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Private wealth assets under management in Hong Kong are projected to nearly double to $2.3 trillion by 2030, driven by increasing demand from Chinese investors for higher-yielding offshore investments. This growth is expected to solidify Hong Kong's position as the world's top cross-border wealth center, surpassing Switzerland. The city's financial infrastructure is seen as a key factor in attracting wealth inflows from high-net worth individuals in mainland China and across Asia, benefiting wealth managers and family offices operating in Hong Kong. [Extracted from the article]

The article discusses the scandal surrounding Australian billionaire Richard White, CEO of WiseTech Global Ltd., who is facing allegations of inappropriate behavior with women. The case involving his alleged former lover, Linda Rogan, was settled out of court, leading to a significant drop in White's wealth. The situation has raised concerns among investors and impacted the company's reputation, with the stock price plummeting. Despite White's successful business ventures, his personal conduct has come under scrutiny, affecting both his fortune and the company's standing in the market. [Extracted from the article]

The article from Bloomberg.com discusses the scandal surrounding Australian billionaire Richard White, the CEO of WiseTech Global Ltd., who is facing allegations of inappropriate behavior with women. The revelations from a court battle with an alleged former lover have caused WiseTech's shares to plunge 15%, wiping $2.9 billion from White's fortune. The situation has raised concerns among investors and experts about the impact on the company's reputation and the challenges faced by the board in addressing the allegations. [Extracted from the article]

Hong Kong's popular tapas bar, 22 Ships, has relocated from Wan Chai to a larger location in Soho. The new space, located in the historical compound of PMQ, features high ceilings, dark-toned walls, and elegant decor that creates a Spanish atmosphere. The menu, overseen by Madrid-born chef Antonio Oviedo, has been expanded to include dishes such as oyster salpicón, Basque stew, and red prawns in garlic oil. The restaurant is recommended for post-work happy hours, casual meetings, and gatherings with friends. [Extracted from the article]

Adrian Cheng, the scion of one of Hong Kong's wealthiest families, has stepped down as the third-generation leader of New World Development Co., a prominent business dynasty. This move is surprising in a city where real estate families rarely hand over control to outsiders. Cheng's father, Henry Cheng, has taken a more active role in the family's business empire, and the company's chief operating officer, who is not a member of the Cheng family, has been appointed as the new leader. The decision comes as New World faces financial difficulties, with sinking deeper into debt and posting its first annual net loss in 20 years. Cheng's resignation highlights the pressure faced by third-generation successors of family empires, especially during economic downturns. [Extracted from the article]

Midea Group Co., a home appliance-maker, had a successful $4 billion share offering in Hong Kong, leading to hopes that China's billionaire deal pipeline may be revived. The listing brought optimism to Hong Kong's IPO market, which has suffered in recent years due to China's economic slowdown. Other firms, such as SF Holding, Mixue, Sichuan Biokin Pharmaceutical, FWD, and Alibaba's unit Cainiao, are also considering or planning listings in Hong Kong. However, it may take time for these deals to materialize, and not all billionaire families are qualified or interested in participating in Hong Kong's financial hub. [Extracted from the article]

Two Saudi Arabian investment firms are planning to launch exchange-traded funds (ETFs) that will track Hong Kong shares, potentially raising close to $1 billion. SAB Invest, an arm of Saudi Awwal Bank, is expected to launch an ETF that could raise about $500 million by the end of the year. Albilad Capital, the securities arm of Bank Albilad, has received approval from the Saudi Capital Market Authority for an ETF that could raise up to $400 million. These ETFs aim to provide easier access to investors seeking exposure to the markets they track and reflect the warming relations between China and Saudi Arabia. [Extracted from the article]

Millennium Management, a large multistrategy hedge fund, has hired Arnaud Leteissier, the former head of equity trading for Asia at Citigroup, as a senior portfolio manager. Leteissier will begin his new role on September 23 and will be based in Hong Kong. This hiring reflects a trend of hedge funds recruiting talent from banks and competitors in order to strengthen their industry dominance. [Extracted from the article]

