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Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
Etude PwC sur les fusions-acquisitions en Chine (2013)
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Etude PwC sur les fusions-acquisitions en Chine (2013)

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La conjonction des incertitudes sur l’économie mondiale et de problèmatiques internes à la Chine ont entraîné une baisse des investissements en Chine. Ceux-ci ont atteint en 2012 leur plus bas niveau depuis cinq ans, avec un repli encore plus marqué qu’au lendemain de la crise financière de 2009. Ainsi, les fusions-acquisitions réalisées en Chine ont reculé de 23% en volume et de 28 % en valeur sur l’année 2012. En revanche, le montant des investissements chinois à l’étranger a augmenté de 54% en 2012 par rapport à 2011 pour s’établir à un niveau record de 65.2 milliards de dollars.

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  • 1. PwC M&A 2012 Review and2013 Outlook30 January 2013PwC China Beijing Advisory Leader: Nelson LouPwC Northern China Transaction Services Leader : Leon Qian
  • 2. Foreword – explanation of data shown in this presentation (1 of 2)• The data presented is based on information compiled by ThomsonReuters, ChinaVenture and PwC analysis unless stated otherwise• Thomson Reuters and ChinaVenture record announced deals. Some announced deals will not go on to complete• The deal volume figures presented in this report refer to the number of deals announced, whether or not a value is disclosed for the deal• The deal value figures presented in this report refers only to those deals where a value has been disclosed (referred to in this presentation as “disclosed value”)• “Domestic” means China including Hong Kong and Macau• “Outbound” relates to mainland China company acquisitions abroad• “Inbound” relates to overseas company acquisitions of Domestic companies,• “Private Equity deals” or “PE deals” refer to financial buyer deals with deal value over US$10mn and/or with undisclosed deal value but invested by PEsPwC 2
  • 3. Foreword – explanation of data shown in this presentation (2 of 2)• “VC deals” refer to financial buyer deals with deal value less than US$10mn and/or with undisclosed deal value but invested by VCs• “Strategic buyer” refers to corporate buyers (as opposed to financial buyers) that acquire companies with the objective of integrating the acquisition in their existing business• “Financial buyer” refers to investors that acquire companies with the objective of realizing a return on their investment by selling the business at a profit at a future date and mainly, but not entirely, comprise PE and VC funds• In order to exclude foreign exchange impact, deal values from 2008 to 2011 were adjusted based on 2012 average Rmb/US$ exchange ratePwC 3
  • 4. OverviewPwC
  • 5. Key messages (1 of 2)Overall• Overall 2012 China M&A decreased 26% by volume and 9% by value, with only Outbound deals showing growth (in value terms); we expect M&A activity to rebound in all sectors in 2013, with Outbound activity continuing to grow especially stronglyChina Outbound• Although China Outbound deal volumes surprisingly showed a small decline, deal values grew by 54% to reach a new record high of US$65.2 billion comprising more than a third of overall M&A activity measured by value, by far the highest proportion ever; we see many more deals in the pipeline and expect this growth trend to continue strongly with another record year in 2013• We are seeing privately owned enterprises (POEs) taking on larger deal sizes; we think that private sector companies will be key drivers in the future growth of China Outbound M&A• The growing activity of private sector buyers in acquiring industrial technologies and consumer-linked businesses overseas is an important trend; many of these deals are aimed at bringing advanced western technologies, know-how, IP and brands back for use in the Chinese domestic market; we are also seeing some POEs using overseas M&A to go global in addition to concentrating on the domestic marketPwC 5
