Private equity groups unable to sell or list China-based portfolio companies

Good morning and welcome again to the final FirstFT earlier than we take a short Christmas Day break. Right here’s what’s on the agenda at this time:

The world’s prime personal fairness corporations have discovered themselves trapped in China, unable to promote or checklist their China-based portfolio firms this 12 months, as Beijing has cracked down on preliminary public choices and the financial system slows.

Among the many 10 largest international personal fairness teams with operations in China, there isn’t any file of any having listed a Chinese language firm this 12 months or absolutely bought their stake via an M&A deal, figures from Dealogic present.

It’s the first 12 months for not less than a decade the place this has been the case, although the tempo of exits has been gradual since Beijing launched restrictions on Chinese language firms’ skill to checklist in 2021.

Goldman Sachs chief government David Solomon mentioned at a Hong Kong convention in November that one of many causes traders had been “predominantly on the sidelines” over deploying funds in China was that “it’s been very tough . . . to get capital out”. Read the full report.

5 extra prime tales

1. A Russian cargo vessel operated by the defence ministry’s logistics fleet sank at this time in worldwide waters between Spain and Algeria whereas en route from St Petersburg to Vladivostok. The ship, known as Ursa Main, sank following an explosion in its engine room. Two crew members stay lacking, whereas 14 others had been rescued and brought to the Spanish port of Cartagena, Russia’s overseas ministry mentioned.

2. France’s new prime minister François Bayrou has chosen Eric Lombard, head of state-backed monetary group Caisse des Dépôts, as finance minister, entrusting him with devising a finances that may cross the nation’s raucous hung parliament. The appointment got here after days of wrangling between Bayrou and President Emmanuel Macron. Here are the other officials in the new cabinet.

3. The EU is emptying its fuel storage amenities on the quickest tempo for the reason that vitality disaster three years in the past as colder climate and a decline in seaborne imports increase demand. The amount of fuel within the bloc’s storage websites has dropped 19 per cent from the tip of September, when the refilling season ends in fuel markets, to mid-December, in line with an business physique. Read the full report.

4. Joe Biden has stamped his legacy on the federal bench after Senate Democrats raced to substantiate greater than 200 nominees to lifetime appointments in courts throughout the US, outpacing Donald Trump’s tally throughout his first presidency. Read more about the full list.

5. Airways on either side of the Atlantic are braced for his or her busiest Christmas season. Within the UK, carriers will fly 6.1mn seats between December 20 and January 2, a 5 per cent enhance on the earlier file set in 2019, in line with aviation information, whereas a file 54mn passengers are forecast to fly on US carriers between December 19 and January 6. Here are the top destinations.

The Massive Learn

The world’s largest on-line courting firms are in disaster as girls and youthful customers more and more look in direction of area of interest apps and real-life meets — and even choose out of romantic relationships altogether. Why have customers fallen out of love with dating apps?

We’re additionally studying . . . 

• ‘Waste of time’: The FT spoke to ministers, enterprise leaders and Labour MPs to piece collectively what went wrong for UK Prime Minister Sir Keir Starmer after his landslide election victory.

• Dispatch from Syria’s Latakia: Within the Assad dynasty’s residence province and one-time stronghold, many concern the regime change marks the beginning of a cycle of disempowerment and retribution.

• Dax bull run: Germany’s personal “magnificent seven” have pushed a robust rally within the nation’s inventory market this 12 months, defying the gloom enveloping the home financial system.

• Misinformation: A Russian on-line advert company with a London affiliate has been implicated in influence campaigns in France, Germany and Romania.

Chart of the day

Three extra EU member states — together with probably the most populous, Germany — have joined the checklist of nations with “ultra-low” fertility charges, highlighting the extent of the area’s demographic challenges. Beginning charges have fallen even in international locations the place family-friendly insurance policies had previously helped boost the number of babies.

Take a break from the information

In our society, momentous information tends to be shared first with these in important or high-profile positions, because it has been all through historical past. So it’s notable, writes Enuma Okoro, {that a} group of “lowly” shepherds was deemed essential sufficient to obtain the information of the beginning of Jesus. The common-or-garden characters of the Nativity story have much to teach us about being open to concepts of spirituality.

Further reporting by Irwin Cruz and Emily Goldberg

FirstFT will probably be taking a break tomorrow however we’ll be again in your inboxes on Thursday. Thanks for studying, and joyful holidays!