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  • Libya's $65 Billion Battlefield
    The rebels fighting in Libya are about to stare down a $65 bn problem: corruption in the country’s sovereign wealth fund. As the group continues to gain momentum against the Muammer Gaddafi regime, the issue of finding the company’s foreign assets begins – and that includes what’s under the Libyan Investment Authority’s control.
    The sovereign wealth fund was established in 2006, and rebels believe that Gaddafi has used its assets for personal matters. The goal, according to an report, is to have a new board within the next three months. Since the uprising began, it looks as though many of the Libyan Investment Authority’s holdings have lost up to 40 percent of their value. Meanwhile, asset managers are still raking in hefty amounts in fees.
    Aug 26 11:01 AM | Link | Comment!
  • Hong Kong is the new IPO hotbed
    While the IPO market has slowed in the US because of market conditions, there’s plenty of action in Asia. In addition to Citic Securities’ recent IPO filing, several Chinese businesses are preparing to list on the Hong Kong Stock Exchange. Here are the latest:
    1. Ten Fu Tea: it must be a good year for this beverage. Following the Teavana IPO on the New York Stock Exchange, Ten Fu Tea, based in China, is moving forward with an IPO in Hong Kong, despite unfavorable market conditions. It hopes to raise $300 mn.
    2. Hongguo International: also based in China and eyeing a Hong Kong IPO in Hongguo International, a shoe manufacturer. The company is looking to raise $250 mn. This continues the trend of consumer business companies filling the IPO pipeline this year.
    3. XCMG Construction Machinery: the China Securities Regulatory Commission has authorized the issuance of up to 593 mn shares.
    4. New China Life: the company is seeking to raise $4 bn on the Hong Kong Stock Exchange.
    Meanwhile, Beijing Capital International Airport Co Ltd is planning to return to public capital markets vai a mainland listing in 2012. The airport boasts the #2 spot in the world in terms of annual passenger throughput: 73.95 mn.
    Aug 26 10:59 AM | Link | Comment!
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