Company Briefs: Authentic Brands Group, JPMorgan Chase, China Evergrande

Authentic Brands Group

Authentic Brands Group (ABG), which owns the Forever 21 clothing label, said yesterday that private equity firms CVC Capital Partners and HPS Investment Partners have agreed to buy a significant stake in a deal that values the brand developer at US$12.7 billion (S$17.3 billion) on an enterprise value basis. CNBC had reported earlier that it had postponed its US initial public offering announced in July to a date in 2023 or 2024. Over 11 years, ABG has amassed more than 30 labels sold in some 6,000 stores. It agreed in August to buy Reebok from Germany's Adidas for up to €2.1 billion (S$3.2 billion).


JPMorgan Chase

JPMorgan Chase & Co is offering to reimburse its Hong Kong employees up to US$5,000 (S$6,800) to compensate for their quarantine stay as the financial hub sticks to its zero-Covid-19 policy. All Hong Kong-based employees who are executive directors and below may claim the amount for a single quarantine stay for personal trips to visit immediate family members, an internal memo said. The move follows a visit to Hong Kong by chief executive Jamie Dimon, who was exempted from the city's stringent quarantine and said the restrictions were making it harder for the bank to retain talent.


China Evergrande

China Evergrande Group's electric vehicle unit fell after selling HK$2.7 billion (S$472 million) of stock at a discount to bolster finances as it seeks to put delayed vehicles into production. China Evergrande New Energy Vehicle sold 900 million shares at HK$3 each, 15 per cent below Friday's closing price in Hong Kong, a company statement said. Evergrande NEV warned as recently as September that it faces a serious funds shortage. At its peak, it was one of the most valuable assets in Evergrande founder Hui Ka Yan's empire.


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A version of this article appeared in the print edition of The Straits Times on November 23, 2021, with the headline Company Briefs: Authentic Brands Group, JPMorgan Chase, China Evergrande. Subscribe