China. AVCJ private equity and venture capital report. 14 th annual edition

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "China. AVCJ private equity and venture capital report. 14 th annual edition"

Transcription

1 China 2018 AVCJ private equity and venture capital report 14 th annual edition

2 CONTENTS 1 Introduction 4 Keeping up the Good Work 2 Assets Under Management and M&A 6 Ample Assets, M&A Marginally Changed 3 Fundraising 11 Fundraising Falters 4 Investments 17 Investment In Sight of the Next Milestone 5 The Exit Environment 23 IPOs Ignite 6 Leading Players 29 Looming Leaders 7 Looking Ahead 34 The Great Wall of Money II

3 Assets under management and M&A Ample assets, M&A marginally changed Private equity capital under management in China in 2017 continued its steady rise to just over $ billion, a 16.5% increase on 2016 s almost $355 billion. The over $95.7 billion of private equity capital invested during 2017 reached 0.8% of China s almost $11.94 trillion GDP, up from 0.59% of just over $11.2 trillion in China - Gross Domestic Product vs. Private Equity Investment US$billion Gross Domestic Product (GDP) % of PEI over GDP *GDP data refers to fiscal year (April 1-March31) and Private Equity Investment data refers to year-ended on December 31 Source: International Monetary Fund AVCJ Research The two metropolitan centres slightly extended their dominance of private equity investment in China by region during Beijing went from almost $31.3 billion invested in 2016, or 47.3% of that year s total, in 647 deals, 475 disclosed, to just short of $49 billion, or 51.1% of the year s total, in 2017, from 585 investments, 405 disclosed. Shanghai rose proportionately even further, from just over $7.2 billion invested in 2016, or 10.9% of the year s total, in 316 transactions, 226 disclosed, to over $16.34 billion, or 17.1% of the 2017 total, from 357 deals, 247 disclosed. Tianjin finally began to show evidence of the massive government-backed development program there, rising from just under $1.35 billion, or 2% of total investment in 2016, III

4 Fundraising Fundraising falters Total Private Equity Funds Raised Total private equity funds raised for China in 2017 amounted to just over $56 billion, comparable with levels in 2015 but 45.8% down on 2016 s almost $103.5 billion. However, Chinese private equity fundraising also tilted more towards RMB funds than in the previous year, with only 9.5% of the capital raised for China denominated in US dollars in 2017, versus 17.1% in US dollar fundraising for China, in fact, amounted to only just over $5.3 billion in 2017, versus almost $17.7 billion in China Asia Unsurprisingly in the light of these figures, domestic Chinese vehicles dominated the fundraising landscape. Largest fund close of the year by amount raised was the State-Owned Enterprises China Innovation Fund, which secured just over $16.5 billion in its first close, against a target of just over $21.7 billion. Second largest close was the just over $7.23 billion first close of NPL/special situations vehicle the Reform Central Enterprise Operation Investment Fund, which targets just under $21.7 billion. And third largest was the just under $2.9 billion first close of FoF the Tianjin Haihe Industry Fund, which targets just under $14.5 billion. Those first two funds are also the top two in the China market by target size, with the China Forestry Strategic Emerging Industry Development Fund third with a target of just over $14.68 billion, and no close recorded to date. IV

5 The exit environment IPOs ignite China - Private Equity-backed Exits For Private Equity China s strong year for investments in 2017 was balanced by a not-so outstanding year for exits. Private equity-backed exit transactions were down 33.2%, in fact, from almost $26.8 billion in 2016, realized through 138 deals, 121 disclosed, to just under $17.9 billion, from 139 deals, 131 disclosed. Private equity-backed IPOs, however, showed a far more positive trend, up 43.3% from $20.5 billion from 135 listings in 2016, to $29.3 billion in value from 283 private equity-backed flotations. Amount No. of Deals China - Private Equity-backed IPOs Funds Raised No. of IPOs V

North Asia AVCJ private equity and venture capital report. 13 th annual edition

North Asia AVCJ private equity and venture capital report. 13 th annual edition North Asia 2017 AVCJ private equity and venture capital report 13 th annual edition CONTENTS 1 Introduction 4 A sea change both sides of the Korea Strait? 2 Assets under Management and M&A 6 M&A muscle,

More information

Southeast Asia AVCJ private equity and venture capital report. 13 th annual edition

Southeast Asia AVCJ private equity and venture capital report. 13 th annual edition Southeast 2017 AVCJ private equity and venture capital report 13 th annual edition CONTENTS 1 Introduction 4 ASEAN asset class attractions 2 Assets Under Management and M&A 6 Steady growth, solid deals

