08.06.2016 - Tencent Holding WeBank Denied Foreign Fund Raising
WeBank, a Shenzhen-based Internet bank owned by Tencent Holding Ltd., has been restricted to get funds from foreign investors including the US private Warburg Pincus and the Singapore state-owned investment firm Temasek Holdings Pte Ltd., after the country’s banking regulator expressed serious concerns over the foreign ownership. The reason for blocking investment is still not clear. In April 2016, it raised nearly $4.5 billion in funds, which gave the financial arm valuation of nearly $60 billion. Ant Financials domestic investors include various insurance companies and China’s sovereign wealth fund...............................................Full Article: Source
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