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Etude PwC sur les fusions-acquisitions en Chine (fév. 2015)

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http://bit.ly/Fusacq-Chine-CP
Dans son étude annuelle sur les fusions-acquisitions impliquant au moins un acteur chinois, le cabinet d’audit et de conseil PwC constate qu’en 2014, les fusions-acquisitions chinoises (en volume ou en valeur) ont progressé de 55%. Toutes les catégories d’investissement - investissements stratégiques en Chine, transactions financières, opérations chinoises à l’étranger - sont en très forte croissance.
Les statistiques de cette étude sont réalisées à partir de données de Thomson Reuters, ChinaVenture et des statistiques PwC. Thomson Reuters et China Venture compilent des statistiques de fusions et acquisitions basées sur des transactions annoncées. Les statistiques peuvent varier dans la mesure où Thomson Reuters et China Venture actualisent constamment leurs données, et certaines transactions n’aboutissent pas.

Publicado en: Economía y finanzas
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Etude PwC sur les fusions-acquisitions en Chine (fév. 2015)

  1. 1. PwC M&A 2014 Review and 2015 Outlook 27 January 2015 David Brown, PwC China and Hong Kong Transaction Services Leader Christopher Chan, PwC China and Hong Kong Advisory Partner
  2. 2. PwC Foreword – explanation of data shown in this presentation (1 of 2) 2 • The data presented is based on information compiled by ThomsonReuters, ChinaVenture and PwC analysis unless stated otherwise • Thomson Reuters and ChinaVenture record announced deals. Some announced deals will not go on to complete • The deal volume figures presented in this report refer to the number of deals announced, whether or not a value is disclosed for the deal • The deal value figures presented in this report refers only to those deals where a value has been disclosed (referred to in this presentation as “disclosed value”) • “Domestic” means China including Hong Kong and Macau • “Outbound” relates to mainland China company acquisitions abroad • “Inbound” relates to overseas company acquisitions of Domestic companies, • “Private Equity deals” or “PE deals” refer to financial buyer deals with deal value over US$10mn and/or with undisclosed deal value, mainly invested by private equity GPs but also including direct investments by financial institutions and conglomerates which are of the nature of private equity type investing
  3. 3. PwC Foreword – explanation of data shown in this presentation (2 of 2) 3 • “VC deals” refer to financial buyer deals with deal value less than US$10mn and/or with undisclosed deal, but invested by venture capital funds • “Strategic buyer” refers to corporate buyers (as opposed to financial buyers) that acquire companies with the objective of integrating the acquisition in their existing business • “Financial buyer” refers to investors that acquire companies with the objective of realizing a return on their investment by selling the business at a profit at a future date and mainly, but not entirely, comprise PE and VC funds • In order to exclude foreign exchange impact, deal values from 2008 to 2012 were adjusted based on 2014 average Rmb/US$ exchange rate
  4. 4. PwC Key messages 4
