Blackstone and Canada Pension Plan Investment Board agree bn AirTrunk deal | FinanceAsia

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Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for individual investors, along with the Canada Pension Plan Investment Board, have agreed to acquire AirTrunk, an Asia Pacific ( Apac ) data center firm, in a deal worth around A$ 24 billion ($ 16 billion ).

The sellers are Macquarie Asset Management ( MAM ) and Canada’s Public Sector Pension Investment Board ( CPP Investments ). MAM bought a 88 % stake in AirTrunk in April 2020 for a valuation of around A$ 3 billion. &nbsp,

A spokeswoman for Blackstone told&nbsp, FinanceAsia it is not providing&nbsp, a collapse of the equity ratios. The AirTrunk will remain 12 % owned by CPP Investments, according to the statement. CPP Investments said it has information center joint ventures and assets in major centers in Apac, including Australia, Hong Kong, Japan, Korea, Malaysia and Singapore, and the US.

The package, if completed, may be Blackstone’s largest expense in Apac. The Australian Foreign Investment Review Board has approved the deal.

AirTrunk is the largest information centre program in Apac, with a reputation across Australia, Japan, Malaysia, Hong Kong, and Singapore. It owns property that will allow for over 1GW of regional development and has more than 800MW of customer commitments.

This is Blackstone at its best, according to Jon Gray, president and CEO of Blackstone.” We are using our international platform to capitalize on our highest faith design. Another significant development comes as Blackstone strives to be the world’s largest buyer in modern infrastructure, including power, data centers, and related services.

” Digital system is experiencing unprecedented demand driven by the Artificial revolution as well as the broader digitization of the business,” said Nadeem Meghji, world co-head of Blackstone Real Estate.

They added:” Prior to AirTrunk, Blackstone’s portfolio consisted of$ 55 billion of data centers including facilities under construction, along with over$ 70 billion in prospective pipeline development. To further accede to AirTrunk’s progress, we look forward to working with its top-notch management team.

The deal, according to Robin Khuda, founder and CEO of AirTrunk, demonstrates the strength of the AirTrunk program in a strong-performing field as we prepare for the upcoming wave of development from cloud services and AI and aid the transition to energy in Apac.

We look forward to working with Blackstone and CPP Investments, gaining from their size money, industry experience, and extensive network across the various local markets, Khuda continued,” We look forward to working with them.”

In a statement from CPP, senior managing director, global head of Real Property, and head of Europe, Max Biagosch, stated:” This investment adds another step to our broader data center plan, further expanding our footprints in the region for the benefit of CPP donors and beneficiaries. It is also a fantastic illustration of close collaboration between the fund’s infrastructure and actual estate teams working smoothly up to underwrite this investment.

According to a speech from Blackstone, approximately$ 1 trillion in US capital expenditures will be expected over the next five years to be made to build and promote new data centers, and another$ 1 trillion in US funds expenditures will be made, according to a declaration from the company. &nbsp,

Blackstone has invested in the debt and equity of several other data centre firms, including Coreweave and Digital Realty, the fastest-growing data center company in the world, and QTS. &nbsp,

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Baker McKenzie Wong & Leow to add team from Morrison Foerster | FinanceAsia

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According to a business press release, Baker McKenzie Wong &amp, Leow, a representative firm of Baker McKenzie in Singapore, is adding a group led by leaders Shirin Tang and Lip Kian Ang. &nbsp,

Tang previously served as the Singapore office’s handling partner and on the agency’s global executive committee. He will visit Morrison Foerster as its foreign partner.

FinanceAsia&nbsp, understands from a top business supply that the group will begin in the “next some weeks” and that a deeper two non-partner lawyers, from the same team, will also be joining Baker McKenzie Wong &amp, Leow from Morrison Foerster. &nbsp,

Tang will meet as co-head of the Singapore M&amp, A process, simultaneously with Boo Bee Chun. Tang has over 20 years of experience in cross-border mergers and acquisitions ( M&amp, A) and private equity transactions across Asia and the US, with a focus on complex and innovative transactions, including capital raising platforms, joint ventures and club deals, portfolio restructuring and exits.

Her exercise spans the administrative real property, technology/e-commerce, life sciences and customer industries. Over the past” several” years, Tang has led transactions worth over$ 35 billion in aggregate, according to the media release. &nbsp,

Ang has experience with foreign cash, multinational companies and financial organizations in large cross-border personal capital, venture capital, M&amp, A, real estate, and finance purchases.

Commenting on the move, Boo Bee Chun, director and co-head of the Singapore M&amp, A process, Baker McKenzie Wong &amp, Leow, said in a declaration:” We are thrilled to welcome Shirin, Lip Kian and crew to our M&amp, A / private equity team, to which they will add more depth. The wealth of experience and strong business skills that they bring will be of substantial value to our clients given that Singapore and Southeast Asia have strong deals and development potential.

