Today was just an ordinary day:
As FastFT noted, Shanghai-listed shares jumped 6 per cent in six minutes in morning trade, despite opening the day lower. The exchange’s official Sina Weibo microblog posted shortly afterwards that operations were running normally. Read more
China Everbright Bank rose as much as 19% on its debut in Shanghai on Wednesday after completing China’s second-largest IPO this year, valued at Rmb18.9bn ($2.8bn), reports Bloomberg. The shares advanced to Rmb3.62 by mid-morning after rising further from the IPO price of Rmb3.1, as Shanghai stocks continued to recover from a three-month slump. Reuters adds that the debut underlines continued interest in banking stocks.
Lo and behold in Sydney and Shanghai — more deal-making in the steady metamorphosis of Australia’s acquisitive Macquarie Group.
Mac Bank, which is moving away from its old business model focused on listed infrastructure funds and looking increasingly to the US and Asia, is bursting into another segment of China’s capital markets, via a Shanghai-based joint venture with two Chinese state-controlled companies. Read more
Australia’s amazing Teflon-coated Macquarie Group is metamorphosing as we write – heading speedily down the path of funds management as it discreetly winds back its listed infrastructure funds business. On Wednesday, Mac Bank unveiled deals in the US and China that further flagged its ambitions for global expansion in the funds management, investment, broking and advisory sides of the capital markets-related business.
No one has ever accused Mac Bank of lack of ambition. True to form, as the FT reports, Macquarie on Wednesday sealed its largest foreign acquisition with the purchase of Delaware Investments, the US money manager owned by Lincoln Financial, for $428m. Read more
Macquarie Group on Wednesday unveiled deals in the US and China that mark another step in the Australian bank’s global expansion. Macquarie sealed its largest foreign acquisition with the purchase of Delaware Investments, the US money manager owned by Lincoln Financial, for $428m. Separately, Macquarie said it has established a joint venture with China Everbright, a Chinese state-controlled investment company, to raise $1.5bn to invest in infrastructure projects in China, Taiwan and HK.
Macquarie Group, Australia’s largest investment bank, and China Everbright plan to raise $1.5bn for two funds to invest in Greater China infrastructure projects, reports Bloomberg. Macquarie and Everbright, an offshore investment arm of China’s cabinet, will contribute as much as $100m to the funds, they said Wednesday. The first fund will target international institutional investors while the second fund, which awaits regulatory approval, will target domestic investors.