Category: 3. Business

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The US Securities and Exchange Commission is investigating investment bank Jefferies over its relationship with collapsed car parts company First Brands Group.

The regulator is seeking information about whether Jefferies gave investors in its Point Bonita fund enough information about their exposure to the auto business, which filed for bankruptcy in September with $12bn in debt, according to two people with knowledge of the matter.

It is also looking into internal controls and potential conflicts within and between different parts of the bank. The SEC’s inquiry is at an early stage and it is not clear whether it will result in any allegations of wrongdoing.

Jefferies chief executive Rich Handler said last month that the bank believes it was “defrauded” by First Brands, whose collapse raised questions about lending standards in the fast-growing but opaque private credit industry. He said the company’s bankruptcy had not seriously harmed the bank’s core business.

The existence of a civil probe into Jefferies’ relationship with First Brands is a sign of how the company’s collapse is affecting other financial institutions.

The regulator, a civil enforcement body rather than a criminal prosecutor, often asks questions about high-profile cases and those probes do not necessarily mean any wrongdoing has taken place. It is not clear whether the SEC is also looking into other financial firms’ dealings with First Brands.

Jefferies declined to comment. The SEC said it does not comment on the existence or non-existence of a possible investigation.

Jefferies had a long-standing relationship with First Brands, which included advising the company, providing it with opaque invoice financing and placing billions of dollars of loans with other investors.

In October Jefferies said a specialist invoice-finance fund it manages, Point Bonita Capital, had about $715mn invested in “receivables” — money owed under customer invoices — from retailers that bought First Brands products such as windscreen wipers to sell to consumers.

Jefferies has said the receivables were due from blue-chip companies including Walmart. Point Bonita documents did not list any exposure to First Brands as of June, but showed that the fund’s second and third largest exposures were to its customers, Walmart and auto parts retailer O’Reilly.

However, in a statement in October the bank said First Brands had been “directing” funds from customers to Point Bonita, rather than the Jefferies fund receiving payment from Walmart and others directly. Bankruptcy filings have confirmed that invoice lenders that provided $2.3bn of financing linked to receivables were all paid by First Brands rather than its customers.

The Financial Times also reported in October that Jefferies earned extra fees on financing it provided to First Brands through a “side letter” with the company, which some lenders said was not disclosed to them and may have violated the terms of their loan.

Jefferies has since confirmed the existence of the arrangement. It stated that First Brands received a legal opinion confirming the fees did not breach its loan terms and that a document listing the letter was disclosed to all of the group’s lenders.

Separately, federal prosecutors at the US Department of Justice have opened an inquiry into the collapse of First Brands, the FT reported last month.

First Brands founder Patrick James this month regained access to his bank accounts after winning a court battle against the company, which was trying to extend a freeze on his assets.

Additional reporting by Rob Smith in London and Stefania Palma in Washington

Despite a difficult 2024, pockets of growth remain for sparkling wine in key markets the US, the UK and France, thanks to the category’s appeal to a younger LDA audience and a move beyond special occasions to everyday, informal settings. Sparkling wine volumes registered slight declines in all three markets during 2024, but still managed to outperform the struggling still wine category, according to the recently released IWSR Sparkling Wine Landscape Reports for France, UK and the US.

Champagne’s higher prices and premium positioning are limiting its growth potential, with declines in all three markets during the 2019-24 period. Prosecco has been the big winner, growing volumes at a CAGR of +7% in the US and +17% in France over the same timescale, but has lost momentum in the UK. Smaller segments, such as flavoured sparkling in the US, Crémant in France and English sparkling in the UK, are gaining ground.

“Sparkling wine faces challenges, but also has clear opportunities,” says Luke Tegner, head of consulting. “Younger LDA drinkers are highly engaged with the category and enjoy it on casual, everyday occasions beyond traditional celebrations. If this pattern grows, sparkling wine can attract new consumers and increase the frequency at which existing drinkers purchase it.

“Overall, sparkling wine is becoming more embedded in consumers’ lifestyles, as consumer behaviour in the category continues to evolve, shaped by shifting attitudes towards spending, wellbeing and consumption occasions. Younger cohorts – particularly Millennials and LDA Gen Z – remain the key drivers of change.”

