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CROSS DIVERISIFICATION: QIA Picks Up Big Stake in HK Electric Investments

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hong kong

Hong Kong billionaire Li Ka-shing, through his Power Assets Holdings, sold a 16.5% stake in HK Electric Investments to the Qatar Investment Authority (QIA), through Qatar Holding LLC, for HK$ 7.68 billion (US$ 991 million). After the deal, Power Assets Holdings will remain a top shareholder of HK Electric Investments at 33.37%. The QIA bought a small 3.37% stake in HK Electric Investments earlier from Cheung Kong Infrastructure Holdings. Qatar’s sovereign wealth fund will now own a 19.9% stake in HK Electric Investments. The QIA is committed to Asia, investing huge chunks of cash into companies such as HK department store operator Lifestyle International Holdings. In a November 2014 sovereign wealth fund gathering in Doha, the QIA made public they plan to spend US$ 20 billion into Asia in the next five years.

The deal gives the QIA exposure to Asian utility infrastructure, while letting Power Assets Holdings retain control and pursue global acquisitions.

Power Assets Diversification

In 2014, Power Assets Holdings spun off HK Electric Investments as a separate Hong Kong-listed trust company. Power Assets Holdings is seeking to acquire developed market assets to diversify from total exposure to Hong Kong’s electricity business.

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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