  5. 5. PwC Key messages – China M&A in 2014 (1 of 3) 5 Overall • China M&A surged by 55% in both volume and value terms to reach record levels in 2014 • Nearly all sub-sectors achieved new volume records - led by domestic strategic M&A which increased by nearly two thirds compared to the prior year • Deals sizes were also bigger in nearly all sub-sectors – 2014 China M&A at US$407bn was more than half as much again as the previous high set in 2013 Domestic and Foreign-Inbound Strategic • Strategic M&A surged 52% by volume and 63% by value to reach record highs; ongoing consolidation in China’s maturing domestic economy and firms seeking equity capital through reverse takeovers of listed shells were key drivers • Technology, consumer-related and financial services deals were important industry sectors, reflecting to some extent the development of the broader economy, but real estate continued to attract the biggest dollar numbers with developers seeking new sources of capital • Foreign-inbound strategic M&A also hit a record high in value terms with some sizable deals in banking and FS in particular
  6. 6. PwC Key messages – China M&A in 2014 (2 of 3) 6 Private Equity • Fundraising by PEs remained healthy, with the strongest US$ fundraise since 2008 and a slight uptick in Renminbi fundraising despite some disintermediation of domestic GPs • 2014 was a banner year for new investments by PEs and financial-buyers with record volumes (up 51%) and values (up 101%); participation in SOE reforms and - for the first time at scale - outbound deals involving Chinese GPs and financial buyers underpinned this performance • PE deals in technology and consumer-related sectors accounted for more than half the total reflecting investment plans intended to align with the strategic direction of the wider economy; a similar trend was seen in deal values: in total there were 15 PE / financial-buyer deals valued at more than US$1bn in 2014, another record • Outbound investment by local PEs and financial buyers almost doubled in volume terms and outbound deal values also reached a record high; PEs typically look for overseas businesses which have a strong China-angle in their growth strategies • As expected, there was a rebound in the number of PE exits; trade sale exits by M&A hit a record high, but IPO activity – although at a three year best - remains well below the levels seen in 2010/11 • A-share listings, although rebounding, nevertheless remain somewhat challenging and overseas listings in Hong Kong and New York are important exit routes • The longer term overhang of new investments compared to exits continues to present a challenge to the PE industry
  7. 7. PwC Key messages – China M&A in 2014 (3 of 3) 7 China Outbound • The number of China outbound deals surged by more than a third to reach a record high; at US$56.9bn, outbound transaction values have been exceeded only once (in 2012) despite a lack of mega-deals • There was strong outbound investment activity in all three sub-sectors, but M&A activity from privately owned enterprises continues to lead the way in terms of deal numbers with financial buyers and PEs making a meaningful contribution to the numbers for the first time • SOEs continue to do deals in the industrials, resources and energy sectors; POEs are looking for technologies and brands to bring back to the China market; PEs and financial buyers have backed some of these strategic deals as well as investing on their own account • Chinese buyers in particular tend to favour developed markets where advanced technologies and brands can be found
  8. 8. PwC Overview
