Sun Life Financial is among suitors vying to acquire FTLife Insurance, in a deal that could value the Hong Kong insurer at more than $3bn.
The Toronto-based insurer is competing with other bidders including the billionaire Cheng family’s Chow Tai Fook.
Asian alternative asset manager PAG has held talks with investment funds including Singapore sovereign fund GIC about a potential joint offer.
The stock of Sun Life has fallen 7% this year.
FTLife’s owner, Chinese investment firm JD Capital, has asked for second-round bids within the next couple weeks.
Inner Mongolia Eerduosi Resources boosted its 63.9% stake in Inner Mongolia Erdos Electric Power & Metallurgy by acquiring an additional 14.1% for CNY2.45bn ($353m) from Inner Mongolia Erdos Cashmere.
The buyer also intends to raise matching funds totaling CNY500m ($75m) by issuing new shares to no more than ten investors.
Controlling shareholder Erdos Cashmere will subscribe for roughly CNY50m-worth ($7m) of stock in the cash call, the proceeds of which will supplement working capital.
The proposed purchase should bolster its current metallurgical operations while streamlining Erdos Cashmere’s overall group holding structure.
State-owned China Cinda Asset Management is advising HNA Group.
Chinese conglomerate HNA Group has turned to state-owned China Cinda Asset Management Co, among the country’s largest bad debt managers, for advice on asset disposals.
Dennis Chen, HNA Group’s VP, met with Cinda President Chen Xiaozhou on Tuesday to discuss cooperation.
Cinda will continue to support HNA’s strategic transformation and its asset disposals in the core and ancillary businesses.
Anbang Insurance Group plans to sell AB Leasing.
The Beijing-based company is seeking buyers for the 100% stake in AB Leasing, which is currently controlled via two units.
AB Leasing has about CNY3bn ($433m) in registered capital, according to public records, and the sale may take place via auction.
Softbank weighs investment in Delhivery, e-commerce focused logistics player in India.
Softbank Group is about a potential $450m injection into Delhivery. Delhivery provides omnichannel, commerce, and fulfillment and logistics services for retailers in India.
According to these insiders, Softbank will inject an initial $350m into Delhivery, with a secondary transaction of a further $100m, which will boost its stake in the group. Softbank’s purchase of Delhivery is expected to be announced next month, with the company to emerge as the largest shareholder with a 32% holding.
Temasek is exploring the new deals in Artificial Intelligence and Blockchain Technology.
Temasek Holdings, Singapore’s state investment firm, is setting up new groups to explore opportunities in artificial intelligence and blockchain technologies, which it sees as long-term trends impacting multiple industries and geographies.
