Weekly Industry News & Trends Recap

1. Finance Industry News
2. Investment, PE & VC News
3. Legal Industry News
4. Healthcare & Life Sciences News
5. Luxury & Retail News
6. Tech & AI News

Finance Sector News

 1.
DBS to Form New Merged Business Group

Singapore and Southeast Asia’s largest lender, DBS Bank, announced the merger of its equity capital markets, brokerage DBS Vickers, and DBS Digital Exchange with its treasury markets business. The new group, called global financial markets, will be effective March 1 and will be led by the current head of treasury markets, Andrew Ng. Other movements include:

• Group head of fixed income Clifford Lee will serve as the head of investment banking.
• Art Karoonyavanich remains the head of capital markets in Singapore but will also oversee the region.

Read the full article about DBS Bank’s merger

2.
Personnel Changes: UOB, Chinese Banks, Natixis and More

UOB: Wee Cho Yaw, the former chairman and CEO of UOB and one of Southeast Asia’s most successful businessmen, has passed away at 95. Wee’s eldest son, Wee Ee Cheong, is the current deputy chairman and CEO of UOB.

China Renaissance Holdings: Prominent, missing Chinese banker Bao Fan resurfaced and resigned from China Renaissance Holdings to focus on his health and family. Co-founder Xie Yi Jing succeeds him, and Jason Lam is appointed executive director and vice chairman.

ICBC: Chen Siqing, Chairman of ICBC, the nation’s biggest state-controlled bank and the third-largest lender globally by market capitalisation, has also stepped down for age-related reasons. Liao Lin, the bank’s president and vice-president of the board, is set to succeed him.

Natixis: Concurrently, the Asia-Pacific (APAC) corporate and investment banking division of Natixis is expanding its global markets team, welcoming several new senior hires across Singapore, Shanghai, Hong Kong, and Japan.

SMBC: Carsten Stoehr, former Greater China CEO of Credit Suisse, has been appointed by Sumitomo Mitsui Banking Corporation (SMBC) as managing director and deputy head of APAC, starting February 19, and will be based in Singapore.

Read the full article about the former UOB chairman
Read the full article about Bao Fan’s resignation
Read the full article about the personnel movements in ICBC and Natixis
Read the full article about SMBC’s appointment

3.
Absa Group Bank to Tap into Increasing Chinese Private Investment in Africa

South African bank Absa Group is positioning to capitalise on the surge in investments from private Chinese firms in sectors like mining, technology, and telecoms across Africa. The bank has launched a non-banking subsidiary in Beijing to facilitate this transition. The move aims to deepen its engagement with both state-owned and private Chinese enterprises.
Read the full article about Absa’s plans

4.
JP Morgan Appoints Reuben Ong to Lead Southeast Asia Private Credit Financing

Reuben Ong is set to lead JP Morgan Chase’s private credit financing business in Southeast Asia (SEA). Ong’s new role builds on his 13-year tenure with JP Morgan, where he contributed to the bank’s debt capital markets (DCM) success in the region. This strategic shift aims to cater to the increasing demand for private credit, projected to reach $2.8 trillion by 2028, as businesses seek non-traditional capital sources.
Read the full article about JP Morgan’s new appointment

5.
OCBC Doubled SME Sustainable Financing Loan Book to Above S$7 Billion in 2023

OCBC Bank has significantly increased its sustainable financing to SMEs, providing over S$7 billion in 2023, up from S$3.3 billion the previous year. The bank is focusing on expanding the availability of sustainability-linked loans (SLLs), aiming to double the number from 24 in 2023, reflecting the growing interest among SMEs in adopting sustainable practices.
Read the full article about OCBC’s plans for sustainable financing loan

Investment, PE & VC News

1.
KKR Raises US$6.4 Billion for APAC Infrastructure Fund

KKR has successfully raised US$6.4 billion for its APAC Infrastructure Investors II Fund, a fund focused on investments with low volatility and strong downside protection. This is the largest pan-regional infrastructure fund raised in APAC. The fund covers various sectors like renewables, digital infrastructure, and transportation and has already committed over half its capital to about 10 investments in countries like Singapore, India and the Philippines.
Read the full article about KKR’s fund raising and plans

2.
Hong Kong’s Billionaire Richard Li Considers Sale of PineBridge Investments, Sources Say

Hong Kong’s Pacific Century Group (PCG), led by billionaire Richard Li, is exploring the sale of its majority stake in PineBridge Investments. PineBridge Investments manages assets worth approximately $157 billion as of the end of 2023, and over half of its portfolio exposure is to the Asia-Pacific region. The potential divestment reflects PCG’s strategy shift. However, PCG intends to retain its stake in the PineBridge-Huatai joint venture in China.
Read the full article about PCG’s shift in strategy

3.
Blackstone Eyes Bid for L’Occitane International

Blackstone is reportedly exploring a bid for L’Occitane International. The private equity firm has been engaging in preliminary evaluations and is considering collaborating with the company’s chairman, Reinold Geiger, for a potential buyout. Early discussions indicate a possible offer, although outcomes remain uncertain, with L’Occitane potentially drawing other bidders as well.
Read the full article about Blackstone’s potential investment