  9. 9. PwC Volume Value Volume Value Volume Value Volume Value Volume Value Volume Value Volume Value Strategic buyers (US$bn) (US$bn) (US$bn) (US$bn) (US$bn) (US$bn) (US$bn) Domestic 3,006 150.4 2,774 101.9 2,947 143.9 3,262 120.8 2,667 90.3 2,704 149.2 4,180 243.6 55% 63% Foreign 614 19.3 409 11.5 539 18.5 482 17.7 286 9.3 275 15.2 354 24.0 29% 58% Total Strategic buyers 3,620 169.7 3,183 113.4 3,486 162.3 3,744 138.5 2,953 99.6 2,979 164.4 4,534 267.6 52% 63% Financial buyers Private Equity 369 22.0 264 22.8 434 27.0 529 41.0 358 34.3 392 36.4 593 73.2 51% 101% VC 694 1.8 712 1.8 1,011 2.6 903 1.9 473 1.0 738 0.9 1,334 1.4 81% 63% Total Financial buyers 1,063 23.8 976 24.6 1,445 29.5 1,432 42.9 831 35.3 1,130 37.2 1,927 74.6 71% 101% China mainland Outbound SOE 27 6.8 37 23.3 60 34.1 40 29.1 40 36.7 57 39.4 78 27.9 37% -29% POE 95 2.0 97 6.3 119 6.8 139 6.2 125 19.9 118 11.4 145 14.7 23% 29% Financial buyers 4 1.7 10 3.7 9 1.4 27 8.2 26 10.3 25 1.1 49 14.3 96% 1200% Total China mainland Outbound 126 10.4 144 33.3 188 42.1 206 43.5 191 66.9 200 51.9 272 56.9 36% 10% HK Outbound 156 6.7 152 6.3 171 19.4 183 8.5 166 13.1 164 9.7 215 22.4 31% 131% Total 4,961 208.9 4,445 173.9 5,281 251.9 5,538 225.1 4,115 204.6 4,448 262.1 6,899 407.2 55% 55% 2010 2011 2012 2013 2014 % Diff volume 2014 vs. 2013 % Diff value 2014 vs. 2013 20092008 9 Source: ThomsonReuters, ChinaVenture and PwC analysis Total deal volume and value, from 2008 to 2014 China M&A surged by 55% in both volume and value terms to reach record levels in 2014 * * * Some financial buyer backed outbound deals are also recorded in private equity deals, but they are not double counted in the total deal volume and deal value in the table above
  10. 10. PwC 3,006 2,774 2,947 3,262 2,667 2,704 4,180 614 409 539 482 286 275 354 369 264 434 529 358 392 593* 126 144 188 206 191 200 272* -500 500 1,500 2,500 3,500 4,500 5,500 2008 2009 2010 2011 2012 2013 2014 Deal volume by main category Domestic Strategic Buyers Foreign Strategic Buyers Private Equity Deals China Mainland Outbound Nearly all sub-sectors achieved new volume records - led by domestic strategic M&A which increased by nearly two thirds compared to the prior year 10 Source: ThomsonReuters, ChinaVenture and PwC analysis No. * 49 financial buyer backed outbound deals are also recorded in private equity deals
  11. 11. PwC Deals sizes were also bigger in nearly all sub-sectors – 2014 China M&A at US$407bn was more than half as much again as the previous high set in 2013 150.4 101.9 143.9 120.8 90.3 149.2 243.6 19.3 11.5 18.5 17.7 9.3 15.2 24.0 22.0 22.8 27.0 41.0 34.3 36.4 73.2* 10.4 33.3 42.1 43.5 66.9 51.9 56.9* 0 50 100 150 200 250 300 350 400 450 2008 2009 2010 2011 2012 2013 2014 Deal value by main category Domestic Strategic Buyers Foreign Strategic Buyers Private Equity Deals China Mainland Outbound US$ billion 11 Source: ThomsonReuters, ChinaVenture and PwC analysis * US$14.3bn of financial buyer backed outbound deals are also recorded in private equity deals
  12. 12. PwC Strategic buyers 12
  13. 13. PwC Strategic M&A surged 52% by volume and 63% by value to reach record highs; ongoing consolidation in China’s maturing domestic economy and firms seeking equity capital through reverse takeovers of listed shells were key drivers 614 409 539 482 286 275 354 2,006 2,774 2,947 3,262 2,667 2,704 4,180 19.3 11.5 18.5 17.7 9.3 15.2 24.0 150.4 101.9 143.9 120.8 90.3 149.2 243.6 0 50 100 150 200 250 300 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2008 2009 2010 2011 2012 2013 2014 Strategic buyer deals, from 2008 to 2014 Announced Deal Volume Inbound Announced Deal Volume Domestic Announced Deal Value Inbound Announced Deal Value Domestic No. US$ billion 13 Source: ThomsonReuters, ChinaVenture and PwC analysis
