GP.Bulhound-2019年第二季度亚洲报告（英文）-2019.10-25页_1mb

报告摘要

Clear shift of tech investment destination from the US to Europe in Q2 2019.
QoQ increase in both deal volume and value of Asian money into European fundraising rounds.
The number of US fundraising deals with Asian investors dropped to a historic low since Q1 2018, including eight Softbank deals.

Low level of M&A activities across the board.
Asian investors are less interested in acquiring European assets compared to investing.
US tech assets lost appeal to Asian investors in both M&A and fundraising scenarios.

Fintech and transport-tech rose to the top of target sector charts.
- Fintech brought in over USD1bn in seven deals.
- Transport-tech gained traction in both Europe and the US, with over USD2bn in the US and eight deals in Europe.
Asian tech startups continue to attract European and US investors.
European investors show steady increase in deal volume since Q1 2018.
US investors are becoming more comfortable and sophisticated with the Asian tech market, participating in more fundraising rounds with smaller ticket sizes.
- US investors have a preference for software, while European investors favor data & analytics.

Total Asian outbound tech investment into Europe and the US in Q2 2019:
- USD7.8bn in fundraising.
- 84 fundraising deals.
- USD0.8bn in M&A.
- 18 M&A deals.

Target	Investor(s)	Target Description	Funds Raised (USDm)
Cruise	HONDA	Highway autopilot system development	1,150
wirecard	SoftBank	Electronic payment solutions	1,007
UBER ATG	SoftBank, TOYOTA, DENSE	Uber's autonomous-vehicle unit	1,000
GET YOUR GUIDE	SoftBank, TEMASEK	Online tourism platform	484
W wirex	GENESIS	Bitcoin wallet solutions	325

European targets:
- 47 deals in fundraising.
- 14 deals in M&A.
US targets:
- 7.3% increase in average deal size since Q1 2018.
- Low M&A value into the US since Q2 2018.

Asia outbound to Europe:
- Transport-tech (8 deals, 18.2% of total deals, 8.7% of total value).
- Fintech (7 deals, 15.9% of total deals, 40.4% of total value).
- Data & Analytics (7 deals, 15.9% of total deals, 4.4% of total value).
- e-commerce (6 deals, 13.6% of total deals, 26.2% of total value).
- Blockchain & Crypto (4 deals, 9.1% of total deals, 13.1% of total value).
- Digital Media (4 deals, 9.1% of total deals, 1.5% of total value).
Asia outbound to the US:
- Software (14 deals, 24.1% of total deals, 5.7% of total value).
- Fintech (9 deals, 15.5% of total deals, 26.5% of total value).
- Data & Analytics (8 deals, 13.8% of total deals, 8.7% of total value).
- Digital Media (7 deals, 12.1% of total deals, 6.5% of total value).
- Transport Tech (6 deals, 10.3% of total deals, 37.6% of total value).
- e-commerce (5 deals, 8.6% of total deals, 3.9% of total value).
- Health-tech (5 deals, 8.6% of total deals, 4.6% of total value).
- IoT (2 deals, 3.4% of total deals, 1.6% of total value).
- AR & VR (2 deals, 3.4% of total deals, 4.8% of total value).

Total Asian inbound tech investment from Europe and the US in Q2 2019:
- USD427.1m from Europe.
- USD3,815.1m from the US.
- 28 deals from Europe.
- 91 deals from the US.

Sector	# Deals	% of Deals	Deal Value (USDm)	% of Value
Digital Media	6	21.4%	173.6	40.6%
e-commerce	6	21.4%	171.6	40.2%
Data & Analytics	5	17.9%	10.5	2.5%
Fintech	4	14.3%	40.3	9.4%
IoT	3	10.7%	n.a.	n.a.
Software	2	7.1%	3.0	0.7%
Health-tech	1	3.6%	25.2	5.9%
Industrial tech	1	3.6%	2.9	0.7%

Sector	# Deals	% of Deals	Deal Value (USDm)	% of Value
Digital Media	21	23.1%	427.6	11.2%
e-commerce	17	18.7%	1,327.5	34.8%
Software	16	17.6%	735.1	19.3%
Fintech	13	14.3%	157.2	4.1%
Data & Analytics	8	8.8%	174.4	4.6%
IoT	5	5.5%	2.0	0.1%
Transport Tech	4	4.4%	778.3	20.4%
Gaming	3	3.3%	89.4	2.3%
Health-tech	2	2.2%	120.0	3.1%
AR & VR	2	2.2%	3.7	0.1%
Blockchain & Crypto	1	1.1%	n.a.	n.a.