James Huang, managing director of Baker McKenzie Wong &amp, Leow, states:” Their joining is more information of our commitment to more expanding our bench strength in Singapore, whose status as a leading international financial and business hub is anticipated to continue to grow substantially in upcoming years.”

Click here for more FinanceAsia people moves. &nbsp,

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The investors punting on a Ukraine economic renaissance – Asia Times

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Fincantieri—Europe’s largest builder, based in Italy’s Trieste—is slowly working to change former Ukraine government-owned shipyards in the Black Sea port of Odesa into a state-of-the-art manufacturing hub that will get to create some of the world’s most innovative business vessels.

Following its success in producing next-generation business boats for its Norway company VARD in Tulcea, Romania, the Roman company’s expansion into Odesa seems like the logical next step. Fincantieri employs some 4, 500 staff in Tulcea and Braila, near the Moldovan borders.

Tulcea on the Danube Delta, which was once a sleepy holiday destination, has since become the major transportation hub for Russian crops exports after Russia seized the Sea of Azov following its invasion of Ukraine on February 24, 2022. This is a turning point for political attention.

Tulcea has also been mentioned in the media as Russians continue to fly killer drones over the place to stymie transport. Given that Romania is a NATO and member of the European Union, drones have crossed and crashed into Italian country.

” The Danube here is in a curved S condition, so the Russian robots cross in and out of Italian territory”, said Ciprian Safca, a river boat captain and Tulcea local counsellor. &nbsp,” Russian robots today come in groups of five or so” ,&nbsp, he said. The Italian defense “decided it was much to let them go than to try to shoot them down and possibly miss one or two” according to the military.

Yet, the Russian robots have failed to soften Fincantieri’s devotion to east Romania and its programs for Odesa. &nbsp, If it goes away with a plan to build a next-generation factory in Odesa, Fincantieri may well be the largest foreign investment in Ukraine’s story.

The Fincantieri initiative may actually reach, in terms of overall investment and employees, the Neptune deep-sea corn cargo port built and operated by Minneapolis, Minnesota-based US food giant Cargill at the TIS Seaport outside of Odesa.

With an investment of US$ 150 million from the World Bank’s International Finance Corporation and the European Bank for Reconstruction and Development, the Neptune port was finished in 2018.

The United States International Development Finance Corporation ( US DFC) and the World Bank’s insurance group, MIGA, have already informed Fincantieri that they are willing to offer project finance and political risk insurance, while the US International Development Finance Corporation ( US DFC) is also willing to offer war risk insurance.

Putin’s bombs avoid damage to US interests

According to diplomatic sources, Vladimir Putin’s regime has avoided bombing the Neptune port because it would directly violate US interests.

According to Neptune employees, the cargo port has been operating at full capacity since October last year ( Neptune handles about 10 % of Ukraine’s grain production ) and has never been a target of Russian attacks.

Destroyed Odesa ( formerly Kempenski ) Hotel at the port of Odesa. Photo: Odessa Journal

While Putin may be reluctant to hit Cargill, he has targeted Neptune’s Odesa-based developer, Andrey Stavnitser, by obliterating its 19-story hotel on the Odesa harbor in a September 25, 2023, missile attack.

No one guards an empty bank, as emerging market experts love to point out, and neither strategy is used to protect valuable assets. Fincantieri is also a major naval defense contractor despite being best known for building gargantuan cruise ships for the likes of Carnival.

Fincantieri recently acquired from Italian defense company Leonardo an “underwater armaments systems” company, Whitehead Alenia Sistemi Subacquei S. p. A., which is reportedly capable of protecting the port of Odesa from Russian submarines, naval drones, and torpedoes.

According to this reporter, US Army Major General Timothy Brown of the Army Intelligence and Security Command and US Navy Vice Admiral Karl Thomas, the deputy chief of naval operations for information warfare, agreed that Fincantieri’s civilian and military capabilities for Odesa are crucial for Ukraine and the region.

YouTube video

]embedded content]

Deputy Chief of Naval Operations for the US Navy, Maj. Gen. Gregory Gagnon, deputy director for combat support for the USMC BGen William Wilburn, Jr., and US Navy Deputy Chief of Naval Operations for the US Navy, Vice Admiral Karl Thomas, were recorded by Capitol Intelligence/C I Ukraine using CI Glass to discuss the challenges facing Ukraine during the Service Intelligence Priorities Plenary Session of the AFSEA and INSA Intelligence and National Security Summit in Bethesda

As evidenced by the ongoing conflict in Ukraine, there is a heated debate in Washington about how seemingly ineffective major US defense contractors are at providing war material on a” just in time” basis rather than a” just not in time” basis.

However, US Secretary of the Navy Carlos del Toro, among the most committed US civilian-military leaders to Ukraine’s military victory over Russia, understands the importance of private sector investment to the country.