Lee Thiam Wah, the founder of 99 Speed Mart Retail Holdings Bhd, has become a billionaire after his company went public in Kuala Lumpur. The $531 million initial public offering is Malaysia's largest in seven years. Lee's retail empire consists of over 2,600 convenience stores across the nation, making it the largest of its kind in Malaysia. The IPO highlights investor optimism in Malaysia's growth potential and positions Kuala Lumpur as a key player in regional listings. Lee's journey from selling snacks at a roadside stall to building a successful business is seen as an inspiring example for small business owners. The proceeds from the IPO will be used to expand the company's operations and repay loans. [Extracted from the article]

Chinese billionaire Yang Huiyan, the chair of Country Garden Holdings Co., and a charity connected to her family have received $50.6 million in dividends from a services company within her property empire. This comes despite Country Garden defaulting on $10.8 billion of debt. Yang holds a significant stake in both Country Garden and Country Garden Services, and she transferred part of her stake in the latter to her sister's charitable foundation last year. The dividend payments have raised concerns about the company's prioritization of short-term payouts over debt repayment. [Extracted from the article]

Ando, a Michelin-starred restaurant in Hong Kong, offers a unique blend of Spanish and Japanese cuisine. Led by Argentinian Chef Agustin Balbi, the menu combines his Spanish heritage with his training in Japan. The restaurant has a chic and cozy atmosphere, with a classic and minimalist interior. The staff is friendly and attentive, and the space is quiet and discreet, making it suitable for small gatherings or business meetings. Recommended dishes include the Sin Lola caldoso rice and the Argentinian beef. Ando is located on Wellington Street and requires a deposit for reservations. [Extracted from the article]

Hong Kong tycoon Adrian Cheng, CEO of New World Development Co., believes that Hong Kong will become the top destination for family offices in the future. The city has set up the Hong Kong Academy for Wealth Legacy to promote itself as a global hub for the super-rich. Hong Kong currently has over 2,700 single family offices, with about a third managing at least $100 million in assets. The city is trying to regain its status as a global financial hub after facing Covid-19 restrictions and a crackdown on political dissent. Singapore has benefited from this situation and has become a popular base for family offices. Hong Kong has introduced tax and residency incentives to attract more money management firms, but it faces challenges such as geopolitical risks and Beijing's crackdown on billionaires. The Hong Kong academy aims to be a "super connector" for family offices and will hold a summit next month. Family offices managing over HK$240 million ($30.8 million) are exempt from profit taxes on their qualified financial investments. Hong Kong is also trying to establish itself as a top global venue for trading and storing art. Cheng is one of the heirs of a prominent real estate clan and believes that Hong Kong's advantage lies not only in its capital but also in its values. [Extracted from the article]

Shares of Timee Inc., the developer of a job matchmaking app in Japan, rose 14% on their first day of trading. The app aims to address Japan's labor shortage by connecting employers with people seeking short-term jobs. With a low birthrate, aging population, and strict immigration policy, Japan is experiencing a severe job crunch. Timee's market value of about ¥157 billion ($1 billion) makes it the largest among application software companies in Japan since 1994. The company plans to expand its services to industries such as hotels, nursing care, childcare, and manufacturing. [Extracted from the article]

South Korea is considering lowering its inheritance tax rate for the first time since 1995, which could benefit major firms like Samsung and Hyundai. The move is part of the government's efforts to stimulate the economy and improve management practices at listed companies. While some investors and strategists view the tax cuts as positive and a step towards reducing the "Korea Discount," others express skepticism and believe that the impact may be muted due to political opposition. The ultimate impact on the economy and markets will depend on how effectively these measures translate into increased economic activity and investor confidence. [Extracted from the article]

Timee Inc., the developer of a job matchmaking app in Japan, is going public with the nation's largest initial public offering of the year. The app aims to address Japan's severe labor shortage by connecting employers with individuals seeking short-term, flexible work. The company's IPO is expected to have a market value of about ¥138 billion ($900 million) and may help boost its profile among clients, jobseekers, and investors. Timee faces competition from other companies entering the spot work market, but analysts believe it has the potential for exponential growth. [Extracted from the article]

