Anbang Insurance Group, one of the highest-profile Chinese companies proposing acquisition deals in the U.S., will abandon its $1.6 billion offer for U.S. annuities and life insurer Fidelity & Guaranty Life, sources told Reuters on April 16. Though Anbang had received clearance for the deal from the Committee on Foreign Investment in the United States (CFIUS), it “could not get past some U.S. state regulators,” the sources said. This marks the second large deal that Anbang has forgone in the United States in a little over a year, after its deal to buy Starwood Hotels & Resorts Worldwide, Inc. for $14 billion fell through 13 months ago. Just last month, discussions were also called off between Anbang and the family of Jared Kushner, Donald Trump’s son-in-law, over a potential $4 billion real estate deal in New York.
Meanwhile, Ant Financial, an affiliate of ecommerce giant Alibaba, pushed ahead with a deal in the U.S. as it raised the stakes to acquire wire transfer service MoneyGram by more than a third to $1.2 billion. MoneyGram won’t officially vote on the deal for another month, and approval by CFIUS is always a challenge for Chinese firms, though analysts indicate that the new deal is promising and that Ant Financial has likely beat out its Kansas-based rival bidder, Euronet Worldwide, Inc.
India’s phonemakers cry foul on Chinese rivals / Financial Times (paywall)
“Over the past year, Chinese smartphone makers such as Xiaomi, Lenovo and Oppo have launched an intense assault on India, where their market share grew to 46 percent in the final quarter of 2016 from 14 percent a year earlier, according to Counterpoint Research. Indian brands’ share fell from 54 percent to 20 percent during the same period.”
China’s new air purifier standards set to filter low-quality products / TechNode
TechNode cites reports (in Chinese) that two new regulations of the booming air purifier market, one concerning standards for air filters and the other concerning standards for dust collection (《空气净化器用滤网过滤器》and《空气净化器用静电式集尘过滤器》), are in their “final stage” of preparation and will be rolled out in 2018.
Shield tunneling for underground parking starts in Zhengzhou / China Daily
“It is the first time the protective drilling method has been used in China’s busy downtowns to solve parking difficulties.”
- Asia stocks fall on China regulatory crackdown, North Korea tensions / MarketWatch
- How a Chinese investment boom is changing the face of Djibouti / SCMP
- Xinjiang to invest 14.4 billion yuan on airport construction / China Daily