Chinese outbound tech investment hit a new low since Q1 2018.
UK became the most popular destination in Europe for Chinese investors, with six deals.
Fintech (including crypto) and data & analytics are the preferred sectors for Chinese investors.
Europe is catching up with the US in terms of deal value and number of deals.

Target	Chinese Investor(s)	Target Description	Investment Type	Transaction Value (USDm)
MARQETA	CreditEase	Payment solution provider	Private Placement	260
PROWLER.io	Tencent	Al platform for enterprise decision-making	Private Placement	24
makeMytrip	Citrip	Online travel services	M&A	174
onfido	CreditEase	AI-powered identity verification	Private Placement	50
TRUELAYER	Tencent	Open banking financial API provider	Private Placement	35
GlowRoad	DiDi	Second-hand eCommerce platform	Private Placement	22
Qedit	Ant Financial	Blockchain software developer	Private Placement	10
Ualá	Tencent	Mobile banking app developer	Private Placement	n.a.
Congenica	Huaxia Genomics	Data & Analytics / Health-tech	Private Placement	30
Let'sGet Checked	IMING Venture Partners	Software	Private Placement	30

Company	HQ	Market Cap (USDm)	EV (USDm)	L3M Share	LTM Share	CAGR (Revenue)	CAGR (EBITDA)	Gross Margin	EBITDA Margin	EV/Revenue (CY2018)	EV/Revenue (CY2019)	EV/EBITDA (CY2018)	EV/EBITDA (CY2019)
Alibaba Group Holding Limited	China	441,175	448,247	6.3%	9.3%	44.8%	26.8%	60.7%	25.8%	8.9x	6.5x	34.5x	21.4x
Tencent Holdings Limited	China	426,932	434,853	2.9%	8.1%	28.7%	21.8%	49.2%	48.1%	12.7x	7.6x	26.5x	20.8x
Baidu, Inc.	China	41,078	32,585	31.1%	51.9%	12.8%	23.0%	55.8%	40.7%	2.7x	2.0x	6.7x	12.9x

Company	HQ	Market Cap (USDm)	EV (USDm)	L3M Share	LTM Share	CAGR (Revenue)	CAGR (EBITDA)	Gross Margin	EBITDA Margin	EV/Revenue (CY2018)	EV/Revenue (CY2019)	EV/EBITDA (CY2018)	EV/EBITDA (CY2019)
Tencent Music Entertainment Group	China	24,511	21,826	20.3%	33.0%	53.2%	4.1%	49.7%	9.0%	1.2x	1.1x	13.3x	8.6x
IGG Inc	China	1,422	1,132	19.0%	8.0%	15.2%	10.3%	68.3%	31.0%	1.5x	1.4x	4.9x	5.2x

Company	HQ	Market Cap (USDm)	EV (USDm)	L3M Share	LTM Share	CAGR (Revenue)	CAGR (EBITDA)	Gross Margin	EBITDA Margin	EV/Revenue (CY2018)	EV/Revenue (CY2019)	EV/EBITDA (CY2018)	EV/EBITDA (CY2019)
Tata Consultancy Services Limited	India	121,252	115,311	10.1%	18.3%	13.5%	14.2%	40.9%	27.1%	5.6x	5.1x	20.7x	18.9x
Infosys Limited	India	45,380	41,582	2.7%	13.9%	9.4%	3.2%	35.0%	26.0%	3.6x	3.2x	13.9x	13.6x

Company	HQ	Market Cap (USDm)	EV (USDm)	L3M Share	LTM Share	CAGR (Revenue)	CAGR (EBITDA)	Gross Margin	EBITDA Margin	EV/Revenue (CY2018)	EV/Revenue (CY2019)	EV/EBITDA (CY2018)	EV/EBITDA (CY2019)
360 Security Technology Inc.	China	21,058	18,851	22.8%	23.2%	15.8%	17.1%	73.1%	28.5%	9.9x	7.9x	34.7x	23.4x

Fintech and transport-tech are the most attractive sectors for both Asian outbound and inbound investments.
Chinese investors show a strong preference for fintech and data & analytics.
European investors are showing increasing interest in digital media and e-commerce.
US investors are becoming more familiar with the Asian tech market, showing a preference for software and digital media.
The UK is the most popular destination for Chinese investors in Europe.
Asian outbound investment into the US saw an increase in deal volume but a decline in M&A value.