Indian mining company Vedanta Ltd., owned by billionaire Anil Agarwal, is looking to raise $1.02 billion through a share sale to institutional investors. The company is offering 193.2 million shares at a floor price of 440 rupees each. Vedanta's share placement is part of a trend of Indian companies seeking equity investments due to increasing demand and surging valuations in the country's capital markets. The proceeds from the sale will be used to repay outstanding company borrowings. [Extracted from the article]

Indian mining company Vedanta Ltd. is offering up to 114 million shares to institutional investors at a floor price of 440 rupees apiece. There is an option to increase the offering by 38 million shares, potentially raising $800 million. The proceeds will be used to repay outstanding company borrowings. Vedanta's share placement represents a 4.23% discount to the stock's closing price on July 15. Citigroup Global Markets India Pvt., JM Financial Ltd., and Nuvama Wealth Management Ltd. are the book-running lead managers in the offering. [Extracted from the article]

Ping An Insurance has priced an offering of $3.5 billion in convertible bonds, following a trend of equity-linked instrument issuance in Asia. The bonds, due in 2029, have a coupon of 0.875% and an initial conversion price of HK$43.71 per H share. Concurrently, the company will conduct a share placement to facilitate hedging for bond investors. Chinese firms have been turning to convertible bonds to raise funds at cheaper rates, with the tech sector being particularly popular. Ping An intends to use the proceeds to develop its core business, strengthen its capital position, and support strategic initiatives in the healthcare and elderly-care sectors. [Extracted from the article]

Ping An Insurance is planning to raise $3.5 billion through the sale of convertible bonds due in 2029. The bonds will have a coupon rate between 0.375% and 0.875%. Concurrently, the company will conduct a share placement to facilitate hedging for investors. Chinese firms, especially in the tech sector, have been using convertible bonds to raise funds at lower rates. Ping An intends to use the proceeds to develop its core business and strengthen its capital position, particularly in the healthcare and elderly-care sectors. Morgan Stanley and JPMorgan Chase & Co. are the joint global coordinators for the offering. [Extracted from the article]

Hong Kong-based CK Infrastructure Holdings Ltd. is considering a second listing on an overseas stock exchange, potentially in London, in order to access a larger pool of investors and facilitate overseas acquisitions. The listing would not involve any fundraising, and a final decision has not been made. A UK listing could raise CKI's profile in the country and provide a currency hedge, enhancing its credibility and standing in overseas markets. However, this move is not expected to trigger similar listings by other Hong Kong-listed companies. The UK is trying to attract more companies to London following a drop in initial public offerings, and new rules allow companies listed elsewhere to list shares in London. CKI is the infrastructure arm of CK Group, and the UK is a key market for the company. CKI's prospective listing in London could help reshuffle its investor base and dilute its Hong Kong/China identity, making it easier to pursue overseas mergers and acquisitions. [Extracted from the article]

Game developer Shift Up Corp. experienced an 18% jump in its first day of trading in South Korea after raising $320 million in its initial public offering (IPO), making it the largest IPO for a gaming firm in the country in almost three years. The company, known for its mobile and computer games, plans to use the IPO proceeds to diversify its game portfolios. Shift Up's IPO is the second-largest in South Korea this year, and analysts have highlighted the company's strong game development track record, profitability, and cash generation as reasons for its investment potential. [Extracted from the article]

Retail investors in India are increasingly participating in initial public offerings (IPOs) due to the high returns they offer compared to the broader market and listings abroad. Stocks that debuted in India this year have seen an average gain of 57%, compared to 32% in the Asia Pacific region and double the global average. Around 15 more companies are planning IPOs that could raise a combined $11 billion. Retail investors have played a crucial role in the success of IPOs in India, as the country has become a hot spot for IPOs in 2024. However, many retail investors do not plan to hold onto their investments for long and are primarily interested in quick gains. [Extracted from the article]

