Alec Macfarlane is a columnist based with Breakingviews’ Asia team in Hong Kong. He was previously with the Wall Street Journal in Hong Kong, covering the Asian IPO market, and has also covered private equity for Dow Jones in London.
After outrunning short-sellers, the Chinese apparel giant is issuing 1 bln euros of convertible debt that pays nothing and can’t be swapped for equity until shares rise 40%. Strong take-up will signal confidence Anta can repeat its success reviving Fila with Finland’s Amer.
Dealmakers were gloomy at an annual forum in Hong Kong after a disappointing year. Private equity can no longer rely on minority stakes in a booming economy to juice returns. Tech bets are mostly off. The next batch of funds will work hard on traditional, unloved businesses.
The bank is advising on the $9 bln sale of the grocer’s Southeast Asia businesses. Goldman could indirectly earn fees from the sale of assets in Malaysia where it is in hot water over its role in the 1MDB scandal. A smooth checkout will signal it’s mostly back in action.