Chinese regulators banned the use of celebrities to endorse tobacco products including e-cigarettes, off-campus tutoring, health care, medicine, medical instruments, health foods and formula food for special medical purposes. The State Administration for Market Regulation together with six other agencies implemented the ban Monday through new guidelines regulating celebrity endorsements. This was the first national… Continue reading China introduces tighter guidelines for celebrity endorsements
Author: Deal Street Asia Online News
Exit route getting tougher for VCs in SE Asia as recession looms
The poor global economic environment is making it tough for venture capital (VC) firms in Southeast Asia to find buyers for their portfolio companies, according to investors. As public markets languish, demand from M&A buyers, private equity (PE) sponsors, and institutional investors has also declined, they said. “Would-be buyers are focused on their own businesses… Continue reading Exit route getting tougher for VCs in SE Asia as recession looms
Bukalapak’s contribution margin turns positive for the first time in Q3
Indonesia’s listed technology group Bukalapak on Monday reported a positive contribution margin — calculated as gross profit after sales and marketing costs — for the first time, and said it is looking to turn EBITDA positive by the fourth quarter of 2023. “We are hopeful of seeing revenue growth that surpasses costs, making the contribution… Continue reading Bukalapak’s contribution margin turns positive for the first time in Q3
Thailand’s SCB 10X pumps $10m in crypto custodian RakkaR’s seed roundThe funding will help it expand into Southeast Asia and Hong Kong.
Thailand-based SCB 10X, the corporate venture capital arm of the SCBX Group, has pumped $10 million into the crypto custody platform RakkaR Digital in a seed funding round. The fresh funding from SCB 10X—RakkaR Digital’s first financial backer—and its strategic partnership with peer Fireblocks will help the company expand its presence into Southeast Asia and… Continue reading Thailand’s SCB 10X pumps $10m in crypto custodian RakkaR’s seed roundThe funding will help it expand into Southeast Asia and Hong Kong.
Neev II Fund backs Hygenco Green Energies and India deals worth $319m
Neev II Fund, a climate- and sustainability-focused SME fund, on Monday announced an undisclosed investment in Hygenco Green Energies Pvt Ltd, a green hydrogen developer. Hygenco aims to deploy over $300 million in green hydrogen projects across India in the next three years, and Neev’s investment will provide the necessary capital to Hygenco for commercialising… Continue reading Neev II Fund backs Hygenco Green Energies and India deals worth $319m
Jeep joint venture in China to file for bankruptcy, say partners
The joint venture that makes Jeeps in China will file for bankruptcy, partners Stellantis and Guangzhou Automobile Group (GAC) said on Monday, after a long decline for the oldest foreign auto brand in the world’s largest car market. The move comes after Stellantis‘ surprise decision in July to end the venture with GAC, only months after saying it would raise its stake to 75% from 50%. Stellantis CEO Carlos Tavares… Continue reading Jeep joint venture in China to file for bankruptcy, say partners
India: BPEA Credit closes Fund III with capital commitments worth $475mThe third fund is more than three times larger than its predecessor fund
Baring Private Equity Asia’s credit unit, BPEA Credit, on Monday announced that it has closed its third private credit platform, BPEA Credit – India Fund III, with capital commitments worth $475 million. Fund III, which is incorporated in the state of Mauritius, has secured commitments from several North American pension fund managers such as the… Continue reading India: BPEA Credit closes Fund III with capital commitments worth $475mThe third fund is more than three times larger than its predecessor fund
China Renaissance appoints key execs in SE Asia expansion drive
China Renaissance Holdings Ltd has appointed two senior executives in Singapore, the lender said in a statement on Monday, as the investment bank looks to expand its operations in Southeast Asia. The move comes at a time where tough measures to combat the spread of COVID-19 in China and Hong Kong have led to some entrepreneurs and investors to set up shop or expand… Continue reading China Renaissance appoints key execs in SE Asia expansion drive
Blackstone to buy majority stake in Emerson’s $14b climate tech unit
US industrial firm Emerson Electric Co is selling a majority stake in its climate–technologies unit to Blackstone Inc, in a deal that would value the unit at $14 billion including debt, the Wall Street Journal reported on Monday. The deal, expected to be announced later in the day, would give Blackstone a 55% stake in the unit, according to the report, citing executives. Emerson would retain a 45% stake. Blackstone and its co-investors would contribute $4.4 billion… Continue reading Blackstone to buy majority stake in Emerson’s $14b climate tech unit
Hong Kong may allow retail investors to trade in crypto
Hong Kong is looking to allow “a suitable degree” of crypto access to retail investors, and its market regulator will soon kickstart a public consultation for the same, according to a policy statement announced on Monday. “Hong Kong is open to the possibility of having exchange traded funds (ETFs) on virtual assets in Hong Kong,”… Continue reading Hong Kong may allow retail investors to trade in crypto