Game developer Shift Up Corp. has successfully completed its initial public offering (IPO) in South Korea, raising $320 million, the largest IPO for a gaming firm in the country in almost three years. The offering received significant interest from investors, with demand exceeding the number of shares available by 226 times. Shift Up is known for its popular mobile and computer games, and the company plans to use the IPO proceeds to diversify its game portfolios. Analysts have expressed optimism about the company's future prospects, citing its intellectual property, diversified platforms, and high success ratio. [Extracted from the article]

South Korea's ban on short-selling has negatively impacted the sales of convertible bonds, which were previously a popular source of capital for local companies. The ban has stifled demand for convertible bonds from global hedge funds, who profit from an arbitrage strategy involving these bonds. As a result, the value raised from convertible bond sales has dropped significantly since the ban was imposed. In contrast, the US and China have seen a boom in convertible bond sales. It remains uncertain if funds will return to buy convertibles sold by Korean issuers once short-selling is resumed. [Extracted from the article]

Retail investors in India are increasingly investing in initial public offerings (IPOs) due to the potential for quick returns. Stocks that have debuted in India this year have seen an average gain of 57%, which is higher than the average for Asia Pacific and double the global average. At least 15 more companies are planning IPOs that could raise a combined $11 billion. Retail investors have been crucial to the success of IPOs in India, as surging valuations and good economic prospects attract issuers. However, many retail investors do not plan to hold onto their investments for long and are primarily interested in making quick profits. [Extracted from the article]

Hong Kong is set to have its busiest week for IPO debuts in 2024, with six companies raising a total of HK$4.31 billion ($551 million). This increase in listings suggests a recovery in activity for the third quarter after a slow start to the year. Chinese authorities have expressed support for industry leaders going public in Hong Kong, following a decline in offerings in 2023. The largest company debuting this week is Cirrus Aircraft Ltd., an aircraft manufacturer, while the second-largest is Chenqi Technology Ltd., a ride-hailing services firm backed by Tencent Holdings Ltd. and Guangzhou Automobile Group Co. [Extracted from the article]

Six companies are set to begin trading in Hong Kong this week after raising a total of HK$4.31 billion ($551 million) in what is the busiest week for IPO debuts this year. This increase in listings suggests a recovery in activity in the third quarter following a slow first half. The largest company to debut is Cirrus Aircraft Ltd., an aircraft manufacturer, with an expected IPO of HK$1.5 billion. The second-largest newcomer is Chenqi Technology Ltd., a ride-hailing services firm backed by Tencent Holdings Ltd. and Guangzhou Automobile Group Co. Chenqi Technology ranked second in market share last year in China's Greater Bay Area. [Extracted from the article]

India is set to have a busy second half of the year for initial public offerings (IPOs), with at least 14 companies working on offerings that could potentially raise a combined $11 billion. The $2.5 billion IPO of Hyundai Motor Co.'s Indian unit is expected to be one of the largest in the country's history. Other notable IPOs include a $1.25 billion plan for SoftBank-backed food delivery firm Swiggy and a potential $1 billion raise for supermarket chain Vishal Mega Mart. The increase in domestic assets under management is expected to support Indian equities, making it an attractive growth opportunity for investors. [Extracted from the article]

South Korea is expected to see an increase in block equity sales as holders seek to raise funds before new disclosure rules take effect on July 24. The revised framework for block trading is part of measures aimed at preventing insiders from profiting on privileged information. Additional share sales in South Korea have surged to $5.4 billion since the start of 2024, more than 20 times the tally for the same period last year. The new rules are expected to improve transparency, prevent illegal trading, and reduce market volatility. [Extracted from the article]

Shares of Guzman y Gomez Ltd., a Mexican-themed fast-food chain, rose 36% on their first day of trading in Australia, making it the country's most successful IPO debut in years. The stock closed at A$30 in Sydney, exceeding the initial offering price of A$22 per share. This successful debut may encourage other IPOs scheduled for later this year to list sooner, according to Jun Bei Liu, a portfolio manager at Tribeca Investment Partners. Prior to Guzman y Gomez, companies that went public in Australia after raising at least $100 million saw an average increase of 4.4% on their first day of trading. [Extracted from the article]

