2018-2008年第二季度中国并购市场研究报告_99页_4mb

Zero2IPO Research Center - M&A Report Q2 2008 Summary

Core Content Overview

This report provides an analysis of the M&A market in China and globally during Q2 2008. It highlights the impact of the global financial crisis, particularly the subprime mortgage crisis, on M&A activities and offers insights into the performance of key sectors such as TMT, Energy, and Bio/Healthcare. The report also includes statistical data and case studies, as well as a forecast for H2 2008.

Main Points

• Global M&A Market:

  • The global M&A market value dropped by one third to US$1.86 trillion in Q2 2008 due to the subprime mortgage crisis.
  • The US and Europe saw a 30% and 39% decrease in M&A values, respectively.
  • Despite the downturn, M&A in Asia, particularly China and India, remained active, with a 4% year-on-year increase in total transaction value.

• China M&A Market:

  • The M&A market in China showed resilience, with a total of 33 deals closed in Q2 2008, involving TMT, Energy, and Bio/Healthcare sectors.
  • TMT was the most active sector, with 21 deals totaling US$16.28 billion, while Energy and Bio/Healthcare had 4 and 8 deals, respectively.
  • Cross-border M&A accounted for 19 deals, with Chinese enterprises launching 10 deals (52.6% of total), indicating a growing trend of outbound M&A.

• Cross-border M&A:

  • The top sectors for cross-border M&A were Traditional (63.2%), Broad IT (31.6%), and Bio/Healthcare (5.3%).
  • The total value of cross-border deals was US$1.15 billion, with the largest deal being China Petroleum & Chemical Corporation's acquisition of the Timor Sea Puffin Oilfield for US$561 million.
  • Most deals were small, with 77.8% of cross-border transactions valued below US$100 million.

• Industry Distribution:

  • TMT sector had the highest M&A value, followed by Energy and Bio/Healthcare.
  • Within TMT, Telecom was the most active subsector, driven by the large-scale acquisition of China Unicom's CDMA network by China Telecom.
  • In Energy, major deals included acquisitions by China Resources Power and China Power International Development.

• Consideration Range:

  • In TMT, only 7.1% of deals exceeded US$100 million, with the majority valued below US$10 million.
  • Energy sector had all deals valued above US$20 million, with the largest deal at US$366.33 million.

• Foreign Capital Involvement:

  • Foreign capital launched M&A deals targeting Chinese enterprises between 2006 and 2007.
  • The geographical distribution of these deals showed a concentration in the US, Australia, South Korea, Germany, and the UK.

• Market Outlook for H2 2008:

  • The report forecasts continued challenges for the global M&A market due to liquidity issues and market uncertainty.
  • In China, the M&A market is expected to remain active, especially in sectors like TMT, Energy, and Bio/Healthcare.

Key Information

• Methodology:

  • Data was collected through questionnaires, interviews, and public information.
  • The research scope included cross-border M&A, VC/PE-backed transactions, and deals in TMT, Energy, and Bio/Healthcare sectors.
  • Only deals where the acquirer acquired at least 20% equity were included.

• Currency:

  • The report uses US dollars, with the exchange rate of US$1 = RMB6.86 (as of June 30, 2008).

• Report Structure:

  • Chapter 1: M&A Market Review
  • Chapter 2: Statistical Analysis of China M&A Market
  • Chapter 3: Case Collection
  • Chapter 4: Analysis of Foreign Capital-launched M&As towards Domestic Enterprises (2006–2007)
  • Chapter 5: Outlook for H2 2008
  • Appendices: Include regulatory orders and industry classifications.

Figures and Tables

• Figure 2.1.1: Distribution of Cross-border Transactions by Quarter
• Table 2.1.1: Distribution of Cross-border Transactions by Quarter
• Table 2.1.1.1: Industry Distribution of Cross-border M&As (by Target)
• Table 2.1.1.2: Top 3 Cross-border Deals with Disclosed Value
• Figure 2.2.1: Industry Distribution of M&As (by Target)
• Table 2.2.1: Industry Distribution of M&As (by Target)
• Table 2.3.1: M&As in TMT Sector by Quarter (by Target)
• Table 2.3.2: Geographical Distribution of M&As in TMT
• Table 2.3.1.1: Industry Distribution of M&As in TMT (by Target)
• Table 2.3.2.1: Top 3 Deals with Disclosed Value in TMT
• Table 2.4.1: M&As in Energy by Quarter (by Target)
• Table 2.4.2: Top 3 Energy Deals with Disclosed Value
• Table 2.5.1: M&A in Bio/Healthcare by Quarter (by Target)
• Table 2.5.2: Top 3 Bio/Healthcare Deals with Disclosed Value
• Table 2.6.1: VC/PE-related M&As (by Target)
• Table 2.6.2: Industry Distribution of VC/PE-related M&As (by Target)

Key Sectors Analysis

TMT Sector

• Total Deals: 21
• Total Value: US$16.28 billion
• Top Subsectors: Telecom (33.3%), Internet (33.3%), Software (28.6%)
• Largest Deal: China Telecom's acquisition of China Unicom's CDMA network (RMB110 billion)

Energy Sector

• Total Deals: 4
• Total Value: US$716.19 million
• Top Deals: China Resources Power acquiring Jiangsu subsidiary (US$366.33 million), and China Power International Development acquiring Wuling Power (RMB2.19 billion)

Bio/Healthcare Sector

• Total Deals: 8
• Total Value: US$66.94 million
• Average Value: US$9.56 million

Cross-border Deals

• Total Deals: 19
• Chinese Acquirers: 10 deals (52.6% of total)
• Foreign Acquirers: 9 deals (47.4% of total)
• Total Value: US$1.15 billion
• Top Deals: China Petroleum & Chemical Corporation (US$561 million), Zijin Mining (US$70 million), and Tongfang Co., Ltd. (US$5 million)

Market Trends

• The M&A market in China remained active despite global downturns.
• Cross-border M&A was a significant trend, with Chinese companies increasingly engaging in international deals.
• The TMT sector dominated in terms of transaction value and activity.