Huobi Group founder Leon Li is engaged in talks with a group of investors as the Chinese entrepreneur is looking to sell his majority stake in the crypto exchange at a valuation between $2 billion to $3 billion, according to a Bloomberg report, Decrypt reported. People close to the matter said that FTX founder Sam Bankman-Fried and Tron founder Justin Sun are among the investors who have held preliminary talks with the Huobi boss. Li is reportedly seeking to sell about 60% of the firm.
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The number of initial public offerings at the Philippine Stock Exchange will probably rise to a record this year, with a value of at least 150 billion pesos ($2.7 billion), bourse President Ramon Monzon said in a virtual briefing, Reuters reported. The guidance is based on existing IPOs in the pipeline and share sales that have already take place, including eight in the first half of the year that raised a total of 76.17 billion pesos, according to Monson.
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New Zealand home prices fell on an annual basis for the first time in 11 years in July, adding to signs of a slowdown for the global economy as central bankers worldwide try to tame inflation, the Wall Street Journal reported. The national median sale price of 810,000 New Zealand dollars, equivalent to $519,000, was 1.8% lower than a year earlier, cooled by higher interest rates and lending restrictions, the country’s real-estate institute said Thursday. It was the first annual fall in prices since July 2011.
Credit Suisse Group AG has applied to the English High Court to initiate formal legal proceedings against Japan's SoftBank Group Corp. over a $440 million dispute, one source familiar with the matter said on Thursday, Reuters reported. Switzerland's second-largest bank is trying to recover funds that Greensill Capital, a defunct finance firm, had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy last year.
China's real estate crisis is casting a darkening cloud over governance and financial prospects of once highly valued property management companies, triggering a rout in their shares and making investors cautious, Reuters reported. Already battered share prices have fallen a further 7% this month as investors have reacted to the latest instances of such companies lending support to cash-strapped developer parents.
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Lenders led by Bank of India have appointed BDO India to conduct a forensic audit of Future Retail, which is facing insolvency proceedings, the Economic Times of India reported. Kishore Biyani-led Future Retail had attempted to stave off bankruptcy by selling its companies to Reliance Industries' retail unit. Creditors did not approve the deal and the company was admitted to the National Company Law Tribunal for insolvency proceedings after it defaulted on ₹3,495 crore debt.
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Thai Airways International Pcl will receive key financial support from the government for its 80 billion baht (US$2.3 billion) capital raising and debt-to-equity swap plan aimed at helping the state-controlled carrier come out of its pandemic-induced bankruptcy, Bloomberg News reported. State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Air as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith said in an interview with Bloomberg News on Monday.
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China's top auditor is conducting a review of the U.S. $3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting, Bloomberg News reported. In an unscheduled move, the National Audit Office - which previously led an examination of bank exposures to Mr. Jack Ma's Ant Group - has for the past month been inspecting the books of at least 20 trust firms, including the top five, to gauge the risks they pose to financial stability.
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A top arranger for Chinese junk dollar bonds says that a type of filing under the US bankruptcy code will play an important role for China’s distressed developers to restructure debt, buying them time to pay back creditors until markets recover, Bloomberg news reported. About 10 Chinese real estate companies could use so-called schemes of arrangement to restructure debt in a holistic fashion this year, Chen Yi, head of global capital markets at Haitong International Securities Group Ltd., said in an interview.
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Crypto exchange Zipmex will release Ethereum and Bitcoin tokens from this week, a spokesperson said on Monday, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product, Reuters reported. The Singapore-based Zipmex, which also operates in Thailand, Australia and Indonesia, in July halted withdrawals from Z Wallet, which it said had $53 million worth of cryptocurrencies exposed to Babel Finance and Celsius. Ethereum will be released on Thursday and Bitcoin on Aug. 16, the company said.
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