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BEIJING, CHINA – FEBRUARY 21: Consumers buy beverages outside a Mixue Bingcheng store on February 21, 2025 in Beijing, China. China’s largest bubble tea and drinks firm, Mixue Group, started bookbuilding on Friday for its sale of 17.1 million shares at a fixed price of HK$202.5 each, with the stock set to begin trading on the Hong Kong Stock Exchange on March 3. (Photo by Yi Haifei/China News Service/VCG via Getty Images)

Shares in Mixue—a Chinese ice cream chain with more stores than McDonald’s—jump over 40% after Hong Kong’s largest IPO so far this year

Exterior facade of the building housing sovereign wealth fund, known as Daya Anagata Nusantara or Danantara, in Jakarta on February 24, 2025, which was earlier launched by Indonesian President Prabowo Subianto. Indonesian President Prabowo Subianto on February 24, 2025 launched a new sovereign wealth fund set to be the biggest in Southeast Asia’s largest economy and give the ex-general greater control of the country’s coffers. He wants to tap into the fund’s assets — planned to be more than $900 billion — to boost Indonesia to developed economy status, despite expert concern about its governance. (Photo by Bay ISMOYO / AFP) (Photo by BAY ISMOYO/AFP via Getty Images)

Sovereign wealth funds are back in vogue as ‘an extension of a country’s industrial policy’

By Lionel Lim and Nicholas Gordon

LAS VEGAS, NEVADA – JUNE 24: ‘Welcome to Resorts World Las Vegas’ is displayed on a hotel tower’s facade while fireworks are deployed during Resorts World Las Vegas Grand Opening on June 24, 2021 in Las Vegas, Nevada. (Photo by Denise Truscello/Getty Images for Resorts World Las Vegas)

The Malaysian company behind Resorts World Las Vegas gets a new CEO—the first from outside the founding family

Singapore charges three with fraud in cases reportedly linked to smuggling of Nvidia chips to China

TSMC offices in San Jose, California, US, on Thursday, April 18, 2024. Taiwan Semiconductor Manufacturing Co. scaled back its outlook for a chip market expansion, cautioning that the smartphone and personal-computing markets remain weak. Photographer: David Paul Morris/Bloomberg via Getty Images

Beijing accuses Taiwan of giving away chip companies like TSMC as ‘souvenirs’

Kwek Leng Beng, chairman of City Developments Ltd., speaks during a news conference in Singapore, on Thursday, Feb. 21, 2019. Releasing fourth-quarter results, Beng said he was confident that when global issues stabilize, Singapore’s residential market will start to shine again. Photographer: Ore Huiying/Bloomberg via Getty Images

Father-son feud and an alleged ‘attempted coup’ rock one of Singapore’s largest property developers

Helen Wong, chief executive officer of Oversea-Chinese Banking Corp. (OCBC), during a news conference in Singapore, on Wednesday, Feb. 26, 2025. OCBC announced a S$2.5 billion ($1.9 billion) capital return program, joining its Singaporean rivals in distributing surplus capital to investors. Photographer: Ore Huiying/Bloomberg via Getty Images

OCBC CEO Helen Wong thinks AI will create more banking jobs

A customer uses an ATM at a DBS Group Holdings Ltd. bank branch in Singapore, on Monday, Feb. 10, 2025. DBS shares jumped after the lender reported earnings that met expectations and unveiled a investor payout plan. Photographer: Suhaimi Abdullah/Bloomberg via Getty Images

DBS, Southeast Asia’s largest bank, is cutting 4,000 temp roles due to AI: ‘For the first time, I’m struggling to create jobs’

Billy Zhang, Oppo’s president of overseas marketing, sales and services speaking at the Find N5 global launch event at the Marina Bay Sands in Singapore on Feb. 20, 2024.

Chinese phones dominate Southeast Asia—but it’s ‘now or never’ for these budget brands to go premium

Sunny Verghese, chief executive officer and co-founder of Olam International Ltd., speaks during a news conference in Singapore, on Monday, Aug. 14, 2017. Olam predicts cocoa market conditions will stabilize this half after volatile prices hit earnings for another quarter. Photographer: Nicky Loh/Bloomberg via Getty Images

Saudi Arabia snaps up Olam’s agribusiness division in a deal valued at $4 billion, more than the Singaporean firm’s entire market cap

A worker produces semiconductors at a production line of a semiconductor manufacturer in Binzhou, China, on January 20, 2025. (Photo by Costfoto/NurPhoto via Getty Images)

The U.S.’s chipmaking sector is ringing the alarm about Washington’s chip war with China

A Grab driver picks up a passenger in Jakarta, Indonesia, on Aug. 13, 2024. Grab Holdings Ltd. is scheduled to release earnings results on Aug. 15. Photographer: Dimas Ardian/Bloomberg via Getty Images

Grab points to potential of ‘under-tapped’ Southeast Asia market—but a disappointing forecast sends shares plunging over 10%

UOB CEO Wee Ee Cheong at the bank’s results briefing on Feb. 19, 2025.

Singapore’s UOB posts record profits as it bets its Southeast Asia focus will drive growth amid global uncertainties

SHENZHEN, CHINA – FEBRUARY 10: BYD chairman Wang Chuanfu attends BYD Intelligent Strategy Conference at BYD global headquarters on February 10, 2025 in Shenzhen, Guangdong Province of China. (Photo by VCG/VCG via Getty Images)

BYD founder Wang Chuanfu, fresh from his meeting with Xi Jinping, claims Chinese EVs are 3 to 5 years ahead of the competition

South Korea’s Finance Minister Choi Sang-mok attends a joint press conference on South Korea’s post impeachment situation in Seoul on December 18, 2024. (Photo by Jung Yeon-je / AFP) (Photo by JUNG YEON-JE/AFP via Getty Images)

South Korea wants to stockpile 10,000 GPUs as AI becomes a geopolitical contest