交易驱动因素：亚太地区HY 2025

Deal Drivers:APAC HY 2025 A spotlight on mergers and acquisitions trends in 2025 Contents Foreword: While titanstussle, Tokyo thrives Japan open to change The star of the APAC M&A scene right now, however, is Japan, whosecorporate governance reforms continue to reap dividends. Thenationwide push for Japanese companies to boost their value andbecome more competitive is reeling in global investors. There wasa record US$232bn worth of deals recorded in H1, according toLondon Stock Exchange Group, and few signs of activity cooling.Although inflation is creeping up following a two-decade deflationcycle, the country’s interest rate sits at just 0.5%, making acquisitionfinancing cheap. The People’s Bank of China continued to intensify liquidity provisionsin Q2. It injected billions of dollars into the financial system via reverserepos, a 500 billion yuan one-year medium-term lending facilityoperation, and a 0.5 percentage point reduction in the reserverequirement ratio for eligible financial institutions. All told, themeasures are expected to create over 1 trillion yuan of liquidity intothe financial market. This, and the vast pool of under-managed business units still underthe wings of sprawling conglomerates, makes Japan an attractivedestination for PE funds, which are wasting no time in seizing uponthe opportunity of a generation. For dealmakers scouring the APACmarket, the US-China power struggle is being drowned out by thesound of opportunity. Trade frictions loom large. Most Chinese goods exports to the US aresubject to an effective tariff rate of around 55%. While this represents asignificant barrier to trade, it is a massive reduction from the peak rateof 145% threatened earlier in the year. A temporary détente betweenthe US and China led to a de-escalation, and M&A has responded wellin recent months, moving into positive territory relative to H1 2024. Outlook:APAC heat chart The pipeline for potential M&A in APAC is holding firm, with 1,464‘companies for sale’ stories tracked by Mergermarket, indicatingthe underlying drivers for dealmaking in the region remain intact. The industrials & chemicals (I&C) sector’s 337 stories makes it the clearleader, especially so in Greater China, with which 201 I&C deal reportsare associated. This comes as major industrial companies in the countryare under pressure. IN Q2, profits declined as a consequence of softdomestic demand, falling prices, and trade tensions, accompaniedby contracting factory activity. The recently agreed tariff truce withthe US may not be enough to stem this slump, but as a large share ofthe world’s second biggest economy, I&C targets are in ample supply.China’s telecoms, media & technology (TMT, 125 stories) and pharma,medical & biotech (PMB, 71 stories) industries are also expected todeliver in the coming months. ASEAN ascent Mines and mainframes Neck and neck with Australia & New Zealand is Southeast Asia, aregion whose dynamic growth is reflected in its 246 potential deals.Here, financial services is the standout with 45 stories, a clearindicator of the fintech revolution sweeping the region. The rolloutof digital banking licenses and the rapid adoption of e-wallets anddigital payment solutions are creating a flurry of investment andconsolidation opportunities. A major hotspot currently is Australia & New Zealand, which nowstands as the second largest source of potential deals with 247 ‘forsale’ reports. The region’s TMT sector leads with 46 stories, supportedby a mature digital economy that continues to see consolidationand investment in enterprise software, data infrastructure, andcybersecurity. This digital boom is attracting massive capital, withhyperscale data center investment in Australia set to nearly doubleto US$40bn over the next four years. The TMT sector follows closely with 41 stories, powered by a young,mobile-first population that is driving demand for e-commerce anddigital content. In third place, I&C contributes 28 stories in a regionthat is increasingly cementing itself as an industrial hub, a trendlinked to the diversification of global supply chains as multinationalsestablish manufacturing ties with nations like Vietnam, Thailand, andMalaysia as part of ‘China+1’ strategies to de-risk operations andensure greater operational resilience. Close behind, the energy, mining & utilities (EMU) sector presents34 ‘for sale’ opportunities, fueled by Australia’s rich endowmentof critical metals and minerals. The business services sector alsocontributes a strong 30 stories, reflecting ongoing M&A activity withinprofessional services, consulting, and outsourced business functionsas companies race to achieve scale and efficiency, driving demandfor specialized capabilities. Energetic regional economiesensureAPAC M&A does not rely on China Corporate blockbuster dealsdefy lagging volume The overall economic outlook for the APAC region remainsthe strongest globally, though this headline strength ischaracteristically uneven.