More information

Asian Private Equity and Venture Capital Review 2017

Asian Private Equity and Venture Capital Review 2017 Asian Private Equity and Venture Capital Review 2017 13 th annual edition CONTENTS 1 Introduction 4 Boom before bust? 2 Assets Under Management and M&A 6 Massive M&A 3 Fundraising 11 Flush with funds 4

More information

China Investment Environment

China Investment Environment Potential for great match between Chinese investments and Finnish Innovation exists and will likely to remain or even increase with many new investment models emerging in the coming decade but we in Finland

More information

2014 Venture Capital Review

2014 Venture Capital Review 214 Venture Capital Review Venture capital activity reaches 13-year high The venture capital (VC) industry had an exceptional year in 214. Funding was back to levels not seen since 2, median deal sizes

More information

Fantasia Holdings Group Co., Limited

Fantasia Holdings Group Co., Limited Credit Opinion 22 May 2017 Fantasia Holdings Group Co., Limited Hong Kong Category: Rating Type: Industry: Long-term Credit Rating: Rating Outlook: Corporate Rating Solicited Rating Property Development

More information

Chinese Economy. YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto

Chinese Economy. YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto Chinese Economy YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto Chinese Economy Slowing down or Picking up Growth 7.7% (first 3 months) 7.5% in April-June Slowest in 13 years Economic

More information

Global Economic Outlook - July 2017

Global Economic Outlook - July 2017 Global Economic Outlook - July 2017 June 28, 2017 by Carl Tannenbaum, Asha Bangalore, Ankit Mital, Brian Liebovich of Northern Trust Global economic activity has generally been good during the first six

More information

Emergence of RMB as an International Currency

Emergence of RMB as an International Currency Emergence of RMB as an International Currency Cindy Lo, Partner Allen & Overy, Beijing Office March 2013 1 Agenda An Overview: the Chinese Government s policy objectives and key regulatory developments

More information

Article from: Risk Management. March 2008 Issue 12

Article from: Risk Management. March 2008 Issue 12 Article from: Risk Management March 2008 Issue 12 March 2008 w Risk Management in Local Chinese Securities Companies bywei Wang With a history of less than 20 years, the operation and management of local

More information

Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class

Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class October, 2017 Ken Hu Chief Investment Officer, Fixed Income, Asia Pacific China is shifting the green bond market with

More information

The Chinese Gold Market Past, Present & Future

The Chinese Gold Market Past, Present & Future The Chinese Gold Market Past, Present & Future Shanghai 26 May 2011 Agenda The PAST (1984-2010) The PRESENT (2011) The FUTURE (2012+) Unlocking the market potential Maintaining momentum Reaching new heights

More information

Macro Pre-conditions for Rupee Internationalisation

Macro Pre-conditions for Rupee Internationalisation Macro Pre-conditions for Rupee Internationalisation October 30, 2015 Outline 1 The Dollar s international currency status. 2 Efforts by China to internationalize RMB. 3 Macro pre-conditions for Indian

More information

Private Equity Overview

Private Equity Overview Private Equity Overview Presentation to VACo/VML Pooled OPEB Trust Annual Meeting September 9, 2016 John Shearburn Managing Director Legal Considerations This presentation (this Presentation ) is being

More information

Detailed Recommendations 2: Develop Green Funds

Detailed Recommendations 2: Develop Green Funds Detailed Recommendations 2: Develop Green Funds 2 This is a background paper to the report: Establishing China s Green Financial System published by the Research Bureau of the People s Bank of China and

More information

Cleaning Up August 2007

Cleaning Up August 2007 Cleaning Up 2007 Growth in Private Equity & Venture Capital Investment in Clean Energy Technologies, Companies & Projects August 2007 New Energy Finance Limited 71 Gloucester Place London W1U 8JW +44 20

More information

October 2012 Hong Kong Sustainable Development Research Institute Edmund Ho

October 2012 Hong Kong Sustainable Development Research Institute Edmund Ho Featured Article: Role of Hong Kong as a RMB Offshore Center October 2012 Hong Kong Sustainable Development Research Institute Edmund Ho Introduction The economy of China developed rapidly after the open

More information

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 17 th August 2007. WING HANG BANK LIMITED ( 永亨銀行 ) Sector

More information

China Carbon Market Monitor

China Carbon Market Monitor China Carbon Market Monitor October 2015/No. 2 The PMR China Carbon Market Monitor provides timely information across the seven Chinese pilot carbon markets. It also provides analysis of climate policy

