GP_Bullhound-2021年Q1亚洲投资报告（英文）-2021.5-22页_13mb

Q1 2021 Asia Tech Investment Summary

Core Content

Q1 2021 saw a significant surge in tech investments across Europe and the US, with Asian investors playing a pivotal role. The report outlines key trends in investment activities, sector preferences, and notable deals in both fundraising and M&A contexts.

Main Points

Asian Tech Investments in Europe

• Asian investors increased their investments in European tech, with a record 43 deals in Q1 2021, up by 23% from the previous quarter.
• Sector Preferences:
  • Software and Fintech were the top sectors, each accounting for 33.3% of the deal volume.
  • Fintech also had a significant share of deal value, at 9.5%.
• Deal Volume & Value:
  • Fundraising: 48 deals, totaling $2,171.2 million.
  • M&A: 4 deals, totaling $1,664.7 million.
• Notable Deals:
  • CLARK: Invested by Tencent, a digitally-operating insurance broker, valued at $83.9 million.
  • oxbotica: Invested by Tencent, an autonomous vehicle software solutions provider, valued at $47.0 million.
  • WINTERMUTE: Invested by Wuhan and Hong Kong, a crypto market maker platform, valued at $20.0 million.
  • a algrutmika: Invested by Russia-China Investment Fund, an online school of mathematics and programming, valued at $10.0 million.

Asian Tech Investments in the US

• Asian investors' investments in the US remained active, with Fintech and Software being the preferred sectors.
• Sector Preferences:
  • Software accounted for 32.9% of deal volume and 64.4% of deal value.
  • Fintech had 25.7% of deal volume and 13.6% of deal value.
• Deal Volume & Value:
  • Fundraising: 70 deals, totaling $8,477.3 million.
  • M&A: 149 deals, totaling $11,088.8 million.
• Notable Deals:
  • BlockFi: Invested by CMSPACIFIC CENTURY GROUP, a Bitcoin lending company, valued at $350 million.
  • ThoughtWorks: Funded by GIC, a digital transformation agency, raising $720 million.
  • checkout.com: Funded by GIC, an online payment solutions provider, raising $450 million.
  • databricks: Funded by GIC, a software company for data analysis, raising $1,000 million.

Investment Trends in India

• European investors increased their investments in India by 66% in Q1 2021, with a 23% growth in deal volume.
• US investments into China continued to grow, with a 50% increase since Q4 2020.
• Fintech and Software remained the preferred sectors for both European and US investors in Asia.

Chinese Investors' Activities

• Chinese investments into Europe and APAC increased, with European deals rising for the first time since Q2 2020.
• Despite a 7% QoQ decline in overall deal volume, Chinese investors focused on Fintech, especially in the DeFi space, with 17 out of 24 Fintech investments being DeFi-related.
• Top Chinese Investors:
  • Tencent: Led with 7 deals, including two in the digital media space.
  • NetEase: Participated with two deals.
• Notable Deals:
  • patsnap: Invested by Tencent, an IP analytic and management platform, valued at $300 million.
  • Srecargapay: Invested by LUN PARTNERS, a mobile prepaid top-up platform, valued at $70 million.
  • imToken: Invested by Longling Capital, a digital asset management platform, valued at $30 million.

Deal Volume and Value by Region

• Fundraising:
  • Europe: 92 deals, totaling $5,390 million.
  • US: 109 deals, totaling $5,234 million.
• M&A:
  • Europe: 8 deals, totaling $1,664.7 million.
  • US: 149 deals, totaling $11,088.8 million.

Public Company Comparisons

• Large Cap Consolidators:
  • Tencent: Market Cap of $747,213 million, EV of $763,809 million.
  • Alibaba: Market Cap of $614,692 million, EV of $587,540 million.
  • Baidu: Market Cap of $76,927 million, EV of $66,069 million.
• Digital Media Companies:
  • Tencent: Market Cap of $747,213 million, EV of $763,809 million.
  • Kuaishou: Market Cap of $144,429 million, EV of $169,520 million.
  • Sea Limited: Market Cap of $114,278 million, EV of $110,116 million.
  • NetEase: Market Cap of $71,355 million, EV of $61,813 million.
  • Nintendo: Market Cap of $66,574 million, EV of $52,750 million.
  • NAVER: Market Cap of $49,301 million, EV of $48,381 million.
  • Bilibili: Market Cap of $40,748 million, EV of $40,177 million.
  • Kakao Corp.: Market Cap of $38,076 million, EV of $36,631 million.
  • Yahoo Japan: Market Cap of $37,811 million, EV of $39,263 million.
  • Tencent Music: Market Cap of $34,373 million, EV of $31,303 million.
  • TAL Education: Market Cap of $32,328 million, EV of $29,070 million.
  • NEXON: Market Cap of $9,366 million, EV of $9,277 million.
  • GSX Techedu: Market Cap of $8,627 million, EV of $7,572 million.
  • Zhejiang Century Huatong: Market Cap of $8,003 million, EV of $8,652 million.
  • Konami: Market Cap of $7,938 million, EV of $6,917 million.
  • 37Games: Market Cap of $7,433 million, EV of $6,922 million.
  • Capcom: Market Cap of $6,940 million, EV of $6,415 million.
  • Square Enix: Market Cap of $6,638 million, EV of $5,338 million.
  • Perfect World: Market Cap of $5,853 million, EV of $5,419 million.
  • HUYA: Market Cap of $4,594 million, EV of $3,003 million.
  • Yaudao: Market Cap of $2,953 million, EV of $2,917 million.
  • XD: Market Cap of $2,694 million, EV of $2,403 million.
  • DeNA: Market Cap of $2,403 million, EV of $1,839 million.
  • Ourpalm: Market Cap of $2,088 million, EV of $1,788 million.
  • Maoyan Entertainment: Market Cap of $1,893 million, EV of $1,670 million.
  • mixi, Inc.: Market Cap of $1,888 million, EV of $626 million.
  • YOOZOO Games: Market Cap of $1,638 million, EV of $1,762 million.
  • Archosaur Games: Market Cap of $1,561 million, EV of $1,077 million.

Key Insights

• Fintech and Software Dominance: Both sectors were heavily favored by Asian investors in Europe and the US, with Fintech showing particular interest in digital assets.
• India as a Focus: European and US investors significantly increased their investments in India, with European deal volume tripling and US investments into China continuing to grow.
• Tencent's Leadership: Tencent remained the top Asian investor, with a notable number of deals across various sectors, including digital media and fintech.
• M&A Activity: M&A activities were more active in Europe and the US, with a notable increase in deal volume and value.
• Geographic Trends: Germany and France were the top target countries in Europe, while India and Southeast Asia saw increased interest from investors.