Latest news with #MorganStanley
South China Morning Post
an hour ago
- Business
- South China Morning Post
Hong Kong has been, and always will be, a very special Chinese city
So, Hong Kong is not going down the drain after all. What a relief! At least that's the latest reassessment of Stephen Roach, who is something of a big potato among the China commentariat. Some 16 months ago, the former Morgan Stanley, Asia boss seemed to have finally joined the 'death of Hong Kong' brigade, having declared that it is 'just another Chinese city' now. His claim – 'it pains me to say Hong Kong is over' – caused a bit of a shock because his views were usually considered moderate and measured. Actually, we are still 'just like any other big Chinese city', he concluded in a recent Financial Times op-ed, like 'Shenzhen with its technology, Guangzhou with its advanced manufacturing'. Hong Kong is 'special' only for its 'role as China's major international financial centre'. Well, Hong Kong had long been the main foreign exchange and investment funding source for communist China even under the British. Its functions may have expanded, but its key financial role remains. Not much has changed. Roach said he used three 'Hong Kong is over' metrics: worsening governance and collapsed autonomy; declining economy tied to the rest of the nation; and a victim caught in the US-China rivalry. It is the last criterion that Roach has changed his mind on, rather than the first two. Actually, he is a Johnny-come-lately. A while back, this newspaper, among others, was already pointing out how the city's capital market was roaring back, with its initial public offerings poised to regain the global top spot. Meanwhile, the Hang Seng Index has vastly outperformed the S&P 500 in the United States this year. Roach now admits: 'Hong Kong has benefited from the more powerful strain of financial decoupling between the US and China.
Economic Times
an hour ago
- Business
- Economic Times
MakeMyTrip raises $3.1 billion to slash Chinese firm Trip.com's stake to 20%
Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, said on Friday. On Tuesday, MakeMyTrip, in a regulatory filing, said that it is raising $3 billion to buy back shares from Group, reducing the Chinese company's holding to 20% from the initial 45%. The fundraise is the largest ever by a listed Indian new-age company.'Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' said Kamal Yadav, managing director, investment banking, at Morgan Stanley. MakeMyTrip cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Both serve on the board, with Kalra as chairman. The cofounders also retain the right to appoint three independent directors. Following the buyback, stake in MakeMyTrip has dropped to 19.99% from 45.34%. Its board representation has also been reduced to two directors from five. The move comes a month after MakeMyTrip faced allegations of endangering the travel data of Indian army personnel due to its Chinese shareholding. Nishant Pitti, founder of rival EaseMyTrip, had alleged that three of the four strategic board committees at MakeMyTrip 'are either led or significantly influenced by directors with clear Chinese affiliations.' MakeMyTrip dismissed the allegations as a 'motivated accusation'. first invested in MakeMyTrip in January 2016 with $180 million in convertible bonds. In 2019, Trip — then known as Ctrip — acquired a 42% stake held by Naspers in a swap deal, receiving a 5.6% stake in Ctrip in exchange.
Yahoo
an hour ago
- Business
- Yahoo
Musk's xAI Sweetens Debt Offering as Investors Face Deadline
(Bloomberg) -- Elon Musk's artificial intelligence startup xAI Corp. offered investors sweeter pricing on its $5 billion debt offering Friday, the same day Morgan Stanley is wrapping up commitments for the deal. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown The package now includes $3 billion of bonds with a 12.5% yield, a $1 billion fixed-rate term loan with a 12.5% interest rate and a $1 billion term loan B priced at 7.25 percentage points over the benchmark rate at a discount of 96 cents on the dollar, according to a person familiar with the matter. Each of the components had been priced at lower rates and the term loan B had a smaller discount. Some investors expected the company would need to raise yields on the debt to close the deal. The offering launched earlier this month and has been impacted by Musk's fallout with US President Donald Trump, as well as investor concerns about xAI's financial wherewithal. The company decided to raise another $4.3 billion in equity and change some terms on debt documents to assuage those worries, Bloomberg previously reported. Commitments were originally due on Tuesday, but Morgan Stanley extended the time frame. Spokespeople for xAI and the bank did not immediately respond to requests for comment. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Sign in to access your portfolio
Time of India
an hour ago
- Business
- Time of India
MakeMyTrip raises $3.1 billion in landmark deal; to slash Chinese firm Trip.com's stake to 20%
Live Events Online travel platform MakeMyTrip has raised $3.1 billion through a mix of equity and debt, its banker, Morgan Stanley, said on Tuesday, MakeMyTrip, in a regulatory filing, said that it is raising $3 billion to buy back shares from Group, reducing the Chinese company's holding to 20% from the initial 45%.The fundraise is the largest ever by a listed Indian new-age company.'Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022,' said Kamal Yadav, managing director, investment banking, at Morgan cofounders Deep Kalra and Rajesh Magow currently hold 4.6% of the company's voting rights. Both serve on the board, with Kalra as chairman. The cofounders also retain the right to appoint three independent the buyback, stake in MakeMyTrip has dropped to 19.99% from 45.34%. Its board representation has also been reduced to two directors from move comes a month after MakeMyTrip faced allegations of endangering the travel data of Indian army personnel due to its Chinese Pitti, founder of rival EaseMyTrip, had alleged that three of the four strategic board committees at MakeMyTrip 'are either led or significantly influenced by directors with clear Chinese affiliations.' MakeMyTrip dismissed the allegations as a 'motivated accusation'. first invested in MakeMyTrip in January 2016 with $180 million in convertible bonds. In 2019, Trip — then known as Ctrip — acquired a 42% stake held by Naspers in a swap deal, receiving a 5.6% stake in Ctrip in exchange.
Bloomberg
an hour ago
- Business
- Bloomberg
Musk's xAI Sweetens Debt Offering as Investors Face Deadline
Elon Musk's artificial intelligence startup xAI Corp. offered investors sweeter pricing on its $5 billion debt offering Friday, the same day Morgan Stanley is wrapping up commitments for the deal. The package now includes $3 billion of bonds with a 12.5% yield, a $1 billion fixed-rate term loan with a 12.5% interest rate and a $1 billion term loan B priced at 7.25 percentage points over the benchmark rate at a discount of 96 cents on the dollar, according to a person familiar with the matter. Each of the components had been priced at lower rates and the term loan B had a smaller discount.