  14. 14. PwC Technology, consumer-related and financial services deals were important industry sectors, reflecting to some extent the development of the broader economy … 372 310 320 395 352 404 766 529 428 475 575 439 434 659522 381 446 500 402 400 568664 539 614 668 570 429 550358 106 137 252 264 300 501 432 404 369 384 273 315 372 241 253 248 272 203 235 353 194 120 179 190 176 167 296 308 642 698 508 274 295 469 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 2008 2009 2010 2011 2012 2013 2014 Strategic buyer deal volume by industry sector High Technology Industrials Consumer Related Raw Materials Financial Services Real Estate Energy and Power Healthcare Others No. 14 Source: ThomsonReuters, ChinaVenture and PwC analysis
  15. 15. PwC … but real estate continued to attract the biggest dollar numbers with developers seeking new sources of capital 21.7 20.7 22.6 22.7 12.8 30.2 44.49.1 12.2 5.4 12.6 16.5 21.6 37.2 23.2 10.6 22.9 16.5 14.1 13.1 35.5 15.4 14.2 20.0 18.5 10.8 20.9 30.3 33.0 12.9 31.1 22.6 17.1 20.6 28.8 6.8 2.5 5.1 8.0 2.0 6.3 20.7 10.1 8.8 11.6 11.3 8.8 19.3 18.6 1.8 3.0 4.8 4.9 2.2 4.2 18.5 9.2 10.6 11.6 9.8 6.4 12.7 17.4 39.4 17.9 27.4 11.6 8.8 15.4 16.2 0 50 100 150 200 250 300 2008 2009 2010 2011 2012 2013 2014 Strategic buyer deal value by industry sector Real Estate High Technology Financial Services Industrials Raw Materials Media and Entertainment Consumer Related Retail Energy and Power Others US$ billion 15 Source: ThomsonReuters, ChinaVenture and PwC analysis
  16. 16. PwC Foreign-inbound strategic M&A also hit a record high in value terms with some sizable deals in banking and FS in particular 4.3 1.0 1.6 2.9 1.0 3.7 11.13.4 1.8 2.2 1.8 3.5 0.9 4.4 3.6 0.8 5.4 5.9 1.3 7.2 2.4 0.6 1.5 1.3 2.2 2.2 0.3 0.2 0.8 0.4 1.3 0.7 1.2 3.0 2.4 2.0 1.2 1.2 0.6 0.8 0 5 10 15 20 25 30 2008 2009 2010 2011 2012 2013 2014 Foreign strategic buyer deal value by region of origin SE Asia US EU Japan UK Other Asia Africa Oceania British Virgin/Cayman Canada South America Other Europe Other North Amercia Russia Others 16 Source: ThomsonReuters, ChinaVenture and PwC analysis US$ billion
  17. 17. PwC PE/VC deals and financial buyer deals 17
  18. 18. PwC 4.9 6.8 20.3 30.7 20.8 13.3 15.6 50.0 9.7 15.6 17.6 21.6 19.8 28.4 172 165 249 277 123 130 96 0 10 20 30 40 50 60 0 50 100 150 200 250 300 2008 2009 2010 2011 2012 2013 2014 PE/VC fund raising for China investment* Renminbi Fund Size Non-renminbi Fund Size Fund Volume No. US$ billion Fundraising by PEs remained healthy, with the strongest US$ fundraise since 2008 and a slight uptick in renminbi fundraising despite some disintermediation of domestic GPs 18 Source: AVCJ and PwC analysis * Excludes PEs investing in China from non-region specific funds
  19. 19. PwC 2014 was a banner year for new investments by PEs and financial-buyers with record volumes (up 51%) and values (up 101%); participation in SOE reforms and - for the first time at scale - outbound deals involving Chinese GPs and financial buyers underpinned this performance 369 264 434 529 358 392 593 22.0 22.8 27.0 41.0 34.3 36.4 73.2 0 10 20 30 40 50 60 70 80 0 50 100 150 200 250 300 350 400 450 500 550 2008 2009 2010 2011 2012 2013 2014 Private Equity deals, from 2008 to 2014 Announced Deal Volume Announced Deal Value No. US$ billion 19 Source: ThomsonReuters, ChinaVenture and PwC analysis