4.
Citi Foresees Surge in India M&A Activity with Global Investment Influx

Citigroup’s top executive in India projects an increase in merger and acquisition (M&A) activity in India this year. A growth in dealmaking across sectors such as industrials, manufacturing, IT services, and insurance is anticipated, fuelled by both domestic economic growth and a buoyant stock market. This uptick in M&A activity is supported by a strong interest from international financial sponsors, with significant investments planned by entities like Singapore’s Temasek Holdings and Bain Capital.
Read the full article about Citi’s projection

5.
Personnel Moves: Chartwell Capital and Farro Capital

Chartwell Capital: Mark Mobius, a veteran investor in emerging markets, has joined the Hong Kong-based investment firm Chartwell Capital in an advisory role. Mobius, known for his success in managing emerging market funds at Franklin Templeton Investments, brings nearly four decades of investment expertise to Chartwell Capital.

Farro Capital: Singapore’s Farro Capital, a multi-family office, has hired Hussan Rahman, a former managing director at the Bank of Singapore, as managing partner. The appointment aims to bolster its client servicing for ultra-high net-worth individuals, particularly in the Middle East, and enhance its wealth management services globally.
Read the full article about Mark Mobius’ move

Read the full article about Farro Capital’s appointment

Legal News

1.
Singapore Law Firm Movements: Bird & Bird, TSMP and More

Bird & Bird: Bird & Bird’s Singapore disputes partner, Jonathan Choo, has launched his own practice, Vantage Chambers, focusing on dispute resolution, including arbitration and mediation.

TSMP Law Corporation: Tania Chin is appointed the director and head of its criminal litigation and investigations practice, bringing her experience from Credit Suisse and Withers.

Prolegis: Herbert Smith Freehills’ Formal Law Alliance partner in Singapore, Prolegis, named Daniel Chia as its new managing director.

Tang Thomas: Less than two years after merging, Tang Thomas has parted ways with one of Singapore’s oldest law firms, Wee Swee Teow (WST), with partners Cynthia Tang and Raj Joshua Thomas leaving alongside three associates. Following the split, Tang Thomas has entered an association with German firm Thummel Shutze & Partners to enhance its capabilities in complex corporate and cross-jurisdictional affairs.

Read the full article about Bird & Bird and TSMP’s personnel movements
Read the full article about Tang Thomas’s separation

2.
APAC Movements: Tongshang, Hang Seng Bank, ANM Global and More

Hang Seng Bank: The bank appoints Mabel Chu, former deputy chief executive of Ping An OneConnect Bank, as its new general counsel and executive committee member starting 22 February 2024.

Tongshang Hong Kong: Ariel Lin joins as a foreign registered lawyer, bringing over 13 years of experience in IPO transactions and compliance for listed companies, strengthening the firm’s capabilities in corporate finance.

Yang & Yang: Yang & Yang Solicitors appoints Rossana Chu, former managing partner of LC Lawyers, as a partner. She brings over 25 years of experience in Hong Kong and cross-border M&A, among other areas.

JunHe: JunHe has established its 14th global office in Xi’an, a city of strategic importance in China’s Silk Road Economic Belt. The move allows JunHe to leverage its established strengths in foreign-related legal services.

King & Wood Mallesons: The firm welcomes Gary Hamp, a former independent consultant from London, as its first Asia partner hire in 2024. Hamp, who has held leadership roles in major law firms across Hong Kong and London, bolsters the firm’s banking practice in Singapore. The firm also promoted Indraneil Ghosh in Singapore and Ike Kutlaca in Hong Kong to partners.

India: India’s legal market sees a flurry of new hires and partner additions across various law firms. Dentons Link Legal, ANM Global, Emerald Law Offices, and Kochhar & Co have continued their recruitment spree, welcoming experts in disputes, aviation, insolvency, bankruptcy, and corporate law, among others.

Read the full article about Hang Seng Bank’s appointment
Read the full article about Ariel Lin’s appointment
Read the full article about Yang & Yang’s appointment
Read the full article about JunHe’s expansion
Read about King & Wood Malleson’s appointments
Read about the new appointments in Indian law firms

3.
Western Law Firm’s Movements in Asia: K&L Gates Straits Law and Taylor Wessing

Taylor Wessing: Taylor Wessing strengthens its Beijing team by welcoming patent law expert Cao Jingjing as a partner, enhancing its capabilities in the life sciences sector.

K&L Gates Straits Law: K&L Gates Straits Law hires investment funds expert Jason Nelms as a partner following the recent addition of aviation finance specialists. Nelms brings extensive experience in private investment funds.

Read the full article about Taylor Wessing’s appointment
Read the full article about K&L Gates Straits Law’s appointment

Healthcare & Life Sciences News

1.
Chinese Medical Device Firm Mindray Plans to Acquire a Major Stake in APT Medical

Shenzhen Mindray Bio-Medical Electronics planned a RMB6.65 billion deal to acquire a 21.12% stake in APT Medical and expand into the cardiovascular disease-related sector. This transaction makes Mindray the controlling shareholder of APT Medical, a company specialising in catheters and sheaths for electrophysiology and invasive treatments.

