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Rick Abney

49/F Hopewell Centre, 183 Queens Road East, Hong Kong

Member since June 15, 2013


  • Abney Associates advising investors in what may become Hong Kong’s largest IPO since 2010, Power Assets Holdings Ltd, is reportedly in the process of spinning of its profitable Hong Kong Electric Company. Speculation is high that Asia’s richest man Li Ka-Shing’s flag ship company Power Asset Holdings Ltd. is seeking to divest itself of its Hong Kong Electric operation. The power producer has been since 1890, one of the two largest electricity providers servicing Hong Kong and has a customer base of 568’000 users. The deal could potentially raise $5 billion from the sale of 70% holding stake of the company. Power Asset Holdings, which is expected to retain a 30% stake in its electricity provider spinoff, has already sought approval from the Hong Kong stock exchange and now only has to seek permission from its shareholders and listing committee before it can proceed further. Two joint sponsors for the deal are already on board represented by HSBC Holdings Plc. and Goldman Sachs Group Inc. “This could be one of the most stable IPO offerings to emerge in a very long time, the company has a 123 year history of solid business performance generating profits per year at 10% generated by what is being sought in the flotation, the company’s assets alone contribute another 10%. Hong Kong is dependent on the supply and service this company provides and with a continual consumption this leads to an easy investment conclusion,” explained James Carter, Senior Vice President of Mergers...
  • Richard Hunter, Director of Private Equity of Abney Associates, will join the forthcoming European Retail Banking Summit 2013 (The Next Revolution in banking) which will be held in London on November 12, 2013 . The European Retail Banking Summit plans to assemble more than 150 influential personalities in the retail banking industry, which will include policymakers, regulators, investors and customers. These financial leaders will investigate how European retail banking is closely approaching the boundaries of a radical transformation. In the present economic environment, the main issue that needs to be tackled is this: What do institutions or organizations need to do to adjust in order to survive?

    For the first time in two hundred years, retail banking faces its biggest revolution. The Summit aims to help participants and the organizations they represent prepare for this unprecedented development. A combination of regulatory reform and extraordinary political pressure is promoting an exceptional link between governments and key banks, which is expected to considerably change the former European banking structure. And not many can quite tell in what form it will take.

    Abney Associates’ participation in this Summit sets another opportunity for its professional and dynamic staff to discover creative solutions which are tailor-made for their clients’ needs. The company has always stood on the principle of embracing the entrepreneurial spirit in dealing with the global econo...