  • 6. Key messages (2 of 2)Domestic and Foreign-Inbound Strategic• Both Domestic and Foreign-Inbound Strategic buyer deal activity fell to their lowest levels in the last five years with declines greater than those seen after the global financial crisis• We think activity will rebound in 2013 as the direction of the Chinese economy becomes clearer, industry consolidation accelerates, domestic leadership changes take effect, and foreign economies start to emerge from their stressed states allowing MNCs to deploy cash reserves with greater confidence implementing their China market entry or growth strategiesPrivate Equity• In the PE sector there will be sharp consolidation across the industry, and the backlog of exits represents a real challenge for the sector• PE has emerged as a key provider of capital to the liquidity starved private sector of the economy in China with real policy support - this demand for capital is driving strong market growth and activity; there are exceptionally strong tailwinds for the PE industry in China over the medium term • We think new deal and exit activity will accelerate strongly from 2Q13 as pricing expectations adjust, 2012 results become available, IPO markets re-open, and China’s leadership transition takes effect; PE deal activity (new investments andPwC exits by both IPO and M&A) will reach new record highs if not in 2013 then in 2014 6
  • 7. Overall 2012 China M&A decreased 26% by volume and 9% byvalue, with only Outbound deals showing growth (in value terms);we expect M&A activity to rebound in all sectors in 2013, withOutbound activity continuing to grow especially strongly Total deal volume and value, from 2008 to 2012 % Diff % Diff 2008 2009 2010 2011 2012 volum value e 2012 2012 vs. vs. Volume Value Volume Value Volume Value Volume Value Volume Value 2011 2011Strategic buyers (US$bn ) (US$bn ) (US$bn ) (US$bn ) (US$bn ) Domestic 3,006 1 50.5 2,7 7 4 1 00.3 2,947 1 40.1 3,262 1 1 7 .6 2,667 88.0 -18% -25% Foreign 61 4 1 9.3 409 1 1 .3 539 1 8.0 482 1 7 .3 286 9.1 -41% -47%Total Strategic buyers 3,620 169.8 3,183 111.6 3,486 158.1 3,744 134.9 2,953 97.1 -21% -28%Financial buyers Priv ate Equity 365 22.0 254 22.3 425 24.9 502 32.0 332 23.5 -34% -27% VC 694 1 .7 712 1 .8 1 ,01 1 2.5 903 1 .8 47 3 0.9 -48% -48%Total Financial buyers 1,059 23.8 966 24.1 1,436 27.4 1,405 33.8 805 24.4 -43% -28%China mainland Outbound SOE 27 6.8 45 26.3 64 34.5 48 33.0 48 39.7 0% 20% POE 99 3.6 99 6.5 1 24 6.4 1 58 9.4 1 43 25.5 -9% 171%Total China mainland Outbound 126 10.3 144 32.8 188 41.0 206 42.4 191 65.2 -7% 54%HK Outbound 156 6.6 152 6.2 171 18.8 183 8.2 166 12.8 -9% 55%Total 4,961 210.6 4,445 174.7 5,281 245.3 5,538 219.3 4,115 199.5 -26% -9%Source: ThomsonReuters, ChinaVenture and PwC analysisPwC 7
  • 8. Deal volumes decreased across all major categories ... Deal volume by main category No. 5 000 4 500 2064 000 126 188 502 365 425 3 500 144 482 614 254 191 539 3323 000 409 286 2 5002 000 3 262 1 500 3 006 2 947 2 774 2 667 1 000 500 0 2008 2009 2010 2011 2012 Domestic Strategic Buyers Foreign Strategic Buyers Private Equity Deals China Mainland OutboundSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 8
  • 9. ... But China Outbound deal values grew by 54% and now comprisemore than a third of overall M&A activity measured by value, byfar the highest proportion ever Deal value by main categoryUS$ billion 250 200 41,0 10,3 42,4 22,0 24,9 19,3 150 32,8 18,0 32,0 65,2 22,3 17,3 11,3 23,5 100 9,1 150,5 140,1 117,6 50 100,3 88,0 0 2008 2009 2010 2011 2012 Domestic Strategic Buyers Foreign Strategic Buyers Private Equity Deals China Mainland OutboundSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 9
  • 10. Strategic buyersPwC 10
