2019年Q1亚洲洞察力（英文版）_20页_2mb

Summary of GP Bullhound Q1 2019 Report: Asian Technology Transactions into Europe & North America

Core Content Overview

The report provides an analysis of Asian outbound technology transactions into Europe and North America during the first quarter of 2019. It highlights the key players, trends, and factors influencing these transactions, with a particular focus on the impact of SoftBank's investments and the role of Chinese investors in the sector.

Main Points

• Fundraising Activity:

  • Total fundraising value in Q1 2019 was USD7.9 billion.
  • Total fundraising volume was 85 deals.
  • Japanese investors led the fundraising with 28 deals, compared to 19 for Chinese investors.
  • SoftBank was a major player in fundraising, participating in 7 deals with a total of USD5.4 billion raised.
  • The five largest fundraising deals all involved SoftBank, with three exceeding USD1 billion.

• M&A Activity:

  • Total M&A value was USD3.0 billion.
  • Total M&A volume was 29 deals.
  • European targets saw a 57% increase in deal value from USD1.9 billion to USD3.0 billion, while North American targets saw a 47% decrease from USD4.6 billion to USD2.5 billion.
  • CFIUS regulations posed a challenge, as seen in the blocked acquisition of Grindr by a Chinese company.
  • Ant Financial turned to World First, a UK-based payment platform, after the CFIUS blocked its MoneyGram deal.

Key Investors

• Strategic Investments:

  • Tencent and Alibaba were the most active Chinese investors with three investments each.
  • Samsung and its venture capital in South Korea closed four deals.
  • NTT and Itochu were the most active Japanese investors with three investments each.

• Financial Investments:

  • SoftBank was the most active investor with multiple deals.
  • GIC from Singapore and Horizons Ventures from Hong Kong were also active, each making three investments.

Chinese Outbound Transactions

• Geographic Distribution:

  • Most Chinese outbound tech investments went to North America (24 deals) and Asia Pacific (18 deals), with fewer going to Europe (15 deals).

• Sector Breakdown:

  • Data & Analytics: 10 investments
  • Software: 9 investments
  • Fintech: 7 investments
  • Gaming: 5 investments

• Deal Trends:

  • Chinese investments into the U.S. decreased by 13% in Q1 2019.
  • Investments into Asia Pacific dropped by 53% from Q4 2018.
  • Europe started to attract more Chinese tech investments, with a 25% increase in deal volume compared to Q4 2018.

BAT (Baidu, Alibaba, Tencent) Overview

• Market Cap and Financials:

  • Baidu, Alibaba, and Tencent are the leading Chinese tech companies.
  • Market caps and financial performance data for CY2018 and CY2019 are provided, including revenue, EBITDA, and multiples.

• Key Investments:

  • Baidu: Invested in a sales assistant application.
  • Alibaba: Acquired dataArtisans, SANDBOXVR, and invested in AR development.
  • Tencent: Acquired GO JEK, reddit, Airwallex, fatshark, and 1838.

Public Comparables by Sector

• Large Cap Consolidators:

  • Includes companies like Alibaba, Tencent, and Baidu, with financial metrics and performance data.

• eCommerce & Marketplaces:

  • Includes major players like Alibaba, JD.com, Meituan Dianping, and Pinduoduo, with details on market cap, revenue, and financial performance.

• Digital Media & Gaming:

  • Includes companies like NetEase, Tencent Music Entertainment Group, and iQiyi, with performance and financial data.

• Software & IT Services:

  • Includes Tata Consultancy Services, Infosys, and NTT DATA, with performance and financial metrics.

• Others:

  • Includes insurance, education, and hardware companies such as Ping An, TAL Education Group, and Xiaomi, with financial performance and market data.

Key Themes

• SoftBank Effect:

  • SoftBank's investments significantly influenced the fundraising activity and deal value in Q1 2019.
  • The company's strategic and financial investments drove both value and volume in the Asian outbound tech transactions.

• Chinese Economic Outlook:

  • Positive developments in Chinese manufacturing and trade talks suggested a favorable investment outlook for the year.
  • Beijing's commitment to financial access for foreign investors was noted as a positive sign.

• Regulatory Challenges:

  • CFIUS regulations impacted Chinese investments, particularly in the U.S., leading to some deals being blocked or requiring changes in ownership structure.

Conclusion

The Q1 2019 report highlights the continued dominance of Japanese investors, especially SoftBank, in Asian outbound tech transactions to Europe and North America. Chinese investors also played a significant role, with a shift in focus towards Europe and a decrease in U.S. investments due to regulatory hurdles. The report underscores the importance of strategic and financial investments by major tech firms and the impact of economic and political factors on investment trends.