US Secretary of the Navy Carlos Del Toro ( left ) with Ukraine Naval Attache at the US Naval Academy in Annapolis, Maryland. Photo: PK Semler Credit: PK Semler

Odesa, it appears, will continue to play an even more significant role in the future as the US plans to relocate a sizable portion of its military to a military installation in Constanta, the Romanian Black Sea port, which is located 124 kilometers south of Tulcea.

Fincantieri’s plans are undoubtedly in the public’s interest. Sergii Marchenko, the country’s finance minister, is currently pushing an aggressive program of privatizing state-owned assets to liberalize the Ukrainian economy and reduce its obligations to foreigners, particularly those owed by state-owned enterprises.

Fincantieri and Cargill and Dubai’s DP Port, both of which are owned by foreign companies, raise hopes of an economic revival in Odesa that has n’t been seen since it became a free port between 1819 and 1859, when wealthy merchants and exporters have made the city one of Europe’s most cosmopolitan.

The likes of Stephen Schwarzman, the co-chairman and co-founder of US private equity giant Blackstone Inc., and Carlyle Group co-founder and co-chairman David Rubenstein are currently playing the role of distant wealthy merchants. In Davos, Volodymyr Zelensky and Volodymyr Zelensky, two international business leaders, met last January.

In a second Trump presidency, Schwarzman is expected to be appointed US commerce secretary, and Rubenstein could be US Treasury Secretary or Secretary of State if Kamala Harris wins the election.

Schwarzman has already directed his staff to target investment into Ukraine’s private sector companies, such as video cloud gaming giant Boosteroid. Rubenstein, meanwhile, has leveraged his considerable political and economic influence to rally support for Ukraine among US and world leaders.

There are currently rumors on Wall Street that KKR and Co co-founder Henry Kravis may be preparing a takeover offer for VEON, the$ 2 billion NASDAQ-listed company that owns Ukraine’s largest mobile phone operator, Kyivstar.

The potential KKR move, which has been welcomed by Ukraine and G7 members, would effectively remove a VEON minority investor, Russian oligarch Mikhail Fridman, from the business and Ukraine.

Paul Singer, the principal of activist hedge fund Elliott Management, is also reportedly looking to invest in VEON. At the time of writing, VEON Chairman Augie K. Fabela and VEON independent board member Mike Pompeo, a former US Secretary of State, did not respond to the request for comment.

The Russian fleet has been effectively pushed out of the Black Sea by Ukraine, which is reminiscent of the 1920 Bolsheviks ‘ decision to send the Tsarist fleet to Bizerte, Tunisia. However, new foreign investment from companies like Fincantieri, Blackstone, Carlyle, and KKR could help transform the war-torn country into a new European hub in the near future.

Peter K Semler ([email protected] ) is the chief executive editor and founder of&nbsp, Capitol Intelligence. Previously, he was the Washington bureau chief for Mergermarket. He reported this story from Odesa, Ukraine, and Tulcea, Romania.

Copyright Capitol Intelligence Group – Turning Swords into Equity ® is the title of this article. An edited version is published here with permission.

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FinanceAsia Achievement Awards 2024: entries are now open | FinanceAsia

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FinanceAsia’s annual Achievement Awards recognises excellence in bringing together those issuers, banks, investors, advisors and other market participants, who are working hard to develop and expand Asia Pacific’s (Apac) financial markets.

This year, for the first time, we are also looking to recognise excellence in the fast-growing markets of the Middle East.

We are looking to recognise the standout companies and strategies that are redefining the way issuers and investors are interacting with markets and adapting to evolving regulatory requirements and diverse needs, amid an increasingly competitive environment.

There are both Deal awards and House awards across a range of categories and markets. For more details please see here for Apac and here for the Middle East. 

In addition, our Deal Maker Poll rewards individuals who have been instrumental in closing some of the region’s most ambitious deals over the last 12 months.

The timeline for the deals is October 1, 2023 to September 30, 2024.

We look forward to your participation and seeing your entries! Please click here to find out how to enter at our dedicated Awards website. For frequently asked questions click here and for list of our experienced judges see here. 

Key dates: 

August 19: Awards’ launch

Early-bird entry deadline: September 6, 2024

Main entry deadline: September 19, 2024 

Entries’ evaluated by judges: October 2 to November 6, 2024 

Winners’ announced: November 2024 

Awards’ ceremony: February 2025, date TBD  


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Platinum Equity buys controlling stake in Inventia Healthcare’s OSD arm | FinanceAsia

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From Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and affiliates of the company’s founding Shah family, US private equity firm Platinum Equity has acquired a controlling stake in the core Oral Solid Dosage ( OSD ) business.