More information

Eye on China: Private Equity Investments in China

Eye on China: Private Equity Investments in China Eye on China: Private Equity Investments in China Private Equity Investments in China was the topic of discussion during the May 7, 2008 presentation of the Foley Executive Briefing Series. Foley & Lardner

More information

ASF Hong Kong Market Report

ASF Hong Kong Market Report HONG KONG ECONOMY ASF 2016 - Hong Kong Market Report Background As everyone knows, Hong Kong has a very good geographic location, it is surround by sea and backup by a huge China market. HK has taken a

More information

Capital Market Review

Capital Market Review Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days

More information

MoneyTree TM China TMT Report

MoneyTree TM China TMT Report PricewaterhouseCoopers Zhong Tian LLP MoneyTree TM China TMT Report Q3/Q4 24 Data source: Zero2IPO Research Technology Institute This MoneyTree TM China Telecommunications, Media and Technology (TMT) Report

More information

Global Financial Institutions Group

Global Financial Institutions Group Global Financial Institutions Group Lim Lay Wah Head, Group Financial Institutions UOB Greater China Corporate Day 31 August 1 September 2015 Disclaimer: This material that follows is a presentation of

More information

TECH M&A. Leaders Survey October 2017

TECH M&A. Leaders Survey October 2017 TECH M&A Leaders Survey October 2017 Scan the above QR code with your mobile device to download a copy of this report. Tech M&A Leaders Survey Morrison & Foerster / 451 Research Undeterred by the recent

More information

ASCOTT RESIDENCE TRUST FY2006 Financial Results. 24 January 2007

ASCOTT RESIDENCE TRUST FY2006 Financial Results. 24 January 2007 ASCOTT RESIDENCE TRUST FY2006 Financial Results 24 January 2007 Agenda 2006 Highlights 2006 in Review Operating Performance Acquisitions in 2006 Asset Enhancements in 2006 Strong Balance Sheet Prospects

More information

Secondary Offering Activity 2017

Secondary Offering Activity 2017 About AIM Advisers AIM Advisers helps small and medium-sized, growth-oriented U.S. companies complete IPOs on the Alternative Investment Market (AIM) of the London Stock Exchange. AIM Advisers also provides

More information

The Impact of the Global Financial Crisis on Emerging Markets - The Case of China

The Impact of the Global Financial Crisis on Emerging Markets - The Case of China IOSCO 34th Annual Conference June 29, Tel Aviv The Impact of the Global Financial Crisis on Emerging Markets - The Case of China Hua YU Vice Chairman, Fund Industry Committee, Securities Association of

More information

China Venture Capital & Private Equity HongKong Oct.13 th, 2011

China Venture Capital & Private Equity HongKong Oct.13 th, 2011 1 For more conference details please visit: http://events.pedaily.cn/2011/hk2011/ Agenda 8:30-9:30 Breakfast & Guest Registration 9:30-9:40 Conference Introduction 9:40-10:00 Welcome Remarks and Keynote

More information

A New Chapter: US-Japan Nomi Prins. Shifting Power Alliances, Central Bank Collusion and the Trump Era 1

A New Chapter: US-Japan Nomi Prins. Shifting Power Alliances, Central Bank Collusion and the Trump Era 1 A New Chapter: US-Japan Nomi Prins Shifting Power Alliances, Central Bank Collusion and the Trump Era 1 Geo-Politics and Economics in the Trump Era President Trump s Washington: America First or Last?

More information

AAAAAAAAAAA. GHN Market Report: China Hotel Market Half-Year Update

AAAAAAAAAAA. GHN Market Report: China Hotel Market Half-Year Update GHN Market Report: China Hotel Market Half-Year Update SENTIMENT SURVEY As part of a global initiative, Horwath HTL recently conducted its semiannual global sentiment survey. From that survey, we will

More information

PubPol 201. Module 1: International Trade Policy. Class 3 Outline. Definitions. Class 3 Outline. Definitions. Definitions. Class 3

PubPol 201. Module 1: International Trade Policy. Class 3 Outline. Definitions. Class 3 Outline. Definitions. Definitions. Class 3 PubPol 201 Module 1: International Trade Policy Class 3 Trade Deficits; 2 3 Definitions Balance of trade = Exports minus Imports Surplus if positive Deficit if negative Reported in 2 forms Balance of trade