Shares of Guzman y Gomez Ltd., a Mexican-themed fast-food chain, surged 38% in its trading debut in Australia following the country's largest initial public offering in almost a year. The stock traded as high as A$30.28 in Sydney, after being sold at A$22 apiece in an IPO that was enlarged to A$335.1 million ($223 million). This IPO injects some activity into Australia's market for new share sales, which has seen limited activity in recent years. [Extracted from the article]

Shares of Guzman y Gomez Ltd., a Mexican-themed fast-food chain, surged 39% on its first day of trading in Australia, making it the country's best IPO debut in years. The stock traded as high as A$30.60 in Sydney, after being sold at A$22 per share in an enlarged IPO. This successful debut may encourage other IPOs slated for later this year to list sooner, boosting activity in Australia's market for new share sales. [Extracted from the article]

Vodafone Group Plc subsidiaries have raised $1.8 billion by selling shares in India's Indus Towers Ltd. The companies sold 484.7 million shares, representing an 18% stake in Indus Towers. Vodafone CEO Margherita Della Valle has been selling off underperforming markets and scaling back the company's operations. The shares were sold near the lower end of the price range, indicating demand for Indian stocks. Bharti Airtel, another wireless carrier, also bought an additional 1% stake in Indus Towers. The block sale was arranged by Bank of America, BNP Paribas, Jefferies Financial Group, and Morgan Stanley. [Extracted from the article]

Vodafone Group Plc subsidiaries have sold shares in Indus Towers Ltd., an Indian company, for approximately $1.8 billion. The shares were sold in block deals on exchanges, with a total of 484.7 million shares sold at a price of 311.4 rupees each. This sale represents an 18% stake in Indus Towers. The divestment is part of Vodafone's efforts to streamline its portfolio, with CEO Margherita Della Valle selling off underperforming markets and reducing the company's global presence. [Extracted from the article]

Chinese companies are taking advantage of a recent rebound in the stock market to raise funds. MMG Ltd., Yankuang Energy Group, and Poly Developments and Holdings Group are among the firms seeking to raise money through equity or equity-linked notes. This surge in fundraising is a positive development for bankers, who have seen a decline in mergers and acquisitions and initial public offerings. Chinese companies have also been tapping into convertible bonds at a record pace. However, there are concerns about the sustainability of the stock market rally, as investors worry about policy uncertainties and geopolitical risks in China. [Extracted from the article]

Chinese companies are taking advantage of a recent rebound in the stock market to raise funds. Poly Developments and Holdings Group is considering raising up to 12 billion yuan through notes that can be converted into equity. Yankuang Energy Group Co. and MMG Ltd. are also planning to raise funds through the sale of shares and a rights offering, respectively. Convertible bonds have been popular as they allow companies to raise funds at lower interest rates without immediate stock dilution. However, some hedge funds have started to take profits and build short positions as the stock market rally shows signs of weakening momentum. [Extracted from the article]

India has become a hot market for share sales, particularly initial public offerings (IPOs), with $3.9 billion raised through IPOs so far in 2024. This is more than double the amount raised during the same period in 2023 and higher than the combined amount raised in South Korea and Hong Kong. The activity for blocks and placements has also seen a significant increase. The largest IPOs are yet to come, with South Korea's Hyundai Motor Co. planning a share sale of its India unit that could raise about $2.5 billion. Bankers predict that fundraising from IPOs could exceed $20 billion over the next two years. India's economic growth, which exceeded 8% in the fiscal year ending in March, has boosted investor confidence. With the end of elections, companies are expected to take advantage of India's strong prospects. The number of IPO filings has increased, and there is a long queue of potential listings. The rush for Indian IPOs contrasts with other Asian markets, such as China and Hong Kong, where activity remains tepid due to geopolitical tensions and growth concerns. Private equity firms are also focusing on India as they seek to exit portfolio companies and deploy capital. Overall, the quality and quantity of companies seeking listings in India are encouraging for investors. [Extracted from the article]