  20. 20. PwC PE deals in technology and consumer-related sectors accounted for more than half the total reflecting investment plans intended to align with the strategic direction of the wider economy … 40 23 34 55 36 49 224 77 54 98 126 74 73 102 48 50 89 99 46 85 85 34 20 47 30 46 33 35 11 14 20 24 22 19 35 60 32 32 73 49 62 23 0 50 100 150 200 250 300 350 400 450 500 550 2008 2009 2010 2011 2012 2013 2014 PE deal volume by industry sector High Technology Consumer related Industrials Healthcare Financial Services Media and Entertainment Real Estate Energy and Power Materials Retail Others No. 20 Source: ThomsonReuters, ChinaVenture and PwC analysis
  21. 21. PwC … and a similar trend was seen in deal values: in total there were 15 PE / financial-buyer deals valued at more than US$1bn in 2014, another record 0.3 0.8 0.6 0.9 0.5 0.0 15.7 1.0 0.5 1.2 1.5 3.3 6.3 13.6 3.2 3.1 7.9 9.4 3.5 4.3 10.4 3.0 1.2 2.0 3.9 9.8 7.1 6.3 3.0 4.4 9.6 0.4 11.5 3.0 7.8 12.3 2.6 4.0 2.4 1.0 1.1 3.5 0.9 1.7 2.6 0 10 20 30 40 50 60 70 80 2008 2009 2010 2011 2012 2013 2014 PE deal value by industry sector Retail High Technology Consumer related Real Estate Industrials Financial Services Media and Entertainment Raw Materials Telecommunications Healthcare Energy and Power Others US$ billion 21 Source: ThomsonReuters, ChinaVenture and PwC analysis
  22. 22. PwC Outbound investment by local PEs and financial buyers almost doubled in volume terms … 4 10 9 27 26 25 49 0 10 20 30 40 50 60 2008 2009 2010 2011 2012 2013 2014 China mainland PE/Financial buyer backed outbound deal volume Financial buyers 22 Source: ThomsonReuters, ChinaVenture and PwC analysis No.
  23. 23. PwC … and outbound deal values also reached a record high; PEs typically look for overseas businesses which have a strong China- angle in their growth strategies 1.7 3.7 1.4 8.2 10.3 1.1 14.3 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2008 2009 2010 2011 2012 2013 2014 China mainland PE/Financial buyer backed outbound deal value Financial buyers US$ billion 23 Source: ThomsonReuters, ChinaVenture and PwC analysis
  24. 24. PwC As expected, there was a rebound in the number of PE exits; trade sale exits by M&A hit a record high, but IPO activity – although at a three year best - remains well below the levels seen in 2010/11 46 88 212 171 98 35 114 44 84 83 91 92 85 111 7 5 8 6 8 6 7 0 50 100 150 200 250 300 350 2008 2009 2010 2011 2012 2013 2014 PE/VC backed deal exit volume by type IPO M&A - trade M&A - PE 24 No. Source: AVCJ and PwC analysis
  25. 25. PwC A-share listings, although rebounding, nevertheless remain somewhat challenging and overseas listings in Hong Kong and New York are important exit routes 21 48 118 106 70 - 4512 27 39 26 11 29 38 2 - 11 18 11 - 17 4 7 30 11 2 6 13 0 50 100 150 200 250 2008 2009 2010 2011 2012 2013 2014 PE/VC backed IPO exit volume by bourse Shenzhen Hong Kong Shanghai A NYSE/ NASDAQ Others 25 No. Source: AVCJ and PwC analysis
  26. 26. PwC The longer term overhang of new investments compared to exits continues to present a challenge to the PE industry 26 694 712 1,011 903 473 738 1,334 369 264 434 529 358 392 593 51 89 91 97 100 91 11846 88 212 171 98 35 114 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2008 2009 2010 2011 2012 2013 2014 PE/VC deal volume vs. No. of exits VC deals PE deals M&A exit IPO exit Source: ThomsonReuters, ChinaVenture, AVCJ and PwC analysis No.
