Non-public fairness teams unable to promote or checklist China-based portfolio corporations

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 the moment:

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

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

It’s the first 12 months for at the very least a decade the place this has been the case, although the tempo of exits has been sluggish since Beijing launched restrictions on Chinese language corporations’ capacity 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 troublesome . . . to get capital out”. Learn the total report.

5 extra high tales

1. A Russian cargo vessel operated by the defence ministry’s logistics fleet sank at the moment 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 price range that may go the nation’s raucous hung parliament. The appointment got here after days of wrangling between Bayrou and President Emmanuel Macron. Listed below are the opposite officers within the new cupboard.

3. The EU is emptying its gasoline storage services on the quickest tempo for the reason that power disaster three years in the past as colder climate and a decline in seaborne imports elevate demand. The quantity of gasoline within the bloc’s storage websites has dropped 19 per cent from the top of September, when the refilling season ends in gasoline markets, to mid-December, in accordance with an trade physique. Learn the total 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. Learn extra concerning the full checklist.

5. Airways on each 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 report set in 2019, in accordance with aviation information, whereas a report 54mn passengers are forecast to fly on US carriers between December 19 and January 6. Listed below are the highest locations.

The Large Learn

The world’s largest on-line courting corporations are in disaster as ladies 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 affection with courting apps?

We’re additionally studying . . . 

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

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

Dax bull run: Germany’s personal “magnificent seven” have pushed a powerful 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 affect 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 nations the place family-friendly insurance policies had beforehand helped enhance the variety of infants.

Take a break from the information

In our society, momentous information tends to be shared first with these in vital 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 necessary sufficient to obtain the information of the delivery of Jesus. The common-or-garden characters of the Nativity story have a lot to show us about being open to concepts of spirituality.

Further reporting by Irwin Cruz and Emily Goldberg

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