  • 11. Both Domestic and Foreign-Inbound Strategic buyer deal activity fell to their lowestlevels in the last five years with declines greater than those seen after the globalfinancial crisis; we think activity will rebound in 2013 as the direction of the Chineseeconomy becomes clearer, industry consolidation accelerates, domestic leadershipchanges take effect, and foreign economies start to emerge from their stressed states Strategic buyer deals, from 2008 to 2012 No. US$ billion 4 000 160 150,5 140,1 3 500 140 3 000 120 117.6 2 500 100 100.3 88.0 3 006 3 262 2 000 2 947 80 2 774 2 667 1 500 60 1 000 40 19,3 18,0 17,3 500 20 11,3 9,1 614 539 482 409 286 0 0 2008 2009 2010 2011 2012 Announced Deal Volume Inbound Announced Deal Volume Domestic Announced Deal Value Inbound Announced Deal Value DomesticSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 11
  • 12. Nearly all industry sectors posted declines, both in terms ofvolumes ... Strategic buyer deal volume by industry sector No. 4 000 3 500 502 698 3 000 241 877 272 762 450 358 252 2 500 248 384 203 432 253 137 106 264 2 000 369 372 404 395 273 320 1 500 352 522 310 500 446 381 402 1 000 529 575 475 439 428 500 664 539 614 668 570 0 2008 2009 2010 2011 2012 Raw Materials Industrials Consumer Related High Technology Real Estate Financial Services Energy and Power OthersSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 12
  • 13. ... And values Strategic buyer deal value by industry sector US$ billion 180 160 48,9 140 36,2 120 23,8 9,2 11,3 9,9 11,3 9,5 100 23,0 15,2 11,0 19,4 12,6 80 10,5 18,1 6,3 21,3 8,7 8,6 22,0 14,0 22,2 10,5 60 23,2 12,5 20,3 22,3 40 16,1 13,7 9,0 10,4 5,2 12,2 16,1 20 33,1 11,9 30,3 22,0 16,6 12,7 0 2008 2009 2010 2011 2012 Raw Materials High Technology Financial Services Real Estate Industrials Consumer Related Energy and Power OthersSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 13
  • 14. Japan remains the most active Foreign-Inbound M&A investor for thesecond year running, but we saw several deals put on hold in the secondhalf year of the year in response to the Diaoyu Islands crisis; US andEuropean deal numbers have steadily declined since their 2010 high ... No. 650 Foreign strategic buyer deal volume by region of origin 600 550 500 450 400 70 350 70 87 31 300 54 48 250 127 67 79 200 92 28 35 34 150 46 67 89 100 98 124 52 50 73 94 67 66 0 29 23 2008 2009 2010 2011 2012 Japan SE Asia US EU Other Asia Oceania UK Canada Africa Other Europe Latin America Russia British Virgin/Cayman n.a.Source: ThomsonReuters, ChinaVenture and PwC analysisPwC 14
  • 15. ... However, the biggest deals are still coming from US and Europeanbuyers; we expect Foreign-Inbound deal activity to rebound 2013 asEuropean and US economies start to recover allowing MNCs to deploy cashreserves with greater confidence, implementing their China market entry orgrowth strategies Foreign strategic buyer deal value by region of origin US$ billion 25 20 15 0,6 4,2 1,3 2,1 1,5 10 1,9 2,9 2,9 0,7 1,2 1,0 1,5 1,2 3,5 1,0 5,2 5 1,3 2,3 4,5 1,3 0,3 0,8 0,8 3,4 0,2 0,4 3,4 1,7 2,1 1,8 0 2008 2009 2010 2011 2012 US UK EU Other Asia SE Asia Japan Canada Oceania Africa Other EuropeSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 15
  • 16. PE/VC dealsPwC 16
  • 17. PE and VC fundraising for China investment in 2012 trailed 2011’s record levels by less than we expected; however, if we look closer we see much fewer individual fund raisings but there were some large funds raised by many of the leading and established PEs including KKR ($6bn), PAG ($2.5bn), Hony ($2.4bn), Bain ($2.3bn) and Fountainvest ($1.4bn); there will be winners and losers in the sector - high quality, professional PEs will thrive, but the bubble is already bursting for many of the plethora of renminbi funds raised over the last few years PE/VC fund raising for China investment * Excludes global funds investing in ChinaUS$ billion No.60 300 28050 250 250 21,840 200 169 16330 21,1 150 14,9 39,1 11720 100 31,810 9,3 21,0 20,3 50 4,4 6,6 0 0 2008 2009 2010 2011 2012 Renminbi Fund Size Non-renminbi Fund Size Fund Volume Source: AVCJ and PwC analysis PwC 17
