Industry News & Trends Recap: May Week 5

Job Opportunity, Weekly News
31 May 2024

Industry News & Trends Recap: May Week 5

In this week’s industry recap, OCBC has unveiled plans to invest US$1.5 billion in Greater China and add 300 new employees over the next three years. Simultaneously, DBS is set to expand its private banking team in Hong Kong by 25%. Meanwhile, a study of the luxury industry showed that China is leading the way in global luxury retail openings. In the tech realm, investments are surging in the semiconductor industries, such as Singapore, Malaysia, and China, as countries race to develop and grow the local ecosystem. Explore these and other key developments below:

Table of contents

Finance Industry News
Investment, PE & VC News
Legal Industry News
Healthcare & Life Sciences News
Luxury & Retail News
Tech & AI News

Finance Sector News

1. FX Trades to Cut Into Asia’s ‘Twilight Zone’ as US Stock Cuts Settlement Time

Starting May 28, US stock trades will settle in just one day, causing the US to be out of sync with most other currency and global stock markets, which still settle in two days. The move affects Asian money managers, who will need to convert funds into dollars during early morning hours when liquidity is low. This change aims to reduce counterparty risks but could cause market volatility and increased costs for investors as firms increase staff, automate processes, and maintain extra cash buffers to adapt.

The risk of settlement issues in currency trading might also increase as the deadline for submitting trades to CLS, a major settlement platform operated by big banks, remains at midnight Central European Time (6 a.m. in Hong Kong). This coordination challenge will be even more pronounced over weekends or market holidays, particularly in markets like South Korea, where currency trading halts on holidays. Retail brokers will also need to be prepared for unpredictable client demand for currencies. Despite these challenges, some believe the increased morning trade could deepen the market over time.

Read the full article about the US’s shortening settlement time.

2. Business Moves:

i. Triple-A Incorporated PayPal’s Digital Currency as it Seeks Growth

Singapore-based cryptocurrency payment firm Triple-A has incorporated PayPal’s stablecoin, PayPal USD (PYUSD), into its offerings as it aims to expand its reach in the US and globally. The PYUSD, fully backed by US dollar deposits, treasuries and cash equivalents, will go live on Triple-A’s platform at the end of June. This addition is expected to more than double Triple-A’s payment volumes by the end of 2024. PYUSD, launched in August 2023, has seen its market capitalisation more than double and daily transaction volumes surge by over 600%. The partnership is believed to appeal to companies that prefer traditional currencies. Triple-A has been expanding its reach in Singapore recently. It has previously partnered with Grab and AXS.

Read the full article about Triple A’s expansion plans.

ii. Aspire Obtains MSO License from Hong Kong and Eyes Asia Expansion

Singapore-based fintech Aspire obtained a Money Service Operator (MSO) License from the Hong Kong Customs and Excise Department. The license allows Aspire to offer a comprehensive suite of financial services to SMEs in Hong Kong, including local business accounts, international payments, and payment gateway solutions. This acquisition supports Aspire’s expansion strategy in Asia and comes as Hong Kong sees a surge in digitalisation and entrepreneurship among local SMEs.

Read the full paid article about Aspire’s entry into Hong Kong.

iii. OCBC to Invest HK$1.5b in Greater China and Hire 300

The plan includes modernising OCBC’s technology platforms, channels, and products and integrating artificial intelligence (AI) capabilities. Additionally, the bank will expand its regional engineering hub by hiring about 300 new talents. It will also improve workplace conditions with a new office lease in Hong Kong to enhance staff convenience. These initiatives align with OCBC’s goal to generate S$3 billion in revenue from its ASEAN-Greater China strategy by 2025 and reflect the group’s confidence in China’s pivotal role in fostering business opportunities and growth throughout Asia.