A majority stake in Inventia is still owned by the Shah home. Invengene and Nutriventia, the injectables and nutraceuticals companies, respectively, are certainly part of the transaction and are being retained differently by the Shah home, according to an August 30 press release. &nbsp,

The acquisition’s financial details and the stake’s length were not made public.

Inventia, which has its headquarters in Mumbai, was cofounded in 1985 by the late president and managing director Janak Shah and Maya Shah, both of whom are now senior directors. For both ordinary and value-added pharmaceuticals, Inventia has around 100 customers who supply both semi-finished and finished OSD formulas. Inventia’s colleagues include global and local medicine companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

In Maharashtra, India, Inventia runs a manufacturing facility in Ambernath and a research and development center in Thane. The company’s manufacturing platform is accredited by the US Food and Drug Administration ( FDA ), the UK’s Medicines and Healthcare products Regulatory Agency ( MHRA ) and other&nbsp, regulatory authorities.

” This investment represents a significant milestone in the evolution of Inventia. We are thrilled to discover Platinum Equity’s expense in our main OSD company, said Maya Shah and the later Janak Shah in a joint statement due to Janak Shah’s new departure.

They added:” This relationship will funnel Inventia’s advantages and Platinum’s operational knowledge to force us to new levels. We are firmly committed to our vision, and we are assured that this partnership will encourage further development and innovation. Our vision for Inventia has always been to deliver high-quality, available medical items, and with Platinum Equity, we believe this vision will only increase stronger”.

The Asia funding team at Platinum Equity, based in Singapore, is tasked with leading the acquisition.

In a statement, Platinum Equity managing director Amit Sobti stated,” We believe Inventia is a solid platform for development in a fragmented industry, and our goal is to create a larger, more developed B2B firm focused on the beautiful but underprivileged emerging industry.” &nbsp,

By bringing in our operational and financial resources to further institutionalize the organization and set it up for success on a substantially greater range, Sobti continued,” We are excited to develop upon the strong base set by the Shah home.” Inventia’s existing product pipeline you generate strong healthy growth over the near future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities”.

Kotzubei stated that Platinum Equity will continue to look for platform deals in India that are appropriate for the company’s investment strategy in addition to looking for Inventia add-ons.

There are more opportunities available today that fit our approach, he explained, and the buyout market in India is continuing to evolve. ” There are more mature businesses with a greater need for operational support, including founders or family-owned businesses looking for a partner who can provide both operational expertise and capital. We have a lot of experience in those situations”.

Platinum Equity’s exclusive financial advisor on the transaction was Barclays. Trilegal and Lacham Watkins acted as India legal counsel for Platinum Equity while Austin Watkins was their international attorney. Kirkland &amp, Ellis provided financing counsel to Platinum Equity on the transaction.

Rothschild &amp, Co and Stifel Nicolaus India ( formerly Torreya Partners ) served as financial advisers to the sellers. Quillon Partners provided legal counsel to the sellers during the transaction.

FinanceAsia has reached out for more information.

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Platinum Equity buys controlling stake in Inventia Healthcare | FinanceAsia

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Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and affiliates of the company’s founding Shah family have all acquired controlling stakes in Inventia Healthcare’s core Oral Solid Dosage ( OSD ) business from private equity firms Invascent’s India Life Sciences Fund III, New York Life Investment Management Jacob Ballas India Fund III, and other companies.

A majority stake in Inventia is still owned by the Shah home. Invengene and Nutriventia, the injectables and nutraceuticals companies, respectively, are certainly part of the transaction and are being retained differently by the Shah home, according to an August 30 press release. &nbsp,

The size of the play or the financial terms of the merger were not made public.

Inventia, which has its headquarters in Mumbai, was co-founded in 1985 by the late president and managing director Janak Shah and Maya Shah, both of whom are now senior directors. For both ordinary and value-added pharmaceuticals, Inventia has around 100 customers who supply both semi-finished and finished OSD formulas. Inventia’s companions include global and local medicine companies that sell in more than 40 countries across North America, South America, Europe, Southeast Asia, Middle East and Africa.

In Maharashtra, India, Inventia runs a production facility in Ambernath and a research and development center in Thane. The company’s manufacturing platform is accredited by the US Food and Drug Administration ( FDA ), the UK’s Medicines and Healthcare products Regulatory Agency ( MHRA ) and other&nbsp, regulatory authorities.

” This investment represents a significant milestone in the evolution of Inventia. In a combined statement released just before Janak Shah’s moving, Maya Shah and the late Janak Shah, both as business owners and long-standing administrators, we are thrilled to discover Platinum Equity investing in our main OSD business.

They added:” This relationship will funnel Inventia’s advantages and Platinum’s operational knowledge to force us to new levels. We are firmly committed to our mission, and we are assured that this partnership will encourage more development and innovation. Our vision for Inventia has always been to deliver high-quality, available medical items, and with Platinum Equity, we believe this vision will only increase stronger”.