  • Abney_associates_177_ Abney Associates advising investors on Applied Materials Inc. the California based supplier of chip making equipment as they are poised to buy Tokyo Electron Ltd. in a deal reportedly worth $9.39 billion. As rising costs of research and development and the sheer scale of sophistication required for even low power operating devices, continues to rise at a breath-taking rate, the year has seen the contraction of the industry as a whole. This is being brought about primarily by mergers between chip makers and also in conjunction with the companies who manufacture the machinery and components for this industry. The latest of these mergers is the buyout of 86% of Tokyo Electrons Ltd’s shares by the American Equipment manufacturer Applied Materials Inc. in a stock deal valued at $9.39 billion. This makes this deal the largest buyout of a Japanese company by a foreign concern, since Citigroup Inc’s purchase of Nikko Cordial Corp. in 2007 for $8 billion. The deal is expected to be fully realized by the middle of 2014. “This is the latest in a series of such deals like the ASML, Cymer purchase and Lam Research and Novellus Systems merger. This deal is described as a merger of equals and this is in effect exactly what it is, something the market’s reaction will attest to. This is really quite a smart arrangement on so many levels on both sides of the Pacific,” said James Carter, Senior Vice President of Mergers and Acquisitions at Abney Associates. With the merger of the two com...
  • Abney_associates_177_ Abney Associates advising investors on Tencent Holdings Ltd. having joined the rarified group of Chinese companies whose market capital exceeds $100 billion. Shenzhen based Tencent Holdings Ltd., who went public in 2004, has now joined six other member companies of the Hang Seng Index worth in excess of $100 billion market capitalization. Many analysts and investors have described the internet provider’s rise to the top as spectacular, with the Chinese concern seeing an average yearly increase in value of nearly $10 billion. The company now ranks alongside giants of the Chinese business community, Petro China Co and China Mobile Ltd. Tencent has seen its market of Chinese internet users undergo a seven-fold increase in numbers since its inception. Internet users numbered only 87 million in 2004 when the company was formed with the number now standing at 591 million. Tencent, which has led the way in mobile internet innovation, has seen such usage rise 10%, to account for 464 million subscribers, second only to India in terms of mobile internet subscription. “The growth and scale of Tencent cannot be overlooked, in less than ten years it has grown larger than some very well-known companies like Boeing and Mc Donald’s, their focus has always been on the domestic market and when that is the size of China’s it is a smart move indeed. By getting out in front in terms of mobile use they eclipsed even the larger mobile operators in China and this is paying dividends for them,”...
  • Abney_associates_177_ Abney Associates advising investors on Rakuten Inc as the Japanese internet supplier continues its policy of expansion through acquisitions. Rakuten Incorporated continues to grow as its 5 year and $1.6 billion buying spree expands to include the streaming video services provider Viki Inc. Although no official price was announced for the sale, most estimates place the value at around $200 million for the video streaming network. Rakuten has continued to diversify its interests across the gamut of internet-based services as it competes toe to toe with foreign providers in the Japanese market. With the company’s main revenue based on its shopping portal Ichiba, that connects retailers and shoppers within Japan and through its English language site foreign consumers with iconic Japanese products, Rakuten expects to see international sales account for 70 percent of its revenues by 2020. This goal will be supported by earlier purchases of foreign internet retailers Buy.com Inc, Price Minister SA and Kobo Inc. “They are playing this strategy out very smartly, with them holding the lion share of the domestic Japanese online retail sector, they are turning their enterprise into a two way street with selective global acquisitions. Distribution of Japanese product lines, offshore and direct access to their domestic consumers from the already well-established foreign supply networks held by their buyouts,” explained James Carter, Senior Vice President of Mergers and Acquisitions a...
  • Abney_associates_177_ Abney Associates advising investors on recent developments at Daimler AG, as the manufacturer of the Mercedes luxury car brand announces significant expansion in China. Daimler AG has recently announced plans to increase production in China with construction of a $2.7 billion manufacturing plant as the automaker increases it efforts to surpass its German rivals in China’s lucrative luxury car market. The move comes as Daimler finds itself falling behind sales of both BMW and Volkswagen AG, Audi’s marquee in the Chinese market. Both of its rivals broke through the 300’000 car mark in sales this year after aggressive expansion of their own. Daimler for whom China accounts for over half of all sales of its S model sedans and is the largest consumer of its E model cars, expects that its new facility will more than double Chinese production to 200,000 units per year as it seeks sales targets of 1.4 million cars this year. Already Daimler is receiving engines for European manufacturing from its recently completed power plant production line in the China. “The luxury car market in China is one that no one is ignoring, at present its size and the rate at which it is expanding none of the key producers can afford to do so. Already this year we have seen large scale expansion from German automakers in the country, in both production facilities and dealership networks. Daimler is of course following suit to ensure it gains the best possible market share,” explained James Carter, S...
  • Abney_associates_177_ Abney Associates advising investors on recent developments at Daimler AG, as the manufacturer of the Mercedes luxury car brand announces significant expansion in China. Daimler AG has recently announced plans to increase production in China with construction of a $2.7 billion manufacturing plant as the automaker increases it efforts to surpass its German rivals in China’s lucrative luxury car market. The move comes as Daimler finds itself falling behind sales of both BMW and Volkswagen AG, Audi’s marquee in the Chinese market. Both of its rivals broke through the 300’000 car mark in sales this year after aggressive expansion of their own. Daimler for whom China accounts for over half of all sales of its S model sedans and is the largest consumer of its E model cars, expects that its new facility will more than double Chinese production to 200,000 units per year as it seeks sales targets of 1.4 million cars this year. Already Daimler is receiving engines for European manufacturing from its recently completed power plant production line in the China. “The luxury car market in China is one that no one is ignoring, at present its size and the rate at which it is expanding none of the key producers can afford to do so. Already this year we have seen large scale expansion from German automakers in the country, in both production facilities and dealership networks. Daimler is of course following suit to ensure it gains the best possible market share,” explained James Carter, S...
  • Abney Associates Drilling for Success With Cnooc

