Chairman of China Insurer Anbang Group Wu Xiaohui Jailed for 18 Years

Chairman of China Insurer Anbang Group Wu Xiaohui Jailed for 18 Years

The former chairman of Anbang Insurance Group Wu Xiaohui, has been sentenced to 18 years in jail for fundraising fraud and embezzlement.  He will be barred from political rights (holding of public office) for 4 years and to surrender $1.6 billion (CNY 10.5 billion) of personal assets.

” Chairman of China Insurer Anbang Group Wu Xiaohui Jailed for 18 Years “

Wu Xiaohui was found guilty of using other companies owned by him to indirectly controll Anbang Property and Casualty Insurance Co. and the Anbang Insurance Group.  Between 2011 to 2017, he had also oversold insurance products above the approved limits, defrauding more than $9.88 billion (CNY 65.2 bilion).

In February 2018, the Chinese government had seized control of Anbang Insurance Group.  Anbang Insurance Group is being managed by a group of officials from the China Insurance Regulatory Commission (CIRC) for one year.  The regulatory intervention is one of China’s recent moves to stop Chinese conglomerates on aggressive overseas acquisition and to reduce financial risk.  The insurance conglomerate have significant stakes in banks and property developers including China Minsheng Banking Corp Ltd, China Merchants Bank Co Ltd, developers China Vanke Co Ltd and Gemdale Corp.

Anbang Insurance Group is a global insurance company with total assets of nearly CNY 1,9 trillion ($304 billion).  The group employs over 30,000 employees and has a customer base of 35 million worldwide.  Anbang Insurance Group was established in 2004,

In 2004, Anbang Property & Casualty Insurance was established and opened its first branch in Beijing.  In 2011, CIRC approved the restructuring of Anbang Property & Casualty Insurance for the establishment of Anbang Insurance Group.  Chairman Wu Xiaohui had transformed the group over the 10 years into one of the world’s largest insurance company.  He is married to Zhuo Ran, the granddaughter of Deng Xiaoping, China’s leader between 1978 to 1989.

More: Xinhua, Reuters, Bloomberg

 

 

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About Anbang Insurance Group

Anbang Insurance Group is a global insurance company with total assets of nearly 1971 billion RMB. With over 30,000 employees and a customer base of 35 million worldwide, Anbang stands out as one of the most profitable insurance companies in China. Its business covers life insurance, P&C insurance, health insurance, pension insurance, banking, asset management, etc. With a “customer-centric” strategy in mind, Anbang Insurance is dedicated to creating value for its worldwide customers.

Visit: Anbang Insurance Group

 

 


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China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban

China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban

China’s 2nd largest telecom equipment maker, ZTE Corp has suspended all major operations after a 7 years export ban was imposed on the company by the United States government on 16th April 2018.  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.

” China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban “

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.  ZTE is actively communicating with the United States government to reverse or modify the ban.

ZTE is one of the world’s largest telecom equipment makers alongside Huawei.  The company was founded in 1985 as Zhongxing Semiconductor Co.

Source: ZTE, SCMP, Reuters, Bloomberg

 

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China Smartphone Maker Xiaomi Files for IPO in Hong Kong

China Smartphone Maker Xiaomi Files for IPO in Hong Kong

China smartphone maker Xiaomi Corp. has filed for an IPO in Hong Kong, in what is expected to be the biggest IPO since Alibaba Group raising $25 billion its IPO in 2014 .  The market is anticipating at least $10 billion to be raised by Xiaomi, valuing the 8 year old company at more than $100 billion.  At $100 billion valuation, it will be China’s 3rd largest technology company after Alibaba and Tencent.

” China Smartphone Maker Xiaomi Files for IPO in Hong Kong “

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, Reuters

 

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Wells Fargo to Pay $480 Million for Failing to Warn Shareholders of Investigations by Regulators

Wells Fargo to Pay $480 Million for Failing to Warn Shareholders of Investigations by Regulators

Wells Fargo has agreed to pay $480 million for a class action settlement in the Northern District of California in United States.  The US bank was investigated for creating almost 3.5 million fake customer accounts, and had failed to warn shareholders of investigations by US regulators.  Wells Fargos shareholders who had bought the shares between 2014 to 2016, were not informed of the investigations by US regulators till at least 6 months later, which would affect their buy or sell decisions.

“Wells Fargo to Pay $480 Million forFailing to Warn Shareholders of Investigations by Regulators”

In the class action settlement, Wells Fargo will pay $480 million  to shareholders of Wells Fargo who bought the stock between 2014 to 2016.  Wells Fargo denies the claims and allegations in the action and entered into the agreement in principle to avoid the cost and disruption of further litigation.

Source: Wells Fargo, Reuters, Bloomberg

 

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Facebook Spent $608,000 a Month to Protect CEO Mark Zuckerberg in 2017

Facebook Spent $608,000 a Month to Protect CEO Mark Zuckerberg in 2017

Facebook spent $608,000 a month to protect CEO Mark Zuckerberg in 2017.  The total annual security bill works out to more than $7.3 million in 2017.  He was paid a base salary of $1 with a total compensation of more than $8 million that included his $7.3 million security expenses and $1.5 million of private jet expenses, according to the latest filing to the United States Securities and Exchange Commission (SEC).

“ Facebook Spent $608,000 a Month to Protect CEO Mark Zuckerberg in 2017 “

Mark Zuckerberg is the founder of Facebook, which he started in 2004 in his Harvard University dormitory.  He grew Facebook into one of the world’s largest social networking platform with more than 2.2 billion monthly active users and going public (IPO) in 2012.  Today, he is one of the top 10 wealthiest man in the world with more than $60 billion.

