Specialized Finance

Burford Capital shares climbed 9.8% in Monday afternoon trading after a jury ordered Apple to pay $5.7B in damages to Taction Technology, a Burford client, in a patent lawsuit over haptics technology. Burford, which focuses on litigation finance and other legal finance activities, said the amount is likely to be adjusted in post-trial and/or appellate proceedings. If the verdict amount were paid, Burford's share would be $1.4B, split roughly between its balance sheet and investment funds, the company said on Monday. The jury found on Friday that the tech giant violated Taction Technology's patents. Burford cautioned that very few large patent verdicts survive the post-verdict process intact and that the outcome remains uncertain until final resolution, with no assurance as to the timing or amount of any ultimate recovery.

Bohai Leasing announced on the evening of September 28 that its controlling subsidiary Avolon's sub-subsidiaries and related entities signed an aircraft sale and purchase agreement and a beneficial interest transfer agreement with LAC Ireland 1 in Ireland on September 28, selling 33 aircraft leasing assets with attached leases. The market price of these assets is approximately 1.609 billion US dollars, equivalent to about 10.924 billion yuan, and the actual sale price will be determined by both parties through negotiation on this basis. The transaction methods include direct sale of aircraft leasing assets by Avolon's sub-subsidiaries, sale through entrusted trust institutions, or sale of beneficial interests in aircraft leasing assets. The counterparty is a non-related third party, so this does not constitute a related-party transaction. Bohai Leasing stated that this transaction is conducive to optimizing the aircraft asset structure, maintaining a young leasing fleet, and will have a positive impact on the company's current and future annual profits.

Bohai Leasing announced on September 28 that a subsidiary of its controlling subsidiary Avolon and related entities signed an Aircraft Sale and Purchase Agreement and a Beneficial Interest Transfer Agreement in Ireland on September 28 with LAC Leasing Ireland 1 Limited, selling 33 aircraft leasing assets with attached leases to the latter or its designated party. The market price of these 33 aircraft leasing assets with attached leases is approximately 1.609 billion US dollars, equivalent to about 10.924 billion yuan, and the actual sale price will be determined by both parties through negotiation on this basis. The company said the transaction will help optimize the aircraft asset structure, maintain a young leasing fleet, and have a positive impact on the company's current and future annual profits.

Bohai Leasing announced that a subsidiary of its controlling subsidiary Avolon plans to sell 33 aircraft leasing assets with attached leases to LAC Ireland 1. The market price is about 1.609 billion US dollars, equivalent to about 10.924 billion yuan. This transaction will help optimize the company's aircraft asset structure and keep the leasing fleet young. The transaction is expected to be completed before March 31, 2027.

Mitsubishi HC Capital America stayed in truck financing through a three-and-a-half-year freight recession that drove many banks out of the sector, and its over-the-road volume has since improved by roughly 30%, according to Kirk Mann, executive vice president and general manager of the company's transportation vendor solutions business. Mann told FreightWaves that remaining competition is mostly OEM captive finance arms, a couple of large independents and a few bank-led groups, and that 85% of motor carriers with fewer than two years of operating experience and their own operating authority failed over a three-year stretch of the downturn. He described an asset bubble in which a Freightliner Cascadia 13-speed with a tall sleeper and fewer than 500,000 miles was worth $45,000 but financed at about $110,000, while J.D. Power data show a typical 4-year-old sleeper tractor that sold for roughly $30,000 to $50,000 between the Great Recession and the pandemic peaked near $118,000 in early 2022, a 136% jump, before Class 8 average retail prices settled at $60,986 as of September, per ACT Research. Mann said the lender has improved recoveries on transportation assets by 15% through a dedicated asset management function, and that financing now runs from roughly 5.25% for investment-grade private fleets up to 12% or higher for lower-credit small operators, with fleets of 50 to 200 units increasingly approaching the company through dealer relationships. He attributed the volume gain to replacement demand rather than EPA 2027 pre-buying, with fleets buying almost entirely new at about 80% new and late-model used taking the rest, and said cost per mile is the decisive underwriting metric.

