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Mergermarket Intelligence 08 April 2020 Asia-Pacific COVID-19 Intelligence Highlights acuris.com Acuris Asia-Pacific COVID-19 Intelligence Highlights Introduction Mergermarket 03 Inframation 08 Asia has been on the frontline of the coronavirus crisis for over three months. As companies, advisors and investors across the AVCJ 13 region react to this unprecedented situation, Acuris’s market-leading products provide news, data and analysis to help you make better business decisions. Mergermarket and AVCJ help corporates, private equity houses and bankers identify M&A Debtwire 16 opportunities while Debtwire provides unrivalled insight into credit situations as they unfold. Investors, legal advisors and PaRR 26 companies rely on Dealreporter and PaRR to track equity markets and make sense of the fast-moving regulatory landscape while Inframation provides financing and trading intelligence and data for the global infrastructure and energy sectors. Dealreporter 32 This report contains a selection of our coverage on how the COVID-19 crisis is impacting different markets in the region produced by our in-country teams of editors and analysts across Asia. We hope you find it useful. Please feel free to contact us to learn more about how we can help you stay better informed during these difficult times – and beyond. acuris.com Mergermarket Asia-Pacific COVID-19 Intelligence Highlights 3 Mergermarket is an unparalleled M&A news and intelligence tool specifically targeted to generate opportunities for corporate advisory outfits and private equity firms. Mergermarket Intelligence Introduction The COVID-19 pandemic has disrupted global M&A and IPOs on a massive scale this year. It has caused a sharp slowdown in APAC deals, with the region seeing a 32.7% YoY decrease in deal value - the lowest quarterly value since 1Q13. Mergermarket has continued to provide the most relevant insights and opportunities to help subscribers navigate through this uncertainty. From exclusive interviews on how companies are changing strategies to timely updates and scoops on sale processes, Mergermarket readers hear it first. We strive to identify future M&A opportunities for dealmakers as struggling companies seek out restructuring or financing measures to weather the storm. Mergermarket also helps corporates and private equity firms identify distressed M&A targets. Below is a selection of articles analysing COVID-19's immediate impact on APAC M&A deal flow and identifying the key issues to track in the months to come. mergermarket.com Mergermarket Asia-Pacific COVID-19 Intelligence Highlights 4 14 Feb 2020 China dealmakers brace for slowdown amid COVID-19 outbreak by Ling Yang and George Shen in Shanghai, Jennifer Zhang in Chongqing and Riccardo Ghia in Hong Kong; analytics by Neal Zhang • Market comeback expected in 2H epidemic in 2003 might hint on M&A outlook taking a toll on China leisure sector including many to shut stores and suspend production for the second half of this year. China travel, entertainment, catering, brick and mortar temporarily as the cash flow crunch has led to Domestic M&A likely to surge due to cash • recorded USD 6.58bn M&A deal during 1H03, retail chains and offline education centers, as seeking financial bailout. Several companies crunch but the deal value soared to USD 20.6bn in well as transportation sector, he added. But may be forced to sell at a lower price to raise • Deal settlement unlikely to be impacted 2H03 when the outbreak calmed, according to meanwhile, online gaming , online education, funds, as banking loans would become difficult, Dealogic data. Acuris and Dealogic are both live-streaming and short video sharing according to an inbound M&A advisor. owned by ION Group. platform, online fitness app, e-commerce apps, The coronavirus repercussions on the The SARS-like coronavirus outbreak will disrupt enterprise collaboration apps are gaining Between November 2002 and July 2003, economy marks the latest in a series of the natural flow of China M&A activity, but the ground, according to the Shanghai based SARS caused 774 deaths reported in 17 setbacks to the economy over the past impact remains limited to timeline slippage investor. countries with the majority of cases in years, forcing the central bank to boost the and investors expect a deal ramp-up in the mainland China and Hong Kong. GGV Capital recently announced that it provision of liquidity in the markets. Beijing second half of this year, according to several funded Shenzhen-headquartered Mogulinker announced to pump CNY 1.2 trn into financial dealmakers polled by this news service. Blessing in disguise Technology Co Ltd, a software-as-a-service markets as it ramped up support for the virus Deal origination and execution are affected in Some PE investors however see this contagion (SaaS) provider, in its Series B round which fight, as reported. However, it implies a steep the first quarter due to nationwide quarantine as a blessing in disguise as the ongoing