More information

Structures for International Private Equity Investment in the PRC

Structures for International Private Equity Investment in the PRC International In-house Counsel Journal Vol. 4, No. 13, Autumn 2010, 1 Structures for International Private Equity Investment in the PRC JOSEPH M. LOVELL Corporate Counsel, Origo Partners PLC, China Over

More information

China Everbright Limited (00165.HK) 2012 Annual Results Presentation Press Conference

China Everbright Limited (00165.HK) 2012 Annual Results Presentation Press Conference China Everbright Limited (00165.HK) 2012 Annual Results Presentation Press Conference 2013.03.26 Management Team Chen Shuang Executive Director & CEO Richard Tang Executive Director & CFO Frederick Tsang

More information

PubPol 201. Module 1: International Trade Policy. Class 3 Trade Deficits; Currency Manipulation

PubPol 201. Module 1: International Trade Policy. Class 3 Trade Deficits; Currency Manipulation PubPol 201 Module 1: International Trade Policy Class 3 Trade Deficits; Currency Manipulation Class 3 Outline Trade Deficits; Currency Manipulation Trade deficits Definitions What they do and do not mean

More information

Investor Presentation Q3 FY2006

Investor Presentation Q3 FY2006 Investor Presentation Q3 FY2006 1 DISCLAIMER This presentation contains forward-looking statements about Mirae Asset Securities and unaudited preliminary figures internally collected as of December 2006.

More information

China s Systemic Risk (II/II): Local Government Debt

China s Systemic Risk (II/II): Local Government Debt For professional investors 14 May 2014 1 Chi on China China s Systemic Risk (II/II): Local Government Debt SUMMARY The problem with China s local government debt (LGD) is the combination of its rapid rate

More information

Postal Savings Reform in Northeast Asia Part Two: China

Postal Savings Reform in Northeast Asia Part Two: China COUNTRY ANALYSIS UNIT FEDERAL RESERVE BANK OF SAN FRANCISCO JULY 2008 his Asia Focus is the second of a two-part series T highlighting postal savings programs in Japan, South Korea, and China. Part One

More information

jwc s 2017 Global Industry Performance Review

jwc s 2017 Global Industry Performance Review jwc s 2017 Global Industry Performance Review Top 40 Exhibition Companies: 2015/2016 December 2017 jwc is the leading advisory services firm for the global trade fair and large conference sectors Reach

More information

M&A Trends for March M&A Trends for 2018

M&A Trends for March M&A Trends for 2018 M&A Trends for 2018 Executive Summary In this update we consider the trends in merger and acquisition activity over the last three years, and most importantly, what we can expect to see in 2018 in relation

More information

News Release Survey on Privately Placed Real Estate Funds in Japan July 2012 Results

News Release Survey on Privately Placed Real Estate Funds in Japan July 2012 Results Survey on ly Placed Real Estate Funds in Japan July Results Sumitomo Mitsui Trust Research Institute Co., Ltd Starting in, Sumitomo Mitsui Trust Research Institute Co., Ltd. has conducted the Survey on

More information

Doing Business in China

Doing Business in China WWW.LEHMANBROWN.COM Doing Business in China For MGI Mediterranean Circle meeting March 4 2012 Dickson Leung Senior Partner, LehmanBrown International Accountants WWW.LEHMANBROWN.COM Contents 1. Where is

More information

China A-Shares: Too Big to Ignore

China A-Shares: Too Big to Ignore RESEARCH SPOTLIGHT China A-Shares: Too Big to Ignore China A-shares make up 34% of the total China investment opportunity set yet are often missing from a typical institutional investor s portfolio due

More information

EY Global IPO Trends Q

EY Global IPO Trends Q EY Global IPO Trends 2016 2Q Delayed but not derailed: global IPO market looks ahead to 2017 Amid ongoing economic and political uncertainty, the global IPO market will continue to be a stop-start affair

More information

Foreign Banks in China 17 July 2012

Foreign Banks in China 17 July 2012 www.pwc.com Foreign Banks in China Mervyn Jacob Financial Services Leader for China & Hong Kong William Yung Financial Services Advisory Partner for China Introduction Surveyed 41 CEOs, senior executives

More information

INVESTMENT MANAGEMENT AT NORGES BANK DEPUTY GOVERNOR EGIL MATSEN

INVESTMENT MANAGEMENT AT NORGES BANK DEPUTY GOVERNOR EGIL MATSEN INVESTMENT MANAGEMENT AT NORGES BANK DEPUTY GOVERNOR EGIL MATSEN Copenhagen, 28 September 2017 Norges Bank s balance sheet 1) Norges Bank s balance sheet (excl. GPFG) 700 600 500 400 300 200 100 0 Foreign