  27. 27. PwC Mainland China outbound 27
  28. 28. PwC The number of China outbound deals surged by more than a third to reach a record high; at US$56.9bn, outbound transaction values have been exceeded only once (in 2012) despite a lack of mega-deals 126 144 188 206 191 200 272 10.4 33.3 42.1 43.5 66.9 51.9 56.9 0 10 20 30 40 50 60 70 80 0 50 100 150 200 250 300 2008 2009 2010 2011 2012 2013 2014 China mainland outbound deals, from 2008 to 2014 Announced Deal Volume Announce Deal Value No. US$ billion 28 Source: ThomsonReuters, ChinaVenture and PwC analysis
  29. 29. PwC There was strong outbound investment activity in all three sub-sectors, but M&A activity from privately owned enterprises continues to lead the way in terms of deal numbers with financial buyers and PEs making a meaningful contribution to the numbers for the first time 29 Source: ThomsonReuters, ChinaVenture and PwC analysis 27 37 60 40 40 57 78 95 97 119 139 125 118 145 4 10 9 27 26 25 49 6.8 23.3 34.1 29.1 36.7 39.4 27.9 2 6.3 6.5 6.2 19.9 11.4 14.7 1.7 3.7 1.4 8.2 10.3 1.1 14.3 0 5 10 15 20 25 30 35 40 45 0 50 100 150 200 250 300 2008 2009 2010 2011 2012 2013 2014 SOE Announced Deal Volume POE Announced Deal Volume Financial buyers Volume SOE Announced Deal Value POE Announced Deal Value Financial buyer Deal Value China mainland outbound deals, from 2008 to 2014No. US$ billion
  30. 30. PwC SOEs continue to do deals in the industrials, resources and energy sectors; POEs are looking for technologies and brands to bring back to the China market; PEs and financial buyers have backed some of these strategic deals as well as investing on their own account 30 19 14 10 10 6 5 14 21 13 13 12 24 30 32 6 2 1 3 7 17 13 15 18 11 5 5 1 2 27 14 17 4 20 10 26 3 3 1 1 6 5 6 0 10 20 30 40 50 60 70 Industrials Energy and Power Raw Materials Financial Services Consumer related High Technology Others 2014 SOE 2014 POE 2014 Financial buyers 2013 SOE 2013 POE 2013 Financial buyers China mainland outbound deals by industry sector –By number of deals, 2014 vs. 2013 Source: ThomsonReuters, ChinaVenture and PwC analysis No.
  31. 31. PwC POEs and financial buyers in particular tend to favour developed markets where advanced technologies and brands can be found Outbound M&A deal volume by region of destination 2014 vs. 2013 Source: ThomsonReuters and PwC analysis 31 33 North America 51 63 South America Europe Africa Asia Oceania 11 29 8 64 7 82 96 5 17 5 Russia 2014 2013 1
  32. 32. PwC Outlook 32
  33. 33. PwC Outlook for 2015 (1 of 5) Overall • The healthy trends in China M&A will continue into 2015 • Drivers for M&A activity include: ─ Growth in domestic M&A with SOE reform a key source of larger transactions ─ POE-led outbound M&A, with increasing involvement of PE and financial buyers ─ An active PE market, including exit- related activity Key industry sectors Technology, especially internet: - The BAT group will continue to lead deal activities both domestically and outbound - Hot sub-sectors include internet, eCommerce, media and semi-conductors - M&A activity will be increasingly centred around mobile, location-based services and social networks, as well as opportunities around O2O - We expect TMT to continue to be a hot sector in 2015 33
  34. 34. PwC Outlook for 2015 (2 of 5) Key industry sectors (continued) Financial services: - We anticipate inbound interest in P&C insurance (especially specialty insurance) and money lenders (leasing, micro- finance, guarantee companies) which are driven by the expected rapid growth in the SME and retail lending sectors - With the fast evolving electronic media channel providing efficiencies in market coverage and customer analytics, we expect significant inbound and domestic interest in third party payment platforms and internet banking platforms 34 Retail and consumer: - R&C generally is expected to be an active sector for M&A in 2015 - Active sub-sectors tend to be changeable, but we expect activity in the following areas ◦ Education ◦ Healthcare ◦ Restaurants ◦ Food related sectors including agriculture and businesses related to food quality and safety ◦ Technology, electrical, home appliance products ◦ Consumer targeted e-commerce
