Author: Deal Street Asia Online News

CIMB, J Trust in race for Indonesia’s Bank Commonwealth

Malaysian bank CIMB and Japanese finance company J Trust are among firms vying to buy Indonesia’s PT Bank Commonwealth in a deal that could value the lender at $400-500 million, two sources with knowledge of the matter said. Bank Commonwealth, which is 99% owned by Australia’s biggest lender Commonwealth Bank of Australia (CBA), focuses on… Continue reading CIMB, J Trust in race for Indonesia’s Bank Commonwealth

Alibaba banks on aggressive Singles Day pricing to boost sales

China’s Alibaba is pressuring merchants to offer rock-bottom prices on its marketplaces in this year’s Singles Day extravaganza, three industry sources said, as the e-commerce company seeks to boost sales and stem a drop in market share. The sources, who help dozens of brands operate their stores on Alibaba’s platforms, said they were told to… Continue reading Alibaba banks on aggressive Singles Day pricing to boost sales

Chinese electric delivery vehicle brand Chengshi snaps over $136m in Series B round

Chengshi, which designs and manufactures electric vans and trucks catered to last-mile delivery in China, has secured 1 billion yuan ($136.6 million) in a Series B funding round led by Hidden Hill Capital, the private equity arm of global logistics giant GLP.  Local investor Gravity Investment and China’s top lithium producer Ganfeng Lithium are among… Continue reading Chinese electric delivery vehicle brand Chengshi snaps over $136m in Series B round

China’s semiconductor state fund invests $2b in memory chip firm Changxin

China’s state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. The deal saw China Integrated Circuit Industry Investment Fund, also known as the “Big Fund”, contribute to 33.15% of the total registered capital of Changxin Xinqiao, according to an update dated Oct. 26… Continue reading China’s semiconductor state fund invests $2b in memory chip firm Changxin

Indian baby, mother care brand Mamaearth raises $92m ahead of IPOThe promoters of the company aim to raise $205 million from their public offer.

Baby and mother care brand Mamaearth’s parent firm Honasa Consumer Ltd has raised $92 million (Rs 765.2 crore) from anchor investors, ahead of its initial public offering. Investors including Abu Dhabi Investment Authority, Fidelity, Norges Bank, Invesco, Goldman Sachs, CDPQ, White Oak, Franklin Templeton, Kotak, DSP, Carmigniac Gestion, Loomis Sayles, Matthews, Pictet and Hornbill were issued… Continue reading Indian baby, mother care brand Mamaearth raises $92m ahead of IPOThe promoters of the company aim to raise $205 million from their public offer.

Asiana Airlines board to reconvene board meeting to decide on Korean Air merger

Asiana Airlines said on Tuesday it would reconvene a board meeting in early November to decide whether it should accept a merger proposal from Korean Air that includes the sale of its cargo operations to remedy EU antitrust concerns. Asiana’s board did not reach a decision in a meeting on Monday whether to accept Korean… Continue reading Asiana Airlines board to reconvene board meeting to decide on Korean Air merger

South Korean PE firm Hahn & Co acquires SKC’s ceramics business for $267mSKC’s fine ceramics business produces high-purity quartz and silicon carbide …

South Korea’s largest private equity firm Hahn & Company has agreed to acquire the fine ceramics business of SK Group affiliate SKC in a deal worth 360 billion won ($267 million). In a statement, Hahn & Co said SKC’s fine ceramics business produces high-purity quartz and silicon carbide consumable materials. These materials are used in… Continue reading South Korean PE firm Hahn & Co acquires SKC’s ceramics business for $267mSKC’s fine ceramics business produces high-purity quartz and silicon carbide …

AI, semiconductors, green economy provide opportunities for Vietnamese startups

AI, semiconductors, and the green economy sectors are big opportunities that Vietnamese startups can explore, said experts at the Vietnam Venture Summit 2023. The Summit, hosted by Vietnam’s Ministry of Planning and Investment and co-organised by the Vietnam National Innovation Center (NIC) and Golden Gate Ventures, kicked off on Monday with the theme ‘Innovating Through… Continue reading AI, semiconductors, green economy provide opportunities for Vietnamese startups

Singapore renewable energy firm REDEX raises $10m led by Aramco VenturesREDEX operates a platform for utilities across Asia to register, verify and re…

Singapore-based renewable energy certificate (REC) service provider REDEX said on Tuesday it has raised $10 million from investors led by Aramco Ventures, a subsidiary of Saudi Aramco, to fund its expansion beyond Asia. Other new investors in REDEX are from the Middle East, Southeast Asia, and Japan, the company said in a statement, without naming… Continue reading Singapore renewable energy firm REDEX raises $10m led by Aramco VenturesREDEX operates a platform for utilities across Asia to register, verify and re…