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Aircraft lessor <keyword id="17375452" type="General" weightage="50" keywordseo="smbc-aviation-capital-ltd" source="Orion">SMBC Aviation Capital Ltd</keyword> on Wednesday moved the appellate tribunal <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against the order passed by the <keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword> earlier in the day allowing Go First's voluntary plea to initiate insolvency proceedings. <keyword id="2420268" type="General" weightage="80" keywordseo="smbc-aviation-capital" source="Orion">SMBC Aviation Capital</keyword>, formerly <keyword id="383650" type="General" weightage="50" keywordseo="rbs-aviation-capital" source="Orion">RBS Aviation Capital</keyword>, is one of the world's largest aircraft leasing companies. Earlier in the day, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline. The tribunal appointed an interim resolution professional (IRP) while suspending the board and putting a moratorium on the debt-ridden company's financial obligations. During the hearing at NCLT last week, several aircraft lessors had opposed Go First's voluntary insolvency plea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mg-motor-india-plans-to-dilute-majority-stakes-to-local-partners/articleshow/100127874.cms">MG Motor India plans to dilute majority stakes to local partners</a>

SMBC Aviation Capital moves NCLAT challenging NCLT order allowing insolvency Go First

Drug firm <keyword id="1055917" type="General" weightage="100" keywordseo="Sanofi-India" source="Orion">Sanofi India</keyword> on Wednesday said its board has approved the demerger of its consumer healthcare business into a separate entity. The company's board has approved the Scheme of Arrangement between <keyword id="14574416" type="DOMAIN" weightage="20" keywordseo="sanofi-india-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sanofi india ltd" meta.entityname="Sanofi India Ltd." meta.entityid="13607" meta.seoname="sanofi-india-ltd">Sanofi India Ltd</keyword> (<keyword id="14364443" type="DOMAIN" weightage="20" keywordseo="sil" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sil" meta.entityname="SIL Business Enterprises Ltd." meta.entityid="6832" meta.seoname="sil-business-enterprises-ltd">SIL</keyword>) and its wholly-owned subsidiary <keyword id="17375362" type="General" weightage="50" keywordseo="sanofi-consumer-healthcare-india-ltd" source="Orion">Sanofi Consumer Healthcare India Ltd</keyword> (<keyword id="280623" type="General" weightage="80" keywordseo="schil" source="Orion">SCHIL</keyword>), the drug maker said in a statement. The initiative is to demerge SIL's consumer healthcare business into a legal entity, SCHIL, subject to approval by shareholders and regulators, it added. This decision will open new gates for the <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> business and employees in a value-driven move to accelerate growth for both the pharmaceuticals business (SIL) and consumer healthcare business (SCHIL) in India, the drug maker said. Upon completion of the proposed demerger, Sanofi will continue to own 60.4 per cent stake in both entities and SIL shareholders will receive 1:1 SCHIL equity share of Rs 10 each, for each equity share owned. "This is a momentous opportunity as it will allow Sanofi to unlock and maximise its business potential in both pharmaceuticals and consumer healthcare, with the right assets, structure, and strategy," <keyword id="12396321" type="DOMAIN" weightage="20" keywordseo="sanofi-india" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sanofi india" meta.entityname="Sanofi India Ltd." meta.entityid="13607" meta.seoname="sanofi-india-ltd">Sanofi India</keyword> Managing Director Rodolfo <keyword id="17375363" type="General" weightage="50" keywordseo="hrosz" source="Orion">Hrosz</keyword> said. The pharmaceuticals business will focus on its long-term success factors, expanding its portfolio of life-changing treatments available in India, and accelerating its digital transformation to improve the lives of patients in India, he added. The proposed consumer healthcare business would focus on consumer-centric strategies and best-in-class digital and ecommerce capabilities, Hrosz said Sanofi's consumer healthcare business' annual turnover for FY2022 stood at Rs 730 crore. The company's top consumer healthcare brands include Allegra, DePURA, Avil, and Combiflam. SCHIL is expected to be fully operational by the second half of 2024, subject to necessary approvals. "The proposed demerger will help both entities build a sustainable growth model. Today, Sanofi is in a strengthened position in India, allowing us to deliver better value to our shareholders and other stakeholders," SIL Chairman of the Board Aditya Narayan said. Other businesses of Sanofi in India, such as vaccines and clinical studies are not part of SIL and hence, are not impacted by this announcement, the company stated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/new-ai-powered-breathalyser-can-sniff-out-covid-in-real-time/articleshow/100129936.cms">New AI-powered breathalyser can 'sniff out' Covid in real-time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/smbc-aviation-capital-moves-nclat-challenging-nclt-order-allowing-insolvency-go-first/articleshow/100129929.cms">SMBC Aviation Capital moves NCLAT challenging NCLT order allowing insolvency Go First</a>