  • 18. 2012 was a poor year for PE deal numbers, though deal sizes are trending upwards; we think thatdeal volumes will recover starting from 2Q of 2013 and average deal sizes will continue to trendupwards; however, within China, the days where PEs could throw money at deals and expect a“rising tide to float all boats” have gone; careful and professional diligence is vitally important; fraudrisk is high; PEs should be prepared to walk away from opportunities if sellers will not accommodatediligence Private Equity deals, from 2008 to 2012 No. US$ billion 550 35 32,0500 30 450 24,9400 22,0 25 22,3 23,5 350 20300 250 502 15 425200 365 332 10 150 254 100 5 50 0 0 2008 2009 2010 2011 2012 Announced Deal Volume Announced Deal ValueSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 18
  • 19. PEs tend to target industries that are “on strategy” for China,including consumer-linked, healthcare, media and entertainment,technology, and service industries PE deal volume by industry sector No. 550 500 450 400 350 54 300 34 90 250 40 88 32 200 45 72 42 23 31 150 60 30 45 50 47 100 33 32 46 20 124 50 98 77 54 73 0 2008 2009 2010 2011 2012 Consumer related Healthcare Media and Entertainment Industrials High Technology Real Estate Financial Services Energy and Power Raw MaterialsSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 19
  • 20. Growth capital deals predominate, but PIPE (private investment in publicequity) deals are important and we are seeing a buy-out market starting toemerge; we expect the nascent trend towards buy-outs to strengthen overthe medium term PE deal value by typeUS$ billion 35 30 2,7 25 0,6 10,6 1,2 0,6 4,1 20 9,3 4,2 5,1 15 15,6 10 18,6 16,7 15,0 14,2 5 6,1 0 2008 2009 2010 2011 2012 Growth PIPE BuyoutSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 20
  • 21. If we look at the same statistics in terms of deal volumes (rather than values) thedominance of growth capital is very evident; PE has emerged as a key provider ofcapital to the liquidity starved private sector of the economy in China with real policysupport - this demand for capital is driving strong market growth and activity PE deal volume by type No. 550 16500 450 13 118400 15 85 350 18 21300 68 4 250 51200 368 329 327 150 246 100 199 50 0 2008 2009 2010 2011 2012 Growth PIPE BuyoutSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 21
  • 22. The PE industry in China is notable in that most exits have been by IPO;predictably, there has been a significant decline in 2012; there is a growingpipeline of future exits, perhaps more than the market can handle – this willbe a challenge for the PE industry over the next few years PE/VC backed deal exit volume by type No. 350 8 300 6 250 83 91 200 5 8 150 84 62 7 212 100 171 44 50 88 98 46 0 2008 2009 2010 2011 2012 IPO M&A - trade M&A - PESource: AVCJ and PwC analysisPwC 22
  • 23. PE backed IPOs in offshore markets such as HK and New York in 2012 were the lowestin the last three years; we think that PE backed IPO activity must increase markedly inthe short to medium term when capital markets return to normal functioning; thedomestic A-share markets has been and will continue to be an important exit route forPE despite its many challenges PE/VC backed IPO exit volume by bourse No. 250 14 200 30 11 10 11 150 39 18 26 100 4 2 6 11 7 11 27 118 50 7 106 2 4 70 12 48 21 0 2008 2009 2010 2011 2012 Shenzhen Hong Kong Shanghai A NYSE/ NASDAQ OthersSource: AVCJ and PwC analysisPwC 23
  • 24. Overall, there is a huge overhang of Chinese PE and VC-backed enterprises waiting to come to market either by IPO or by M&A exit; the industry as a whole is moving into “exit phase” and the backlog of exits represents a real challenge; it is more than IPO markets can absorb, and trade and secondary sales by M&A will become more frequent; the quantum step-up in exit activity will be a key driver of future activity from this sector PE/VC deal volume vs. No. of exits No.1 5001 4001 3001 2001 1001 000 1 011 903 900 800 700 694 600 712 473 500 400 300 91 502 200 425 97 365 332 100 254 89 212 70 51 171 46 88 98 0 2008 2009 2010 2011 2012 PE deals VC deals IPO exit M&A exit Source: ThomsonReuters, ChinaVenture, AVCJ and PwC analysis PwC 24
