Hong Kong News

China’s PICC Group to Raise up to $4 Billion in Hong Kong IPO

Chinese state-owned insurer PICC Group started meeting institutional investors in Hong Kong on Thursday to gauge demand for a listing worth up to $4 billion, braving a slump in equity deals with the city’s largest IPO in two years. People’s …

Probe into Fatal Hong Kong Ferry Collision May Take Six Months

Hong Kong authorities began inspecting the wreckage of a leisure boat on Wednesday amid questions over how a collision with a commuter ferry in relatively calm weather killed 38 people in one of the city’s worst accidents in recent decades. …

At Least 37 Dead in Hong Kong Ferry Collision

At least 37 people died and dozens were injured when a ferry carrying more than 120 people on a company outing collided with another ferry and sank near an island south of Hong Kong on Monday night in one of …

Best Upgrades NIPPONKOA’s Ratings to ‘A+’; Affirms Subs

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit rating (ICR) to “aa-” from “a+” of Japan’s NIPPONKOA Insurance Company Ltd. Best also affirmed the FSR of ‘A’ (Excellent) …

Typhoon Vicente Hits Hong Kong, but Only Minor Damage Reported: AIR

According to catastrophe modeling firm AIR Worldwide, Typhoon Vicente, the 8th named storm to form in the Northwest Pacific this year, struck Hong Kong at 4 a.m. Tuesday (July 24, 2012). Accompanied by heavy rains, a central pressure of 950 …

Blackstone Backs ex-AIA Chief in ING Asia Sale Race: Source

Global private equity fund Blackstone Group LP is backing Mark Wilson, the former chief of AIA Group Ltd, in the bidding for ING Groep NV’s Asia insurance unit, a source directly familiar with the matter said. The consortium led by …

Former Dewey & LeBoeuf Lawyers Join DLA Piper Hong Kong Office

The DLA Piper law firm announced that a group of lawyers led by partners Joyce Chan and Heng Loong Cheong will join its Hong Kong office from Dewey & LeBoeuf. The move signals yet another step in the meltdown of …

HSBC Sells General Insurance Business to AXA, QBE for $914 Million

HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the …

AIG to Sell $6 Billion Worth of AIA shares to Repay U.S. Bail-out

American International Group is selling part of its stake in AIA Group to raise about $6 billion to help the U.S. insurer repay a huge federal government bail-out. AIG is looking to place some 1.7 billion AIA shares in a …

AIG Thinking about Buying Back More of AIA

American International Group Chairman Steve Miller said on Thursday the bailed-out insurance company may eventually want to buy a life insurer outside the United States, including possibly a larger stake in the spun-off Asian unit AIA Group Ltd. as confidence …