Fuyo General Lease announced on the 10th that Hokkaido Clean Energy Storage LLC, in which it holds an equity stake, has completed the Hokkaido Ishikari Storage Plant in Ishikari, Hokkaido, and begun commercial operation. The plant is a grid-connected battery storage system directly tied to the power grid, with an output of 10,125 kW, a battery capacity of 29,970 kWh, and a start date of August 1, 2026. Domestic products were adopted for key equipment including the storage batteries and power conditioners, and an operating structure was established that can flexibly respond to regulatory changes and equipment upgrades. The six investing companies are Shikoku Electric Power Engineering, Aoki Asunaro Construction, Fuyo General Lease, WWB, Kyuden Mirai Energy, and Mitsubishi Electric. Under its medium-term management plan Fuyo Shared Value 2026, the Fuyo Lease Group positions the energy and environment sector as one of its growth drivers, and through its equity participation in this project it will advance initiatives contributing to the decarbonization of local communities and society.

Bohai Leasing released its 2026 interim report, with net profit attributable to the parent company of 3.204 billion yuan, an increase of 5.223 billion yuan compared with the same period last year, achieving a turnaround from losses to profits. The company's total operating revenue was 23.663 billion yuan, and net cash inflow from operating activities was 8.686 billion yuan. The latest asset-liability ratio was 80.24 percent, down 3.75 percentage points from the same period last year; gross margin was 33.61 percent, up 5.38 percentage points year-on-year; ROE was 10.27 percent, up 17.35 percentage points year-on-year. Diluted earnings per share were 0.52 yuan, an increase of 0.85 yuan year-on-year.

Bohai Leasing disclosed its 2026 semi-annual report, achieving net profit attributable to the parent of 3.204 billion yuan in the first half, turning from loss to profit year-on-year. The company's total operating revenue for the same period was 23.663 billion yuan, down 16.86 percent year-on-year. Net profit excluding non-recurring items was 1.828 billion yuan, also turning from loss to profit. Net cash flow from operating activities was 8.686 billion yuan, down 22.29 percent year-on-year. During the reporting period, basic earnings per share were 0.5209 yuan, and the weighted average return on equity was 10.55 percent, up 17.28 percentage points year-on-year. Total non-recurring gains and losses were 1.376 billion yuan, including debt restructuring gains of 1.64 billion yuan and an income tax impact of negative 280 million yuan.

Bohai Leasing released its 2026 interim report. Supported by strong conditions in its core aircraft leasing business and an improved asset structure, the company swung from loss to profit with substantial growth. During the reporting period, the company achieved operating revenue of 23.663 billion yuan, down 16.86 percent year on year. Net profit attributable to the parent company was 3.204 billion yuan, compared with a loss of 2.019 billion yuan in the same period last year. Net profit after deducting non-recurring items was 1.828 billion yuan, compared with a loss of 2.291 billion yuan a year earlier. The company completed the divestment of its container business and focused on its core leasing segment. By the end of the period, aircraft leasing assets accounted for 98.34 percent of total leasing assets. Aircraft leasing revenue was about 10.7 billion yuan, up 6.62 percent year on year, with a gross margin of 65.67 percent, an increase of 3.13 percentage points from a year earlier. The weighted average rental rate of the company's fleet rose to 10.74 percent, up 23 basis points from the end of 2025, while the overall occupancy rate remained at a high level of about 100 percent. In addition, the company recognized a gain of about 1.64 billion yuan through debt restructuring, which provided an important boost to current-period profit, though this portion of the gain was non-recurring.