  • 25. China mainland outboundPwC 25
  • 26. Although deal volumes surprisingly showed a small decline, ChinaOutbound deal values grew by 54% to reach a new record high of US$65.2billion; we see many more deals in the pipeline and expect this growth trendto continue strongly with another record year in 2013 China mainland outbound deals, from 2008 to 2012 No. US$ billion 250 70 65,2 60200 50 42,4 150 40 41,0 32,8 30 100 206 188 191 144 20 126 50 10,3 10 0 0 2008 2009 2010 2011 2012 Announced Deal Volume Announce Deal ValueSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 26
  • 27. We are seeing privately owned enterprises (POEs) taking on larger deal sizes; we think that private sector companies will be key drivers in the future growth of China Outbound M&A Strategic buyer deals, from 2008 to 2012 No. US$ billion250 45 39,7 40 34,5200 33,0 35 48 48 30 26,3 64150 25 45 25,5 27 20100 158 15 143 99 124 10 50 99 6,8 9,4 5 6,5 6,4 3,6 0 0 2008 2009 2010 2011 2012 POE Announced Deal Volume SOE Announced Deal Volume POE Announced Deal Value SOE Announced Deal Value Source: ThomsonReuters, ChinaVenture and PwC analysis PwC 27
  • 28. Although the state sponsored push to secure energy and resourcesis evident from deal value statistics ... US$ billion China mainland outbound deals by industry sector 40 0,7 – By value of deals (US$ billion), 2012 vs. 2011 35 30 25 1,9 20 36,2 15 23,1 10 1,4 5 10,7 8,5 4,6 5,4 4,1 1,2 0,2 1,3 1,1 1,1 1,6 2,6 0 Energy and Power Consumer Industrials Financial Services Raw materials Media and Others related Entertainment 2012 SOE 2012 POE 2011 SOE 2011 POESource: ThomsonReuters, ChinaVenture and PwC analysisPwC 28
  • 29. ... The growing activity of private sector buyers in acquiring industrial technologiesand consumer-linked businesses overseas is an important trend; many of these dealsare aimed at bringing advanced western technologies, know-how, IP and brands backfor use in the Chinese domestic market; we are also seeing some POEs using overseasM&A to go global in addition to concentrating on the domestic market No. 60 China mainland outbound deals by industry sector 50 –By number of deals, 2012 vs. 2011 40 37 30 33 10 33 34 13 20 32 28 10 19 22 19 17 16 4 14 13 10 6 5 7 5 3 4 2 3 2 2 0 2012 SOE 2012 POE 2011 SOE 2011 POESource: ThomsonReuters, ChinaVenture and PwC analysisPwC 29
  • 30. Europe now challenges North America as the most important overseas destination forChinese buyers; the importance of mature western markets reflects the search for advancedtechnologies and know-how ; Asian deals have declined sharply, primarily due to a fall inJapan transactions from 16 in 2011 to just 3 in 2012 Outbound M&A deal volume by region of destination 2012 vs. 2011 North America Europe Russia Asia 8 1 57 57 57 44 25 56 9 4 8 10 27 34 South America Africa Oceania 2012 2011 Source: ThomsonReuters and PwC analysisPwC 30
  • 31. PE is emerging as a player in Outbound deal activity; the TPGs and Bain Capitals ofChina will emerge to compete with their global peers; we are already seeing a step-upin Outbound M&A involving some of the pre-eminent Chinese PEs and the Outboundtrend is happening much faster than many people predicted or even realise China mainland PE backed outbound deal volume by PE category No.30 2520 20 18 15 7 10 8 5 11 8 8 4 4 0 2008 2009 2010 2011 2012 SWFs Other PEsSource: ThomsonReuters, ChinaVenture and PwC analysisPwC 31
  • 32. Key messagesPwC 32
