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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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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World Largest Travel Luggage Company Samsonite CEO Resigns after Short-Seller Releases Report

World Largest Travel Luggage Company Samsonite CEO Resigns after Short-Seller Releases Report

The world’s largest travel luggage company Samsonite CEO Ramesh Tainwala has resigned after a US short-seller released a report of Samsonite’s questionable accounting practices and CEO academic credentials as a PhD holder.  The United States short-seller Blue Orca Capital had released a research report on 24th May 2018, providing analysis that valued the Hong Kong listed company (SEHK: 1910) at nearly half its stock price (23/5/18: HKD 34.05, Short-seller valuation: HKD 17.59).

” World Largest Travel Luggage Company Samsonite CEO Resigns after Short-Seller Releases Report “

On 1st June 2018, Samsonite CEO Ramesh Tainwala announced his resignation and CFO Kyle Gendreau took over as CEO.  The Samsonite Board of Directors has reviewed the allegations contained in the Short-Seller Report and has determined them to be one-sided and misleading.  Prior to the report, the stock traded at HKD 34.05 on 23/5/18 (Wed) and fell to HKD 26.90 (Fri) on 25/5/18.  The stock closed at HKD 29.55 on 1/6/18 (Fri) following the resigning of the CEO, down 13% for the 7 days trading period.

Samsonite International S.A. is the world’s largest travel luggage company, with a heritage dating back more than 100 years.  The US headquartered and Hong Kong listed company was founded by Jesse Shwayder in 1910 in United States and had began business as a trunk manufacturing company.  In 1941, the company introduced Samsonite and it became one of the most well-known travel luggage brands in the world.  The company owns many leading brands including American Tourister,  Tumi, High Sierra and Hartmann.

Source: SCMPSamsonite, Blue ORCA Capital

 

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Top 5 Hedge Fund Managers Earned $6.875 Billion in 2017

Top 5 Hedge Fund Managers Earned $6.875 Billion in 2017

The top 5 hedge fund managers in the world earned a combined $6.875 billion in 2017.  James Simons, founder of Renaissance Technologies earned the most with $1.7 billion, while David Tepper, founder of Appaloosa Management earned $1.4 billion in 2017.  The 3rd highest earning hedge fund manager in 2017 is Kenneth Griffin, founder of Citadel with $1.3 billion.

” Top 5 Hedge Fund Managers Earned $6.875 Billion in 2017 “

With $6.875 billion earnings in 2017, the top 5 hedge fund managers are earning more than $18 million a day.

Top 5 Hedge Fund Managers Earnings in 2017:

  1. James Simons, Renaissance Technologies – $1.7 billion
  2. David Tepper, Appaloosa Management – $1.5 billion
  3. Kenneth Griffin, Citadel – $1.4 billion
  4. Ray Dalio, Bridgewater Associates – $1.3 billion
  5. Israel Englander, Millennium Management – $0.975 billion

Source: Institutional Investors

 

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Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks

Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks

Kazakhstan’s government has appealed to the U.K. court to unfreeze $22 billion of assets in BNY Mellon.  The $22 billion assets represented almost 40% of Kazakhstan’s sovereign wealth fund, Kazakhstan’s National Fund.  The $22 billion assets were frozen due to a legal dispute with Moldavian businessmen Anatolie Stati and Gabriel Stati.

” Kazakhstan’s Government Appeals to UK Courts to Unfreeze $22 Billion in Banks “

In late 2017, Moldova’s businessman & tycoon Anatolie Stati and Gabriel Stati, had both won a verdict for settlement in the U.K. court against the Kazakhstan government for harassing and forcing them to sell their investments in the Kazakhstan’s oil and gas industry cheaply.

Source: Reuters, Bloomberg

 

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Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million

Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million

Swiss private bank Vontobel have entered into an agreement to buy 100% of Swiss private bank Notenstein La Roche from Switzerland 3rd largest bank, Raiffeisen for around $707 million (CHF 700 million).

” Vontobel Buys Swiss Private Bank Notenstein from Raiffeisen for $707 Million “

Notenstein La Roche has client assets of CHF 16 billion in its wealth management and external asset managers businesses, with most of their clients in Switzerland.  Vontobel’s assets under management in combined wealth management (Wealth Management and EAM) had reached a new record level of CHF 54.0 billion, up from CHF 46.8 billion in 2016.

XR: USDCHF 0.99

Source: Vontobel, Reuters

 

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Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion

Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion

The world’s leading investment manger and private equity firm Blackstone has exited its last investments in Hilton, selling its last 15.8 million shares for more than $1.3 billion.  In the private transaction, Hilton will buy 1.25 million shares from Blackstone, which will no longer own any shares of Hilton’s common stock.

” Private Equity Firm Blackstone Exits Final Investments in Hilton for $1.3 Billion “

In 2007, Blackstone had acquired and privatised Hilton in a leverage buyout of the company for a total value of $26 billion.  In 2013, Hilton went public and since then, Blackstone had been progressively exiting its investments in Hilton.  For the 11 years investments in Hilton, Blackstone is estimated to generate more than $13 billion in profit, more than 3 times its capital.

Hilton (NYSE: HLT) is a leading global hospitality company, with a portfolio of 14 world-class brands comprising more than 5,300 properties with more than 863,000 rooms, in 106 countries. The company’s portfolio includes Hilton, Waldorf Astoria, Conrad, Canopy, Curio Collection, DoubleTree, Tapestry Collection, Embassy Suites, Hampton and many others.  Blackstone is one of the world’s leading investment firms, with $450 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds.

Source: Reuters, Bloomberg, Hilton

 

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Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica has filed for Chapter 7 bankruptcy in the United States after announcing that it had lost most of its clients for using data from 87 million Facebook users to influence the 2016 US election.  It is facing lawsuits in the United States over Facebook data collection and in the filing, listed assets of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.

” Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals “

Cambridge Analytica was founded in 2013, and uses data to help commercial and political divisions change audience behavior.  The board includes Rebekah Mercer and Jennifer Mercer, daughters of billionaire Robert Mercer and co-CEO of Renaissance Technologies, one of the world’s largest hedge fund.

In the United States, Chapter 7 bankruptcy filing means the debtor’s assets are sold to pay the lenders (creditors) while in Chapter 11, the debtor will restructure with creditors to ensure the orderly regroup or disposal of assets.

Source: SCMP, ReutersCambridge Analytica

 

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Global Billionaires increased by 357 from 2,397 to 2,754 in 2017

Global Billionaires increased by 357 from 2,397 to 2,754 in 2017

The number of billionaires increased by 357, from 2,397 to 2,754 in 2017 with a combined wealth of $9.2 trillion, in a latest report by Wealth-X Billionaire Census 2018.

” Global Billionaires increased by 357 from 2,397 to 2,754 in 2017 “

The number of billionaires in the world in 2017 is 2,754 with combined $9.2 trillion of wealth, of which 816 billionaires with $2.4 trillion of wealth are in Asia-Pacific, 884 with $3.7 trillion of wealth in The Americas (North & South) and 1,054with $3.7 trillion of wealth in Europe, Middle-east and Africa .

Wealth-X is a leading global wealth information and insight business providing annual reports including The Wealth-X Billionaire Census and the World Ultra Wealth Report.

 

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