The Singapore-based Asia funding team at Platinum Equity is in charge of the acquisition.

In a statement, Platinum Equity managing director Amit Sobti stated,” We believe Inventia is a solid platform for development in a fragmented industry, and our goal is to create a larger, more developed B2B firm focused on the beautiful but underprivileged emerging industry.” &nbsp,

By utilizing our operational and financial resources to further institutionalize the company and prepare it for success on a substantially larger scale, Sobti continued,” We are excited to develop upon the strong base set by the Shah home.” Inventia’s existing product pipeline you generate strong healthy growth over the near future, which we will look to enhance through acquisitions, with an emphasis on broadening the company’s product portfolio and capabilities”.

Kotzubei stated that Platinum Equity will continue to look for program offers in India that are appropriate for the company’s investment strategy in addition to looking for Inventia add-ons.

There are more possibilities available now that fit our approach, he explained, and the buyout market in India is continuing to develop. ” There are more mature businesses that require more operating support, such as founder- or family-owned businesses that are looking for a partner with the ability to provide both operating expertise and capital. We have a lot of knowledge in those conditions”.

Silver Equity acted as Barclays ‘ special financial advisor during the transaction. Along with Trilegal as India’s constitutional representative for Platinum Equity, Lacham Watkins served as Trilegal’s global legal counsel. Kirkland &amp, Ellis provided financing guidance to Platinum Equity on the exchange.

Rothschild &amp, Co and Stifel Nicolaus India ( formerly Torreya Partners ) served as financial advisers to the sellers. Quillon Partners provided constitutional lawyers to the buyers during the transaction.

FinanceAsia has reached out for more details.

¬ Capitol Media Limited. All rights reserved.

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AI chip giant Nvidia’s shares sink despite record sales of bn

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Nvidia, the maker of artificial intelligence ( AI ) chips, reported that its revenues for the three months leading up to July exceeded the previous year’s record of$ 30 billion ( £24.7 billion ).

However, the agency’s shares fell by more than 6 % in New York after the announcement.

Nvidia’s stock market value increased by more than$ 3tn, making it one of the biggest beneficiaries of the AI boom.

The agency’s shares have risen by more than 160 % this year alone.

According to Matt Britzman, top equity analyst at Hargreaves Lansdown, “it’s less about merely beating estimates then, as markets expect them to become shattered, and the size of the defeat today looks to have disappointed a little.”

The company’s pricing, which has increased tenfold in value in less than two years thanks to its supremacy of the AI device market, is driving the sky-high expectations.

Profits for the period soared, with operating income rising 174 % from the same time last year to$ 18.6bn.

Nvidia overtook researchers ‘ objectives for both sales and profits for the seventh consecutive quarter.

” Generative AI will revolutionise every market”, said Nvidia chief executive Jensen Huang.

The outcomes have grown to a weekly event that causes Wall Street to go through a flurry of stock purchases and sales.

A “watch party” had been planned in Manhattan, according to the Wall Street Journal, while Mr Huang, famed for his signature leather jacket, has been dubbed the “Taylor Swift of tech”.

Alvin Nguyen, senior researcher at Forrester, told the BBC both Nvidia and Mr Huang have become the” face of AI”.

This has helped the company thus much, but it could also hurt its assessment if AI fails to deliver, according to Mr. Nguyen, despite the fact that businesses have invested billions of dollars in the technology.

” A thousand use cases for AI is not enough. You need a million”.

Mr Nguyen even said Nvidia’s first-mover benefit means it has market-leading materials, which its users have spent years using and has a” program ecosystem”.

He said that competitors, such as Intel, was” device ahead” at Nvidia’s market share if they developed a better solution, though he said this would take time.

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Black Myth: Wukong and Chinese cultural confidence – Asia Times

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Last week, the Chinese video game” Black Myth: Wukong” garnered 2.3 million concurrent people in two weeks and sold 4.5 million files, ranking second among all sports possibly featured on Steam, the global video game system.

The development of such a match, developed by the Tencent-backed business GameScience over the past seven years, is not a fluke. Whether the show’s creators had any intentions or not, the show’s widespread acceptance represents a significant change in China’s society and relationship with the outside.

China is shifting from a emphasis on manufacturing to pleasure, from connecting with the earth through tangible goods to drawing in a worldwide audience with vivid, intangible tales.

Hollywood, Disney, and Pixar have been the go-to leisure for billions of people around the world for decades, and they’re probably going to be that way for a very long time.

Through these films, customers from nations that speak a variety of cultures have absorbed American aesthetics and storytelling techniques.

The funny, the harsh, the romance and the thrilling—all that define remarkable stories produced in the US—have shaped the panel culture of many across the world.

The supremacy of US screen culture may be overstated, even though criticisms of some of the toxic content have not stopped.