More information

US PE / VC Benchmark Commentary Quarter Ending March 31, 2017

US PE / VC Benchmark Commentary Quarter Ending March 31, 2017 US PE / VC Benchmark Commentary Quarter Ending March 31, 2017 Overview US private equity and venture capital funds had a good first quarter in 2017, as indicated by the Cambridge Associates LLC benchmark

More information

Underutilized Capital David Dollar and Shang-Jin Wei

Underutilized Capital David Dollar and Shang-Jin Wei What's New Site Map Site Index Contact Us Glossary A quarterly magazine of the IMF June 2007, Volume 44, Number 2 Search Finance & Development Search Advanced Search About F&D Subscribe Back Issues Write

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 05/02/2016 This Products Highlights Sheet is an important document. It highlights the key terms and risks of the RMB Income Plus Portfolio (the "Portfolio"), a portfolio of AB 1 (the "Fund"),

More information

FINANCIAL REPORT 30 NOVEMBER ST HALF OF FISCAL YEAR 2017/2018

FINANCIAL REPORT 30 NOVEMBER ST HALF OF FISCAL YEAR 2017/2018 FINANCIAL REPORT 30 NOVEMBER 2017 1ST HALF OF FISCAL YEAR 2017/2018 CONTENTS 03 KEY PERFORMANCE INDICATORS 04 HIGHLIGHTS 05 HELLA ON THE CAPITAL MARKET 07 INTERIM GROUP MANAGEMENT REPORT 07 Economic development

More information

Re-energizing the IPO Market

Re-energizing the IPO Market Re-energizing the IPO Market Jay R. Ritter University of Florida Partly based on joint work with Xiaohui Gao and Zhongyan Zhu Where Have All the IPOs Gone? IPO volume has been very low in the U.S. since

More information

THE STATE OF THE ECONOMY

THE STATE OF THE ECONOMY THE STATE OF THE ECONOMY ANGELA GUO Portland State University The United States economy in the fourth quarter of 2013 appears to have a more robust foothold pointing to a healthier outlook for 2014. Much

More information

China Banking Regulatory Update November 2013

China Banking Regulatory Update November 2013 China Banking Regulatory Update November 2013 Kreab Gavin Anderson is a leading communications consultancy with a global reach. We help our clients solve complicated and demanding communications issues

More information

Nickel Stocks. Introduction

Nickel Stocks. Introduction INSG Insight INSG SECRETARIAT BRIEFING PAPER March 21 No.9 Nickel Stocks Introduction This report, the ninth in the series of INSG Insight briefing reports, provides members with information on nickel

More information

SOVEREIGN WEALTH S HUNT FOR THE NEXT UNICORN

SOVEREIGN WEALTH S HUNT FOR THE NEXT UNICORN SOVEREIGN WEALTH S HUNT FOR THE NEXT UNICORN By Markus Massi, Alessandro Scortecci, and Pratik Shah As digitalization transforms the way people live, work, and play, the organizations that power this shift

More information

The compilation and analysis of Chinese government balance sheet 1

The compilation and analysis of Chinese government balance sheet 1 Eighth IFC Conference on Statistical implications of the new financial landscape Basel, 8 9 September 2016 The compilation and analysis of Chinese government balance sheet 1 Guihuan Zheng and Yue Dan,

More information

/EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/

/EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/ FOURTH QUARTER 2014 /EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/ CONTENTS/ INTRODUCTION [2] EXECUTIVE SUMMARY [4] 2 INTRODUCTION Welcome to this final edition of Offshore-i for 2014, in which

More information

Introduction to SOUTH KOREA

Introduction to SOUTH KOREA Introduction to SOUTH KOREA South Korea has the fourth largest nominal GDP in Asia (USD 1.4 trillion in 2016). Economic growth slowed from 4.4% per year in 2002-2011 to (a still fairly good) 2.8% in 2012-2016

More information

Financial Results for 4 th Quarter 2017 and Year Ended 31 December 2017

Financial Results for 4 th Quarter 2017 and Year Ended 31 December 2017 Financial Results for 4 th Quarter 2017 and Year Ended 31 December 2017 31 January 2018 Important Notice This presentation shall be read in conjunction with OUE Commercial REIT s Financial Results announcement

More information

I-4 UC Private Equity Program Review

I-4 UC Private Equity Program Review I-4 UC Private Equity Program Review Committee on Investments / Investment Advisory Group February 22, 2011 Presentation Outline Industry Update Strategy Overview Portfolio Review Performance UC Private