Bohai Leasing disclosed its half-year results for 2026. In the first half, net profit attributable to the parent reached 3.204 billion yuan, up 258.73 percent year on year. Revenue for the first half came to 23.663 billion yuan, of which aircraft leasing revenue was about 10.7 billion yuan, up 6.62 percent year on year. Net profit after deducting non-recurring items was 1.828 billion yuan, up 179.79 percent year on year. As of the end of the reporting period, total assets stood at 240.974 billion yuan, net assets attributable to the parent were 31.207 billion yuan, the fleet size was 1,146 aircraft, and the overall utilization rate was about 100 percent. The company said factors such as constrained supply, recovering demand, and technological upgrades continued to support aircraft asset values and lease rates. The fleet's weighted average lease rate was 10.74 percent, up 23 basis points from the end of 2025.

Bohai Leasing released its 2026 half-year results. In the first half, it achieved operating revenue of 23.663 billion yuan and net profit attributable to the parent of 3.204 billion yuan, up 258.73% year on year. Net profit after deducting non-recurring items was 1.828 billion yuan, up 179.79% year on year. The company is one of the world's top three aircraft leasing companies, with a fleet of 1,146 aircraft, an overall utilization rate of about 100%, and a weighted average lease rate of 10.74%, up 23 basis points from the end of 2025. Subsidiary Avolon holds orders for 503 aircraft, and 80% of the aircraft scheduled for delivery by the end of 2028 already have leases in place. S&P, Fitch, and Moody's rate Avolon at BBB, BBB, and Baa2 respectively, all with stable outlooks. The company's total interest-bearing debt was 170.346 billion yuan, down 9.624 billion yuan from the end of 2025, and its asset-liability ratio was 80.24%, down 1.02 percentage points from the end of 2025.

Jiangsu Financial Leasing released its 2026 interim report, with net profit attributable to the parent company of 1.709 billion yuan, an increase of 145 million yuan compared with the same period last year, up 9.27% year on year, marking five consecutive years of growth. The company's total operating revenue was 3.515 billion yuan, up 16.91% year on year, while net cash outflow from operating activities was 1.392 billion yuan, an increase of 3.665 billion yuan compared with the net inflow in the same period last year. The company's latest asset-liability ratio was 85.85%, return on equity was 6.63%, diluted earnings per share was 0.30 yuan, and total asset turnover was 0.02 times. The number of shareholders was 48,400, and the top ten shareholders held 69.17% of the total share capital.

Jiangsu Financial Leasing released its 2026 interim report, with net profit attributable to the parent company of 1.709 billion yuan, an increase of 145 million yuan compared with the same period last year, up 9.27% year on year, marking five consecutive years of growth. The company's total operating revenue was 3.515 billion yuan, an increase of 508 million yuan from the same period last year, up 16.91% year on year, also achieving five consecutive years of growth. Net cash flow from operating activities was negative 1.392 billion yuan, an increase of 3.665 billion yuan compared with the same period last year. The company's latest asset-liability ratio was 85.85%, up 0.58 percentage points from the previous quarter and up 1.53 percentage points from the same period last year. The latest return on equity was 6.63%, up 0.15 percentage points from the same period last year. Diluted earnings per share were 0.30 yuan, up 11.11% year on year.

Jiangsu Financial Leasing disclosed its 2026 semi-annual report. In the first half, it achieved operating revenue of 3.515 billion yuan, up 16.91% year on year. Net profit attributable to shareholders of the listed company was 1.709 billion yuan, up 9.27% year on year. Basic earnings per share were 0.3 yuan.

Jiangsu Financial Leasing disclosed its 2026 semi-annual report, with net profit attributable to the parent company of 1.709 billion yuan in the first half, up 9.27% year on year. Total operating revenue for the same period was 3.515 billion yuan, up 16.91% year on year. Net profit after deducting non-recurring items was 1.682 billion yuan, up 8.44% year on year. Basic earnings per share were 0.3 yuan, and the weighted average return on equity was 6.64%, up 0.3 percentage points year on year. Net cash flow from operating activities was negative 1.392 billion yuan, compared with negative 5.057 billion yuan in the same period last year. As of the end of the first half, finance lease receivables rose 17.64% from the end of the previous year, and their share of total assets increased by 1.83 percentage points. Borrowed funds rose 21.64% from the end of the previous year, and their share of total assets increased by 3.51 percentage points. Among the top ten tradable shareholders, Jiangsu Communications Holding Company Limited held the largest stake at 21.535%.