Storytelling that speaks

But the success of” Black Myth: Wukong” reveals a change in this dynamic. How could the 16th-century tale of a Monkey King been so powerful?

It is undoubtedly not because it is Foreign, but because people of all cultures can relate to the topics that are revealed in the myth.

The world is currently in a dangerous state, with war, economic volatility, exacerbating climate problems and growing inequality. The priest and his followers ‘ quest for Buddhist texts from India is the center of the story of Wukong, which is more important than previously.

In the same way that the writer’s search to the Pure Land to obtain Buddhist scriptures is slowed down by monsters, foes, and adversaries with several powers, the sport follows the traditional Chinese novel” Journey to the West.”

Yet the courage, wisdom, justice and teamwork of the group will eventually overcome the difficulties. The very strength the world longs for is this internal cohesion against formidable external forces.

The game’s themes—curbing uninhibited desires, battling powerful heavenly gods, fighting against unfair treatment—resonate with modern players.

Making the story more than just a game, these themes reflect what society needs at the moment, such as economic inequality, environmental degradation, and exploitation by powerful industries.

As reports link the game’s success to China’s soft power, it’s crucial to understand the content strategies behind these entertainment successes. Soft power builds on media.

Without compelling content or the right platform, it does n’t gain traction. What makes content appealing? Its content demonstrates a thorough understanding of oneself and an in-depth understanding of the audience.

China appears to have finally grasped the art of producing global-quality content. Developers in the country’s cultural industry have come to the realization that their secret toolkit lies within their own traditional culture by reexamining its own cultural heritage and acknowledging its beauty and value.

State-led cultural confidence

State policy also reflects this emphasis on traditional Chinese culture. The 14th Five-Year Plan of the nation reiterated the importance of fostering cultural confidence, with the aim of significantly strengthening China’s cultural soft power by 2035.

This policy has influenced university research, K-12 education, public knowledge, and social media platforms, among others.

Instead of the castles and cathedrals prevalent in Western video games, Wukong integrates Chinese temples, pagodas and pavilions, all based on centuries-old heritage sites, particularly in Shanxi, a place famous for ancient wooden architecture.

Numerous scenes take place in beautiful, photorealistic settings, showing misty mountains, lush forests, Buddhist sculptures, crystal-clear waters, and old pines. These landscapes, rooted in Chinese aesthetics of paintings and architecture, build atmospheric and immersive scenes in the game.

Players ‘ experiences with traditional video game battles are elevated to a cultural appreciation thanks to the poetic quality.

Video still showing misty mountains and pine trees,’ Black Myth: Wukong.’ Credit: GameScience

Other Chinese animations and games have also had a lot of international success. Li Bai, poet from the Tang dynasty, is the subject of the animated film” Chang ‘ An.”

Another animated movie from the same company,” The White Snake,” is based on the well-known tale of a romance between a human and a snake spirit who transforms into a stunning woman.

Mobile games like” Genshin Impact” and” Honkai: Star Rail“, which have garnered millions of fans in app stores, have extensively integrated traditional architecture, art, poetry, costume and even opera into the story and scenes of the games.

The development of multimedia technologies in China, in addition to increased government support and funding, has effectively promoted the success of these cultural products. To engage audiences more, China’s museums and cultural heritage sites are using the metaverse, AI, and VR to increase their engagement.

Dunhuang Caves&nbsp, Museum has launched successful e-museum and VR programs. Digital scans and a VR database have been developed in Sichuan Province for more than 83 structures dating back to the 14th to the 17th centuries.

Indeed,” soft power” still hinges on hard technologies. These well-known video games are a reflection of China’s transition and commitment to investing time and money into developing technologies that can create memorable and global stories because the game industry is infused with high-tech elements, from 3D scans and high-end CPUs to high-resolution imaging.

This emphasis on futuristic science and technology aligns with the recent rise of China’s science fiction on the global stage, from Liu Cixin’s” The Three-Body Problem”, which has been adapted into a Netflix series, to Hao Jingfang’s interstellar stories” Jumpnauts” &nbsp, and AI scientist and entrepreneur Kai-Fu Lee’s co-authored book” AI 2041” with sci-fi writer Chen Qiufan.

The issue of equity in growth

Wukong’s success, while remarkable, also raises questions about the distribution of its financial benefits.

Production costs over US$ 50 million, and the majority of the revenue will likely go to the tech giants and investors who are supporting the game developers, as opposed to the typical Chinese working class or the cultural conservators whose heritage the game references.

Game developers should allocate some funds to support small and medium-sized cultural companies, particularly those that are promoting and protecting traditional arts and crafts.

Additionally, developers should engage with community-based projects that directly benefit local artisans, educators, and cultural institutions. For instance, profits could be used to fund initiatives promoting cultural preservation, such as funding rural arts education and heritage preservation.

