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China’s state-run Citic Group, one of the world’s€™s top owners of foreign assets, is in talks to buy a 60 per cent controlling stake in Jing King Tech Group from RRJ Capital, according to people familiar with the matter. Also in the race are the Government of Singapore Investment Corporation (GIC) and TPG Capital, a US$75 billion US private equity firm based in Fort Worth, Texas, the people said. Photo: SCMP

Deal making shifts to Southeast Asia as investors seek better values

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China’s largest state conglomerate is in a race with Singapore’s sovereign wealth fund and one of the biggest US private equity funds for control of a Singapore-based maker of smart cards, in a sign that investors are shifting their sights to Southeast Asia for better valuations.

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