China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China’s biggest lithium battery maker Contemporary Amperex Technology Ltd (CATL) with clients including BMW and Volkswagen and Tesla electric battery competitor, has created 3 billionaires after rising to a market value of $13.5 billion, 2 days after IPO on the Shenzhen Stock Exchange.  On  the 1st day of IPO (Monday, 11th June 2018), the company stock rose 44% and 10% on the 2nd day (Tuesday).

” China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO “

The 3 new billionaires are founder Zeng Yuqun (26%, $3.8 billion), vice-chairman Huang Shilin (12%, $1.9 billion), and major shareholder Pei Zhenhua (>$1 billion). Contemporary Amperex Technology Ltd (CATL) was founded in 2011 by Zeng Yuqun 7 years ago.  Today, the company is one of China’s largest battery suppliers for the electric vehicle industry with customers including BMW, Volkswagen, Geely and Hyundai Motor.

In China, the 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.  Since 2001, China allows daily stock swings of 10% (limit) in either direction.

Source: Reuters, Bloomberg, CATL

 

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Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

Hong Kong Listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban

ZTE, the 2nd largest telecommunications equipment maker in China and listed on Hong Kong Stock Exchange, will pay $1 billion in fine to resolve its trade ban in the United States.

” Hong Kong listed ZTE to Pay $1 Billion Fine to Resolve US Trade Ban “

In April 2018, a 7 years export ban was imposed on ZTE  by the United States government for supplying U.S. technologies to countries (Iran and North Korea) sanctioned by the United States.  The 7 years ban means ZTE will not be able to buy components and technology from U.S. companies such as Qualcomm and Intel, crippling its major operations.  In 2017, ZTE had paid almost $900 million in settlements after admitting to violating trade restrictions by shipping products with United States technology to countries including Iran in 2016.

On 17th April 2018, a day after the 7 years ban was imposed by the United States, ZTE suspended trading of its share on the Hong Kong Stock Exchange and froze all major operations.  Prior to ZTE’s stock suspension in Hong Kong, ZTE has a market capitalisation that exceeds $20 billion.

Source: TWI, Reuters, Bloomberg, Fortune

 

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Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early investor and CEO of China online job portal 51job Rick Yan, is worth $1.5 Billion after 51job Inc (Nasdaq: JOBS) stock doubled to more than $7 billion in market value in the last 7 months.  Rick Yan owns 20.8% of 51job Inc, one of China’s largest online recruiting and human resources businesses.

” Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge “

An early investor and advisor of 51job at inception in 1998, Rick Yan had joined 51job as CEO in April 2000.  Prior to the role, he was with management consulting firm, Bain & Company between 1989 to 2000 and is regarded as an expert in the consumer products and technology sectors.  Born in Hong Kong, Rick received his Bachelor of Engineering degree and Master of Philosophy degree from the University of Hong Kong and Master of Business Administration degree from INSEAD in France.

51job Inc is a leading human resource solutions provider in China, offering a broad array of services in the areas of recruitment solutions, training and assessment, and HR outsourcing and consulting services.  51job.com is the leading recruitment website in China, with the most registered members (over 100 million), the largest resume database (100 million), and the highest peak traffic (over 300 million average daily page views). On average, there are over 5 million job postings online, and approximately 42 million applications are delivered through 51job.com to potential employers every week.  It owns brands including an executive search, YingJieSheng.com (for graduates and students in China) and 51jingying.com (online professional networking).  51job was founded in 1998 by Norman Lui.

 

Source: SCMP, Bloomberg, Insead, 51job

 

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Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale, one of the largest french bank and leading bank in Europe, has agreed to pay $860 Million to resolve criminal charges in the United States and France for bribing Libyan officials and manipulating LIBOR rates.  The bank has admitted to making over $90 million in corrupt payments and manipulating the London InterBank Offered Rate (LIBOR).

” Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging “

Societe Generale agreed to pay a combined total penalty to the United States authorities of more than $860 million to resolve charges, of which $585 million for a scheme to bribe to officials in Libya and $275 million for manipulation of LIBOR.  In a coordinated settlement between United States and France, $292.5 million (50% of $585 million) of the penalties will be paid to the Parquet National Financier (PNF) in Paris for the Libya corruption scheme.

Between 2004 and 2009, Societe Generale had paid the Libyan Intermediary over $90 million, part of which the Libyan broker had paid to high-level Libyan officials in order to secure the investments from various Libyan state institutions.  As a result, the french bank obtained 13 investments and one restructuring from the Libyan state institutions worth a total of approximately $3.66 billion, earning profits of approximately $523 million.

Between 2010 and 2011, Societe Generale had deflated U.S. Dollar (USD) LIBOR submissions to make it look as though the french bank was able to borrow money at a more favorable interest rates than it was actually able to do.  This downward manipulation allowed Société Générale to create the appearance that it was stronger and more creditworthy than it was.

Source: Official Press Release

 

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Indian Billionaire & Jeweller Nirav Modi Linked to $1.77 Billion Fraud in India Seeks Political Asylum in UK

Indian Billionaire & Jeweller Nirav Modi Linked to $1.77 Billion Fraud in India Seeks Political Asylum in UK

Indian billionaire & jeweller Nirav Modi is seeking political asylum in the United Kingdom, 4 months after being linked to a $1.77 billion “fraudulent and unauthorised” transactions in India’s 4th largest bank.