Read the full article about OCBC’s plans for Greater China.

iv. DBS to Hire 25% More Private Banking Professionals as Inflows Grow

Driven by significant inflows of funds from mainland China and Taiwan, DBS Group Holdings announced plans to expand its private banking team in Hong Kong by more than 25% in 2024. The bank has become the third-largest private bank in Asia, excluding onshore China, with assets under management reaching US$201 billion in 2023. This expansion comes as other international banks in Hong Kong are scaling back.

Read the full article about DBS’s plans to increase its Hong Kong headcount.

v. HSBC Looks to Grow in the Middle East After Hiring 100

HSBC Holdings is expanding its private banking sector in the Middle East to cater to the rising number of millionaires and billionaires in the region. This comes after the bank hired 100 bankers in 2023, with further hiring in the pipeline as the bank looks to increase client assets by 60% over the next five years. The Middle East and North Africa division is the largest contributor to HSBC’s Swiss private banking unit, which manages $85 billion in assets. Hangari, previously a top executive at Credit Suisse, along with several key hires from Credit Suisse, will enhance HSBC’s presence in Qatar, Kuwait, and Saudi Arabia. HSBC aims to capitalise on the growing investment flow between the Middle East and Asia, with a focus on key markets like Saudi Arabia, UAE, Kuwait, and Qatar.

Read the full article about HSBC’s plans for wealth management.

vi. ABN Amro Bank to Acquire Fosun’s German Wealth Management Arm

ABN Amro Bank is set to acquire German lender Hauck & Aufhauser Lampe Privatbank for €672 million (S$985 million) from Fosun International. This move aligns with ABN Amro’s strategy to grow its wealth management sector to counter anticipated declines in lending revenue. The purchase will add €26 billion in assets under management (AUM) to ABN Amro, bringing its German wealth management assets to approximately €70 billion. The acquisition positions ABN Amro as the third-largest private bank in Germany, a market with a growing demand for wealth services due to the number of family-owned businesses. Notably, Hauck & Aufhauser’s alternative investment funds, management company and fund administration services are excluded from the deal.

Read the full article about ABN’s purchase from Fosun.

Investment, PE & VC News

1. Trends:

i. More HNWs in Hong Kong Eye Alternative Assets to Diversify

A survey by Endowus reveals that nearly 90% of high-net-worth investors (HNW) in Hong Kong plan to increase their allocations to alternative assets for greater diversification and returns. These include private equity, hedge funds, and private real estate. This shift is due to the underperformance of traditional investments like local stocks and real estate. In contrast, only 58% of wealthy Singaporeans plan similar increases. Hong Kong investors’s reevaluation of the importance of bonds in their portfolios comes after recent interest rate hikes by the US Federal Reserve. The survey also revealed that the primary concerns for Hongkongers investing in private markets and hedge funds are the lock-up periods and limited accessibility. Digital platforms are increasingly popular for accessing these investments compared to traditional relationship managers (28%).

Read the full paid article about the interest in alternative assets.

ii. Singapore Gets Most of the Region’s Private Equity Investments: Bain Report

In 2023, Singapore led the subdued Southeast Asian private equity market, securing $3.7 billion out of the region’s total US$9 billion in capital investments. The country also had the highest number of transactions, with 62 out of 109 deals. However, private equity activity in the region, including Singapore, saw a significant decline due to macroeconomic and geopolitical concerns, mirroring broader trends in the APAC region. However, Japan saw an 80% increase in deal value. Key sectors for future investment in Southeast Asia (SEA) include healthcare, financial technology and consumer product companies. Defensive sectors like healthcare, education, fintech, AI, and precision engineering companies in Singapore are attracting investor interest.

Read the full article about Bain’s private equity market report.

