Asia Private Equity Weekly News, January 27, 2014

Reuters

HONG KONG, January 27 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending January 24.

JANUARY 24

KKR & Co and BlackRock Inc are among leading global investors in talks to buy a stake in China Huarong Asset Management Co Ltd as the bad debt manager seeks to raise more than $2 billion, people familiar with the matter told Reuters.

GLOBAL PRIVATE equity firm Lone Star has asked banks to submit proposals for a financing to back its planned buyout of billing service provider Invoice Co Ltd, owned by MBK Partners, Basis Point reported citing banking sources.

JAPANESE BANKS including Sumitomo Mitsui Banking Corp and Sumitomo Mitsui Trust Bank are working on an over 100 billion yen ($976.99 million) financing to back KKR's planned buyout of Panasonic Healthcare Co Ltd, Basis Point reported citing banking sources.

SUMITOMO MITSUI Banking has completed a 160 billion yen recapitalisation deal for the new Harry Potter attraction at MBK-backed USJ Co Ltd, operator of the Universal Studios Japan theme park, Basis Point reported citing banking sources.

JANUARY 23

CHINESE UNITS of the global "Big Four" accounting firms should be suspended from auditing U.S.-listed companies for six months, a judge in the United States ruled, in an escalation in a long-running dispute over regulators' access to documents.

FIVE BANKS are underwriting an around $1 billion leveraged buyout financing backing the $1.5 billion delisting of US-traded Chinese online games company Giant Interactive Group Inc, Basis Point reported citing sources.

SWITZERLAND-BASED Partners Group said it has signed an agreement with Mizuho Financial Group Inc and Mizuho Trust & Banking Co to jointly develop and distribute global private equity and infrastructure products in Japan's pension market.

JANUARY 22

CHINESE CONGLOMERATE Fosun International Ltd reassured investors that it has enough cash on hand to fund the 1 billion euro ($1.35 billion) purchase of the insurance arm of a Portuguese state bank and it will continue to buy foreign assets to expand its overseas reach.

CHINA'S INVESTMENT-led economic model has run its course and reform needs to focus on lifting domestic demand, says CITIC Capital's Chairman and CEO Zhang Yichen. To watch the video click ()

INDIAN MORTGAGE lender Housing Development Finance Corp Ltd , loved by global investors for its steady profit growth, faces an intensifying battle for business and market share as banks aggressively push home loans.

FOSUN INTERNATIONAL and Prudential Financial Inc said they will launch a real estate joint venture aimed at investing in urban projects in China.

HONG KONG based distressed debt investor SC Lowy and South Korean private equity firm Yuil PE have acquired Shinmin Mutual Savings Bank, SC Lowy said in a statement. ()

JANUARY 21

A STORY Oriental Brewery boss Chang In-soo often tells about his days as a soju salesman is how he and two clients once worked through 29 bottles of the traditional Korean rice liquor at a single sitting. He feels bad, he says, they didn't manage 30.

JPMORGAN HAS stopped working on a Chinese firm's initial public offering amid an investigation by U.S. authorities into its hiring practises in China, people with direct knowledge of the matter told Reuters.

JANUARY 20

ANHEUSER-BUSCH InBev SA, the world's biggest brewer, agreed to buy back South Korea's Oriental Brewery Co Ltd for $5.8 billion including debt, returning to a large Asian market at a time of strong industry growth across the region.

U.S. PRIVATE equity firm TPG Capital has hired Ganen Sarvananthan, head of investments at Malaysian state investor Khazanah Nasional Berhad, as a partner and managing director in its Asia business.

HAMILTON LANE said it has hired Mingchen Xia as principal on the fund investment team and Yen Li Chew as vice president in the business development group. Both will be based in Hong Kong.

MUTUAL FUND manager Franklin Templeton has hired a former hedge fund manager to expand its Asian line-up of products investing in lucrative alternative assets, joining its peers in tapping a rapidly growing market.

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