offers real-time running data that can connect deterioration in debt to equity and debt to measures ordered by the Beijing to fight with economic shockwave is accelerating industry manufacturers, suppliers, equipment and users GDP ratios across the system, according to the the epidemic which lead to 1382 fatalities consolidation and benefit those who have for optimal operations. Shanghai-based investor. so far, they said. Technology is alleviating invested in the industry leading players. In Industrial companies will likely speed up In the meantime, a potential wave of corporate the problem but cannot fully cushion the addition, some cash-rich and star companies, hunting for smart manufacturing bolt-on buys, sale might coincide with disposals made by blow. China’s State Administration for Market used to shutting their doors to financial as the situation fully unveils the importance of companies looking to re-focus on their major Regulation (SAMR) now requires merger filings investors, are reconsidering financing strategy digital solutions for traditional manufacturing businesses, to help alleviate financial stress. to be carried out either online or by post due and will be receptive to investor approaches companies, an investor manager from a state- to the outbreak. to weather the abrupt crisis, according to a Chinese companies, both SOEs and private owned enterprise said. Shanghai-based private equity investor. companies, have enjoyed a huge passion for Deal activities YTD have experienced a free fall However, buyers are unlikely to drastically diversification strategies, snatching assets that compared to the same period last year. From Valuation adjustment is also within expectation, change their investment strategy in response they don’t really need, over the past few years, the beginning of this year until 10 February, with the first quarter financial performance to the ongoing epidemic as the issue remains especially during the outbound M&A craze China including Hong Kong recorded 84 deals likely to hit bottom line, but significantly, temporary, the investor said. before 2018. with total deal value worth USD 8.411bn, down discount appears to be unlikely, the investor 54.1% and 76.6% respectively, compared to the said. Liquidity crunch same period last year, according to data from Continued The contagion changed consumption patterns The domestic M&A deals might surge because Mergermarket. Read the full story online and at the same time created a boost for of financing difficulties confronting China’s However, the deal surge following SARS online application. The outbreak is especially small and mid-sized enterprises, forcing Read more mergermarket.com Mergermarket Asia-Pacific COVID-19 Intelligence Highlights 5 16 Mar 2020 Japan Inc adopts ‘wait-and-see’ stance for M&A amid COVID-19 recession fears by Ryuya Shiga, Nozomi Toyama, Mai Mizuta, and Takuma Sasaki • Nikkei 225 has plunged 25% since start of There had been a healthy pipeline of deals the number of deals in Japan to decline have dry powder to invest, he said. In fact, it this year since the start of 2020, but many of these temporarily as many Japanese companies should be a great time to acquire companies have now been suspended as decisions at the need to allocate funds, which had been at reasonable valuations and there should be • Acquisition opportunities for strategics and management and board levels have been put set aside for M&A, to respond to the crisis. numerous turnaround targets coming up in the private equity remain on hold, the second banker said. However, government stimulus packages market, he added. offered to companies in the event of a • Current inflated valuation to see The third banker noted there would be fewer A private equity source echoed this view recession should enable them to return to the readjustment RFPs in the coming months. “The key question and said that during such a phase, there is a M&A market relatively soon, he noted. is how long this will last and what the real certain period where the expectation between impact is,” he added. Mark Weeks, partner at Orrick, pointed out sellers and buyers do not match immediately - Japan Inc is largely adopting a “wait-and-see” that lower stock prices and appreciation sellers tend to keep higher expectation based stance with regards to M&A deals against Companies such as Tokyo-based of the Japanese yen could present buying on the previous price range, while buyers the backdrop of a potential global recession telecommunication company KDDI [TYO:9433] opportunities for far-sighted Japanese buyers. are seeing the bottom, he continued. This sparked by the COVID-19 outbreak, according noted it had no plans to cancel or Recent inflated valuations are being adjusted sort of mismatch will be resolved soon after to dealmakers polled by this news service. postpone any investments due to the novel downward due to the coronavirus outbreak. companies enter into bankruptcy, and owners coronavirus as of now.
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