More information

M A Outlook Deal insights for Northern Ireland and the Republic of Ireland

M A Outlook Deal insights for Northern Ireland and the Republic of Ireland M A Outlook 2018 Deal insights for Northern Ireland and the Republic of Ireland Foreword We are delighted to present the findings from our survey on the outlook for Irish M&A activity in 2018. This survey

More information

OECD Equity Markets Review ASIA2017

OECD Equity Markets Review ASIA2017 OECD Equity Markets Review ASIA2017 OECD Equity Markets Review Asia 2017 Please cite this publication as: OECD (2017), OECD Equity Markets Review: Asia 2017 www.oecd.org/corporate/oecd-equity-markets-review-asia-2017.pdf

More information

Structuring Investment into China

Structuring Investment into China Structuring Investment into China Lili Zheng, International Tax Partner Deloitte & Touche LLP March 2, 2003 1 Agenda Post-WTO Investing in China A Common Myth About Investments in China Structuring Your

More information

China Economic Outlook 2013

China Economic Outlook 2013 China Economic Outlook 2 Key Developments in Brief - Mild recovery of GDP growth: +8 8.5% - Construction and consumption as main drivers - Inflationary pressure to increase: +3% - Tight labor market and

More information

Q RESULTS RELEASE AUGUST 7, 2008

Q RESULTS RELEASE AUGUST 7, 2008 Q2 2008 RESULTS RELEASE AUGUST 7, 2008 AEGON reports solid business performance and strong capital position o Strong capital position with excess capital of over EUR 0.8 billion o Solid underlying earnings

More information

SOCAM Posts HK$807 Million Profit for 2009 Enlarged Capital Base To Boost Business Growth

SOCAM Posts HK$807 Million Profit for 2009 Enlarged Capital Base To Boost Business Growth FOR IMMEDIATE RELEASE SOCAM Posts HK$807 Million Profit for 2009 Enlarged Capital Base To Boost Business Growth Financial Highlights of 2009 Results Turnover: HK$3,200 million, up 9% Profit attributable

More information

Market Report. China s 2012 Hottest Job Sectors Simon Mortlock APAC Editor

Market Report. China s 2012 Hottest Job Sectors Simon Mortlock APAC Editor Market Report China s 2012 Hottest Job Sectors Simon Mortlock APAC Editor Market Report China s 2012 Hottest Job Sectors Global economic uncertainty is bound to have an impact on China s employment environment

More information

Asia Overview. September 23, 2005

Asia Overview. September 23, 2005 Asia Overview September 23, 2005 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included

More information

The US current account deficit: dark matter or black hole?

The US current account deficit: dark matter or black hole? The US current account deficit: dark matter or black hole? Globalization Outlook: Its Impacts and our Region s Response March 30, 2006, Shawnee State University, Portsmouth, Ohio Ian Sheldon OSU AED Economics

More information

SUMITOMO MITSUI FINANCIAL GROUP, INC.

SUMITOMO MITSUI FINANCIAL GROUP, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month

More information

Maritime Silk Road Institute, Huaqiao University XU Pei-yuan

Maritime Silk Road Institute, Huaqiao University XU Pei-yuan China-Thailand Strategic Partnership: Economic Relations Maritime Silk Road Institute, Huaqiao University XU Pei-yuan Contents Situations and Problems of China-Thailand Economic Relations Circumstances

More information

Geographical reach. Geographical distribution of issuers. 3,000+ issuers. 40,000 listings. 100 countries. 55 currencies

Geographical reach. Geographical distribution of issuers. 3,000+ issuers. 40,000 listings. 100 countries. 55 currencies Geographical reach 3,000+ issuers 72 Sovereigns 12 Supranationals Geographical distribution of issuers 40,000 listings 67% Bonds 18% Funds 14% Warrants 1% Shares/GDRs 100 countries 55 currencies 6 trillion

More information

Asset & Wealth Management Market Intelligence Digest Taiwan. Asset & Wealth Management Market Research Centre Asia Pacific

Asset & Wealth Management Market Intelligence Digest Taiwan. Asset & Wealth Management Market Research Centre Asia Pacific Asset & Wealth Management Market Intelligence Digest Taiwan Asset & Wealth Management Market Research Centre Asia Pacific Summary table of contents Executive Summary 1.1 1.2 Introduction: Macroeconomic

More information

CAPITARETAIL CHINA TRUST (CRCT)

