The chief executive and co–founder of Shanghai-based Chinese gaming firm XD Inc plans to leave China next year, according to an internal notice seen by Reuters, citing family reasons and rising gaming opportunities overseas. Huang Yimeng, 40, who was ranked last year by Forbes to be worth $1.2 billion, said he was making preparations to move abroad “after the next summer break”, without disclosing… Continue reading Co-founder of Chinese game developer XD plans to relocate overseas
Author: Deal Street Asia Online News
China Evergrande faces winding-up lawsuit in Hong Kong
An investor in China Evergrande Group unit Fangchebao said on Monday it had filed a winding–up petition against the embattled property developer in Hong Kong because it had not honoured an agreement to repurchase shares the investor bought in FCB. It is the first winding–up petition known to have been filed against Evergrande, which is reeling under more than $300 billion in liabilities and whose offshore debt… Continue reading China Evergrande faces winding-up lawsuit in Hong Kong
Court ratifies Garuda Indonesia’s $9b debt restructuring package
A court overseeing airline Garuda Indonesia’s debt restructuring negotiations on Monday ratified a deal with creditors to repackage more than $9 billion of the carrier’s debt, a court administrator told Reuters. The deal, which the state-carrier secured after most creditors backed its restructuring proposal on June 17, was due to be ratified last week, but was delayed after objections by two lessors on claims. Under the deal, most of the creditors will have… Continue reading Court ratifies Garuda Indonesia’s $9b debt restructuring package
Prosus, Naspers to gradually sell Tencent shares to fund share repurchases
FILE PHOTO: A Tencent logo is seen in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo Dutch technology investment company Prosus and its controlling shareholder Naspers of South Africa said on Monday they intend to sell down their enormous stake in Chinese software giant Tencent to fund a share purchase program. Prosus holds a 28.9% stake in Tencent… Continue reading Prosus, Naspers to gradually sell Tencent shares to fund share repurchases
Singtel says it does not plan to list Australian unit Optus
Singapore Telecommunications said it does not plan to list its Australian unit Optus, refuting reports that it was working on an initial public offering valuing the wireless carrier at between A$8 billion ($5.54 billion) and A$12 billion. Singtel on Monday called the news articles published by Australian media “highly speculative”, saying it regularly reviews its strategy… Continue reading Singtel says it does not plan to list Australian unit Optus
IFC proposes $200m investment in SG-listed Olam Group’s agri subsidiary
The International Finance Corporation (IFC), a member of the World Bank Group, has proposed a working capital loan of up to $200 million to Olam Global Agri Pte Ltd (Olam Agri), a subsidiary of Singapore-listed Olam Group, according to a disclosure. The proposed investment will be used to purchase wheat, maize and soya for delivery… Continue reading IFC proposes $200m investment in SG-listed Olam Group’s agri subsidiary
Toyota halves stake in Uber, but looks to maintain ties
Japan’s Toyota Motor Corp has cut its stake in Uber Technologies Inc by about half after the ride-hailing giant divested the autonomous driving unit at the centre of their collaboration. “The development of vehicles related to automated driving was one of the main objectives of Toyota‘s investment,” Toyota spokesperson Shiori Hashimoto said in a statement, adding that the company still aims to maintain their alliance. The world’s largest… Continue reading Toyota halves stake in Uber, but looks to maintain ties
Tesla to cut salaried workforce by 10% over three months: Elon Musk
Electric carmaker Tesla will reduce its salaried workforce by roughly 10% over the next three months, Chief Executive Elon Musk said on Tuesday. The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said at the Qatar Economic Forum organised by Bloomberg. Reuters Go to Source
White Star Capital diversifies into multi-stage, digital asset funds …
White Star Capital is launching multi-stage and digital asset funds to diversify its venture offerings, said its general partner (GP), Joe Quinn Wei, in an interview with DealStreetAsia. Wei said the move was aimed at increasing White Star’s value-add for both limited partners (LPs) and portfolio companies at a time the venture capital (VC) market… Continue reading White Star Capital diversifies into multi-stage, digital asset funds …
Crypto hedge fund Three Arrows Capital considers asset sales, bailout: report
Cryptocurrency hedge fund Three Arrows Capital is exploring options, including the sale of assets and a bailout by another firm, the Wall Street Journal reported on Friday. The crypto market has suffered heavy losses, with companies such as Coinbase, Gemini, Blockfi and Crypto.com laying off thousands of employees, as investors sell risky assets in a rising interest rate… Continue reading Crypto hedge fund Three Arrows Capital considers asset sales, bailout: report