Sanofi board approves demerger of its consumer healthcare business

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

New Delhi, The Centre has expanded its <keyword id="10476381" type="UNKNOWN" weightage="20" keywordseo="strategic-disinvestment-plan">strategic disinvestment plan</keyword> for <keyword id="10476379" type="UNKNOWN" weightage="20" keywordseo="current-fiscal-initiating">current fiscal initiating</keyword> the sell-off plan for <keyword id="782091" type="DOMAIN" weightage="20" keywordseo="Shipping-Corporation-Of-India-Ltd">Shipping Corporation of India Ltd</keyword> (SCI) by inviting expression of interest from potential interested parties. The <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> proposes to sell its entire shareholding of 63.75% in the listed entity to a buyer that will takeover the company with full management control. The proposed initiation of strategic sale plan for SCI is the second big initiative by the Centre after two of its entities - Air India and BPCL have reached advanced stages of bidding to sell the entire government equity. For the strategic disinvestment of Shipping Corporation of India (SCIL) EoI and PIM (preliminary information memorandum) have been published, DIPAM Secretary Tuhin Kanta Pandey said in a tweet. Interested players have to submit initial bids by February 13, 2021, said a preliminary information memorandum document. <keyword id="10476380" type="COMPANY" weightage="20" keywordseo="rbsa-capital-advisors">RBSA Capital Advisors</keyword> is the transaction advisor to the disinvestment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Government invites bids for selling its stake in Shipping Corporation of India

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

<ul class="summary-list"><li>More than half of the active commercial aircraft fleet based in <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> are leased from foreign firms.</li><li>The EU has banned "any plane owned, chartered or otherwise controlled by a Russian legal or natural person."</li></ul>Aircraft-leasing companies are working out how to recall billions of dollars of planes from Russian airlines as new European Union sanctions kick in, according to the <a href="https://www.ft.com/content/fee2e47e-7121-4b9a-bc22-dc9b166b60f1">Financial Times.</a>The development comes on the back of the <a href="https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1441">EU</a> banning "any plane owned, chartered or otherwise controlled by a Russian legal or natural person," European Commission President Ursula von der Leyen said in a <a href="https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1441">statement</a> on Sunday."They won't be able to land in, take off or overfly the territory of the EU," von der Leyen wrote in a <a href="https://twitter.com/vonderleyen/status/1497973334847414278">tweet.</a>Leased aircraft are also affected by the sanctions, the <a href="https://www.ft.com/content/fee2e47e-7121-4b9a-bc22-dc9b166b60f1">Financial Times</a> reported, citing three people briefed on the situation. This means leasing companies cannot enter into new contracts and must terminate existing agreements within 30 days, per the FT.More than half of the active commercial aircraft fleet based in Russia is leased and managed by companies based outside the Russian Federation, according to a report from the <a href="https://www.iba.aero/insight/lessors-effected-by-russia-sanctions">IBA Group,</a> which advises the <keyword id="12018329" type="UNKNOWN" weightage="60" keywordseo="aviation" source="Orion">aviation</keyword> industry.Of the non-Russian leasing companies, Ireland-based AerCap is the most exposed to the issue, according to IBA Group. It has 152 aircraft worth about $2.5 billion across Russia and <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. It's followed by Ireland-based SMBC Aviation Capital and Singapore-based BOC Aviation.AerCap did not immediately respond to Insider's request for comment and declined comment to the FT. A SMBC Aviation spokesperson told Insider it was "carefully monitoring developments in Ukraine."BOC Aviation said the EU sanctions will affect most of its aircraft in Russia. "Our policy is to fully comply with all laws applicable to our business," BOC Aviation told Insider. "The practical consequences of the new EU sanctions are complex and at the present time we are unable to provide further information."An Irish leasing company is already recalling three Boeing 737 planes leased to Pobeda, an <keyword id="13249396" type="UNKNOWN" weightage="60" keywordseo="aeroflot" source="Orion">Aeroflot</keyword> subsidiary, reported Russian <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword> agency <a href="https://interfax.com/newsroom/top-stories/74631/">Interfax,</a> citing an Aeroflot Group source. Aeroflot did not immediately respond to Insider's request for comment.