US: Participation rebounds

Although total sparkling wine volumes in the US declined by -2% in 2024, the category remains well above pre-pandemic levels, having expanded at a CAGR of +4% between 2019 and 2024. According to IWSR consumer research, after a decline in the number of sparkling wine drinkers between 2022-24, participation bounced back in 2025, reaching 27% of the LDA population, well above 2019 levels (21%).

Pakistan’s stock market surged with renewed vigour as the KSE-100 Index jumped 2,185 points to close at 165,373, marking a robust 1.34% gain. The benchmark reclaimed the psychologically important 165,000 level on a closing basis for the first time in 25 days—since October 22—easing rollover week concerns and signalling a strong bullish comeback.

“The session opened on a strong footing and maintained its positive trajectory throughout the day,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. “This rally was largely driven by optimism surrounding the IMF Board meeting scheduled for December 8, following Pakistan’s Staff-Level Agreement (SLA) with the Fund for the second review of the $7 billion EFF programme and the first review of the $1.4 billion RSF facility.”

Market sentiment was further buoyed by reports that the Reko Diq project is expected to achieve financial close within the next two weeks, securing $3.5 billion in funding for the multibillion-dollar copper and gold mining venture.

Read: PSX sees strong rebound as investor confidence boosts index by 1,496 points

This kept E&P stocks in the spotlight, with PPL and OGDC jointly contributing 303 points. FATIMA and LUCK also attracted renewed buying interest due to their mining-linked exposure, together adding 331 points to the day’s bull run.

Market activity remained moderate, with 495.7 million shares traded and total turnover amounting to Rs30.5 billion. DSL led the volume chart with 48.4 million shares.

As anticipated, the PSX crossed the 165,000 mark today. Looking ahead, the KSE-100 Index is likely to extend its bullish trend on Friday, supported by end-of-month window dressing. The index may even push above its current 160,000–170,000 consolidation zone.

Hong Kong, 27 November 2025: Former Hong Kong Insurance Authority General Counsel (Acting) Patrick Peng joins as Head of Corporate for Greater China

Global law firm Clyde & Co today announced the appointment of Patrick Peng as a Partner. He joins from the Hong Kong Insurance Authority, where he served as General Counsel (Acting). He brings a unique perspective, having guided the development of the regulatory framework as a senior official and represented financial institutions in private practice.

This strategic hire will bolster the firm’s corporate and regulatory insurance practice, strengthening its ability to provide clients with strategic counsel on navigating the region’s complex and fast-evolving regulatory landscape.

During his more than eight years with the Hong Kong Insurance Authority, Patrick was instrumental in the creation of several pioneering regulatory regimes. His work included key contributions to Hong Kong’s captive domicile, insurance-linked securities (ILS), risk-based capital (RBC), group-wide supervision (GWS), and company re-domiciliation frameworks. His deep experience with the regulatory process spans life and non-life (re)insurance, corporate governance, licensing, market conduct, and policy development.

His background is further rounded out by his prior experience as a corporate lawyer at leading US law firms, where he represented a wide range of financial institutions in mergers and acquisitions, joint ventures, insurance portfolio transfers, IPOs, and other corporate and commercial matters.

In addition to his legal practice, Patrick serves as a part-time lecturer at The Hang Seng University of Hong Kong, the Vice-President of the Guangdong-Hong Kong-Macao Greater Bay Area Actuarial and Insurance Industry Academy, and a Director of The Hong Kong Insurance Law Association, underscoring his commitment to industry development.

 

Simon McConnell, Partner, APAC Board Chair, Hong Kong, said: “Patrick is extremely well regarded in the market. His sophisticated understanding of the regulatory process, combined with his proven track record in corporate law, is a tremendous asset for our clients. His appointment underscores our commitment to providing top-tier, strategic advice that helps clients succeed in the Greater China insurance market.”

Fei Kwok, Hong Kong Managing Partner, said: “Family offices and digital asset participants will also greatly benefit from Patrick’s extensive experience. His arrival enables us to further expand the firm’s strong presence in our core sectors across Hong Kong, Beijing, and the Greater Bay Area.”

Patrick Peng said: “Having been closely involved with the regulatory process, I not only understand the principles and policy goals that shape the landscape but practice them. I look forward to working with the firm’s clients to help them navigate this complexity and build compliant, market-leading strategies. The firm’s powerful global platform is ideally positioned to help clients capitalise on the immense opportunities across Greater China.”

