An ambitious wave of Chinese entrepreneurs is changing the definition of Chinese private equity investment, as the market looks for a revival after a slow few years; Cheng sees opportunities across product personalisation, robotics and different geographies.

The rationale behind all the winners in Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.

The rationale behind all the winners in Bangladesh, India, Pakistan and Sri Lanka.

The rationale behind all the winners in mainland China, Hong Kong, Mongolia, South Korea and Taiwan.

Bhavik Bhimani, group financial controller, at Thomas Cook India, gives his verdict on what to check, including controls, audits, red flags and processes.

The firm, backed by Peter Thiel's Valar Ventures, has over $10bn of assets, is growing fast in Australia, Hong Kong and Singapore. Syfe's CEO told FA that management is open to exploring opportunities in Japan and South Korea in the "longer term".

The Japanese giant will make cost savings of ¥500bn and reduce its workforce by 20,000, and its number of plants from 17 to 10 by FY 2027, after a net loss of ¥670.9bn in FY 2024.