Read the full article about Mindray Bio-Medical Electronics’ plans

2.
Eisai Anticipates Huge Growth Potential for Alzheimer’s Drug in China

Japan’s Eisai plans to launch its Alzheimer’s drug Leqembi in China in September. It expects significant growth in sales in 2025 as new Alzheimer’s blood tests become available, potentially reaching more of China’s estimated 17 million early-stage patients. Eli Lilly is also seeking approval in China for its Alzheimer’s treatment, donanemab.
Read the full article about Eisai’s planned launch in China

3.
Bristol Myers Squibb Beats Forecasts as New Drugs Post Strong Sales Growth

Bristol Myers Squibb exceeded quarterly earnings and revenue forecasts, driven by a 66% sales increase in its new drugs portfolio. Bristol Myers anticipates higher-than-expected earnings for 2024.
Read the full article about Bristol Myers Squibb’s performance and projection

4.
Neuralink Rival Synchron Boosts Brain-Computer Interface Production Efforts

Neurotech startup Synchron, a rival to Elon Musk’s Neuralink, is increasing the production of its brain-computer interface (BCI), the Synchron Switch, in anticipation of commercial demand. The company recently acquired a minority stake in German manufacturer Acquandas, giving it exclusive access to metal layering technology essential for its implant.
Read the full article about Synchron’s production plans

5.
Abbott Joins Weight Loss Drug Market with Protein Shake Launch

Abbott Laboratories has introduced a new protein shake designed to support adults in weight loss while preserving muscle mass. This is the first among its range of products to be launched under the new Protality brand. The launch aligns with Abbott’s strategy to leverage the growing demand for GLP-1 class weight-loss drugs, which is anticipated to generate over US$100 billion in annual sales by the end of the decade.
Read the full article about Abbott’s protein shake launch

Luxury & Retail News

1.
Superdry’s Shares Soar Amid Plans to Explore Privatisation

Superdry’s shares surged over 100% following news that CEO Julian Dunkerton is considering privatising the British fashion retailer. Dunkerton, the company’s co-founder, has initiated discussions with potential financial backers for a buyout, with a decision deadline set for March 1 under the UK Takeover Panel’s regulations.
Read the full article about Superdry’s potential privatisation

2.
Amer Sports Shares Rose 3% in NYSE Debut

Amer Sports, supported by China’s leading sportswear company Anta Sports Products, saw its shares increase by 3% in its NYSE debut, closing at a market value of $6.6 billion. The funds raised will be used to improve Amer’s balance sheet and fund its growth initiatives.
Read the full article about Amer Sports

3.
Lululemon to Unveil First Men’s Shoe Collection

Lululemon announces plans first men’s footwear line as part of its strategy to double its men’s business and reach a $12.5 billion revenue by 2026. This move comes amidst slowing growth and heightened competition from both established and new brands in the athletic apparel market. Despite the expansion into men’s footwear, Lululemon’s chief brand officer emphasises that apparel remains the company’s core business.
Read the full article about Lululemon’s new footwear line

4.
Swiss Luxury Watchmaker Commits to Sustainable Production

Geneva-based startup ID Geneve drives environmentally friendly production in the luxury watch market by using sustainable materials like vegetal leather and recycled stainless steel. The brand, which offers watches priced between 3,600 and 5,000 Swiss francs, packages its products in compostable algae-based material, emphasising a circular production approach. The company has gained significant attention, especially after securing investment from US actor Leonardo DiCaprio.
Read the full article about ID Geneve’s sustainable efforts

5.
DFS Collaborates with Douyin to Enhance Luxury Travel Retail Experience

DFS Group has partnered with Douyin Life Service to enhance the luxury travel retail experience for Chinese travellers. This collaboration includes allowing Hong Kong consumers to redeem cash coupons by displaying the QR code on Douyin during payment. It is designed to innovate the shopping experience, increase e-commerce revenue, and strengthen DFS’s connection with its core Chinese customer base.
Read the full article about DFS and Douyin’s collaboration

Tech & AI News

1.
Chief AI Officers Command Salaries Averaging Over $1 Million

The rise of artificial intelligence (AI) is creating high-paying positions. This includes the emerging role of Chief Artificial Intelligence Officer (CAIO), with compensation packages often exceeding $1 million. These CAIO roles, necessary for guiding companies through new AI operations, are being filled across various sectors beyond tech, such as healthcare, finance, and government. Other roles, like prompt engineers, offer salaries up to $375,000.
Read the full article about AI’s role in the workplace

2.
Tencent Acquires Controlling Stake in Creators of Swords of Legends

Tencent Holdings acquires a controlling stake in the Beijing-based video game studio Wangyuan Shengtang, enhancing its revenue diversification strategy. This grants Tencent access to Wangyuan’s premium Swords of Legends series and other assets, boosting its gaming empire with additional intellectual property, development, marketing, and distribution capabilities.