Singapore’s GIC has taken a minority stake in global asset servicing firm Citco, while Pony AI has reportedly filed for a listing in Hong Kong.
GIC takes minority stake in Citco
Singapore’s sovereign wealth fund GIC has acquired a minority stake in global asset servicing firm Citco as part of a long-term strategic partnership, according to an announcement.
Financial details of the deal were not disclosed. The founding Smeets family will retain majority ownership of Citco, which administers assets of institutional, hedge fund, and private market clients.
GIC said the investment aligns with its strategy of supporting family-owned businesses with strong market positions and focusing on long-term growth.
“Citco has organically grown into a global market-leading asset servicing business, delivering value to investors like GIC for over 50 years,” GIC said.
Roald Smeets, president and Chief Operations Officer of Citco, said the partnership with GIC would strengthen the company’s ability to scale and innovate for its clients.
Citco has $2 trillion in assets under administration and operations across 36 countries.
Self-driving startup Pony AI files for HK listing: report
Autonomous-driving company Pony AI has filed for an initial public offering in Hong Kong to raise capital for its expansion plans, according to a Bloomberg report.
The size of the offering has yet to be determined. A listing could take place later this year, people quoted in the report said. Pony AI has declined to comment.
Headquartered in Guangzhou, Pony AI raised about $413 million through a US IPO and private placements in November 2024.
The company announced in January that it was seeking to launch its robotaxi services in Hong Kong, joining Baidu in a race to provide services in the city, as the autonomous driving firm looks to expand its operations globally.
Founded in 2016 and based in the US and China, the autonomous driving firm was valued at $8.5 billion following its Series D round in March 2022. The firm counts carmakers including GAC, Toyota, SAIC Group, Sany Heavy Industry, and FAW Group among its partners.
