 3rd with $4.95 trillion (6.52%).

Only 12 billionaires in the world have more than $50 billion personal fortune.

List of Billionaires with more than $50 billion:

  1. Jeff Bezos – $142.8 billion
  2. Bill Gates – $92.6 billion
  3. Warren Buffett – $81.9 billion
  4. Bernard Arnault – $78.8 billion
  5. Mark Zuckerberg – $75.3 billion
  6. Amancio Ortega – $73.7 billion
  7. Carlos Slim Helu – $59.9 billion
  8. Larry Ellison – $56.9 billion
  9. Larry Page – $54 billion
  10. Sergey Brin – $52.5 billion
  11. Michael Bloomberg – $51.9 billion
  12. Charles Koch – $51.6 billion
  13. David Koch – $51.6 billion

Source: Forbes, Biography ,World Bank, Caproasia Institute

 

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Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to has agreed to pay $100 Million to resolve USD LIBOR manipulation investigations in the United States.

” Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States “

The American bank had misled state and local governments, not-for-profit, private and institutional trading counterparties in United States by manipulating the USD LIBOR.  As a result, Citibank had made millions of profit while their clients had entered into swaps and other financial contracts with Citibank, without knowing that Citibank and other banks on the USD LIBOR-setting panel were manipulating LIBOR submissions.

With the Citibank $100 Million settlement, the Attorneys General have collected $420 million in payments from the three banks (Barclays, Deutsch Bank), almost all of which will be distributed to state and local government entities and not-for-profits.

The LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers.  The investigation was conducted by a working group of 42 state Attorneys General offices, led by New York.

Source: New York StateBloomberg, CNN

 

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18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017

18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017

The world has 18.1 million HNWIs (High Net Worth Individuals) with total wealth of $70.2 trillion in 2017, in the latest World Wealth Report 2018 Report released by Capgemini.  On average, each HNWI has an individual wealth of $3.87 million.

” 18.1 Million HNWIs with $70.2 Trillion Averaging $3.87 Million Each in 2017 “

HNWIs population grew from 16.6 million to 18.1 million in 2017, adding 1.5 million more HNWIs.  The total wealth of HNWIs grew from $63.5 trillion to $70.2 trillion in 2017, adding $6.7 trillion of wealth to the HNWIs population.  Asia-Pacific has the most HNWIs with 6.18 million while North America has 5.66 million and Europe with 4.83 million.  Asia-Pacific HNWIs also held the most wealth with $21.59 Trillion, North America has $19.79 Trillion while Europe has $15.85 Trillion.

HNWI Population 

  • Asia-Pacific 6.18 Million (+12.1%)
  • North America 5.66 Million (+9.9%)
  • Europe 4.83 Million (+7.3%)
  • Latin America 0.60 Million (+7.3%)
  • Middle East 0.66 Million (+2.1%)
  • Africa 0.17 Million (+0.69%)

HNWI Wealth

  • Asia-Pacific $21.59 Trillion (+14.8%)
  • North America $19.79 Trillion (+10.3%)
  • Europe $15.85 Trillion (+7.8%)
  • Latin America $8.74 Trillion (+8.8%)
  • Middle East 2.49 Trillion (+2.9%)
  • Africa $1.7 Trillion (+0.3%)

HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

Source: Capgemini

 

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Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn

Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn

Assets of Thailand’s royal family in the holding company Crown Property Bureau has been officially transferred to King Maha Vajiralongkorn.  The assets will now be held in the individual name of the Thai King, which will be subjected to individual taxes and duties.

” Assets of Thai Royal Family Holding Company Officially Transferred to Thai King Maha Vajiralongkorn “

Assets under the Crown Property Bureau has been exempt from taxes and duties.  In 2017, a law was enacted to allow the assets of the Crown Property Bureau founded in 1937, to be reverted to the ownership of the Thai King.

King Maha Vajiralongkorn Bodindradebayavarangkun became the King of Thailand after his father’s death (King Bhumibol) at age 88  in 2016.  Born in 1952 and the only son, he was made crown prince in 1972 at the age of 20.  His father, King Bhumibol, was the Thai King for more than 70 years (1946-2016).  Professional managers and trusted aides had administered the royal family assets under the Crown Property Bureau.  In 2011, the estimated fortune of the late King Bhumibol and Crown Property Bureau was valued to be worth more than $30 billion in a Forbes report.

The Crown Property Bureau held assets including Thailand oldest bank,  Siam Commercial Bank and one of Thailand’s largest companies, Siam Cement Group.

Source: China Daily, Bloomberg, ReutersCrown Property Bureau

 

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Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain

Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain

Portugal and Real Madrid football star Cristiano Ronaldo has agreed to pay $21.7 million (EUR 18.8 million) to settle tax evasion charges to tax authority in Spain.

” Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain “

In 2017, the football star was accused of evading $17.1 million (EUR 14.8 million) and had offered to make settlements that is believed to be $16.2 million  (EUR 14 million), but was rejected by Spanish tax authorities.  He was accused of trying to hide money linked to image rights made between 2011 and 2014.

The settlement includes paying $21.7 million (EUR 18.8 million) to Spanish tax authority and a suspended two-year jail term.  Under Spanish law, a two-year sentence for a first offence can be served on probation, with no requirement for custody (no jail-term).  The Agencia Estatal de Administración Tributaria (AEAT) is the tax revenue authority of Spain.

In 2017, Barcelona’s football star Lionel Messi was fined and given a suspended 21-month jail term.  Messi and his father Jorge, were found guilty of defrauding Spain of $4.75 million (€4.1 million) between 2007 and 2009.  They had used tax havens in Belize and Uruguay to conceal earnings from image rights.  They were fined $4.05 million (EUR 3.5 million) and made voluntary payment of $5.79 million (€5m), equal to the unpaid tax plus interest.

Cristiano Ronaldo, born is 1985 and aged 33, is one of the world’s highest paid athlete earning $108 million a year with an estimated personal net worth of more than $400 million.  He has many endorsements including a lifetime Nike contract that is valued at more than $1 billion.

Source: BBC, Skysports, Reuters, Time

 

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Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East’s biggest private equity firm Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

” Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring ”

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

 

 

Source: Abraaj, Reuters, Bloomberg

 

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Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation

Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation

Toyota has agreed to invest $1 billion into Southeast Asia ride-hailing firm Grab, giving the 6-year-old firm a $10 billion valuation.  The $1 billion investment will strengthen collaboration between Toyota and Grab to advance Mobility as a Service (MaaS) in Southeast Asia.  In 2017, Toyota had began driving-data-based automotive insurance for Grab’s rental fleet in Singapore through local insurance companies.  Toyota aims to offer financing, insurance and maintenance services to Grab’s drivers.

” Toyota Invests $1 Billion into Southeast Asia Ride Hailing Firm Grab at $10 Billion Valuation “

Founded in 2012 as MyTeksi, today Grab is one of the largest ride-hailing firm in Southeast Asia alongside Go-Jek.  The company operates online-to-offline mobile platforms in transportation, food and package delivery, mobile payments and financial services in 217 cities in eight Southeast Asian countries.  The Grab app has been downloaded into over 100 million mobile devices, giving passengers access to over 6.6 million drivers and agents.  Grab delivers over 6 million rides per day in Southeast Asia, with a population of more than 640 million people, representing 8.6% (7.4 billion) of global population.

In March 2018, Grab had acquired Uber Technologies Inc.’s Southeast Asian assets (Uber became a shareholder of Grab with 27.5% stake).  Other investors in Grab includes Softbank, Honda, Hyundai Motor and Chinese ride-hailing firm Didi Chuxing.

Grab was founded in 2012 by Harvard graduates Anthony Tan (36) and Tan Hooi Ling (34).  In early 2018, Anthony Tan appeared on the “Top 50 richest Forbes list” for the first time with an estimated net worth of $300 million. His mother was one of the first angel investors in Grab and his father, Tan Heng Chew and one of Malaysia’s richest man, is the Board President of Tan Chong Motor Holdings.  Tan Chong Motor Holdings is a conglomerate and operates Nissan and Renault dealerships.

Source: Toyota, Grab, Reuters, Forbes

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Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan online marketplace and selling app Mercari is raising $1.2 billion in capital, valuing the 5-year-old company at $3.7 billion.  Mercari is a popular online marketplace and selling app in Japan, with presence in United States and Europe.  Users can sell and buy old items, from fashion to toys, sporting goods to electronics, jewelry to shoes.  The Mercari app has more than 100 million downloads worldwide and more than 100,000 new items are listed everyday.  (Mercari in Latin means to trade or to buy.)

” Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation “

The company was founded by Japanese serial entrepreneur Shintaro Yamada in 2013.  He owns more than 28% share, giving him an additional $1.04 billion fortune and becoming a billionaire when the company goes public on the Tokyo stock exchange (Mother’s market) on the 19th June 2018.

In 2010, Shintaro Yamada had sold his company Unoh, one of Japan’s leading social games companies to the world’s largest social game developer, Zynga.  Zynga’s games have 230 million monthly active users, and own popular games such as FarmVille and Mafia Wars.

 

Stocks listed on the Tokyo Stock Exchange are grouped into First Section for large companies, Second Section for mid-sized companies, and the Mothers section  (Market of the high-growth and emerging stocks) for high-growth startup companies.

Source: Mercari, Bloomberg, Reuters, TechCrunch 

 

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