2. Business Moves:

i. Real Estate Tycoon Gordon Tang and Family to Buy Managers and 19% of ARA H-Trust

ARA Asset Management, the owner of ARA US Hospitality Trust’s (ARA H-Trust) sponsor, has agreed to sell the trust’s managers to Acrophyte Asset Management, owned by property tycoon Gordon Tang and his wife Celine. This transaction includes all shares in ARA Trust Management and ARA US Hospitality Management Trust’s trustee-manager, ARA Business Trust Management (USH), making Acrophyte the new sponsor of ARA H-Trust. ARA Real Estate Investors 23, the current sponsor, also plans to sell 110.2 million stapled securities of the trust to Acrophyte Limited, increasing the Tangs’ holding in the trust to 28.3%. This marks Acrophyte’s first entry into Reit management. The deal is expected to be completed in the second to third quarter of 2024, with Lee Jin Yong remaining as the chief executive of the managers post-deal.

Read the full article about Acrophyte’s acquisition of ARA-H Trust managers.

ii. Ekuinas Enters Private Credit Market with RM800m Allocation

Malaysian government-linked private equity firm Ekuiti Nasional (Ekuinas) announced plans to enter the private credit market with an RM800 million (S$230 million) allocation. This new direct lending model complements Ekuinas’ existing private equity investments, supporting the growth of high-potential companies. Private credit funds, often offering higher returns than traditional bank financing, have become increasingly popular in Asia.

Read the full article about Ekuinas’s entry into the private credit market.

iii. BlackRock’s US$20b ETF Becomes the Largest Bitcoin Fund Globally

BlackRock’s iShares Bitcoin Trust has become the largest fund for Bitcoin, accumulating nearly US$20 billion in assets since its US debut at the start of the year. As of May 28, the fund held US$19.68 billion in Bitcoin, surpassing the Grayscale Bitcoin Trust, which has US$19.65 billion. Fidelity Investments’ Bitcoin offering ranks third with US$11.1 billion. The BlackRock and Fidelity Bitcoin ETFs, along with seven others, launched on January 11, coinciding with the conversion of the Grayscale vehicle into an ETF. These launches were significant for the crypto market, making Bitcoin more accessible and contributing to a rally that saw Bitcoin reach a record US$73,798 by March. The SEC recently shifted towards allowing ETFs for Ether, reflecting a cautious stance towards the crypto industry due to previous scandals.

Read the full article about BlackRock’s iShares Bitcoin Fund.

3. People Moves: Raffles Family Office, DWS, Kroll and Qiming

Raffles Family Office: Raffles Family Office promoted its managing partner and co-founder, Kendrick Lee, to the role of CEO of its Singapore office, effective April 1. The firm currently operates two headquarters in Singapore and Hong Kong. The move aims to strengthen its presence and capabilities in SEA and meet the increasing demand for family office services in the region.

DWS: Deutsche Bank’s asset management arm, DWS, appointed Matthias Naumann as the chief investment officer (CIO) for real estate in the Asia Pacific (APAC) region. This marks the first time DWS has placed a dedicated real estate CIO in the region. Naumann, who has been temporarily covering this role since January 2021, will relocate from Frankfurt to Sydney. Naumann’s role will involve identifying real estate investment opportunities in established markets like Australia, Korea, Japan, and Singapore, as well as exploring new growth markets. Naumann has extensive experience from his previous roles in Europe and APAC real estate leadership.

Kroll: Global risk management and financial advisory firm Kroll appointed Jon Rowell as the head of its newly created APAC division. Rowell, a 30-year veteran, will lead the firm’s strategy and growth in the APAC region. He was previously the head of Asia and the Caribbean for FTI Consulting and co-founder of forensic business McGrathNicol. The move comes after Kroll’s recent appointment of former Amazon Web Services executive Jennifer Huntington as chief operating officer.

Qiming: Qiming Venture Partners promoted Alex Zhou to the role of Managing Partner. He will manage Qiming’s operations alongside three other Managing Partners, Duane Kuang, Nisa Leung and William Hu. Over the years, Zhou has been involved in or led investments in various high-tech companies across AI, robotics, semiconductors, new energy vehicles, and software. These include Roborock, UBTech, Unisound, Biren Technology, Viewtrix, Zhipu AI, Mech-Mind Robotics, Axera, and Hyper Strong, among others. The industry views this promotion as a signal that Qiming and the venture capital sector will continue to focus on hard tech and innovation.