Source: SEC, CNBC, Fortune

 

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World’s Top Private Equity KKR Changes from Partnership Structure to Corporation

World’s Top Private Equity KKR Changes from Partnership Structure to Corporation

The world’s top private equity firm, KKR has announced changes from a partnership structure to corporation, with effect from 1st July 2018.  The change will attract more index, ETF and mutual funds investors into KKR, and potentially be included in indexes and widening its investor base.

“World’s Top Private Equity KKR Changes from Partnership Structure to Corporation”

In the existing partnership structure, KKR pays corporate taxes only on revenue of management fees charged to investors, and not including performance fees.  In the new corporate structure, the firm will pay taxes on all revenue (Corporate tax in United States was lowered from 35% to 21%).

Earlier in 2018, Ares Management, one of the world’s largest alternative asset manager with $112 billion AUM, have moved from a partnership structure to a corporate structure.  In the latest Q1 2018 financial report, KKR manages $176 billion AUM.

Source: KKR, Bloomberg, Reuters

 

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81 Years Old ex-Franklin Templeton Legend Mark Mobius to Launch $1 Billion Fund

81 Years Old ex-Franklin Templeton Legend Mark Mobius to Launch $1 Billion Fund

81 Years old Mark Mobius, most famous at Franklin Templeton for investing into emerging markets and retired in early 2018, has announced plans to launch a $1 billion fund.  He has set up Mobius Capital Partners with co-founders Carlos Hardenberg and Greg Konieczny to invest into emerging and frontier markets.

“ 81 Years Old ex-Franklin Templeton Legend Mark Mobius to Launch $1 Billion Fund “

Earlier in 2018, Mark Mobius has announced retirement after more than 30 years from leading fund management firm, Franklin Templeton, managing more than $700 billion AUM.  Both his co-founders in Mobius Capital Partners, were both fund managers from Franklin Templeton.

The firm is headquartered in London, and will launch a Luxembourg-based fund.  They are targeting to raise $1 billion within 2 to 3 years.

Source: Mobius Capital, Bloomberg, Reuters

 

 

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Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs has agreed to pay $109.5 million to US Federal and New York state authorities for sharing foreign exchange order information of clients with other banks using electronic chat rooms.  Currency traders in the investment bank had shared order information of clients with other banks using electronic chat rooms to gain advantage in currency trades and in pricing the foreign exchange rates.

“Goldman Sachs to Pay  $109.5 Million for Sharing Clients FX Order Details”

In the settlement, Goldman Sachs will pay $54.75 million to the New York State Department of Financial Services  and $54.75 million to the Federal Reserve.  The US investment bank will also implement compliance and internal controls to prevent future occurrences.

Source: Reuters, The New York Times

 

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Sotheby’s to Unveil $150 Million Amedeo Modigliani Painting in New York Auction

Sotheby’s to Unveil $150 Million Amedeo Modigliani Painting in New York Auction

Sotheby’s will unveil a painting by Amedeo Modigliani that is expected to fetch more than $150 Million in the coming New York auction on the 14th May 2018.  The 1917 painting is called “Nu couche” or “Reclining Nude”, painted by Italian, Amedeo Modigliani, who had lived from 1884 to 1920 and dying at the age of 35 from tuberculosis.

“ Sotheby’s to Unveil $150 Million Amedeo Modigliani Painting in New York Auction “

In 2003, the painting was sold for $26.9 million to Irish billionaire John Magnier from casino tycoon Steve Wynn at a Christie’s auction.  John Magnier is the owner of Coolmore Stud, the world’s largest breeder of thoroughbred racehorses.  Another painting by Amedeo Modigliani was sold for more than $170 million in a Christie’s auction in 2015.

Amedeo Modigliani’s works are highly valued due to his short life, with his most important works belonging to museums that includes the Metropolitan Museum of Art in New York, Tate Modern in London and Centre Pompidou in Paris.

Source: Sotheby’s, Bloomberg, CNBC

 

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Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor, China’s largest online healthcare platform and a business unit of Ping An Insurance, has raised $1.1 billion (HK$ 8.77 billion) for an IPO in Hong Kong.  It is expected to be priced at the top end of the HK$50.8 – HK$54.8 price range and to begin trading on the   Hong Kong stock exchange on the 4th of May 2018.

” Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong “

Ping An Healthcare and Technology, known as Ping An Good Doctor in China, operates the largest internet healthcare platform in China, providing on-demand healthcare through its mobile platform.  In 2017, it has 192.8 million registered users, 888 in-house medical personnel and 370,000 daily consultations.  The healthcare platform have also established a nationwide network of healthcare service providers with 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.

The IPO of Ping An Good Doctor is one of the hottest in recent years, with brokers extending an unprecedented $20.3 billion (HK$160 billion) to retail clients in margin loans. The IPO is the biggest by an internet-based business since ZhongAn Online P&C Insurance’s HK$11.9 billion IPO in Hong Kong in September 2017. The capital raised is expected to fund acquisitions, strategic alliances and for research and development.

The key investors are global asset managers, BlackRock and Capital Group, Singapore and Malaysia’s sovereign wealth fund GIC and Khazanah Nasional, Canada Pension Plan Investment Board and a subsidiary of Thailand’s billionaire Charoen’s CP Group.  Citigroup Inc and JP Morgan Chase are the joint sponsors.

Source: HKSE, Reuters, SCMP

 

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