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Asian Technology Newsletter Issue 90, March 2017 Asian Technology Newsletter A S I A N TECHNOLOGY NEWSLETTER MARCH 2017 , I S S U E 90 We hope that you find the Asian Technology Newsletter informative. BDA Partners is an investment banking firm specializing in executing cross-border transactions involving Asia, including acquisitions, divestments, JVs, capital raising and restructuring. We have offices and professional staff throughout Asia, the Middle East, Europe, and the US. If you would like to learn more about how BDA is positioned to help your business grow through acquisitions, or to achieve maximum value in a divestment or fund raising exercise, please contact us at any one of our offices. Jeff Acton Matthew Doull Managing Director, Managing Director, Head of Technology Head of Internet and Digital Media [email protected] [email protected] CONTENTS Market Update 2 Deal Digest – Recent Tech Deals Across Asia China 4 Hong Kong 5 India 5 Japan 6 Singapore 7 Vietnam 7 1 | P a g e A S I A N TECHNOLOGY NEWSLETTER MARCH 2017 , I S S U E 90 50 40 30 20 10 0 -10 -20 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 India Europe China US Japan Korea Global technology indicies have traded 12% higher, on average, in the first quarter of 2017. Growth has primarily come from a global post-US election rally, favorable opening week for Snap, Inc., and a cheap money environment. Over the past twelve months, technology- focused stocks have all traded positively with the Chinese technology companies leading the way. 50 40 30 20 10 0 -10 -20 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Digital Media E-Commerce Travel Tech Fintech Over the last twelve months, the Fintech index has appreciated at a moderate rate to 20% y-o-y, surpassing other technology sub-sector stocks. From investment towards streamlining financial payments to offering easier access to financial planning, both individual consumers and corporations are applying fintech products at an increasing rate on a daily basis. Source: CapitalIQ, BDA 2 | P a g e A S I A N TECHNOLOGY NEWSLETTER MARCH 2017 , I S S U E 90 Source: MergerMarket, BDA 3 | P a g e A S I A N TECHNOLOGY NEWSLETTER MARCH 2017 , I S S U E 90 consortium of investors including CDH ambition to launch in China. There has Investments, China Development Bank been a major push towards subscription- Capital Corporation, Yiyao Capital and based video content in China and iQiyi is China Eastern Bell Venture Capital. Hive Box building up a war chest so it acquire plans to use the proceeds to expand its overseas and national programming to Beijing Sanding Network, a Chinese business into more cities in China, stand out from a crowded field of well- operator of the bicycle sharing platform, improving its information and data funded rivals. The firm is the Chinese Ofo, plans to raise US$450m from a integration, as well as exploring new ways online video market leader in terms of consortium of investors including to enhance user satisfaction. Hive Box was both market share and paying subscribers. Atomico Investments, CITIC Private founded in 2015 by SF Express together February 21, 2017 Equity, Coatue Management, DST with other Chinese courier companies STO Global, Hangzhou Kuaizhi Technology, Express, ZTO Express and Yunda Express, Macrolink Holding and Matrix Partners as well as logistics property GLP. The Richard Liu, Chairman of JD.com along China. Ofo got its start as a student project company now operates 40,000 smart with an undisclosed set of investors, has at Beijing’s prestigious Peking University package self-service units with three agreed to acquire a 68% stake in JD in 2014. Eventual PhD dropout Dai Wei million package boxes in 74 cities in China, Finance, a Chinese internet finance and four other students explored cycle improving convenience and efficiency in company for US$2,076m. JD Finance was tourism before landing on bike-sharing. the last-mile delivery process. Over established in September 2012 to house Once emblematic of China’s socialist 400,000 courier delivery personnel from JD.com’s finance, banking and cred it working class, bicycles remain popular various delivery and e-commerce services and has been operating among students and urban commuters companies use Hive Box's facilities, which separately since October 2013. JD Finance despite increasing car ownership. The are mostly conveniently located in offers fin-tech services in payments, industry has drawn more than a billion apartment building lobbies and insurance as well as consumer, business dollars from investors, betting that bikes transportation hubs. As users do not need and supply chain financing. Separating JD offer a more traditional alternative to car- to be home to receive packages or go to a Finance from its