Growing Corporate and Regulatory Offering in Greater China

With this appointment, Clyde & Co is uniquely equipped to serve as a strategic partner for clients navigating the convergence of finance, artificial intelligence, and regulation in Greater China.

Clyde & Co’s global insurance practice of 2,400 lawyers in over 70 offices around the world handles matters across all lines of insurance business, helping the insurance market navigate risk. 

Lloyd’s Register (LR) has signed a global platinum partnership with the Energy Industries Council (EIC), the world-leading trade association for the energy supply chain, strengthening its position across international markets and major industry events.  

The agreement marks the first time LR has joined the EIC at platinum level, providing the organisation with a prominent presence at leading global industry gatherings including ADIPEC in Abu Dhabi, the Offshore Technology Conference in Houston and the World Future Energy Summit in 2026. 

Through this new platinum-level partnership, LR will support EIC trade delegations and facilitate networking initiatives, gaining access to senior-level business forums focused on decarbonisation, financing and regulatory reform.  
 
For EIC’s member companies – totalling more than 950 across the globe – the partnership will bring Lloyd’s Register’s assurance and risk expertise directly into trade missions, market intelligence briefings and supply chain forums.  

LR will feature alongside EIC at several major international events over the next 12 months, including Hydrogen Technology Expo Europe, the World Nuclear Exhibition and WindEnergy Hamburg. The company will also support EIC’s trade missions to emerging energy markets such as Mozambique, Guyana and Nigeria. 

Together, LR and EIC will support the global energy supply chain to de-risk complex projects, open new export routes and contribute to making energy transition investments more bankable and deliverable. 

Sean Van der Post, LR’s Global Energy Director, said: “Working with the EIC gives us a powerful platform to engage with energy leaders and policymakers, helping shape the discussions that will define the sector’s future. We are committed to supporting the supply chain to explore new technologies, investment opportunities and frameworks that accelerate progress towards net zero.” 

EIC chief executive Stuart Broadley said: “Lloyd’s Register has been a trusted technical authority across the ocean and energy economies for generations. As our Platinum Global Partner, LR will sit at the heart of our global pavilions and trade delegations, bringing world-class assurance and risk expertise into the conversations that matter most to the energy supply chain. Together we will connect more companies to real export opportunities and help make energy-transition projects safer, more investable and faster to deliver.”

Kumar Pranav, Global Advisory Lead – Operational Excellence; Ziad Menhem, Business Development Manager; Ambrish Bansal, Senior VP and Global lead Management Consulting; Kamran UlHaq, Senior Vice President – Ports Advisory; Ngozi Gwam, Business Director and Senior Representative for Africa; Ian Crehan, UKI Offshore Business Director; Sean van der Post, LR’s Global Energy Director at ADIPEC 2025.

• If you’ve been wondering whether Hua Hong Semiconductor is currently a bargain or already fully priced, you’re not alone. Let’s dig into what the numbers and recent market action are telling us.

• Despite impressive long-term results, with a 261.8% return over the past year, the stock has dropped by 7.0% over the last week and is down 15.8% in the past month, suggesting a shift in market sentiment or risk perception.

• Recent news of continued investment in China’s chipmaking ecosystem and growing global demand for semiconductors have kept Hua Hong Semiconductor in the headlines, adding momentum to the long-term narrative. Regulatory discussions around Chinese tech stocks have also contributed to volatility, shaping how investors are thinking about future opportunities and risks.

• Based on our value checks, Hua Hong Semiconductor currently scores 1 out of 6 for undervaluation, which might raise an eyebrow or two. We’ll explore different valuation approaches next, but I’ll also hint at a more insightful angle on valuation that you won’t want to miss at the end.

Hua Hong Semiconductor scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

The Discounted Cash Flow (DCF) model projects future cash flows for Hua Hong Semiconductor and discounts them back to today’s value, aiming to estimate what the business is intrinsically worth. This approach uses forward-looking cash flow estimates as the primary driver for valuation.

As of the latest data, Hua Hong’s last twelve months of Free Cash Flow stood at negative $1,027 Million. Analysts estimate that in five years, annual Free Cash Flow will turn positive, reaching up to $702 Million by 2029. Looking out to 2035, model-based projections anticipate Free Cash Flow could climb to more than $2.4 Billion. These longer-range numbers are extrapolations and are less certain than the analyst consensus for the earlier years.

