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Sovereign Wealth Funds Invest in China Pacific Insurance Company

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The Government of Singapore Investment Corporation Private Limited is subscribing to a Hong Kong H-share private placement by China Pacific Insurance (Group) Co Ltd (CPIC). The subscription amount is up to US$ 700 million. The CPIC is a major insurer in China. Singapore’s GIC held 2.3% of shares prior to the private placement. Other sovereign wealth fund investors include Norges Bank Investment Management and the Abu Dhabi Investment Authority (ADIA).

On September 9, 2012, CPIC proposed to issue 462 million H-shares with three sovereign investors. After the placement, GIC will hold 10.61% of CPIC’s H-shares, Norges Bank Investment Management 8.35%, and the Abu Dhabi Investment Authority will have 2.75%.

The subscription price of HK$ 22.50 per new H-share represents a 2.2% discount to the closing price of HK$23 per H-share on September 7, 2012.

Over the past few years, Singapore’s sovereign funds are betting on Chinese insurers and banks.

Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Alleged Fraud, Data Breaches, and Bias, Plague Facebook

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In an unfortunate break for Facebook, the true nature of its data breach is more troubling than previously believed. The social media giant revealed that its headline-topping security breach, which affected 29 million accounts, compromised personal information and seemingly confidential contact information. The FBI is said to be investigating. In September 2018, the story broke that user content, email, and phone numbers, along with personal profile information, was swiped from the site. Facebook has admitted the problem, but stopped short of offering users an apology. The U.S. Federal Trade Commission (FTC) and the Irish Data Protection Commission have questioned Facebook on the matter.

Access Tokens

At the root of the breach were Facebook “access tokens.” These are digital keys that give sites access to keep users logged in and to recognize them upon entry. Unknown hackers reportedly stole these access tokens for 400,000 people. They then used “friends lists” to steal tokens from their networks. Facebook did not shy away from noting that unauthorized access “included username, gender, locale/language, relationship status, religion, hometown, self-reported current city, birthdate, device types used to access Facebook, education, work, the last 10 places they checked into or were tagged in, website, people or Pages they follow, and the 15 most recent searches.” This is, clearly, a staggering amount of personal information and a black eye for the corporation.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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