China's HSBC flash manufacturing purchasing managers index (PMI) improved to 49.1 in May, up from a final reading of 48.9 in April but slightly below market expectations of 49.3. "While we still need to wait for hard activity data to get a firmer view of activity growth, the still soft PMI reading highlights the difficulties […]

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A Chinese investor consortium has agreed to acquire San Diego, California-based biotechnology firm Ambrx Inc., according to a company announcement. The investors include entities affiliated with Shanghai Fosun Pharmaceutical Group, Chinese private equity firm Hopu Investments, a healthcare investment fund under China Everbright Limited, and WuXi PharmaTech, a Chinese research and development service provider for […]

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Joseph Y. Bae, a managing partner of KKR Asia who launched KKR's Asian operations ten years ago, will relocate back to the firm's New York office to continue working in the same capacity, according to media reports. Bae will travel between the Hong Kong and New York office to continue leading KKR's operations in Asia. […]

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The recent violence in Macedonia is a reminder that the Balkans region remains a volatile mix of nationalism and economic frustration, underpinned by disillusionment about progress toward membership in the EU. But the EU continues to be the only altern…

Sharp slowdown in northeast highlights difficulty of transition from investment-led growth

International Finance Corporation (IFC) and a fund managed by the IFC Asset Management Company have invested US$150 million in Hong Kong-listed China Tian Lun Gas Holdings Limited to help expand the company’s natural-gas distribution infrastructure in China, according to an official announcement. The investment includes US$75 million from IFC’s own account, and US$75 million from […]

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Warburg Pincus has made a follow-on investment of approximately US$200 million in Shanghai-based Mofang Apartments, an apartment rental service franchise in China, according to media reports. The private equity firm previously invested in Mofang in 2012, according to its website. That investment was reportedly worth US$60 million. Mofang provides standard high-end apartment rental services in […]

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CLSA Capital Partners, the alternative asset management arm of Asian brokerage firm CLSA, has invested in Worldtool Company Limited, a Japanese wholesaler and retailer of automotive tools, according to a company announcement. CLSA Capital invested through Sunrise Capital II, a subsidiary fund focused on investing in mid-cap companies with strong growth potential in Japan. No […]

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Baring Private Equity Asia is to acquire a majority stake in Hong Kong-based Vistra Group, a provider of company formations, trust, corporate and fund administration services, according to a company announcement. Vistra Group's previous majority shareholder, European private equity firm IK Investment Partners, is selling its stakes. No specific details of the transaction were disclosed, […]

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Hong Kong-listed Shunfeng International Clean Energy Limited has agreed to acquire 59% of Chinese LED lighting producer Lattice Power, backed by several venture and private equity investors, for over HK$2.04 billion (US$263 million), according to a securities filing. The sellers include an entity affiliated with Crescent HydePark, GO Scale Capital, which is an investment fund […]

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Kingdee International Software Group and JD.com announced an agreement in which JD will invest HKD1.3 billion in cash to acquire about a 10% stake in Kingdee. Meanwhile, the two parties plan to form a strategic partnership to provide small- and medium-sized enterprises with ERP integrated solutions based on cloud computing services. Xu Shaochun, chairman and […]

Billionaire with passion for property, wine and polo takes $13bn hit in one day