Far East Horizon reported half-year 2026 results with sales of CNY 2,961.69 million and net income of CNY 2,221.55 million, alongside an interim dividend declaration. Sales edged up from CNY 2,926.17 million a year earlier, while net income rose from CNY 2,163.59 million. Basic earnings per share from continuing operations came in at CNY 0.47, compared with CNY 0.51 in the prior year period, and diluted earnings per share was CNY 0.47 in both periods. The stock trades on a price-to-earnings ratio of 7.1 times, which is below an estimated fair P/E of 8 times and the Asian Diversified Financial industry average of 15 times.

Plus500 reported record first-half 2026 results, with customer income rising 24% to approximately $461 million and revenue increasing 12% to $463 million. EBITDA reached $187.5 million despite higher growth spending and foreign-exchange headwinds, while basic earnings per share rose 6% to $2.17. The company onboarded more than 65,000 new customers, active customers grew 10% to over 197,000, and total deposits reached $3.4 billion. Non-OTC operations gained momentum, growing roughly 30% and contributing about 15% of group revenue, driven by U.S. futures, prediction markets and international partnerships. The board announced an additional $182.5 million in shareholder returns, consisting of $82.5 million in dividends and $100 million in new share buyback programs.

IFS Capital Thailand Public Company Limited, or IFS, reported a net profit of 43.60 million baht for the first six months of 2026, up 91% from the same period last year. The jump was driven by a 27% drop in finance costs to 21.67 million baht and a 42% decline in expected credit losses to 49.19 million baht. Total revenue came in at 227.91 million baht, edging down 1%, while operating expenses rose 2% to 87.82 million baht. Income tax expense surged 312% to 24.77 million baht due to the write-off of deferred tax assets. Total assets at the end of the period stood at 4,338.10 million baht, up 3% from the end of 2025, with cash and cash equivalents rising 56% to 658.11 million baht. Total liabilities increased 6% to 2,496.96 million baht, while shareholders' equity slipped slightly to 1,841.14 million baht.

Mizuho Leasing rebounded sharply. Consolidated net profit for the first quarter of the fiscal year ending March 2026 rose 53% year on year, with growth in the domestic leasing and real estate businesses well received.

Bohai Leasing announced that the company plans to use its own funds and a special stock buyback loan to repurchase a portion of its A-shares through centralized competitive trading. The buyback amount is 200 million yuan, with a maximum repurchase price of 6.48 yuan per share. The repurchased shares will be used entirely to safeguard company value and shareholder interests, and will all be available for sale. The buyback period is within three months from the date of board approval.

PowerCompute has regained compliance with the Nasdaq minimum bid price requirement. The company received notice from Nasdaq on July 27, 2026, confirming that the closing bid price of its common stock met the $1.00 per share threshold for the required period, and the matter is now closed. Chairman and CEO Bruce M. Rodgers stated that preserving the Nasdaq listing is paramount for the company’s credibility and shareholder value as it expands into high-performance computing and artificial intelligence infrastructure.

On the evening of August 7, multiple A-share listed companies disclosed shareholding increase and buyback plans. Joulwatt's actual controller, Lyu Hanquan, and his controlled enterprises plan to increase their holdings by a total of no less than 12 million yuan and no more than 24 million yuan within six months starting from August 10, 2026. Suda Co.'s CFO and board secretary, Xie Lizhi, increased his holdings by 6,500 shares on August 6, with an amount of 179,400 yuan. China State Construction's controlling shareholder, China State Construction Engineering Corporation, received a loan commitment letter of no more than 900 million yuan from the Beijing branch of Industrial and Commercial Bank of China, specifically for the previously disclosed 500 million to 1 billion yuan shareholding increase plan. Bohai Leasing plans to buy back 200 million yuan worth of shares at a price not exceeding 6.48 yuan per share, and has received a 150 million yuan special loan commitment from the Urumqi branch of China Everbright Bank. Bright Power Semiconductor plans to buy back 60 million to 120 million yuan worth of shares at a price not exceeding 239.71 yuan per share, and has received a loan commitment letter from the Shanghai branch of China CITIC Bank. The repurchased shares will be used to maintain company value and shareholder interests.

