Latest News
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American International Group (AIA) has finally applied for a listing of their Asian life assurance business AIA on the Hong Kong stock exchange.
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The continuing effects of the Chinese central banks decision to change the regulations of the international use of the renminbi is being felt through the Hong Kong banking sector.
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AIG’s hopes of gaining some vital funds through the sale of a 98% share of Nan Shan, their Taiwanese life assurance unit, to a Hong Kong-based consortium have been dashed by the Taiwanese financial supervisory commission.Taiwanese regulatory guidelines stipulate that mainland Chinese companies cannot acquire financial firms on the island.
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A brief look at people who taking on new roles in the Asian finanacial sector. (Check for daily updates). . . The Government of Singapore Investment Corporation (GIC) has hired Kishore Gotety as their head of India real estate.
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Ping An Insurance president Louis Cheung Chi-yan has said that plans to integrate the banking division of the company, Ping An Bank with Shenzhen Development Bank are set to go ahead. Yet there has been no definitive timeline laid out for development of the plan.
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The San Francisco based private equity group TPG has formed an alliance with the local government of the Shanghai province of Pudong in an effort to join the herd of private equity groups racing to garner renminbi denominated funds. TPG has stated that they plan to raise their first renminbi fund within the year. It is thought that the fund will be raised through Chinese-based pension funds and insurers with a target of Rmb5bn ($735m).
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The Government of Singapore Investment Corporation (GIC), the worlds fourth largest sovereign wealth fund, is reportedly preparing for the launch of Singapore's largest IPO in nearly two decades. GIC Real Estate, GIC’s real estate arm, are preparing to release a portion of their overseas assets thought to amount to $3bn (S$4bn) in direct and indirect property investments.
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China’s largest non-life insurer, The Peoples Insurance Co of China (PICC) has announced their intentions to develop its international investments by developing their investment team.
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Blackstone have announced that they will be investing up to $4bn in India within the coming five years. The private equity giants have had mixed luck with previous investments within the country producing decidedly luke warm results, however, the announcement of a $300m purchase of a stake in Moser Baer Projects a Deepak Puri-promoted power company has been heralded a significant market of Blackstones commitment to India and the power sector.
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Thiam Tidjane, Prudential’s chief executive, has confirmed that there will be no second attempt to buy-out AIA when he spoke on the companies half year dividends on Thursday.
Indepth Analysis
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- Where China’s high net worth individuals (HNWI’s)* lead, the rest of China’s wealth will follow. In other words, Chinese HNWI are obviously an important market in themselves especially for the myriad of foreign private banks now touting for their custom. But they may more important as outliers for investing behaviours for a more substantial group, that of the emergent mass affluent of China.
- Though the fund management industry in India has some significant problems, Robert Agnew explores some of the counter-veiling reasons to be optimistic.
- The Asian electronic trading market is at a tipping point. I expect two to three years of extraordinary growth and expansion because the barriers constraining growth in the market are falling. Those barriers include: exchange resistance, shallow pools of liquidity and few investors, a poor reputation, cost and an Asian cultural bias against hosting.
- Indices are a fundamental feature of the financial markets landscape, providing clear benchmarks and measuring the health of listed stocks. Usually these key indicators comprise the biggest, most liquid counters, which are usually the largest local companies accounting for a major share of domestic economic activity, however, do Indices reflect the true state of real world economies outside the financial markets?
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