  • 33. Key messages (1 of 2)Overall• Overall 2012 China M&A decreased 26% by volume and 9% by value, with only Outbound deals showing growth (in value terms); we expect M&A activity to rebound in all sectors in 2013, with Outbound activity continuing to grow especially stronglyChina Outbound• Although China Outbound deal volumes surprisingly showed a small decline, deal values grew by 54% to reach a new record high of US$65.2 billion comprising more than a third of overall M&A activity measured by value, by far the highest proportion ever; we see many more deals in the pipeline and expect this growth trend to continue strongly with another record year in 2013• We are seeing privately owned enterprises (POEs) taking on larger deal sizes; we think that private sector companies will be key drivers in the future growth of China Outbound M&A• The growing activity of private sector buyers in acquiring industrial technologies and consumer-linked businesses overseas is an important trend; many of these deals are aimed at bringing advanced western technologies, know-how, IP and brands back for use in the Chinese domestic market; we are also seeing some POEs using overseas M&A to go global in addition to concentrating on the domestic marketPwC 33
  • 34. Key messages (2 of 2)Domestic and Foreign-Inbound Strategic• Both Domestic and Foreign-Inbound Strategic buyer deal activity fell to their lowest levels in the last five years with declines greater than those seen after the global financial crisis• We think activity will rebound in 2013 as the direction of the Chinese economy becomes clearer, industry consolidation accelerates, domestic leadership changes take effect, and foreign economies start to emerge from their stressed states allowing MNCs to deploy cash reserves with greater confidence implementing their China market entry or growth strategiesPrivate Equity• In the PE sector there will be sharp consolidation across the industry, and the backlog of exits represents a real challenge for the sector• PE has emerged as a key provider of capital to the liquidity starved private sector of the economy in China with real policy support - this demand for capital is driving strong market growth and activity; there are exceptionally strong tailwinds for the PE industry in China over the medium term • We think new deal and exit activity will accelerate strongly from 2Q13 as pricing expectations adjust, 2012 results become available, IPO markets re-open, and China’s leadership transition takes effect; PE deal activity (new investments andPwC exits by both IPO and M&A) will reach new record highs if not in 2013 then in 2014 34
  • 35. Data compilation methodology:Key messages - disclaimerStatistics contained in this presentation and the press release may vary from those contained in previouspress releases. There are three reasons for this: ThomsonReuters and ChinaVenture historical data isconstantly updated as deals are confirmed or disclosed; PricewaterhouseCoopers has excluded certaintransactions which are more in the nature of internal reorganisations than transfers of control; andexchange rate data has been adjusted. Included Deals Excluded Deals • Acquisitions of private/public companies resulting in change of • Property/real estate for individual properties control • Rumoured transactions • Investments in private/public companies (involving at least 5% • Options granted to acquire an additional stake when not 100% ownership) of the shares has been acquired • Mergers • Any purchase of brand rights • Buyouts/buyins (LBOs, MBOs, MBIs) • Land acquisitions • Privatisations • Equity placements in funds • Tender offers • Stake purchases by mutual funds • Spinoffs • Open market share buyback/retirement of stock unless part of • Splitoff of a wholly-owned subsidiary when 100% a privatisation sold via IPO • Balance sheet restructuring or internal restructuring • Divestment of company, division or trading assets resulting in • Investments in greenfield operations change of control at parent level • Going private transactions • Reverse takeovers • Re-capitalisation • Joint Venture buyouts • Joint Ventures • Receivership or bankruptcy sales/auctions • Tracking stockPwC 35
  • 36. © 2013 PricewaterhouseCoopers Limited. All rights reserved. “PwC” refers to PricewaterhouseCoopersLimited or, as the context requires, the PwC global network or other member firms of the network, eachof which is a separate legal entity.

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