  35. 35. PwC Outlook for 2015 (3 of 5) 35 Key industry sectors (continued) Real estate: - We expect M&A activity in real estate to be driven by a number of factors including group restructurings, back door listings to access capital, funding requirements, growth, etc - Liquidity of developers will become more challenging - We think more distressed assets will become available in 2015, especially in tier-2 and tier-3 cities Healthcare: - Healthcare sector is attracting investment from SOEs, POEs and PE, but less so from MNCs at this stage - We expect investment interest in the full industry value chain of “Big Healthcare” with special focus on public and enterprise owned hospital - There are some challenges, however, including: ◦ Longer investment return periods ◦ Defining sustainable business models ◦ Post deal management and exit ◦ The sensitive nature of the sector (policymakers must consider how to monitor and manage investments activities in order to balance economic interests with social responsibility and the interests of various stakeholders involved) - We also expect to see some outbound activity around healthcare
  36. 36. PwC Outlook for 2015 (4 of 5) Domestic and Foreign-Inbound Strategic • Domestic M&A will show steady single digit or low double digit growth driven by: ─ Continuing consolidation in many industries to remove excess or competitive capacity ─ SOE reforms – which will lead to some large transactions ─ A-share listed companies looking for inorganic growth ─ Back-door listings in response to difficulties in achieving new IPOs • Technology (especially internet), FS, retail and consumer, and real estate are hot sectors; healthcare is also a focus, albeit smaller China Outbound • POEs will continue to lead double digit growth in China outbound chasing: ─ New markets for growth ─ Technologies, brands and know-how to bring back to China market ─ Diversified investments • SOE outbound should also be strong as domestic reform plans work through • SOEs in particular are increasingly building presence in Hong Kong as a platform for future outbound activity • Financial investors and PEs will also drive growth in outbound M&A as a means to diversify investment portfolios, whilst usually seeking foreign companies with a China angle in their growth strategies 36
  37. 37. PwC Outlook for 2015 (5 of 5) Private equity • PE activity will remain robust in 2015 • Trends in the market will include: ─ More larger sized deals and buyouts ─ PE involvement in outbound transactions ─ PE participation in SOE reforms as a source of diversified capital ─ Deals involving A-share listed companies, both as targets and as buyers of PE held assets (trade sale exit) ─ More exit activity from IPOs, strategic trade sales and – eventually – secondary PE sales 37
  38. 38. PwC Data compilation methodology and disclaimer Statistics contained in this presentation and the press release may vary from those contained in previous press releases. There are three reasons for this: ThomsonReuters and ChinaVenture historical data is constantly updated as deals are confirmed or disclosed; PricewaterhouseCoopers has excluded certain transactions which are more in the nature of internal reorganisations than transfers of control; and exchange rate data has been adjusted. • Acquisitions of private/public companies resulting in change of control • Investments in private/public companies (involving at least 5% ownership) • Mergers • Buyouts/buyins (LBOs, MBOs, MBIs) • Privatisations • Tender offers • Spinoffs • Splitoff of a wholly-owned subsidiary when 100% sold via IPO • Divestment of company, division or trading assets resulting in change of control at parent level • Reverse takeovers • Re-capitalisation • Joint Venture buyouts • Joint Ventures • Receivership or bankruptcy sales/auctions • Tracking stock • Property/real estate for individual properties • Rumoured transactions • Options granted to acquire an additional stake when not 100% of the shares has been acquired • Any purchase of brand rights • Land acquisitions • Equity placements in funds • Stake purchases by mutual funds • Open market share buyback/retirement of stock unless part of a privatisation • Balance sheet restructuring or internal restructuring • Investments in greenfield operations • Going private transactions Included Deals Excluded Deals 38
  39. 39. Thank you © 2015 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the Hong Kong firm of PricewaterhouseCoopers or, as the context requires, the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

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