Using this two-stage cash flow projection, the DCF model calculates an estimated intrinsic value of $59.85 per share. Compared with the current share price, the analysis reveals the stock is roughly 21.2% above its fair value. This indicates that investors are paying a premium based on these projections.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Hua Hong Semiconductor may be overvalued by 21.2%. Discover 926 undervalued stocks or create your own screener to find better value opportunities.

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Hua Hong Semiconductor.

The Price-to-Sales (P/S) multiple is often favored for valuing companies that may not show consistent profitability but have meaningful revenues and long-term growth potential. For Hua Hong Semiconductor, this makes P/S the preferred metric, as it allows us to focus on its sales base rather than fluctuating earnings.

It’s important to remember that what constitutes a “normal” or “fair” P/S ratio depends greatly on growth expectations and perceived risks. Companies growing faster or commanding higher margins often trade with higher P/S multiples, while those facing more risk or slower expansion typically command lower ratios.

Currently, Hua Hong Semiconductor trades at a P/S multiple of 7.10x. This is significantly higher than the Semiconductor industry average of 1.87x and the peer group average of 22.93x. To determine what multiple would be “just right” for Hua Hong given its unique combination of growth outlook, profit margin, risk factors, and market position, we can use the proprietary “Fair Ratio” developed by Simply Wall St. For Hua Hong, this Fair Ratio is 4.84x.

The Fair Ratio offers a far more tailored benchmark than simply comparing to industry or peers, as it weighs in company-specific attributes that typically get ignored including differences in growth trajectory, profitability, competitive position, and risk profile. This holistic view delivers a more accurate reading of underlying value.

Comparing Hua Hong’s actual P/S multiple (7.10x) to its Fair Ratio (4.84x), the stock appears overvalued using this approach.

Result: OVERVALUED

PS ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1433 companies where insiders are betting big on explosive growth.

Earlier we mentioned that there is an even better way to understand valuation, so let’s introduce you to Narratives. A Narrative is a simple but powerful idea: you connect your story or perspective about a company, how you believe its business will perform, what will drive its growth, and what risks it faces, to your own financial forecast and an estimated fair value. Narratives let you move from just looking at numbers to understanding the deeper reasons behind them, putting your investment beliefs front and center.

On Simply Wall St’s Community page, Narratives are available for all users and provide a unique, accessible tool that millions of investors use to clarify their thinking and confidently track their investment decisions. With Narratives, you can see in real time how your assumptions impact a company’s fair value and compare that directly to the current price, helping you decide if it is time to buy or sell.

Best of all, Narratives update automatically when new data, news, or earnings come in. For example, some investors project that Hua Hong Semiconductor’s fair value is as high as HK$73.83 due to strong demand in artificial intelligence, while more cautious perspectives see it as low as HK$22.38 due to competitive pressures and uncertainty. Narratives empower you to invest based on your unique view and adjust quickly as the facts change.

Do you think there’s more to the story for Hua Hong Semiconductor? Head over to our Community to see what others are saying!

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include 1347.HK.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

The New Car Assessment Programme for Latin America and the Caribbean, Latin NCAP, publishes today the seventh crash tests results for 2025 with five stars for the Renault Kardian, and renewed five stars for the updated Volkswagen Taos.

The Renault Kardian, produced in Brazil, achieved five stars. The Kardian was tested in 2024, achieving four stars starting a new era for Renault in the region towards safer cars. Following the manufacturer’s excellence pursuit, the Renault Kardian was updated by adding Autonomous Emergency Braking (AEB) for Vulnerable Road Users (VRU) and submitted to Latin NCAP to assess those improvements. The updated Kardian offers 6 airbags and Electronic Stability Control (ESC) as standard, and AEB as optional achieving 83.41% in Adult Occupant, 82.92% in Child Occupant, 72.96% in Pedestrian Protection and Vulnerable Road Users and 83.78% in Safety Assist. In 2024 Kardian was tested in frontal impact, side impact, pole side impact, whiplash, pedestrian protection, ESC, AEB city, AEB interurban and Speed Assist Systems (SAS). In 2025 Latin NCAP assessed the AEB for VRU which achieved full score and met availability requirements.