parent, will allow the unit hailing that prevails in urban centers. A specific store to send packages, the service to transform into a purely Chinese entity, government campaign to untangle the is being adopted by delivery firms and making it eligible for securities and fund traffic gridlock now plaguing most major users rapidly. January 06, 2017 licenses, off-limits to foreigners, as well as cities, also encourages the proliferation of a future domestic listing. The spin-off is bike and car sharing. Ofo and its expected to help JD Finance take on competitor Mobike are among the two iQiyi, a Chinese online television and Alibaba’s Ant Financial. With the largest of a growing crop of private bike- movie portal, has raised US$1,530m from formation of an independent affiliate, JD sharing operators. Unlike similar services a consortium of investors including Finance will be able to aggressively focus operated by local governments around the existing investor Baidu.com and new on building both product and user base in world, their users find and pay for bicycles investors Boyu Capital, China China. This development comes on the via a smartphone app and then leave them Everbright Group, Hillhouse Capital, heels of Alibaba’s affiliate Ant Financial wherever they want. Ofo alone has IDG Capital and Sequoia Capital. making strides into the international brokered more than 300 million rides and iQiyi.com will use the proceeds to continue market with its recent M&A spree as it has more than 20 million users with investing in content and services as the looks to expand its reach to wider operations in nearly 40 cities in China, the streaming sector develops, to upgrade its audiences across the globe. March 02, U.S., Singapore and the U.K. There are intellectual property ecosystem for 2017 about 600 bike-sharing operations seeking out illegal content, and to globally, with a market that could grow by accelerate intellectual property-related 20 percent a year to generate an estimated businesses, such as subscriptions to its Koubei, an Alibaba backed Chinese $5.8 billion in revenue by 2020. March 01, services. iQiyi claims to have 481m users discovery platform for shopping and 2017 and 5.5 billion hours of time spent on its dining, plans to raise US$1,000m from a service each month. The service is engaged consortium of investors including Silver Hive Box Technology, a Chinese 24-hour in an intense competition with Alibaba- Lake, CDH Investments, Yunfeng self-service open platform for express owned Youku Tudou and Tencent Capital, Temasek and Khazanah delivery companies and e-commerce Holdings. That fierce competition is one Nasional Berhad, the sovereign wealth logistics, plans to raise US$361m from a reason Netflix gave up its long-time fund of Malaysia. Koubei is a joint venture 4 | P a g e A S I A N TECHNOLOGY NEWSLETTER MARCH 2017 , I S S U E 90 founded in 2015 by Alibaba and Ant Maihuolang Information Technology, a collaboration, and manage compliance for Financial, an Alibaba offshoot that Chinese operator of rural e-commerce employees, customers, partners, and manages its Alipay service and other platform 51mhl.com plans to raise suppliers. The Learning Technologies financial tech initiatives. Koubei is closely US$145m from a consortium of investors Group produces interactive multimedia tied to Alipay, giving businesses greater including Great Wall Fund Management programmes. The company also engages insight into customers who come in using and Shenzhen New Industrial Venture in the mobile e-learning, bespoke e- Koubei. Knowing who those customers are Capital. 51mhl.com, launched in 2014, is a learning, and educational games and how often they have been patrons rural third-party e-commerce platform for businesses, as well as operating employee could in theory allow Koubei-affiliated agricultural specialty foods, farm supplies, benefit trust. Learning Technologies businesses to offer highly targeted electric motorbikes and parts and Group’s strategic aim is to build a dynamic coupons or discounts. Koubei said it household appliances. It operates in 23 portfolio of complementary businesses handled more than 15m daily orders in provinces in China with 218 county offices and an international e-learning business of 2016. Alibaba has disclosed that Koubei and 28,500 village services stations. scale. February 03, 2017 garnered some US$7 billion in payment 51mhl.com will use the new funding to volume in the third quarter last year. expand its business to 1,000 offices and Koubei will use the proceeds to expand 30,000 stations this year. In 2017, the aggressively and get some degree of company will also launch logistics, independence and could eventually be training, and financial services to round India listed as a public company.
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