Affinity Equity Partners, a global private equity fund manager, noted regarding rumors that it is collaborating with the Chinese automotive corporation BYD for its entry into the South Korean automotive market that those claims are "not true."
On the 9th, Affinity stated, "We have not discussed collaboration with BYD and Chinese original equipment manufacturers (OEMs), nor do we have any purchasing plans." It also noted that it is considering legal action if the spread of false information continues.
Affinity clarified that it is not a Chinese or Hong Kong-based private equity fund manager. Affinity said, "We are a global manager, not based in China or Hong Kong," adding, "We have offices in Seoul, Singapore, Sydney, Beijing, and Hong Kong, and invest across the Asia-Pacific region."
Affinity emphasized that it has no influence from Chinese capital. Affinity stated, "About 95% of our investors are global pension funds and investment institutions, including those from the United States and Europe," and added, "Investment decisions are made by partners of various nationalities, and there are no partners from China or anyone associated with the Chinese government."
It continued, "We operate according to each office location, and our headquarters is also not in Hong Kong," explaining, "Considering the number of employees and the locations of management personnel, the place that effectively functions as headquarters is Singapore." It added, "Affinity has focused its activities in South Korea for the past 25 years."
Meanwhile, Affinity acquired both the largest and second-largest rental car companies in the country last year. It acquired SK Rent-a-Car in August and is currently under negotiations after being selected as the preferred bidder for the acquisition of LOTTE rental.