Aircraft-leasing companies are working out how to recall billions of dollars of airplanes from Russian airlines after EU sanctions

<ul><li>Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> has accelerated the timeframe for wiping out ₹1.61 lakh crore of net debt at his <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> by bringing in strategic investors in key businesses as well as committing more equity.</li><li>Ambani, chairman and managing director of <keyword id="6487" type="DOMAIN" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> (RIL), had in August last year set a target of March 2021 to make the oil-to-telecom conglomerate net debt-free. But thanks to a USD 5.7 billion (Rs 43,547 crore) deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, the target is likely to be achieved by December. </li><li>In an investor and media call post announcement of the company's fourth-quarter earnings, RIL's Joint Chief Financial Officer <keyword id="2180080" type="PERSON" weightage="20" keywordseo="Srikanth-Venkatachari">Srikanth Venkatachari</keyword> said, "The zero net debt target will be achieved within the 2020 calendar year." </li></ul> Billionaire Mukesh Ambani has accelerated the timeframe for wiping out ₹1.61 lakh crore of net debt at his Reliance Industries by bringing in strategic investors in key businesses as well as committing more equity. Ambani, chairman and managing director of Reliance Industries Ltd (RIL), had in August last year set a target of March 2021 to make the oil-to-telecom conglomerate net debt-free. But thanks to a USD 5.7 billion (Rs 43,547 crore) deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December. In an investor and media call post announcement of the company's fourth-quarter earnings, RIL's Joint Chief Financial Officer Srikanth Venkatachari said, "The zero net debt target will be achieved within the 2020 calendar year." Since the August announcement, Ambani has sold a 9.99 per cent stake in the digital platform that houses India's youngest but biggest mobile operator to Facebook, decided to hive out Reliance's oil and petrochemicals business into a separate entity to help a proposed stake sale to Saudi Arabian Oil Co (Saudi Aramco), and pledged to make up for any shortfall in the rights issue. The company expects to complete a capital raising programme totalling Rs 1.04 lakh crore by June, Venkatachari said. This includes the rights offering of one share for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. Also included is the Rs 43,574 crore coming from the Facebook buying stake in Jio Platforms and Rs 7,000 crore from sale of 49 per cent stake in fuel retailing venture to UK's BP plc. "In addition, Saudi Aramco due diligence is progressing well," he said without saying when the deal was expected to be closed. Reliance values its oil-to-chemical business, which includes its twin refineries at Jamnagar in Gujarat, petrochemical assets, and 51 per cent stake in auto fuel and aviation fuel retailing venture, at USD 75 billion. Saudi Aramco is in talks to buy a 20 per cent stake in this venture. Alongside announcing the zero net debt target, Ambani, 63, had in August also announced the potential sale of 20 per cent interest in the oil-to-chemical business to Aramco by March 2020. That deadline has been missed partly because of differences over the deal structure and partly due to talks stalling following the outbreak of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> and the subsequent nationwide lockdown. At the end of March quarter, the company had an outstanding debt of Rs 336,294 crore and cash in hand of Rs 175,259 crore. After adjusting cash, the net debt came to Rs 161,035 crore. Of this debt, Rs 2,62,000 crore is on RIL books and Rs 23,000 crore is with Jio. At the concall, company officials said Jio Platforms will retain Rs 14,976 crore out of Rs 43,574 crore received from Facebook and use the remaining Rs 28,598 crore to settle the debt. The Facebook-Jio Platforms deal will close by the end of the current quarter. Also, the company said it has received interest from new potential global strategic and financial investors in taking a stake of similar size to Facebook's agreement in the Jio Platform. "In addition to the FB investment, the board was informed that RIL has received strong interest from other strategic and financial investors and is in good shape to announce a similar-sized investment in the coming months," the company had said in a statement on Thursday. "With a strong visibility to these equity infusions, the board was informed that RIL is set to achieve net-zero debt status ahead of its own aggressive timeline," it had said.