The frontal impact showed stable structure and unstable footwell area, marginal chest protection for the driver and adequate for the passenger’s chest. Side impact protection showed robust performance thanks to the standard side body and curtain airbags, showing adequate chest protection and good to the rest of the body. Pole impact test showed marginal chest protection for the adult. Whiplash protection was marginal. Both child occupants were installed rearward facing using ISOFIX anchorages, following global best practices, showing overall good protection. The 3 years old dummy head showed exposure in the side impact test without critical values. Pedestrian Protection showed mostly good and adequate protection for the head and poor head protection towards the windscreen and A-Pillars. Upper leg protection was weak and poor, and lower leg showed good protection. AEB city and interurban showed good performance, meeting Latin NCAP availability requirements. AEB for VRU achieved full score performance, meeting Latin NCAP’s availability requirements. This result is valid as from VIN 93YRJF000TJ403319 and production date August 14, 2025. The model was tested as a voluntary decision of the manufacturer.

The Volkswagen Taos, produced in Mexico, achieved five stars. Until the current year, the model was also produced in Argentina and achieved five stars result back in 2021. The Taos was updated with a facelift and equipment availability and following a voluntary decision of the manufacturer the model was reassessed. The updated Taos offers 6 airbags, ESC and AEB as standard achieving 90.69% in Adult Occupant, 89.80% in Child Occupant, 67.67% in Pedestrian Protection and Vulnerable Road Users and 92.15% in Safety Assist. The Taos was tested in frontal impact, side impact, side pole impact, whiplash, pedestrian protection, ESC, Moose, AEB tests back in 2021. In 2025 following the facelift, Latin NCAP reassessed the pedestrian protection as the front of the car was redesigned and AEB technologies and tested the Blind Spot Detection (BSD) and Lane Support Systems (LSS) technologies, which are offered as optional.

The Taos showed stable structure and stable footwell area in the frontal test showing marginal protection to the driver chest and adequate protection to the passenger chest. In the rear impact neck protection was good. Side impact showed full protection and side pole side impact showed good protection to the head, abdomen and pelvis and adequate to the chest. Child occupant showed full protection in front and side impact. Pedestrian protection upper leg is still mostly poor and should be improved. AEB VRU showed good performance but did not reach full points. AEB City scored full points and AEB Interurban showed good performance but not reached full score. The BSD was also tested and reach full score in performance.  Lane Support Systems, did not score due to not being a default on function. This result is valid as from VIN 3VV9P6B26SM000641 and production date October 28, 2024. The model was tested as a voluntary decision of the manufacturer.

Alejandro Furas, Secretary General of Latin NCAP said:

“Congratulations to Renault for its first five-star result in Latin NCAP. Its commitment to safer cars became clear by improving a popular model, the Kardian, from four to five stars in such a short period of time. Latin NCAP looks forward for Renault’s new models, and the next five stars results from the brand. Taos facelift confirms once again Volkswagen’s policy of top safety and their constant commitment to show their achievements to consumers. The Taos is the first model in achieving five stars twice under the same assessment protocols following a facelift and updates. It is important that consumers receive independent information about safety in order to make decisions when buying their next car. Latin NCAP calls all governments to implement a mandatory labelling with star ratings to make consumer information available for all car buyers and fleet managers.”

Stephan Brodziak, Latin NCAP Chairman said:

“Latin NCAP acknowledges the progress made by Renault and Volkswagen in these new results. The improvement of the Renault Kardian and the redesign of the Volkswagen Taos demonstrate that when manufacturers make a genuine commitment to protecting lives, the entire region benefits, as it sends a strong market signal to the industry to establish necessary and healthy competition for vehicle safety in Latin America and the Caribbean. Improvements in vehicle safety are a systematic intervention for public health with a proven impact: safer vehicles mean fewer deaths, fewer serious injuries, and fewer families affected by irreversible consequences, as well as a reduced economic burden for governments. At Latin NCAP, we celebrate these achievements and encourage the industry to continue along this path, further strengthening the protection provided to consumers in our region.”

Renault Kardian (6 airbags)
Read the full crash test report
Watch the crash test video
Download crash test images 

Volkswagen Taos (6 airbags)
Read the full crash test report
Watch the crash test video
Download crash test images