Asia Private Equity Weekly News, July 9, 2012

By Staff Reporter

Jul 09, 2012 09:34 AM EDT

News and developments in Asia private equity from Reuters News for the week ending July 6.


CHINA YONGDA Automobiles Services Holdings raised HK$1.7 billion ($219 million) from a Hong Kong initial public offering with Baring Private Equity Asia and Prax Capital providing $104 million as cornerstone investors, Thomson Reuters publication IFR reported. The company had previously planned to raise as much as HK$3.4 billion.

SOUTH KOREA'S Lotte Shopping Co Ltd said it had signed a deal to buy a controlling stake in electronics retailer Hi-mart Co Ltd for 1.25 trillion Korean won ($1.1 billion), bringing an end to a process that had been disrupted by an embezzlement scandal involving Hi-mart's chief executive.

AUSTRALIAN PRIVATE equity firm Anacacia Capital said on Friday it has raised A$75 million ($77 million) for its second fund in just six weeks, attracting local and international investors after posting strong returns for its first fund.


CHINA'S BEST-known local sportswear group, Li Ning Co Ltd , grappling with a slowdown that has halved its share price in recent months, replaced its chief executive and said it will focus more on its business in China.

U.S. BUYOUT fund Carlyle Group LP said it has acquired 49 percent and effective control of China's Mandarin Hotel Holdings Ltd for an undisclosed sum, seeking to tap into strong growth for the nation's mid-tier hotel sector.

BMO RAISED alternative asset manager Blackstone Group to "outperform" from "market perform" as it expects the company's net new asset growth to outpace that of traditional asset managers.

PRIVATE EQUITY firm TPG Capital [TPG.UL} raised $181 million from a selldown in Taiwan's Taishin Financial, and no longer has a stake in the company, IFR reported. Nomura was sole bookrunner on the selldown, the report said.


SHAREHOLDERS IN Hi-mart picked South Korea's Lotte Shopping as preferred bidder for a controlling stake in the nation's biggest electronics retailer, sending shares in Hi-mart soaring.


AUSTRALIAN REGULATORS are investigating the withdrawn A$1.65 billion ($1.7 billion) takeover offer for David Jones by a little-known Britain-based firm that sent shares in the country's No.2 department store chain on a roller coaster ride.

JAPAN'S GLORY Ltd gained EU clearance for its 650 million pound ($1 billion) acquisition of Talaris, a provider of cash-counting equipment, from private equity firm Carlyle.


THE NUMBER of private equity funds seeking money from investors reached an all-time high in the second quarter, while those that completed fundraising hit a record low, according to data released by market research firm Preqin.

CAPITAMALLS ASIA, the shopping malls arm of Singapore's CapitaLand Ltd, said it has set up a $1 billion closed-end private equity fund that will invest in Chinese malls.

AUSTRALIA'S DAVID Jones said a little known UK-based private equity fund had pulled a A$1.65 billion ($1.7 billion) takeover approach for the department store chain, sending its shares plunging and prompting calls for a probe by regulators.

AUSTRALIAN PRIVATE equity firm Champ Ventures said it had raised A$475 million ($485.28 million) for its seventh and largest fund so far, above its target close of A$450 million.

HASTINGS FUNDS Management said that the Hastings managed Utilities Trust of Australia had reached a first close, raising commitments of around A$610 million from existing and new investors.

($1 = 7.7539 Hong Kong dollars)

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