交易驱动因素：亚太地区2025财年

A spotlight on mergers and acquisitions trends in 2025 Contents Foreword: APAC looks inwardas trade fragments Regional reordering ASEAN leaned into that momentum. In 2025, member states finalizedupgrades to the ASEAN-China Free Trade Agreement and advancedlonger-term plans under the ASEAN 2045 framework. The emphasiswas pragmatic rather than ideological: keep goods, capital, and datamoving within the region as global rules fragment. If the US story in 2025 was one of reasserted economic nationalism,Asia-Pacific moved in the opposite direction. While Washingtondoubled down on tariffs, export controls, and bilateral pressure,much of APAC spent the year quietly reinforcing regional integrationas a hedge against a more volatile global trade order. India remained a growth frontrunner, with its GDP expanding at around6%-6.5%, but 2025 exposed a disconnect between the real economyand financial markets. After years of outperformance, Indian equitieslagged, weighed down by stretched valuations, profit-taking by foreigninvestors, and concerns over earnings momentum. That pause has notderailed the long-term story, but has tempered short-term exuberance. China’s economy remains under strain, with growth hovering around themid-4% range and still heavily reliant on exports amid weak consumerconfidence. But its trade and capital flows tilted further toward Asiain 2025. Two-way commerce between China and ASEAN continuedto expand, supply chains became more regionally concentrated, andmanufacturers increasingly routed production and exports throughSoutheast Asia to mitigate tariff exposure. Vietnam, Malaysia, andIndonesia are the major beneficiaries, not from wholesale reshoringbut incremental capacity additions and deeper embedding in regionalproduction networks. Japan and South Korea both pushed ahead with domestic industrialpolicy around semiconductors, energy security, and automation.Japan’s weak yen and governance reforms continued to acceleratecorporate restructuring and have been drawing record inward capitalflows, positioning it as one of APAC’s most compelling M&A markets. Outlook:APAC heat chart APAC’s M&A pipeline is stocked with 1,448 ‘for sale’ stories, but thedistribution is patchy. Greater China dominates with 542 stories, 37%of the total, while Australia & New Zealand (233), Southeast Asia (227),and India (207) form a second tier of activity. The largest single theme isindustrials & chemicals (I&C) with 311 stories (21% of the total), whichhas a heavy geographic skew. Greater China accounts for 185 potential I&C deals, buttressed by thecountry’s bold industrial ambitions. Policy signals have become moreexplicit: new guidance has urged Chinese banks to expand longer-tenorfinancing for advanced manufacturing, including integrated circuits andadvanced materials, while state funds such as the US$47.5bn Big FundIII reinforce the direction of travel in a slower-growth domestic economyas legacy engines idle. Data demands Middle ground The second pillar is telecoms, media & technology (TMT), with 240stories (17%), and it has a clear ‘digital infrastructure’ signature.Greater China (114) leads on sheer volume, but Southeast Asia (37) isa standout market. The region has been absorbing spillover demandfor data centers and cloud capacity, with countries like Malaysiaincreasingly positioned as the power-and-land release valve forSingapore’s constrained footprint. Beyond the two headline sector engines, the heat chart points toa broad, demand-led middle. Consumer contributes 197 stories(14%), and it’s unusually balanced: Greater China (42), India (41),and Australia & New Zealand (41) all cluster at the top, suggestinga pipeline shaped by non-discretionary domestic consumption anddistribution-scale plays rather than a single regional narrative. Energy, mining & utilities (EMU) is smaller with 122 stories (8%), butits geography is telling: Australia & New Zealand leads with 33 andSoutheast Asia follows with 30, aligning with where capital is chasingboth critical minerals and the infrastructure for electrification andgrid reliability. Securing the materials needed to generate power isbecoming a defining theme of M&A. Financial services (116 stories)and business services (108) show steady but diffuse activity, likewisespread across Southeast Asia and Australia & New Zealand rather,than concentrated in the region’s traditional megadeal markets. Sitting just behind TMT, pharma, medical & biotech (PMB) accrues191 stories (13%), with meaningful weight in Greater China (82)and India (38) – a split that fits a region where local championsare scaling, but cross-border growth increasingly runs throughclinical, manufacturing, and commercialization partnerships ratherthan pure land-grab expansion by merger, as firms manage riskacross fragmented regulatory and reimbursement regimes. Infrastructure growth generatingspilloverdemand in emerging Asia Summary: APAC makesan uneven rebound According to the IMF’s most recent