Read the full article about Raffles Family Office’s new CEO in Singapore.

Read the full Chinese article about Zhou’s promotion to Managing Partner.

Legal News

1. People Moves in Singapore: Bih Li & Lee

Bih Li & Lee: Singapore boutique law firm Bih Li & Lee rehired Marina Chua as a partner. Chua, who previously worked at the firm, returns from Amazon Web Services where she was a corporate counsel in the energy division. Her career also includes roles at ExxonMobil and Pavilion Energy. Chua has a decade of experience in the renewable energy and LNG sectors, and has structured agreements across the APAC region. With Chua’s addition, Bih Li & Lee now has 13 fee-earners, including six partners.

Read the full article about Bih Li & Lee’s energy partner.

2. People Moves in Hong Kong: Simmons & Simmons and Robertsons

Simmons: UK law firm Simmons & Simmons hired Richard Cheng Li as a partner and head of its healthcare and life sciences group in Hong Kong. Li, who previously served as chief legal officer at I-Mab Biopharma, brings over 15 years of experience in the healthcare and life sciences sector. His background includes overseeing legal affairs at I-Mab, leading Covington & Burling’s China life sciences transaction practice, and serving as head of legal at 6 Dimensions Capital. He is also a former associate at Hogan Lovells. Li’s move follows his exit from I-Mab Biopharma, which decided to divest its China operations amidst US legislative efforts to curtail Chinese biotech advancements.

Robertsons: Hong Kong law firm Robertsons hired RPC’s corporate finance specialist, Janney Chong, as a partner. Chong has extensive experience in corporate finance and commercial transactions, including IPOs, secondary offerings, debt offerings, M&As, public takeovers, and regulatory compliance. She has advised companies listed on the Hong Kong, Shanghai, and Shenzhen stock exchanges. Before joining RPC in 2017, Chong was a partner at Sidley Austin and had worked at Reed Smith.

Read the full article about Simmons’ life sciences partner.

Read the full article about Robertsons’ corporate finance partner.

3. People Moves in China: Chance Bridge, JunHe, Tiantai and JunZeJun

Chance Bridge: Chance Bridge Law Firm hired capital market expert, Zhao Wenqi, as a partner. Zhao will be based in the Shenzhen office. Zhao, who has over 10 years of experience in equity investment and financing projects involving domestic and overseas listing structures, specialises in investment and financing, M&As, and corporate compliance. This is the firm’s latest partner-level hire this year.
JunHe: JunHe Law Firm hired litigation expert Zhao Zhen as a partner. Zhao will be based in the Beijing office. Zhao has extensive experience in litigation and arbitration, cross-border dispute resolution, compliance, and government regulation. He previously served as a judge and worked at JT&N before joining JunHe. This is the firm’s latest partner-level hire this year.

Tiantai: Tiantai Law Firm hired Fang Fang and Sun Qiunan as senior partners, and Song Jinghao and Wang Qi as partners. The four new hires will be based in Tiantai’s Beijing office.

Fang, who previously served at DeHeng Law Offices, specialises in finance and securities dispute resolution, and corporate bankruptcy and reorganisation.
Sun, who served at Han Kun Law Offices, focuses on dispute resolution, banking and finance, M&A, restructuring, bankcruptcy, liquidation and commercial arbitration.
Song and Wang, both from Han Kun, specialise in commercial dispute resolution.

Concurrently, Tiantai added two consultants and promoted four senior partners, one senior consultant, and 16 partners.

JunZeJun: JunZeJun Law Offices added five new partners to its offices in Beijing, Fuzhou, and Shenyang, including two awardees from China Business Law Journal. Zhang Mengchun and Du Yao joined the Beijing office, Liu Shanli joined the Fuzhou office, and Li Zhuang and Song Qiong joined the newly opened Shenyang branch.

