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US, Chinese funds to take part in Rusal IPO: report

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Taipei Times reports, “A US-British asset management giant and a Chinese sovereign wealth fund have agreed to take part in the Hong Kong initial public offering (IPO) of the world’s largest aluminum producer, UC Rusal, a report said yesterday. Black Rock and China Investment Corp (CIC) have given their initial agreement to take part in the IPO along with Russian state banks whose interest was already confirmed, daily Vedomosti said. Quoting bankers close to the operation, the newspaper said that Rusal directors had late on Wednesday agreed on a valuation for the Russian metals giant of US$16 billion to US$22 billion for the IPO. Vedomosti said this would make Rusal — whose majority shareholder is the oligarch Oleg Deripaska — the largest aluminum firm worldwide by capitalization, ahead of US firm Alcoa, which is valued at US$15.9 billion.

Sources said earlier this month that Rusal won conditional approval for the IPO from the Hong Kong bourse, ending weeks of uncertainty over whether its billions of dollars of debt would thwart the plan. Rusal plans to float 10 percent of its shares valued at around US$2 billion in by far the biggest IPO by a Russian company since the economic crisis.

Vedomosti said Rusal was now planning to set the IPO price and complete the transaction by Jan. 20. Pre-marketing will start on Jan. 5 and a roadshow on Jan. 11. Around one-third of the shares will go to Europe-based funds and another third to Chinese funds. The Hong Kong bourse is not expected to allow private investors to take part. The involvement of investors like Black Rock — which has US$1.44 trillion of assets under management — should attract smaller funds and mean Rusal has no problem attracting interest in the IPO, Vedomosti said.

Rusal and Black Rock declined to comment, Vedomosti said.”

read more: Taipei Times

Youtube is Crashing

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Youtube, a video service of Google, is crashing. Institutional investors are major investors in Alphabet, the parent company of Google.

At 6:41 PM on October 16, 2018, Team YouTube tweeted, “Thanks for your reports about YouTube, YouTube TV and YouTube Music access issues. We’re working on resolving this and will let you know once fixed. We apologize for any inconvenience this may cause and will keep you updated.”

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Investors Eye Tencent’s Next Moves

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Formed in Shenzhen in 1998, Chinese tech giant Tencent Holdings Limited is the largest gaming company in the world and the largest gaming market is in China. In August 2018, China’s Education Ministry disclosed its monitoring how many new games are coming online. Tencent needs approval from the Chinese government to publish games. In 2017, almost 9,000 games were approved in China compared to only 1,931 in 2018. Chinese President Xi Jinping is keen on combating shortsightedness in children from the overuse of video games.

Anime

Tencent will inject US$ $317.6 million into Chinese streaming site Bilibili in return for 12.3 % equity in the company. Bilibili is a video sharing site known for streaming anime, comics, and games. Tencent’s investment follows previous funding rounds from Tiger Global Management, Wells Fargo, JPMorgan Chase, BlackRock, and Alkeon Capital Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ireland Strategic Investment Fund Signs MoU with IFC

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The International Finance Corporation (IFC) and the Ireland Strategic Investment Fund (ISIF) inked a Memorandum of Understanding (MoU) that will initially focus on investment opportunities in the food and agriculture sector, given its strength and importance for the Irish economy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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