交易驱动因素：2026年第一季度亚太地区|是什么影响了整个地区的并购活动

A spotlight on mergers and acquisitions trends Contents 1Foreword: World’s growth engine faces crude reality 2Outlook: APAC heat chart 3Summary: A steady if slower start to the year 4Spotlight: Singapore 5Spotlight: Malaysia 6Greater China 7South Korea 8Japan 9India 10Southeast Asia 11Australia & New Zealand Foreword World’s growth enginefaces crude reality Poles apart Between these two poles, Southeast Asia is experiencing a capital influxinto digital infrastructure. Data center investments are acceleratingas hyperscalers seek capacity outside China’s regulatory perimeter, China entered 2026 with momentum shifting tentatively. ManufacturingPMI crossed into expansionary territory in March, though the reboundwas driven largely by post-Lunar New Year work resumption rather Downside risks are never far away and the Strait of Hormuz’s closurestarting in March has hit South and Southeast Asia hardest. As ofearly April, Pakistan had received no LNG since the conflict began, thePhilippines declared a national energy emergency, and Thailand has The country’s labored recovery is increasingly disconnected fromthe rest of the region. India is accelerating into a different orbit with6.5% growth, a partial US tariff reprieve from 50% to 18%, and amanufacturing diversification boom that is converting China+1 rhetoric Outlook APAC heat chart The 15th five-year plan approved at China’s Two Sessions has reset theMainland’s economic compass, elevating ‘new quality productive forces’– AI, semiconductors, biomedicine, and advanced manufacturing – This convergence of policymaking should catalyze M&A in Greater China,where Mergermarket’s heat chart maps 518 ‘companies for sale’ stories,a 36% share of APAC’s potential deal volume. Industrials & chemicals(I&C) dominates with 182 stories as state-owned platforms consolidate Generic gains Critical pipelines India ranks joint-second with 242 for-sale stories, just under half ofChina’s share at 17% of APAC deal coverage. Consumer leads with85 stories, with the most urgent M&A catalyst being quick-commerceburning through cash in a 10-minute delivery price war. As many Matching India, Australia & New Zealand also accounts for 242for-sale stories, with business services leading at 47 and TMTregistering 32, reflecting a pipeline concentrated in data center Energy, mining & utilities (EMU) captures 27 stories, riding acommodities supercycle powered by critical minerals spanningcopper, lithium, uranium and rare earths for electrification andenergy security. The cycle is accelerating due to multi-decadestructural supply deficits. Copper faces a projected 30% shortfall The PMB sector accounts for 33 stories in India, potentially acceleratingas semaglutide’s March 2026 patent expiry in India and China opensthe door to generic competition. Indian developers are racing to capturebiosimilar opportunities in cancer and immunology drugs as US$200bn Summary A steady, if slower, startto the year Tariff truces have brought breathing room, but APAC’s growth engineis still moderating. The IMF sees developing Asia’s expansion coolingto 4.9% in 2026 from 5.5% last year as Middle East spillovers drive oilprices higher and inflation back up to 3.6%. India is the clear regional Deal flow has reset after last year’s US$1.2tn surge. Q1 value retreatedsharply to US$219bn, down 35.9% year-on-year, with volume sliding15.8% to 2,334 transaction announcements as buyers repriced macrorisk. But the contraction is less dramatic than the headline figures Arare fundraising win The TMT sector finds itself on firm footing, with a 6.8% year-on-yearincrease in aggregate value to US$47.8bn in Q1 despite volume falling16.7% to 602 transactions as buyers placed fewer but heftier bets.I&C investment cratered by 49.6% to US$36bn as tariff-exposed supply Asia’s PE industry has welcomed a major win recently, with BlackstoneCapital Partners Asia III raising US$12bn, surpassing its target despitea challenging regional fundraising environment. Bain & Co estimatesAPAC dry powder has fallen to around US$240bn from its US$315bn Heavy metal In APAC’s biggest deal of Q1, SGH tabled a US$9.6bn bid for Australia’slargest steelmaker, securing 100% of BlueScope before carving out the A KKR-led consortium with Singtel secured the remaining 82% of STTGlobal Data Centres in a US$9bn transaction announced in February.The deal, Singapore’s largest in four years, consolidates control of a The third-largest APAC deal of the quarter saw Eli Lilly commit upto US$8.85bn for exclusive rights to develop and commercializeInnovent’s novel oncology and immunology medicines outside Greater Spotlight:Singapore Singapore’s economy moderated to 4.6% year-on-year growth in Q1,cooling from 5.7% in the previous quarter and missing consensus estimatesas the Iran conflict began to bite. The Monetary Authority of Singapore Construction remained a bright spot, and the Johor-Singapore SpecialEconomic Zone (JS-SEZ) is nearing i