Zhang, an expert in intellectual property (IP) disputes, has worked on notable cases involving major brands like Starbucks and Jo Malone. He previously worked at Lung Tin Law Firm and Baker McKenzie FenXun.
Du specialises in M&A, PE, capital markets, and monopoly cases. She previously served as a judge and worked at Jingtian & Gongcheng. She was recognised as a Rising Star by China Business Law Journal.
Liu, also an awardee of the Rising Stars 2023, has over 15 years of experience in M&A, real estate, and dispute resolution.
Li has served as a legal counsel and previously worked at TianTong Law Firm.
Song specialises in company operations, investment, finance, and real estate. He served as legal counsel for various state enterprises and was a former partner at Fada Law Firm and Jun Ji Law Firm.

Read the full article about Chance Bridge’s capital markets partner.

Read the full article about JunHe’s litigation partner.

Read the full article about Tiantai’s four new partners.

Read the full article about JunZeJun’s five new partners.

Healthcare & Life Sciences News

1. Business Moves:

i. Singapore Biotech Mirxes to List in Hong Kong, Seeks Growth in China

Singapore-based biotech firm Mirxes has refiled its draft prospectus for an initial public offering (IPO) in Hong Kong, aiming for a listing in 2024. Initially planned for late 2023, the IPO was delayed due to market volatility. The company, valued at US$600 million, seeks to raise over US$100 million. Founded in 2014 as a spin-off from A*Star, Mirxes specialises in microRNA-based cancer detection. Its flagship product, GastroClear, is the world’s first molecular blood test approved for early gastric cancer detection. The firm focuses on the APAC region, with China and SEA as key markets and the US and Japan as long-term targets. China, in particular, is a significant market for Mirxes and is expected to account for 30 – 40% of its revenue after GastroClear’s regulatory approval. Mirxes is considering a dual listing on the Singapore Exchange (SGX) and the Hong Kong bourse.

Read the full article about Mirxes’ plans for growth and IPO.

ii. Japan’s Asahi Kasei Offers $1.06b to Aquire Tarpeyo Maker Calliditas

Japanese conglomerate Asahi Kasei made a cash offer to acquire Swedish pharmaceutical company Calliditas for 11.16 billion Swedish crowns. This follows the FDA’s full approval of Calliditas’ IgA nephropathy (IgAN) treatment, Tarpeyo. The offer, representing a 74% premium on Calliditas’ recent U.S. share price, has board support. Reasons cited include Asahi’s expertise in rare disease drug development and commercialisation, which is expected to accelerate Calliditas’ growth. This acquisition also aligns with Asahi’s strategy to expand into immunology and related diseases, particularly in the US market. The acquisition will enhance Asahi’s presence in the US and Europe, expanding its in-licensing and new drug development opportunities. This move follows Asahi’s previous expansions, including acquiring Veloxis Pharmaceuticals and Bionova Scientific.

Read the full article about Asahi’s offer to Calliditas.

iii. J&J Buys Another Atopic Dermatitis Antibody in $1.25b Numab Rights Deal

Johnson & Johnson (J&J) is acquiring global rights to Numab Therapeutics’ phase 2-ready atopic dermatitis bispecific antibody, NM26, for $1.25 billion in cash. This transaction includes the acquisition of Yellow Jersey Therapeutics, a Numab subsidiary holding NM26 assets. This deal is part of J&J’s strategy to expand its immunology portfolio, following recent acquisitions like Proteologix for $850 million and Ambrx for $2 billion.

