2021年Q3亚洲投资报告（英）-22页_576kb

Q3 2021 Asia Insights Summary

Core Content Overview

Q3 2021 marked a significant increase in Asian investment activity into the European and US tech sectors, with a notable focus on Fintech, Software, and Marketplaces. The region saw a resurgence in both fundraising and M&A deal volumes, returning to pre-pandemic levels in M&A and showing strong momentum in European fundraising. Additionally, Indian and Southeast Asian markets emerged as key investment destinations, with India experiencing a dramatic 150% increase in deal volume compared to the previous quarter.

Main Points and Key Information

Asian Investment Trends

• Increased Participation in Western Tech Sectors: With the rollout of vaccines and easing travel restrictions, Asian capital showed increased interest in European and US tech, especially in Fintech and Software.
• Blockchain and NFT Surge: Asian investors poured money into blockchain and NFT-related companies, with 42 investments made, including 14 from Hong Kong and 10 from Singapore.
• Tencent's Dominance: Tencent was the most active strategic investor, with eight deals, including the only acquisition by a Chinese buyer in the European / US / APAC region.
• India's Rebound: India became the top destination for US and European investors, with a 150% increase in deal volume QoQ.

Fundraising and M&A Activity

• Fundraising Volume and Value:
  • Asia into Europe: 67 deals with a total value of US$4,515.6 million.
  • Asia into US: 123 deals with a total value of US$8,649.2 million.
• M&A Trends:
  • Asia into Europe: 22 deals with a total value of US$2,567 million.
  • Asia into US: 59 deals with a total value of US$10,598 million.

Deal Volume and Sector Analysis

• European Market:
  • Top Sectors: Software (31.3%), Fintech (29.9%), Marketplaces (17.9%).
  • US Market:
    • Top Sectors: Fintech (41.5%), Software (32.5%), Marketplaces (4.9%).
• Marketplaces Grew in Europe: Marketplaces saw a surge in activity, with 12 deals in Q3 2021, compared to only 2 in Q3 2020.
• Fintech Grew in the US: Fintech overtook Software in the US as the most popular sector for Asian investors, with 51 deals in Q3 2021.

Investor Activity

• Top Asian Investors:
  • Temasek: 10 deals, 8 in Software.
  • GIC: 9 deals, 8 in Software.
  • SoftBank: 3 deals, 2 in Fintech and 1 in Digital services.
  • Hillhouse: Active in European tech deals.
• Notable Transactions:
  • Fundraising: Databricks (GIC, $1.6 billion), FTX (SoftBank SINO GLOBAL CAPITAL, $900 million), Sorare (SoftBank, $680 million), PatPat (CONH 南体竞技 CAPITAL TODAY 今日资本, $510 million), CanNext (GIC, $473 million).
  • M&A: SUMO DIGITAL (Tencent, $1,121 million), Epic! (BYJU'S, $500 million), Radish (Kakao, $269 million), LiveArea (Dentsu, $250 million), Tapas (Kakao, $240 million).

Regional Analysis

• India: Became the most favored destination for US and European investors, with 22 deals in Q3 2021.
• Southeast Asia: Continued to be a major hub, with 19 deals in Q3 2021.
• European Investors: Showed strong interest in Marketplaces, with 21 deals in Q3 2021.
• US Investors: Focused on Fintech and Software, with 64 and 61 deals respectively in Q3 2021.

Public Comps Analysis

• Large Cap Consolidators:
  • Tencent: Market Cap of $564,490 million, EV of $588,650 million.
  • Alibaba: Market Cap of $401,351 million, EV of $375,432 million.
  • Baidu: Market Cap of $53,514 million, EV of $42,725 million.
• Digital Media Companies:
  • Tencent: Market Cap of $5,183 million, EV of $4,305 million.
  • Sea Limited: Market Cap of $175,988 million, EV of $172,115 million.
  • Nintendo: Market Cap of $57,124 million, EV of $43,551 million.
  • NetEase: Market Cap of $55,550 million, EV of $46,168 million.
• Digital Services:
  • Tata Consultancy: Market Cap of $188,290 million, EV of $183,769 million.
  • Infosys: Market Cap of $94,639 million, EV of $91,829 million.
  • HCL Technologies: Market Cap of $46,813 million, EV of $45,692 million.
  • Wipro: Market Cap of $46,714 million, EV of $44,469 million.
  • NTT DATA: Market Cap of $46,813 million, EV of $45,692 million.

Summary Table

Conclusion

Q3 2021 demonstrated a strong recovery in Asian investment into European and US tech sectors, driven by increased vaccine rollouts and eased travel restrictions. The focus on Fintech and Software, along with the notable rise in blockchain and NFT investments, highlighted a shift in investor priorities. India emerged as the top destination for foreign investors, while Tencent remained the most active strategic investor. The data underscores a growing interest in digital innovation across the region, with both fundraising and M&A activities returning to pre-pandemic levels.