2020年第一季度亚太地区投资报告（英文）

Asia InsightsQ1 wrap-up from one of the first markets to reopenImportant disclosures appear at the back of this reportGP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAMAY 2020Confidential2Section 1 The view from GP BullhoundConfidential3▪ Asia outbound into Europe / US activity remained on a par with that of the same period in 2019‒ Fundraising deal volume was unchanged from one year ago in Q1, but increased by 15% from Q4 2019, while deal value increased by 122% QoQ. M&A activity has not shown a drastic decline and is still far from a historical low.‒ Considering that it usually takes more than three months to consummate a deal, we believe the impact of COVID-19 is not yet fully reflected in outbound activities. ▪ We see a clear recovery of domestic activities in China, one of the first markets to ‘reopen’ from lockdown‒ There was a significant rebound in tech deal volume and value in March – 67 deals announced during the lockdown period, only about 20% down from February 2019.‒ The booming demand for remote learning during the lockdown sparked investor interest –26 deals in the EdTech sector in Q1 in China alone, 18 of which announced after 23 January.‒ Other hot sectors coming out of the pandemic include cloud computing, eCommerce, social commerce, retail tech and remote office software / tools.Impact from COVID-19 not fully reflected in Q1, but certain domestic markets starting to recoverTHE VIEW FROM GP BULLHOUND - COVID-19 AND DEAL ACTIVITIESSource: See material on slides 6, 7, 17, 18 and 23.Elsa Hu Executive DirectorVincent Wei AssociateJack Chan Director4▪ Strategics and financial powerhouses took center stage by leading 63% of deal volume and 83% of deal value, for all outbound deals ‒Tencent completed five fundraising deals and one M&A across the sectors of digital media, fintech, marketplaces and software, making it one of the most active quarters for the giant.‒Sony, NTT Group, Hyundai, Samsung and Itochu invested over $400m in markets including the US, Israel, and Spain.‒Softbank remained active with six deals in Q1. Together with Temasek, they accounted for over 49% of Asian financial investors’ money into Europe and the US.▪ Europeans increased inbound tech investment in Asia, while the US slowed its pace ‒European investors invested $700m in 36 deals across Asia, mainly in China and Southeast Asia.‒US investors scaled back slightly by doing more smaller-sized deals, with a focus on India, Southeast Asia and other non-China markets.▪ Japanese investors are now back on the field‒Japan became the most active Asian tech investor into Europe and the US in Q4 2019, and remained on the throne in Q1 2020.‒Apart from SoftBank, strategic players such as Sony (three deals), Itochu (two deals), and NTT Data (two deals) also stepped up their game.‒Sector wise, Japanese investors concentrated on Software in both Europe and the US.▪ Chinese investors are deepening ties with the