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Happy New Year!

2024 is officially in the rear-view mirror, cementing yet another historic bull market. As we turn the page to 2025, we look forward to another incredible year of growth and learning.

Thank you all for trusting Exec Sum as your go-to source for financial news. Please share / forward this newsletter with your colleagues, friends, and family who should be following the best newsletter in the game. Here's to a big 2025! 🥂🥂🥂

First newsletter of the year is a short one given the holiday / NYE lull.

Take your career to the next step in 2025! Level up your PE skills in Wharton Online–Wall Street Prep's globally acclaimed Private Equity Certificate Program and save with early enrollment. Learn more below!

Let's dive in.

Before The Bell

Markets

• US closed lower on the last trading of 2024 to wrap up a historic year 

  • S&P posted its biggest two-year gain since 1998

• China's CSI 300 gained 15% for its first annual gain since 2020 to outpace Asian peers

  • Hong Kong's HSI index gained 17% to break a four-year losing streak

• Cocoa and coffee closed 2024 as the biggest commodities gainers for a second-straight year amid a global supply deficit 

Earnings

• Full calendar here

Prediction Markets

• New year, same dilemmas…

• Trade your predictions on a range of events legally, only on Kalshi. Get a $20 bonus when you deposit $100 with code LIT on signup!

Headline Roundup

• Investors hope for stock market trifecta after back-to-back boom years (RT)

• Number of US VC firms fall as tier-1 VCs dominate (FT)

• Activist investors push Japan to 'great tipping point' (FT)

• SEC wrote off $10B in fines it can't collect (WSJ)

• Deutsche Bank targets US fixed income for IB growth (FT)

• US investors in China VC funds race to comply with new tech rules (FT)

• Citigroup and BofA join US banks in exiting Net-Zero Banking Alliance (RT)

• Nvidia invested $1B in AI deals in 2024 (FT)

• China steps up drive to break Boeing and Airbus grip on plane market (FT)

• US LNG gas demand hit a record high (RT)

• Terrorist attack in New Orleans kills 15 on New Years (WSJ)

A Message from Wall Street Prep

Ready to take your career to the next level in 2025? 

Let 2025 be the year you master the world of private equity through the Private Equity Certificate Program from Wharton Online and Wall Street Prep. This comprehensive 8-week online journey is designed for those looking to upskill their PE knowledge or those aspiring to break into the industry. 

Beyond learning the technical skills from the top instructors on Wall Street, you'll hear from top industry executives like David Rubenstein, co-founder of The Carlyle Group, and Martin Brand, Sr. Managing Director at Blackstone. 

And once you pass, you'll earn a digital certificate from Wharton Online and join a network of over 4,000+ graduates for ongoing career support. 

And by enrolling early, you can gain access to exclusive perks like:

• Immediate Access to 15+ hours of foundational training on topics including accounting, Excel, and financial modeling

• Early Access to the cohort's LinkedIn and discussion groups

• Exclusive Invitations to networking events

Don’t miss your chance to invest in yourself and secure your spot in the next cohort. Enroll by our early enrollment deadline on January 13th and save $500 when you use coupon code LITQUIDITY.

Deal Flow

M&A / Investments

• China's state-owned Yuexiu Group is in talks to acquire a bundle of Chinese toll roads from CTF Services, the infrastructure arm of Hong Kong's billionaire Cheng family, at a $2B valuation

• PE firm DCP Capital will acquire Alibaba's 70% stake in hypermarket chain Sun Art Retail for $1.6B

• World Wide Technology will acquire Canadian-listed cloud technology firm Softchoice in a $1.3B cash deal

• Chinese firm GP Health Service Capital and Shanghai Pharmaceuticals will acquire a combined 45% stake in biopharma firm Hutchmed China's unit Shanghai Hutchison Pharmaceuticals for $608M

• Hawaiian Electric Industries sold a 90% stake in its American Savings Bank unit in a $450M deal to cover 2023 Maui wildfire settlement costs

• Digital-asset trading and brokerage firm FalconX is in advanced talks to acquire crypto derivatives startup Arbelos Markets

VC

• Bill Gates-backed KoBold Metals raised a $537M round at a $3B valuation led by Durable Capital Partners

• Imagoworks, an AI digital dentistry solution provider, raised a $15.6M Series C led by Stick Ventures and K2 Investments

IPO / Direct Listings / Issuances / Block Trades

• PE-backed Indian contract drugmaker Anthem Biosciences filed for a $397M IPO

• Lionel Messi listed his real estate properties via his Edificio Rostower Socimi REIT in Spain, valuing the portfolio at $223M

• Israeli state-owned Ashdod Port Company plans to IPO up to 49% of its shares

Bankruptcy / Restructuring / Distressed

• A US bankruptcy judge approved the debt restructuring plan of Sweden's Intrum despite opposition from a minority group of creditors

• An appeals court overturned a bankruptcy plan for mattress-maker Serta Simmons Bedding that would hand control of the company to one group of lenders while excluding others

• Bankrupt retailer Big Lots won court approval to sell itself to Gordon Brothers Retail Partners, which plans to transfer 200-400 Big Lots stores to Variety Wholesalers, despite creditor backlash

• A US judge reset the bidding for oil refiner Citgo, creating competition for activist hedge fund Elliott

Fundraising

• VC firm Accel closed its eighth India fund at $650M

Crypto Sum Snapshot

• Crypto's $205B stablecoin market is set to go mainstream (BBG)

• Bitcoin rally fueled by Trump loses steam as 2024 draws to close (BBG)

• IRS delayed implementation of new crypto cost-basis reporting rules (CMC)

• Half of banned UK crypto adverts remain online (FT)

• Check out Crypto Sum for the full stories on everything crypto!

Exec’s Picks

• In case you missed it, we published a deep dive on Generative AI in Wall Street, with Brightwave leading the way. Check it out if you're a finance professional looking to leverage AI to work faster, be more productive, and save time.

• Bloomberg published their big take on everything Wall Street expects in 2025.

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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