CAPITARETAIL CHINA TRUST (CRCT) CAPITARETAIL CHINA TRUST (CRCT) First and Only China Shopping Mall S-REIT Tapping into China s Consumption Growth 30 and 31 March 2012 Important Notice and Disclaimer This presentation may contain forward-looking

More information

Interest Rate Liberalization and the International Role of the RMB. Nicholas Lardy. Senior Fellow Peterson Institute for International Economics

Interest Rate Liberalization and the International Role of the RMB. Nicholas Lardy. Senior Fellow Peterson Institute for International Economics Interest Rate Liberalization and the International Role of the RMB Nicholas Lardy Senior Fellow Peterson Institute for International Economics April 2012 Summary: Since the beginning of 2003 China s financial

More information

THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:

THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website: THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT MARCH 2012 Research Department research@tcsc.vn

More information

Mainland China and Hong Kong 2017 Review: IPOs and other market trends

Mainland China and Hong Kong 2017 Review: IPOs and other market trends Mainland China and Hong Kong 2017 Review: IPOs and other market trends Foreword In 2017, the A-share IPO market in mainland China continued to gain momentum with a significant increase in the number of

More information

Philippine Country Report Asia Securities Forum Ismael G. Cruz Philippine Association of Securities Brokers Dealers

Philippine Country Report Asia Securities Forum Ismael G. Cruz Philippine Association of Securities Brokers Dealers Philippine Country Report Asia Securities Forum 2016 Ismael G. Cruz Philippine Association of Securities Brokers Dealers PHL GDP Growth Of 6.2% from 2010 to 2015, Accelerating from 4.9% in 2000-2009, and

More information

Challenges and Opportunities in the Financial Sector

Challenges and Opportunities in the Financial Sector Challenges and Opportunities in the Financial Sector John R. Dacey, Group Chief Strategy Officer, Swiss Re 5th Conference on Global Insurance Supervision, 6 Sep 2017 Key topics The macroeconomic and policy

More information

A world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. The United States findings.

A world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. The United States findings. A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey The United States findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for

More information

Emerging market corporate bonds: Risks are real but overblown

Emerging market corporate bonds: Risks are real but overblown Investment Perspectives Emerging market corporate bonds: Risks are real but overblown Karina L. Bubeck, CFA; Anjali Doshi; Chelsea Konsko; and Erchen Yan Executive Summary After a decade-long surge in

More information

Finally, A Global Tailwind for U.S. Manufacturing Growth

Finally, A Global Tailwind for U.S. Manufacturing Growth Finally, A Global Tailwind for U.S. Manufacturing Growth MAPI Foundation Webinar December 12, 217 Cliff Waldman Chief Economist cwaldman@mapi.net Key Takeaways The global economic recovery is both strengthening

More information

Six Drivers Of The $700B Mobile Internet

Six Drivers Of The $700B Mobile Internet http://techcrunch.com/2014/12/06/six-drivers-of-the-700b-mobile-internet/ Six Drivers Of The $700B Mobile Internet Editor s note: Tim Merel is the managing director of Digi-Capital. Mobile internet is

More information

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 2014 INTERIM CONSOLIDATED RESULTS HIGHLIGHTS

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 2014 INTERIM CONSOLIDATED RESULTS HIGHLIGHTS 4 August 2014 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 2014 INTERIM CONSOLIDATED RESULTS HIGHLIGHTS Profit before tax down 38% to HK$59,096m (HK$95,550m in the first half of ). Attributable

More information

China Private Equity in 2017 and Beyond

China Private Equity in 2017 and Beyond Nr. 2, 217 China Private Equity in 217 and Beyond China presents a challenge for financial investors. On the one hand, it is now the world s secondlargest economy by some measure. It continues to grow

More information

Financial & Professional Services

Financial & Professional Services CBBC Sector Initiatives & Highlights Financial & Professional Services www.cbbc.org 建议 Advice Ι 支持 Support Ι 网络 Networking Sector Overview - Financial & Professional Services The UK and China have an unparalleled

More information

Paul Hastings Newsletter for Investing & Operating in the People s Republic of China

Paul Hastings Newsletter for Investing & Operating in the People s Republic of China CHINA MATTERS Paul Hastings Newsletter for Investing & Operating in the People s Republic of China August 2008 China s New Merger Notification Rules: What Does This Mean to International Investors? The

More information

Operations and results 2015

Operations and results 2015 Operations and results 2015 Highlights in 2015 93m New investments >20% Growth in sales of the 15 fastest growing portfolio companies 156m Excellent year for exits Cash flow from investments in 2015 156m