Mukesh Ambani aims to turn Reliance into zero net debt firm within 8 months

Chinese investors, finding the US business environment uninviting, are turning to venture capital to skirt heightened scrutiny, while some have pivoted to other parts of the world altogether. Chinese foreign direct investment (FDI) into the US plummeted for the second straight year in 2018, tumbling 83 per cent to US$5 billion, according to a Wednesday report by the National Committee on US China Relations. A year earlier, FDI amounted to US$29 billion, down from the peak of US$46 billion achieved in 2016. The latest figure represented the lowest level of direct investment by China since 2011. In 2018, Chinese investors sold US$13 billion worth of US assets. Including those sales, direct investment in the US came to negative US$8 billion. The Trump administration has recently toughened its oversight of Chinese investment in the wake of a splurge of Chinese acquisitions, particularly in US technology, viewed as a national security threat. Chinese investors, as a result, are shifting into venture capital to avoid the stepped-up surveillance. Last year, venture capital investments from China to the US, an area that has existed for only about five years, increased to a record US$3.6 billion, mainly on automotive industry investment. Chinese venture capital had remained largely untouched by US regulators up to November 2018, allowing deal activity to continue somewhat strongly in semiconductors amid sharp drops in direct investment, the report said. Other investors from China pulled out of the US completely and shifted their focus to other parts of the world. Consequently, Chinese investment in emerging and frontier markets in Asia nearly tripled last year, surging 198 per cent from the year-earlier period, according to <keyword id="50190" type="COMPANY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword>. <a href="https://www.scmp.com/comment/insight-opinion/united-states/article/2174078/foreign-investors-have-taken-note-chinas">Amid the gloom, a bright spot in US-China trade talks should not be ignored</a> Looking forward, "Chinese firms' commercial appetite for investing abroad remain strong," researchers wrote in the report. "However, policy hurdles in both the US and China remain significant headwinds." The overall decline in FDI continued for a second year as the US-China relationship grew increasingly hostile with US President Donald Trump's levying of punitive tariffs on hundreds of billions of dollars of Chinese goods nearly a year ago, launching the trade war. Since then, US trade negotiators have been pressuring China to implement structural changes to level the playing field for foreign companies doing business in China. The requested reforms would include halting the subsidising of large state-owned businesses and cracking down on intellectual property theft. <a href="https://www.scmp.com/economy/china-economy/article/2169209/chinas-september-fdi-figure-rises-foreign-investor-shrug-aside">China's September FDI figure rises as investors ignore trade war woes</a> The US negotiating team also wants to end the practice of forcing foreign companies to transfer proprietary technology to Chinese joint venture partners. Disagreements over the implementation of some of these remedies have become a stumbling block in both sides' efforts to forge a deal that would end a tariff war that has hurt both China's economy and the global economy. Trump's unpredictable behaviour and decision-making process, however, have thrown a wrench into efforts to steer the trade battle to a conclusion. In an abrupt turn, Trump tweeted this weekend that he planned to boost tariffs on US$200 billion of Chinese goods to 25 per cent from 10 per cent on Friday. Accusing China of reneging on already negotiated deal terms, the US leader dealt a setback to those hoping for an imminent end to the trade war. <a href="https://www.scmp.com/comment/insight-opinion/hong-kong/article/2150910/fdi-earthquake-you-probably-missed-and-what-it">The FDI earthquake you missed, and what it signals for global trade</a> After a splurge of acquisitions in the US, Beijing moved to control the flow of outbound capital, causing a drop in direct Chinese investment in the US. The government prohibited Chinese investors from acquiring assets in real estate, hospitality and other sectors. In the past year, major Chinese companies that had led the acquisition binge in 2015 and 2016 have sold assets worth billions of US dollars to bring capital back to China to boost domestic growth. In March, Premier Li Keqiang said in his government work report that Beijing would set a lower economic growth target for this year of 6 to 6.5 per cent, down from the target of "about 6.5 per cent" set for last year. <a href="https://www.scmp.com/week-asia/opinion/article/2108351/heres-why-incoming-fdi-far-more-important-china-thought">Why incoming FDI is more important to China than thought</a> It also said it would step up fiscal measures to stabilise growth, after factoring in headwinds, including the trade war, an already high debt level and financing bottlenecks for private enterprises. HNA, a conglomerate with businesses ranging from finance to aviation, has put hotels, real estate holdings and airlines and other assets on the market with a potential value of US$50 billion. Anbang, a holding company that started out in the insurance business and has expanded into banking and financial services announced the sale of its US luxury hotel portfolio, valued at about US$10 billion. The company is known for its aggressive global expansion, including its US$2 billion acquisition of New York's famed Waldorf Astoria hotel in 2014. <a href="https://www.scmp.com/business/companies/article/3009009/sequoia-china-cut-20-cent-its-investment-staff-fund-flows">Sequoia China to cut up to 20 pc of investment staff as tech slows</a> On the flip side, US venture investment in China soared to a record US$19 billion, nearly doubling the previous high of US$9.4 billion a year earlier. And foreign direct investment from the US into China stayed largely flat at US$13 billion in 2018 from US$14 billion in 2017, according to the report from the National Committee on US China Relations. China, however, dropped to seventh in 2018 among likely destinations for direct investment by foreign investors, according to the latest FDI Confidence Index, released on Tuesday. <a href="https://www.scmp.com/comment/insight-opinion/article/3008757/belt-and-road-bonds-are-poised-make-splash-investors-eye">Belt and road bonds poised for great leap forward</a> It was the country's lowest ranking in the 20-year history of the index, which is tracked by Washington-based management consultancy AT Kearney. China was the top destination for foreign investment for the 10 years ended 2012. This article originally appeared on the <a href="http://www.scmp.com">South China Morning Post (SCMP)</a>, the leading news media reporting on China and Asia. For more stories, please download our <a href="https://go.onelink.me/3586748601?pid=3rdpartycontentexchange">mobile app</a>, follow us on <a href="https://twitter.com/scmpnews">Twitter</a>, and like us on <a href="https://www.facebook.com/scmp">Facebook</a>. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

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