Read the full article about J&J’s acquisition of the rights to NM26.

iv. BioNTech Pays $25m to Use MediLink’s ADC Bond

BioNTech expanded its partnership with MediLink Therapeutics, paying $25 million upfront to use MediLink’s TMALIN ADC platform for several undisclosed targets focused on solid tumours. This deal, which includes potential milestone payments up to $1.8 billion, allows MediLink first negotiation rights for collaboration in China on the resulting ADC candidates. This agreement builds on a previous October 2023 collaboration in which BioNTech paid $70 million upfront for rights to a HER3-directed ADC. BioNTech’s interest in ADCs, funded by its COVID-19 revenue, also includes a $170 million deal with Duality Biologics. MediLink also secured a $1 billion agreement with another European drug developer, Roche, for an ADC targeting c-Met.

Read the full article about BioNTech’s partnership with MediLink.

2. People Moves: Neurocrine and Precision for Medicine

Neurocrine: Neurocrine Biosciences appointed its chief business development and strategy officer Kyle Gano, as the new CEO, effective October 11. This follows the retirement of founder Kevin Gorman. Kyle Gano, the lead inventor of the valbenazine molecule in Ingrezza, also oversaw the acquisition of Diurnal Group in 2022, which expanded Neurocrine’s pipeline for chronic endocrine conditions and helped it establish a presence in Europe. Kevin Gorman will remain on Neurocrine’s board, with Gano now also serving as a board member.

Precision for Medicine: Dr Harpreet Singh left her position as FDA Oncology Division Director to join the clinical research organisation Precision for Medicine as its Chief Medical Officer. Singh served eight years at the FDA as Director of the Division of Oncology 2 and led initiatives like Project Pragmatica to streamline clinical trials. Before the FDA, she was a medical oncology fellow at the National Cancer Institute and completed her medical degree and fellowship in geriatric medicine at USC’s Keck School of Medicine.

Read the full article about Neurocrine’s new CEO.

Read the full article about Precision’s CMO from FDA.

Luxury & Retail News

1. Trends:

i. Trendy Sun-Protective Clothing Trends in China

As temperatures rise, Chinese consumers are embracing sun protection gear, with a focus on stylish and functional sun-protective clothing. This trend is driven by rising awareness of skin health and increased outdoor activities. Chinese brands like Bosideng are leading the way, offering fashionable sun-protective apparel that combines UV protection with style. The market for sun-protective clothing is expected to grow significantly, reaching approximately 100 billion RMB ($13.8 billion) by 2026. Despite some criticism about over-protection, the demand for sun-protective wear is expected to continue growing, with both local and global brands poised to capitalise on this trend.

Read the full article about China’s interest in fashionable sun-protective clothing.

ii. China Leads Global Luxury Retail Openings: Savills

Despite economic uncertainties, China remains crucial in the global luxury market, accounting for 41% of luxury store openings in 2023. The APAC region, excluding China, saw a 31% increase, driven by tourist spending and favorable currency conditions in cities like Tokyo and Singapore. Resort markets, particularly Hainan Island, continue to attract luxury brands while emerging Chinese cities like Shenzhen, Wuhan, and Hangzhou are highlighted as potential growth markets. Globally, North America saw a 12% increase in store openings, while Europe experienced a 17% decline due to limited prime retail space. In the Middle East, Dubai and Saudi Arabia are increasingly attractive, with Dubai gaining 4,500 new high-net-worth individuals in 2023. Luxury brands are adapting by upsizing stores and creating exclusive spaces for high-end customers, with property acquisitions reaching over $6.5 billion in 2023.

Read the full article about Savills’ findings about the luxury market.

iii. Mystic Jewellery the New Marketing Trend for Luxury Brands in China

Consumers in China are increasingly associating luxury goods with mystical powers due to a rising interest in astrology, divination, and esoteric beliefs. Notable examples include Vivienne Westwood’s Saturn necklace, believed to aid academic success, and Tiffany’s Smile necklace, which some claim helps with workplace issues. Social media has amplified these beliefs, with over 30 million posts discussing various superstitions. This trend aligns with the anti-work counterculture among young people and a revival of traditional Chinese practices. Brands like Gucci, Dior, and Van Cleef & Arpels are leveraging these beliefs to boost sales.