    Community, Communication Design

    Abney_associates_177_ Abney Associates advising investors on the opportunities in Cnooc as the Chinese oil and gas giant beats analyst’s profit estimates. It has been a busy and profitable year so far for China’s largest offshore oil and gas exploration company Cnooc Ltd after they exceed analyst’s forecasts to post an increase in profits of 7.9 percent for the first half of the year. The increase comes at a welcome time for the company as they continue to optimize the profitability of their latest of many recent acquisitions, the formerly Canadian oil company Nexen. One reason offered for the higher than expected profit increase, is that Nexen operations, the most costly to operate of Cnooc’s holdings accounted for only 0.5 percent of the total profit for their Chinese owners. Despite the $15.1 purchase price Cnooc paid for the company, they do not rely on it for generating revenues at this stage. “A lot of people miscalculated what Cnooc’s intentions were for Nexen, they simply saw the price paid and assumed there must be some immediate need for it. For the Chinese company the thinking behind the purchase was all long term. Even by increasing their short term operating costs by 22 percent with the purchase, market conditions were more than agreeable to them profiting now and keeping the Nexen reserves out of the hands of competitors,” explained James Carter, Senior Vice President of Mergers and Acquisitions at Abney Associates. The announcement of the better than expected profits come a...
  • Abney Associates Advise Clients on Gold Rally

    Community, Communication Design

    Abney_associates_177_ Abney Associates advising investors to place a portion of their holdings into the precious metal as the rally on bullion is continually driven by high demand for the physical product. Gold bullion’s rally continues with many analysts now hinting that it may continue well through December and into the New Year. Asian markets in particular have seen demand for gold bullion surge as investors scramble for the commodity. In the second quarter, this year China and India have led the rush with demand soaring 87 percent and 71 percent for both countries respectively. It has been a turbulent year for Gold as mostly American speculators rushed to offload ETPs on the commodity causing prices to drop nearly 19 percent in the first half. The largest of these selloffs by John Paulson & Co., reduced their stake in SPDR Gold trust by 11.6 million shares or just over 50 percent of their total holdings. This move seems more and more a rash decision by the Billionaire. “The demand for physical gold has not diminished throughout the year with investors need to hold the precious metal increasing and this doesn’t come as surprise to anyone who has been paying attention to markets sale volume. The only upset to the market was in relation to the removal of the Fed stimulus program and as investors within the United States bet on the strength of the U.S dollar against Exchange Traded Products contrary to every piece of market data available. The demand for gold bullion has far surpassed th...
  • Abney Associates Advise on Arinc Buyout

    Community, Communication Design

    Abney_associates_177_ Abney Associates advising investors of opportunities in Rockwell Collins after their buyout of Arinc Incorporated sets the record for the sector. Arinc Inc. the aviation information management company has been purchased from its Carlyle Group owners, Rockwell Collins Inc. The aerospace manufacturer has paid $1.39 billion for Arinc in their continuing efforts to expand their footprint in the aviation sector. The deal is the largest this year in the North American aviation sector eclipsing, Precision Castparts Corp’s $600 million purchase of Permaswage SAS earlier this year . “This has been a long expected move by Rockwell as they have been hinting for some time of their desire to diversify and gain further access within the civilian market. Arinc was simply too good an opportunity to pass up and the acquisition price reflects this. Carlyle group took the same position back in 2007 when they bought Arinc from American Airlines and it’s just as deserving today,” explained James Carter, Senior Vice President of Mergers and Acquisitions at Abney Associateses. The purchase comes as Rockwell Collins finds itself increasing its business in commercial aviation as it draws down on Government contracts. The company, which expects to accrue sales of $4.65 billion this year, has wanted to further diversify within the aviation sector for some time and Arinc with its estimated revenues of $600 million was a sound strategic investment for acquisition. With the addition of Arinc to ...