Hints and tips:
...Anbang, together with a cohort of conglomerates including HNA and Dalian Wanda, embodied China’s “going out” policy which led to aggressive overseas investment and expansion in the mid-2010s....
...After the market crashed, Chinese investors entered, with giants such as Tencent, Alibaba and Dalian Wanda pouring in cash. But now Chinese money has dried up....
...Recent Chinese listings in the US, Wanda Sports and esports streaming site DouYu, are both sharply below their IPO prices. “It’s just not working,” said one Hong Kong banker....
...This has come even as Beijing has restricted overseas acquisitions by some of the country’s biggest businesses — notably the likes of HNA, Dalian Wanda, Anbang, Fosun and other so-called “grey rhinos”...
...In fact, global M&A in the sector sits just shy of record levels in the first eight months of 2017, with 611 deals worth a total of $194.9bn....
...After spending just shy of $7bn on overseas acquisitions last year, it has mostly focused on building its portfolio at home — bricks-and-mortar shops — as well as ploughing more into its logistics unit....
...Globally, new listings volume stands just shy of $260bn, up more than 40 per cent on last year at this point, according to Dealogic....
...If the IPO raises the full $3.9bn that the group is targeting, it will have a market capitalisation just shy of $25bn, trailing Simon Property’s $56bn but ahead of the $15bn of Australia’s Westfield....
...This is a sector they have tended to dismiss for its fee-generating potential: with the exception of Li Ka-shing, Hong Kong’s tycoons are home-focused and deal-shy....
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