Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge.
Global institutions want to extend ESG criteria to the PRC. But domestic share owners simply expect returns. Meanwhile, reliable information is scarce, investors and companies talk past each other, and there are other governance priorities. For now it’s looking like a luxury.
Rather than go public the U.S. customer and employee feedback outfit is selling to the German giant for $8 bln, over $3 bln more than IPO expectations. Though it casts aside the Qualtrics founders’ desire for control, it could still be a smart long-term choice for both companies.
The nearly $100 bln Vision Fund held 38 stakes at the end of September, but some of the biggest and best-known, like Uber and Didi, weren’t among them. Though they may be transferred by SoftBank later, how investors can plan for that isn’t clear. It’s an uncomfortable blind spot.