Latest news with #SidleyAustin
South China Morning Post
05-05-2025
- Business
- South China Morning Post
Hong Kong IPO filings rush in amid worries trade war may slam listing window shut
Advertisement In the first four months of this year, 112 companies submitted applications to list on the main board of the exchange, a 29 per cent increase from 87 in the same period last year, according to Post calculations based on exchange data. The pipeline grew rapidly last month, with 43 filings, twice the number seen in April 2024. If active submissions filed last year are included, 152 companies are waiting to list on Asia's third-largest bourse. 'Many companies are moving forward with their Hong Kong listings,' said Sherlyn Lau, Hong Kong-based partner at law firm Sidley Austin, adding that many firms were filing applications at an accelerated pace because they aimed to list by year's end. 'This pace contrasts sharply with last year's slower pipeline.' Driven by recent successful IPOs in the city and increasing investor interest in certain active sectors – including consumer, artificial intelligence, robotics, energy and biotech – companies were hoping for better valuations, she added. Advertisement 'They work on the basis that this momentum will continue through 2026, and want to be prepared when the window opens,' Lau said. While being cautiously optimistic about the city's IPO outlook for the rest of the year, Richard Wang, partner at law firm Freshfields, said the uncertainty in the US could impact the Hong Kong market.
Yahoo
23-04-2025
- Business
- Yahoo
Admiral Group to divest US motor insurance portfolio to J.C. Flowers
Admiral Group has agreed to sell its US motor insurance division, including Elephant Insurance Company and Elephant Insurance Services, to private equity firm J.C. Flowers. Financial specifics of the deal were not shared but the cash consideration is said to approximate the net asset value of Elephant, subject to customary adjustments and transaction expenses. The sale is contingent upon regulatory approval and is due to be completed in the fourth quarter of 2025 (Q4 2025). Elephant Insurance, based in Richmond, Virginia, provides car insurance to US customers and its offerings include tools designed to assist customers in selecting protection within their financial means. Admiral Group has appointed BofA Securities as its financial advisor and Sidley Austin as legal counsel. J.C. Flowers has engaged Keefe, Bruyette & Woods, a Stifel Company, as its financial advisor and Debevoise & Plimpton as its legal counsel. Admiral Group international insurance head Costantino Moretti said: 'In Elephant, we have built a business with a great foundation, and selling the company to J.C. Flowers is the right decision to ensure its future success. J.C. Flowers and Elephant have a shared ambition for generating growth and value. This partnership will allow the business to continue to deliver the high-quality insurance products and services that US motorists need. 'This is a good outcome not only for Elephant and its employees, but also the Group and our shareholders. This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe.' J.C. Flowers managing director and co-president Eric Rahe said: 'J.C. Flowers has a long, distinguished history of investing in the insurance industry, and we will leverage our experience to help Elephant Insurance generate new opportunities as a stand-alone company. We are excited to partner with the Elephant team as the business enters this new stage of development.' Last month, Admiral's UK insurance division endorsed Flood Re's Build Back Better scheme. Admiral has supported the Flood Re initiative since its establishment in 2016. "Admiral Group to divest US motor insurance portfolio to J.C. Flowers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
25-03-2025
- Business
- Yahoo
Chinese Property Crisis Just Won't Go Away, Sunac's Case Shows
(Bloomberg) -- Sunac China Holdings Ltd., one of the first major Chinese developers to complete an offshore restructuring, is starting the process all over again, as it joins a growing number of builders facing persistent liquidity problems amid a prolonged property crisis. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Libraries Warn They Could Be 'Cut off at the Knees' by DOGE The company said it has begun offshore debt restructuring work and has appointed Houlihan Lokey (China) as financial adviser and Sidley Austin as legal adviser, according to a filing to the Hong Kong stock exchange. The move makes Sunac the first major Chinese builder to pursue a second-round restructuring since the debt crisis began. Sunac's woes highlight the challenges faced by many defaulted developers that don't have the liquidity to restructure their debt. Builders are still under pressure as home prices in China continue to fall, despite government efforts to prop up the property market. And even if a restructuring gets approval from a court, the company still must have enough liquidity to complete the deal. 'Most defaulted players still have poor contracted sales, cash collection and access to new funding,' said Zerlina Zeng, head of Asian strategy at Creditsights Singapore LLC. That constrains their willingness to work out a better deal with offshore bondholders, she added. One of Sunac's creditors, China Cinda HK Asset Management Co., has filed a liquidation petition against the company, and told a court in Hong Kong on Monday that the company hasn't offered any terms for the new offshore restructuring. Sunac's lawyers said the company needed more time to develop its plans. 'Forcing offshore debt holders to accept worse terms and deeper haircuts unfortunately might have to be used to resolve China's bad property debt,' said Zeng. Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work ©2025 Bloomberg L.P.
Bloomberg
25-03-2025
- Business
- Bloomberg
Chinese Builder Sunac Heads Into Second Offshore Restructuring
Sunac China Holdings Ltd., one of the first major Chinese developers to complete an offshore restructuring, is starting the process all over again, as it joins a growing number of builders facing persistent liquidity problems amid a prolonged property crisis. The company said it has begun offshore debt restructuring work and has appointed Houlihan Lokey (China) as financial adviser and Sidley Austin as legal adviser, according to a filing to the Hong Kong stock exchange.
Yahoo
24-03-2025
- Business
- Yahoo
Fortitude Re seals $4bn reinsurance deal with Taiyo Life
Reinsurer Fortitude Re has closed a $4bn (Y598.58bn) reinsurance transaction with Taiyo Life Insurance, part of Japanese company T&D Holdings . This deal involves the reinsurance of a 'significant portion' of Taiyo Life's whole life annuity business to Fortitude Re. Taiyo Life will maintain its role in servicing and administering the reinsured policies. This transaction is the second reinsurance agreement with Taiyo Life and the sixth overall in the Japan. For this deal, Fortitude Re received legal counsel from Sidley Austin and Mori Hamada & Matsumoto. Fortitude Re Asia head Leonard Lin said: 'We are honoured that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership. This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.' Fortitude Re CEO Alon Neches stated: 'The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders. T&D's origins and extensive activities in Japan combined with Carlyle's 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built.' This agreement follows Fortitude Re's announcement of a long-term care and individual disability reinsurance agreement with a subsidiary of Unum Group in the US. With the completion of that deal, Fortitude Re's originated reserves for the year will surpass $8bn. Backed by Carlyle Group and T&D Insurance Group, Fortitude Re Group oversees approximately $101bn in general and separate account insurance reserves. The company also administers more than four million insurance policies. "Fortitude Re seals $4bn reinsurance deal with Taiyo Life " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