The Yungang Grottoes portrayed in the’ Black Myth: Wukong.’ Image: UNESCO

Additionally, it is crucial to create a more welcoming and collaborative environment within the gaming and cultural industries. The industry can diversify its output and ensure that a wider range of voices and talents are represented by opening up space for smaller studios and independent creators to collaborate with larger companies.

For China or any other nation to truly increase their soft power in the long run, it must cultivate an environment that encourages both the most technologically advanced and visually stunning stories and the most modest displays of cultural heritage.

Historical heritage will truly shine when the focus shifts from the spectacle to the richness of culture.

At Stanford University, Gerui Wang teaches about AI, the cultural industry, with a particular emphasis on technologies and East Asian culture.

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Elevate Programme graduates see capital market as viable fundraising channels to catalyse growth

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  • Graduating firms ‘ goals are to promote growth and expand their markets.
  • Aims to help SMEs, MTCs build capabilities for cash business funding

In the centre: Azalina Adham, managing director of Securities Commission Malaysia, Navina Balasingam, general manager of Capital Markets Malaysia and Bikesh Lakhmichand, founding partner & CEO of 1337 Ventures with the executive leadership of the companies that participated in the Elevate Programme.

The first cohort of Capital Markets Malaysia ( CMM), an affiliate of the Securities Commission Malaysia (SC), has completed its 2024 Elevate Program. This program aims to help the executive leadership of high-performing small and medium enterprises ( SMEs ) and mid-tier companies ( MTCs ) who want to accelerate growth. It teaches them how to effectively navigate and use fundraising options via the capital market.

CMM created the 10-day Elevate Programme to assist SMEs and MTCs in developing the skills and competencies necessary to meet the specific nuances of investment sector fundraising, whether through an Offering list or private equity investment, with the SC and Bursa Malaysia serving as strategic partners. In particular, the program’s goal is to help senior leaders describe their development vision by fostering investor confidence in their capability for scaling up.

SME and MTCs are essential to our business, and Navina Balasingam, General Manager of CMM, said it is important for us to facilitate available ways to raise funds that are necessary for these companies to grow. The Elevate Programme at CMM was created specifically for this purpose. Through this program, we hoped to help businesses that are prepared for the upcoming growth stage.

She continued, saying that if done correctly, this program will be crucial in developing a vibrant and dynamic network of businesses seeking to list or invest in private capital, while positioning Malaysia’s capital market as a top choice for both fundraising and investing.

This effort supports the nation’s ambitions, as underscored by the SC’s recently unveiled’ Catalysing MSME and MTC Access to the Capital Market: 5-Year Roadmap ( 2024–2028 )’, which sets out a goal of increasing MSME and MTC capital market fundraising by more than five-fold, from US$ 1.4 billion ( RM6.3 billion ) in 2023 to US$ 9.2 billion ( RM40 billion ) by 2028.

SNS Network Technologies, which listed on the ACE Market in September 2022 and completed its move to the Main Market in June this year, are significant graduates from previous Elevate groups, as well as YX Precious Metals Bhd, which listed on the ACE Market in 2022 and has begun the process of transferring to the Main Market.

The most recent Elevate Programme group graduated from the” Demo Day,” where participants presented their equity reports to potential investors and investment bank, putting the lessons learned from the four-month program into exercise. Apart from engaging with buyers, the companies obtained market-relevant, meaningful comments, enabling them to further enhance their plans and strategies to better status their businesses as beautiful investments. The college companies represent a diverse range of industries, including manufacturing, medical, financial, systems, and services, among others, all of which aim to amplify their growth direction and business reach.

The participating companies include Fipper Marketing Sdn Bhd, Gourmet Ingredients Sdn Bhd, Great Pyramid Sdn Bhd, i-Chem Solutions Sdn Bhd, Kasut U Sdn Bhd, Imetal ( M ) Sdn Bhd, and Tera Va Sdn Bhd, to name a few.

A equally diverse group of leaders of high-performing SMEs and MTCs is convened for the next Elevate Programme group, which is scheduled to begin in September 2024. Organizations seeking to meet potential groups may attend https ://www.capitalmarketsmalaysia.com/elevate-programme/ for more information on the project.

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  • Tourplus CEO embodies leader hurry, with keen gaze for chance
  • Owners have the highest duty, may convey optimism &amp, hope

The partnership with Tourism Selangor will earn Rickson Goh revenue, expand his supply of products and give him market inroad.

Some Malaysian startup founders have acquitted themselves as well as Rickson Goh, the gentle said founder of travel tech company Tourplus Technology Sdn Bhd, if you want to see how well they have handled the Covid-19 pandemic.