Read the full article about China’s mystic jewellery trend.

iv. Bally Joins Growing List of Luxury Brands on Xiaohongshu

Swiss luxury brand Bally launched its first official pop-up store on Xiaohongshu. This pop-up store featuring Chinese host Wu Xin, attracted millions of viewers and sparking widespread discussion on social media platforms. Xiaohongshu, with 300 million monthly active users, is gaining traction among luxury brands like Louis Vuitton, Lanvin, and Givenchy, which used the platform for livestreaming. The platform currently hosts a growing number of KOS (key opinion salespeople), who engage directly with users and deliver personalised shopping experiences. Xiaohongshu’s mini-programme and online mall functions allow brands to create custom interfaces for seamless sales, with Dior and Vacheron Constantin among those leading this trend.

Read the full article about luxury brands’ use of Xiaohongshu.

2. People Moves: Fendi, Rag & Bone, L’Occitane and Benetton

Fendi: LVMH announced a leadership reshuffle, appointing Pierre-Emmanuel Angeloglou as the new CEO of Fendi, effective June 1. Angeloglou, currently the managing director of the LVMH Fashion Group, will maintain this role while leading Fendi. He succeeds Serge Brunschwig, who will take on new responsibilities within LVMH. This change is part of broader executive shifts at LVMH Fashion Group, which includes brands like Celine, Fendi, and Loewe. Angeloglou has a background with Louis Vuitton and L’Oréal.

Rag & Bone: Guess appointed Andrew Rosen as the executive chair of the Rag & Bone brand. This follows Guess and WHP Global’s recent acquisition of Rag & Bone, with Guess owning the operating assets and both companies sharing ownership of the IP. Rosen will guide Rag & Bone’s executive team and collaborate closely with Guess and WHP Global leaders, including Paul Marciano, Carlos Alberini, and Yehuda Shmidman. Rosen has previously worked at Calvin Klein and co-founded Theory.

L’Occitane: L’Occitane appointed Evelyne Ly-Wainer as Managing Director of Global Travel Retail. Ly-Wainer previously held roles at Shiseido and L’Oréal. The appointment follows the recent hiring of Estee Lauder exec Green Yip as travel retail director for the APAC region.

Benetton: Claudio Sforza has been appointed the new CEO of Italian fashion company Benetton Group, effective June 18, succeeding Massimo Renon. Sforza has extensive financial and industrial experience, having held management roles at various companies, including Astaldi, Poste Italiane, Ilva, Telecom and Wind, and Gamenet. This leadership change follows cofounder Luciano Benetton’s exit. Controlling shareholder Edizione plans to support Benetton’s reorganisation with a €260 million investment over the next few years.

Read the full article about Fendi’s new CEO and LVMH’s exec reshuffle.

Read the full article about Rag & Bone’s new CEO.

Read the full article about L’Occitane’s global travel retail MD.

Read the full article about Benetton’s new CEO.

Tech & Semiconductor Industry News

1. Trends:

i. Top AI Experts Leave Tech Giants Amid Unicorn Boom in China

Top AI experts from Chinese tech giants ByteDance and Kuaishou have left to start new AI ventures, reflecting increased investor interest in creating the next OpenAI. Yang Hongxia from ByteDance and Fu Ruiji from Kuaishou, who are involved in large language models (LLMs), have departed to pursue their own AI projects. This trend aligns with China’s current unicorn boom, which has produced several billion-dollar AI startups like Baichuan, Zhipu AI, Moonshot AI, and MiniMax. Other major Chinese tech companies, such as Alibaba, Baidu, and Huawei, are also striving to attract top AI talent with competitive salaries and benefits amidst this growing interest in AI innovation.