Itochu Corporation announced on the 3rd that it is considering an investment in Aviation Capital Group, a U.S.-based subsidiary of Tokyo Century. The matter will be discussed at a board meeting held the same day. The Nikkei reported on July 31 that Itochu plans to invest approximately 300 billion yen in ACG, raising its stake to 50% and making it an equal partnership with Tokyo Century. Tokyo Century also stated that it plans to submit the matter to its board of directors on the same day.

CDB Aviation has executed a sale and leaseback transaction for two Boeing 787-9 aircraft with Lufthansa Airlines as operator. Lufthansa took delivery of the two widebody aircraft in late 2025 and early 2026, and both will be operated on long-haul routes featuring the airline's new Allegris cabin configuration. This marks CDB Aviation's first direct leasing transaction with Lufthansa Airlines, although the lessor has previously worked with Lufthansa's engine leasing arm and sold aircraft to Lufthansa Group's sister airlines Austrian Airlines and Eurowings.

Brookfield Renewable and Mitsubishi HC Capital are co-launching a joint venture to own and operate a portfolio of established power-generating facilities in Europe. The portfolio includes wind, solar, and energy storage assets with a combined potential output of 570 megawatts, adding to Brookfield Renewable's existing 47,300 megawatts of capacity. This marks the third such joint venture announced by Brookfield Renewable this year, following the creation of Northview Energy with British Columbia Investment Management Corp. and Norges Bank Investment Management, and the agreement to wholly acquire renewable energy developer Boralex with La Caisse. The deal supports Brookfield Renewable's long-term annual dividend growth target of 5% to 9% and its total annual return target of 12% to 15%.

Hikari Tsushin announced that it will team up with two investment funds to launch a tender offer for Leopalace21, aiming to take the company private with an outlay of about 270 billion yen. The offer price is 1,000 yen per share, and on the Tokyo stock market on the 15th, Leopalace21 shares were indicated at 791 yen, up 14%, or 100 yen, from the previous day at the daily limit high, drawing buying that converged on the tender offer price. Besides Hikari Tsushin, the tender offer will involve Asian investment fund MBK Partners and a fund affiliated with NEC Capital Solutions. Leopalace21 has endorsed the tender offer and recommended that shareholders tender their shares. Junichi Tazawa, an analyst at SMBC Nikko Securities, said in a report that the premium of the offer price over the previous day's closing price is 44.7%, which is comparable to recent tender offer cases involving real estate-related companies, and that, given the company's expression of support, the tender offer is highly likely to succeed.

Hikari Tsushin announced on the 14th that it will launch a tender offer for Leopalace21 together with investment funds affiliated with MBK Partners and NEC Capital Solutions. The offer price is 1,000 yen per share, above the closing price of 691 yen on the 14th, and the offer period will run from September 15 to October 30, with the total purchase amount reaching 267.6 billion yen. Through the series of procedures, the company aims to make Leopalace21 a wholly owned subsidiary. Leopalace21 has expressed its support for the tender offer and decided to recommend that shareholders tender their shares. Hikari Tsushin currently holds 18.11% of Leopalace21 shares through indirect holdings.

The global payment card issuance software market is projected to grow from an estimated $2.06 billion in 2025 to $5.04 billion by 2035, at a compound annual growth rate of 9.3 percent, according to a new report from ResearchAndMarkets.com. The comprehensive study covers 16 geographies and segments the market by component, technology adoption, deployment mode, enterprise size, and end-user. Major companies profiled include Fidelity National Information Services, Fiserv, Marqeta, Stripe, and Entrust Corporation. The report also examines competitive dynamics, mergers and acquisitions, and strategic opportunities across regions such as Asia-Pacific, North America, and Western Europe.