Caixin
Oct 28, 2022 09:47 AM
CX DAILY

CX Daily: Indonesian Sovereign Wealth Fund’s Blueprint for Growth

Ridha Wirakusumah. Photo: Yang Min
Ridha Wirakusumah. Photo: Yang Min

Sovereign wealth fund /

In Depth: Indonesian sovereign wealth fund’s blueprint for growth

With natural resources aplenty, the world’s fourth-largest population with 280 million and a huge, young workforce, Indonesia is ramping up efforts to market itself as a country with a wealth of investment opportunities.

At the forefront of helping foreign investors unlock the long-term value of the Southeast Asian country is the Indonesia Investment Authority (INA), its $6.5 billion sovereign wealth fund. The fund’s CEO said it is putting a priority on finding the right partners rather than jumping on any deal that comes its way.

“We certainly are experiencing good growth of deal pipelines, good interest from people wanting to come in, but what we need is not just money,” INA CEO Ridha Wirakusumah said Sept. 28 in an interview with Caixin Global. “What we need is a partnership that is win-win on developing and progressing together.”

Shanghai /

Shanghai plans to build $221 million permanent quarantine center on island

Shanghai plans to spend around 1.6 billion yuan ($221 million) to build a permanent quarantine center on an inner-city river island for Covid-19 pandemic control, according to bidding documents obtained by Caixin.

The project will renovate and expand an existing temporary hospital on Fuxing Island in Huangpu River to have 3,009 isolation rooms and 3,250 beds, including 1,300 new beds, the document showed. The construction is expected to be completed in six months.

Personnel /

Communist Party appoints new head of publicity department

Li Shulei, a 58-year-old Henan province native and former long-time senior official of the Party School, has become the new chief of the Publicity Department of the Communist Party of China’s Central Committee.

Li’s appointment was revealed when he presented a supplement report during a Wednesday plenary meeting of the National People’s Congress Standing Committee, where he was addressed by the official Xinhua News Agency as director of the publicity department.

FINANCE & ECONOMY

Publicly traded in Shanghai and Hong Kong, CMB is China’s seventh-largest commercial lender by total assets.

Corruption /

Exclusive: Ex-chief of China Merchants Bank profited on CATL investments

The corruption investigation of Tian Huiyu, a former president of China Merchants Bank Co. Ltd. (CMB), is most likely focused on misconduct over the bank’s asset management business and early investment in battery giant CATL, Caixin learned.

While details of the alleged misconduct and the amount of the former executive’s illegal gains are unclear, multiple sources say he made a killing on hidden personal stakes in the bank’s early backing of Contemporary Amperex Technology Co. Ltd. (CATL), the world's largest producer of lithium-ion batteries. As bank president, Tian backed CMB’s pre-IPO investments in the company.

China-Pakistan /

Pakistan prime minister to visit China starting Nov. 1

Pakistan’s Prime Minister Shehbaz Sharif will pay an official visit to China starting Nov. 1 at the invitation of his Chinese counterpart Li Keqiang, according to the Chinese Foreign Ministry.

Sharif will be among the first few foreign leaders to visit following the Communist Party’s 20th National Congress, ministry spokesperson Wang Wenbin told a press conference Wednesday.

Quick hits /

Ping An profit falls on weak sales and market turmoil

Investcorp, Fung Capital to start $500 million Greater Bay fund

BUSINESS & TECH

 

Pork /

Chinese pork producers report surging profits as prices rise

Chinese pork producers reported solid profits for the third quarter as expectations of tightening supply and increased seasonal demand continued to drive a price rally from April lows.

Muyuan Foods Co. Ltd., China’s largest pig farmer, reported 8.2 billion yuan ($1.1 billion) in net profit attributable to shareholders in the third quarter, reversing four consecutive quarters of net loss, according to its Monday exchange filing.

Shipping /

Germany gives Chinese state-owned company green light for Hamburg port investment

The German government gave the go-ahead for Cosco Shipping Ports Ltd.’s controversial investment in a container terminal at Hamburg port, the Chinese company said in a Wednesday exchange filing.

The approval, which is being finalized, allows Cosco Shipping Ports to acquire as much as 24.9% of the Tollerort terminal, smaller than the planned 35% target, subject to certain unspecified conditions regarding shareholder rights, according to the filing.

Autos /

China’s auto exports rose 51% in first three quarters

China’s automobile exports recorded robust growth in the first three quarters this year, boosted by sales of homegrown brands and American EV giant Tesla.

In the first nine months, China shipped 2.26 million vehicles, up 51.6% from a year earlier and surpassing the 2021 total, according to the General Admission of Customs.

Quick hits /

Wanda property management unit renews Hong Kong IPO filing

China plans to increase international flights starting this weekend

GALLERY

Love and Hope training

 

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