Tencent to borrow up to US$4b for acquisitions

    TENCENT Holdings Ltd. is increasing the amount of its planned bank loan to as much as US$4 billion, The Wall Street Journal quoted sources familiar with the matter as saying yesterday, as the Shenzhen-based firm beefs up its war chest for potential acquisitions.

    Tencent was in talks with banks to raise US$2 billion in a syndicated loan, The Wall Street Journal reported last month. But the loan’s syndication has been heavily oversubscribed and the company now plans to raise more than US$3 billion and up to US$4 billion, the sources told the newspaper. The additional funds could help Tencent finance more acquisitions, the sources said.

    Didi Chuxing plans to list shares in New York

    RIDE hailing app Didi Chuxing is preparing for an initial public offering in New York, Bloomberg reported yesterday, citing people familiar with the matter.

    China-based Didi, a rival to Uber Technologies Inc., is targeting a listing as soon as next year, Bloomberg said. The timing will depend on how Didi’s battle with Uber in China plays out, Bloomberg said, citing the people. “We don’t have any such plan or schedule”, Didi Chuxing’s spokesperson said in a statement.

    Shanghai Fosun makes bid for Gland Pharma

    SHANGHAI Fosun Pharmaceutical (Group) Co. said yesterday it has made a non-binding proposal for KKR-backed Gland Pharma Ltd., a move that would improve its drug manufacturing and research and development capacity.

    Gland Pharma founders and KKR, which jointly own about 96 percent of the Hyderabad-based injectable drugs manufacturer, are selling their combined stake, which is valued at between US$1 billion and US$1.5 billion, sources with direct knowledge of the matter said in April. Shanghai Fosun said the proposal was made through its unit Fosun Industrial Co.

    Alibaba Pictures raises subsidiary’s valuation

    THE listed movies unit of Alibaba Group Holding Ltd., China’s biggest e-commerce company, has raised the valuation of its O2O distribution and promotions subsidiary that operates an online ticketing platform after a new round of fundraising.

    Alibaba Pictures Group Ltd. said yesterday that its O2O platform was now worth 13.7 billion yuan (US$2.1 billion) based on the new financing raised from a group of investors led by CDH Investments, Ant Financial Services Group and Sina.com.