More information

HARVEST MSCI CHINA A INDEX ETF (A SUB-FUND OF THE HARVEST FUNDS (HONG KONG) ETF)

HARVEST MSCI CHINA A INDEX ETF (A SUB-FUND OF THE HARVEST FUNDS (HONG KONG) ETF) HARVEST FUNDS (HONG KONG) ETF (AN UMBRELLA UNIT TRUST ESTABLISHED IN HONG KONG) HARVEST MSCI CHINA A INDEX ETF ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 www.harvestglobal.com.hk CONTENTS Report

More information

Market Bulletin. Chinese yuan: Walking on a tight rope. 16 August 2016 MARKET INSIGHTS. In brief

Market Bulletin. Chinese yuan: Walking on a tight rope. 16 August 2016 MARKET INSIGHTS. In brief MARKET INSIGHTS Market Bulletin 16 August 2016 Chinese yuan: Walking on a tight rope In brief Recent trends suggest the Chinese authorities are allowing the Chinese yuan to depreciate against a basket

More information

China s Financial Markets: Fit for purpose?

China s Financial Markets: Fit for purpose? China s Financial Markets: Fit for purpose? Howard Davies Director, LSE LSE and Confucius Institute 14 October 2010 In a series of lectures since 2004, I have mapped the changes in the Chinese financial

More information

Company presentation. AIM Italia Conference London Stock Exchange. October

Company presentation. AIM Italia Conference London Stock Exchange. October Company presentation Federico de' Stefani, Executive Chairman Paul Fogolin, Chief Financial Officer AIM Italia Conference London Stock Exchange October 9-10 2017 Disclaimer This presentation has been prepared

More information

Asia/Pacific Economic Overview

Asia/Pacific Economic Overview Copyright E. I. du Pont de Nemours and Company. All rights reserved. Distribution, reproduction or copying of this copyrighted work without express written permission of DuPont is prohibited. Asia/Pacific

More information

Bayer Annual Report To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

Bayer Annual Report To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Bayer Annual Report 2015 39 Performance of Bayer Stock in 2015 [Graphic 2.1] (Indexed; 100 = Xetra closing price on December 31, 2014; source: Bloomberg) 130 120 110 100 90 80 Jan Feb Mar Apr May June

More information

Your gateway to China A-Shares db x-trackers Harvest CSI300 Index UCITS ETF (DR)

Your gateway to China A-Shares db x-trackers Harvest CSI300 Index UCITS ETF (DR) Deutsche Asset & Wealth Management Marketing Material www.chinaetf.co.uk 1st quarter 2014 Your gateway to China A-Shares db x-trackers Harvest CSI300 Index UCITS ETF (DR) Contents 3 db x-trackers Harvest

More information

AGENDA. The Role of ABVCAP The Brazilian Private Equity Ecosystem Brazil from a Global Fundraising and Investing Perspective

AGENDA. The Role of ABVCAP The Brazilian Private Equity Ecosystem Brazil from a Global Fundraising and Investing Perspective 1 1 AGENDA The Role of ABVCAP The Brazilian Private Equity Ecosystem Brazil from a Global Fundraising and Investing Perspective 2 ABVCAP Who We Are Founded in 2000 to promote and develop long-term investments

More information

Nordic Private Equity Summit Europe PE overview Sachin Date Private Equity Leader 20 June 2017

Nordic Private Equity Summit Europe PE overview Sachin Date Private Equity Leader 20 June 2017 Nordic Private Equity Summit Europe PE overview Sachin Date Private Equity Leader 20 June 2017 Europe market overview Stats at a glance Key Europe PE stats at a glance 2010 2011 2012 2013 2014 2015 2016

More information

Perspectives JAN Market Preview: Private Equity

Perspectives JAN Market Preview: Private Equity Perspectives JAN 2018 2018 Market Preview: Private Equity RELATIVE OPPORTUNITY FUELING GROWTH Private equity investors in 2017 benefited from strong overall industry performance, with U.S. funds up 12%

More information

Capture a groundbreaking opportunity with HSBC's first Greater China ETF series

Capture a groundbreaking opportunity with HSBC's first Greater China ETF series Capture a groundbreaking opportunity with HSBC's first Greater China ETF series Golden Dragon ETF (3088.HK) Hong Kong ETF (3000.HK) China ETF (3033.HK) Taiwan ETF (3083.HK) IMPORTANT: If you are in any

More information

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Overview The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index

More information