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Top Market Buzz

1. The People’s Bank of China implemented several rate cuts, lowering the reserve repo rate and loan prime rate (LPR) by 5 basis points, reflecting on their intent to prioritise on growth given tepid economic conditions

2. LVMH recently confirmed to acquire Tiffany & Co for $135 per share in cash, in a transaction with an equity value of about €14.7 billion (financial advisors- Citi & JPMorgan)

3. Private Equity firm Silver Lake Partners recently bought a $500m stake in the ownership of Manchester City Premier League football club, valuing the business at $4.8bn, thus making it one of the most expensive sports brands globally

4. Alibaba Group Holding’s IPO is the largest one for 2019, with the giant raising $11.2 billion in a secondary listing on the Hong Kong exchange. Their current market cap is estimated at HK$4 trillion

5. Cofco announced its buyout bid plan worth US$1.1 billion for its Hong Kong listed unit in Nov 2019

6. The EU’s updated legislative framework, Mifid II was released in late 2019, calling for more detailed reporting on trades and unbundling of research payments

7. Morgan Stanley removes its FX traders over a US$100m securities valuation fraud

8. Venus Medtech, the Chinese heart valve replacement maker, plans to raise up to US$381 million in Hong Kong IPO

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