Read the full paid article about the demand for AI talent in China.

ii. Former Alibaba Strategy Advisor Enters VC Space, Mirroring Broader Trends

Former Alibaba strategy advisor Zeng Ming entered the venture capital (VC) scene with a personal investment in Yuce Technology. Yuce Technology is founded by Liu Zuohong, a former young architect at Alibaba. Zeng Ming, now a part-time investor, has previously invested in several tech projects like tea’stone and Zhoupu Data. Other notable investors in Yuce Technology include former Meituan COO and ex-Alibaba VP Gan Jiawei, who also acted as an angel investor. With strong support, Yuce Technology secured angel and Pre-A round funding. Zeng Ming’s transition to VC mirrors a broader trend among successful tech leaders. After achieving significant career milestones, many have shifted to venture capital, leveraging their experience, resources, and insights to support innovative startups and new technologies. This influx of experienced leaders is seen as a valuable addition to the VC landscape, bringing fresh perspectives and substantial resources to the industry.

Read the full Chinese article about Zeng’s investment in Yuce.

iii. Lenovo Latest in Tech Sector to Receive Investment from Middle Eastern Fund

Lenovo Group received a $2 billion strategic investment from Saudi Arabia’s Public Investment Fund (PIF). This investment involves the establishment of Lenovo’s new Middle East and Africa headquarters in Riyadh and the issuance of $2 billion in convertible bonds to Alat, PIF’s newly formed company. The proceeds will be used to repay debt and fund general corporate purposes. PIF, one of the world’s largest sovereign wealth funds, aims to position Saudi Arabia as a global hub for sustainable technology and manufacturing by 2030, with substantial investments in global tech leaders. Lenovo will also build a PC and server manufacturing base in Saudi Arabia, enhancing its global manufacturing footprint. This investment is part of a broader trend where Middle Eastern funds invest heavily in strategic sectors to attract industries.

Read the full paid article about PIF’s investment in Lenovo Group.

2. Government:

i. Singapore Invests $300m More in Quantum Computer Industry and Talent

Singapore announced plans to boost its investment in quantum technology with nearly $300 million over the next five years. This funding aims to develop quantum computers and equipment locally, train 200 PhD and master’s level experts, and support research through grants. This follows $400 million invested since 2002 by the National Research Foundation. Deputy Prime Minister Heng Swee Keat announced the National Quantum Strategy at the Asia Tech x Summit. The strategy prioritises scientific studies, talent development, enterprise, and engineering capabilities. The global quantum sector is expected to generate significant economic value, with tech giants like IBM, Google and various Chinese firms leading the race.

Read the full article about Singapore’s investment in quantum computing.

ii. Malaysia to Invest Over US$100b in the Semiconductor Industry

Malaysia announced plans to secure at least 500 billion ringgit (US$107 billion) in investments for its semiconductor industry. The country is a major player, accounting for 13% of the global semiconductor supply chain’s testing and packaging. The investments will focus on integrated circuit design, advanced packaging, and manufacturing equipment for chips. The government also intends to set up at least 10 local firms in the semiconductor design and packaging sector, with revenues ranging from US$210 million to US$1 billion. Malaysia will set aside US$5.3 billion in fiscal support to support these goals, although no specific timeline was provided for achieving these targets.

Read the full article about the Malaysia’s investment in the semiconductor industry.

iii. China Invests S$65.4b in Largest Chip Fund to Back Domestic Firms

China established its largest semiconductor investment fund, the “Big Fund III”. With 344 billion yuan (S$65.4 billion) amassed, the fund will boost its domestic chip industry amid rising tensions with the US. This effort is part of Beijing’s push for self-sufficiency in technology as the US imposes restrictions on China’s access to advanced chips and chipmaking equipment. The fund includes contributions from the central government, state-owned banks, and local government investment firms in Shenzhen and Beijing. The Ministry of Finance is the largest shareholder. Shares of major Chinese chip companies, such as SMIC and Hua Hong Semiconductor, rose following the announcement.

Read the full article about China’s Big Fund III.

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