” Indian Billionaire & Jeweller Nirav Modi Linked to $1.77 Billion Fraud in India Seeks Political Asylum in UK “

In February 2018, India’s 4th Largest Bank Punjab National Bank (PNB) had uncovered $1.77 billion of “fraudulent and unauthorised” transactions for the benefit of a few account holders that are alleged to include billionaire jeweller Nirav Modi.  He is wanted by the Indian police, and has been reported to be missing since February 2018 after the uncovering of the alleged fraud.

Nirav Modi founded global diamond jewelry house Nirav Modi (named after him) in 2010 and Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogue.  Nirav Modi’s jewellery are worn by famous hollywood and bollywood stars, including having Kate Winslet, Naomi Watts and Priyanka Chopra advertised for the brand.  He is estimated to have a personal fortune of more than $1.7 billion.

Source: TWI, Reuters, BBCTimes of India

 

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Argentina and IMF Agrees 3 Year $50 Billion Plan to Rebuild Economy

Argentina and IMF Agrees 3 Year $50 Billion Plan to Rebuild Economy

Argentina and International Monetary Fund (IMF)  have reached a $50 billion 3 year standby loan agreement to rebuild Argentina’s economy.  For 16 years, Argentina is still struggling to recover from their major economic crisis  in 2001-2002.

“Argentina and IMF Agrees 3 Year $50 Billion Plan to Rebuild Economy”

On 8th May 2018, Argentina had requested assistance to IMF after investments exited the 3rd largest economy in South America, causing the Argentine peso to weaken sharply.  In 2016, the largest economy in South America is Brazil’s GDP is $1.8 trillion.  The 2nd largest is Mexico is with $1.05 trillion and Argentina is 3rd with $545 billion.

If the loan agreement is approved, Argentina will accelerate plans to reduce the fiscal deficit (spending less and increasing revenue), and restore the budget balance by 2020.  The financing rate is between 1.96% to 4.96%.

Source: The Guardian, IMF

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Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn industrial internet has surged by 44% at its Shanghai IPO to reach a market capitalisation of $61 billion.  The 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.

” Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value “

Foxconn Industrial Internet is the subsidiary of Hon Hai Precision (Foxconn), the world’s biggest contract electronics manufacturer and a major supplier to Apple including the popular iPhone.  Founder Terry Gou had created Foxconn industrial internet to path a new chapter away from Foxconn’s main business on manufacturing electronics to leading global corporations.

Terry Gou, is a Taiwanese tycoon and billionaire with an estimated net worth of $8 billion, was born in 1950.  He founded Hon Hai Precision Industry Company in Taiwan in 1974 at the age of 24 with $7,500.  He grew the business into the world’s largest contract manufacturer of electronics that employs almost 1.2 million employees.

 

Source: Bloomberg, SCMP, Xinhua

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Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation

Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation

Ant Financial, the largest online financial platform in China and a unit of Alibaba, has raised $14 billion in Series C equity financing from global investors.  The $14 billion is possibly the largest private funding raised, will value the company at around $150 billion in market value.  (Market Cap on 8.6.2018: Goldman Sachs $87 billion, Citigroup $174 billion, JP Morgan $376 billion, Alibaba $537 billion)

” Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation “

Ant Financial (Ant Small and Micro Financial Services Group Co.), which owns Alipay, was spinned off from Alibaba Group before its 2014 IPO.  Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.  Alipay, together with its global partners, served approximately 870 million annual active users globally and over 15 million small businesses in China.

Investors in the $14 billion round includes Canada Pension Plan Investment Board with a reported $600 million investment, Singapore’s sovereign wealth fund (GIC and Temasek), Malaysia’s sovereign wealth fund Khazanah Nasional and leading equity firms Warburg Pincus, Silver Lake General Atlantic and Carlyle Group.  Deutsche Bank, Citi, China International Capital Corporation, CITIC Securities, J.P. Morgan and Morgan Stanley are the appointed financial advisors to Ant Financial and Ant International for the Series C equity financing.

Ant Financial is anticipated by media reports to do an initial public offering (IPO) in 2019.

Source: Ant Financial, Reuters, Bloomberg

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Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay US authorities $47 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.

” Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific “

The United States Department of Justice (DoJ) were investigating if Credit Suisse (Hong Kong) had hired relatives of government officials or powerful executives in Asia to increase chances of getting businesses & deals between 2007 to 2013.  These hiring practices would have infringed the U.S. Foreign Corrupt Practices Act.

The $47 million settlement to the United States Department of Justice (DoJ) is a non-prosecution agreement to resolve the case, and no criminal charges have been brought against the bank.  Other banks have also made settlements with U.S. authorities including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires

Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires

Microsoft has reached an agreement to buy coding platform Github for $7.5 Billion, making the 3 co-founders of Github billionaires.  The 3 co-founders Tom Preston-Werner, Chris Wanstrath and PJ Hyett and the remaining shareholders will receive $7.5 billion in Microsoft shares.  The transaction will also make each of the 3 co-founders, one of the largest individual shareholder of Microsoft.

“Microsoft Buys Coding Platform Github for $7.5 Billion and Creates 3 New Billionaires”

Founded in 2008 by Tom Preston-Werner, Chris Wanstrath and PJ Hyett, GitHub is the world’s leading software development platform with more than 28 million developers on the platform.  Microsoft is the world’s largest software company founded by Bill Gates and Paul Allen in 1975.  The founder Bill Gates, is the world’s richest man with a personal fortune exceeding $90 billion.

The acquisition is expected to close by the end of 2018.

Source: Microsoft, Github, Bloomberg

 

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