In the midst of a terrible halt in Malaysia’s tourism industry, he never merely raised eyebrows in the ecosystem with a powerful US$ 1 million seed capital fund raise, but he also went on to form some partnerships that will place his travel tech startup quite well when the tourism rebound occurs. Plus, he has also started talking to buyers on raising his second large as he projects profits for 2021 to reach US$ 1.65 million ( RM7 million )– almost none of it coming from vacation.

But what exactly is he smoking and what exactly is he spitting in his te sir? Turns out it is nothing more than leader rush and a strong desire for success. &nbsp,

Cuts win-win cope with Tourism Selangor

Tourplus, which had no mobile application before this, announced in a simple press release that it had worked with Tourism Selangor to create a wireless application for the state agency.

The true story is that Tourplus and Tourism Selangor have a 50:50 revenue share contract under the name Get Selangor for any income made through the game. Better yet, the state agency will start promoting Tourplus to those interested in the state agency’s database by encouraging all manufacturers of travel-related products to start digitizing their operations ( though this is not an exclusive agreement ).

As Rickson points out, the majority of these vacation players are small businesses, which would have been nearly impossible for Tourplus to enter. Instead, then it gets a reputable position company to make the introduction.

” We expect the game does go sit in Oct 2021″, says Rickson. Tourplus did examine business arrangements and installation in the app, operate and make the payout, etc., he states.

As Selangor intensifies efforts to prepare the journey ecosystem for the post-pandemic go rebound, Go Selangor may serve as the state government’s official travel app.

A crucial part of the efforts to find habitat players, most of whom are SMEs, available, is to encourage them to digitalise so that their vacation packages, services and inventory may be added to Get Selangor.

Rickson, who first proposed the idea in March and was given approval by the Selangor Information Technology and Digital Economy Corp. in July, believes that this partnership will benefit more rural operators or “hidden gem providers” that are not in the main stream platforms like Klook.

It is also a sweet deal for Rickson, who is preparing himself for the post-pandemic rebound by adding new inventory to his database. The latest of his recent cutbacks to his fundraising efforts in October, 2017.

Rickson Goh shows how you deal with a pandemicHis back was against the wall by that point, so the timing could n’t have been better. It was not an easy time, he admits. There was little to no money being made, and the statement” We were running out of money then” was true.

Even Rickson ( pic ) struggled to see any light, and the team had lost hope. It was very difficult for me. Day and night, I was trying to figure out a way to survive. We founders have the highest responsibility. No matter how we feel inside, and sometimes I felt helpless, but we have to exude hope and optimism for the team”, he says.

A quick foray into providing frozen food to consumers was unsuccessful. The key moment, however, came when he made the decision to forgo any international travel for at least for 24 months. A startup that had built its future off of inbound travel to Malaysia made a chilling realization.

Hanging out in Parliament, getting TSP status, convincing investors

Rickson swung into action. In the early stages of the pandemic lockdowns, webinars rose in popularity, and Rickson started taking classes there to learn from other business owners. He also became aware of the benefits of local players going digital and learned about the various government initiatives that are being implemented to help businesses. This would serve as Rickson’s lifeline as domestic tourism was awaiting a return to life.

” I was able to persuade my investors that domestic tourism was the best course of action and that the various government Covid aid recovery programs offered short-term opportunities.”

One of his biggest advantages was the stable government relations he established over a short period of time. He claims that it was not from funding any projects but rather from supporting the government in digitizing brick and mortar businesses, particularly those in the travel industry. He had to travel to the Malaysian Parliament to meet with relevant ministers in order to make his pitch, which helped Tourplus become recognized as a TSP ( Technology Service Provider ).

With this recognition Tourplus was able to assist businesses in requesting the Digital Marketing Grant, which is a component of the Malaysian Government’s efforts to assist businesses in recovering from the effects of the pandemic. They were qualified for up to a RM5,000 grant, and we have already received 200 companies ‘ approval from an overall 800 applications for the grant.

This work not only keeps his 20-strong team ( 30 % are part-time ) busy but has helped with cash flow as well.

Rickson Goh

Key collaborations in China, instant access to 200k hotel rooms globally

One important collaboration between Rickson and the Chinese travel agency ChongQing China Youth Travel Service started in April of this year.

Even though we raised money, traveling is still our main business, according to Rickson, adding that income and cash flow must be closely monitored.

” We need to keep innovating as well and I need to hire tech people, UI/UX designers, product people which will also help us scale”.

Another exciting development, one that he has kept under wraps is a partnership he has struck with China’s largest OTA ( Online Travel Agency ), the Nasdaq listed Ctrip. Users of the Tourplus app can now now directly book 200, 000 hotel rooms from all over the world where Ctrip has hotel partners thanks to an API integration.

” It is a very exclusive priviledge to be given the trust of API integration with a business like Ctrip,” Rickson asserts. That likely cuts both ways because Ctrip, which was founded in 1999, likely sees a little of itself in the ferocious startup from Kuala Lumpur and its gritty founder.

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