PwC M&A 2014 Review and

2015 Outlook
27 January 2015
David Brown, PwC China and Hong Kong Transaction Services Leader
Christopher Chan, PwC China and Hong Kong Advisory Partner

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, mainly invested by private equity GPs
but also including direct investments by financial institutions and conglomerates
which are of the nature of private equity type investing

PwC

Foreword explanation of data shown in this presentation (2 of 2)

VC deals refer to financial buyer deals with deal value less than US$10mn and/or
with undisclosed deal, but invested by venture capital funds
Strategic buyer refers to corporate buyers (as opposed to financial buyers) that
acquire companies with the objective of integrating the acquisition in their existing
business
Financial buyer refers to investors that acquire companies with the objective of
realizing a return on their investment by selling the business at a profit at a future date
and mainly, but not entirely, comprise PE and VC funds
In order to exclude foreign exchange impact, deal values from 2008 to 2012 were
adjusted based on 2014 average Rmb/US$ exchange rate

PwC

Key messages

PwC

Key messages China M&A in 2014 (1 of 3)

Overall
China M&A surged by 55% in both volume and value terms to reach record levels in
2014

Nearly all sub-sectors achieved new volume records - led by domestic strategic
M&A which increased by nearly two thirds compared to the prior year
Deals sizes were also bigger in nearly all sub-sectors 2014 China M&A at
US$407bn was more than half as much again as the previous high set in 2013
Domestic and Foreign-Inbound Strategic

Strategic M&A surged 52% by volume and 63% by value to reach record highs;
ongoing consolidation in Chinas maturing domestic economy and firms seeking
equity capital through reverse takeovers of listed shells were key drivers
Technology, consumer-related and financial services deals were important industry
sectors, reflecting to some extent the development of the broader economy, but real
estate continued to attract the biggest dollar numbers with developers seeking new
sources of capital
Foreign-inbound strategic M&A also hit a record high in value terms with some
sizable deals in banking and FS in particular
PwC

Key messages China M&A in 2014 (2 of 3)

Private Equity

Fundraising by PEs remained healthy, with the strongest US$ fundraise since 2008 and
a slight uptick in Renminbi fundraising despite some disintermediation of domestic GPs

2014 was a banner year for new investments by PEs and financial-buyers with record
volumes (up 51%) and values (up 101%); participation in SOE reforms and - for the first
time at scale - outbound deals involving Chinese GPs and financial buyers underpinned
this performance

PE deals in technology and consumer-related sectors accounted for more than half the
total reflecting investment plans intended to align with the strategic direction of the
wider economy; a similar trend was seen in deal values: in total there were 15 PE /
financial-buyer deals valued at more than US$1bn in 2014, another record

Outbound investment by local PEs and financial buyers almost doubled in volume terms
and outbound deal values also reached a record high; PEs typically look for overseas
businesses which have a strong China-angle in their growth strategies

As expected, there was a rebound in the number of PE exits; trade sale exits by M&A hit a
record high, but IPO activity although at a three year best - remains well below the
levels seen in 2010/11

A-share listings, although rebounding, nevertheless remain somewhat challenging and

overseas listings in Hong Kong and New York are important exit routes

The longer term overhang of new investments compared to exits continues to present a
challenge to the PE industry

PwC

Key messages China M&A in 2014 (3 of 3)

China Outbound

The number of China outbound deals surged by more than a third to reach a record
high; at US$56.9bn, outbound transaction values have been exceeded only once (in
2012) despite a lack of mega-deals
There was strong outbound investment activity in all three sub-sectors, but M&A
activity from privately owned enterprises continues to lead the way in terms of deal
numbers with financial buyers and PEs making a meaningful contribution to the
numbers for the first time
SOEs continue to do deals in the industrials, resources and energy sectors; POEs
are looking for technologies and brands to bring back to the China market; PEs and
financial buyers have backed some of these strategic deals as well as investing on
their own account

Chinese buyers in particular tend to favour developed markets where advanced

technologies and brands can be found

PwC

Overview

PwC

China M&A surged by 55% in both volume and value terms to reach
record levels in 2014
Total deal volume and value, from 2008 to 2014

2008
Volume

2009

3,006
614
3,620

Value
(US$bn)
150.4
19.3
169.7

369
694
1,063

China mainland Outbound

SOE
POE
Financial buyers
Total China mainland Outbound
HK Outbound

Strategic buyers
Domestic
Foreign
Total Strategic buyers

Financial buyers
Private Equity
VC
Total Financial buyers

Total

Volume

2011

2010
Volume

2,774
409
3,183

Value
(US$bn)
101.9
11.5
113.4

22.0
1.8
23.8

264
712
976

22.8
1.8
24.6

434
1,011
1,445

27.0
2.6
29.5

529
903
1,432

41.0
1.9
42.9

358
473
831

27
95
4
126

6.8
2.0
1.7
10.4

37
97
10
144

23.3
6.3
3.7
33.3

60
119
9
188

34.1
6.8
1.4
42.1

40
139
27
206

29.1
6.2
8.2
43.5

156

6.7

152

6.3

171

19.4

183

4,961

208.9

4,445

173.9

5,281

251.9

5,538

2,947
539
3,486

2013

2012

Value Volume
Value Volume
Value
(US$bn)
(US$bn)
(US$bn)
143.9
3,262
120.8
2,667
90.3
18.5
482
17.7
286
9.3
162.3
3,744
138.5
2,953
99.6

Volume

2014

2,704
275
2,979

Value
(US$bn)
149.2
15.2
164.4

34.3
1.0
35.3

392
738
1,130

40
125
26
191

36.7
19.9
10.3
66.9

8.5

166

225.1

4,115

Volume
4,180
354
4,534

Value
(US$bn)
243.6
24.0
267.6

36.4
0.9
37.2

593
1,334
1,927

57
118
25
200

39.4
11.4
1.1
51.9

13.1

164

204.6

4,448

% Diff
% Diff
volume
value
2014 vs. 2014 vs.
2013
2013
55%
29%
52%

63%
58%
63%

73.2
1.4
74.6

51%
81%
71%

101%
63%
101%

78
145
49
272

27.9
14.7
14.3
56.9

37%
23%
96%
36%

-29%
29%
1200%
10%

9.7

215

22.4

31%

131%

262.1

6,899

407.2

55%

55%

* Some financial buyer backed outbound deals are also recorded in private equity deals, but they are not double counted in the total deal volume and
deal value in the table above
Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

Nearly all sub-sectors achieved new volume records - led by

domestic strategic M&A which increased by nearly two thirds
compared to the prior year
Deal volume by main category
No.

272*

5,500

593*
4,500

206
126
369

3,500

614

188
434

144
264
409

354

529
482

191
358
286

539

200
392
275

2,500
4,180

1,500

3,006

2,774

2,947

2009

2010

3,262
2,667

2,704

2012

2013

500

-500

2008

Domestic Strategic Buyers

Foreign Strategic Buyers

2011

Private Equity Deals

2014

China Mainland Outbound

* 49 financial buyer backed outbound deals are also recorded in private equity deals
Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

10

Deals sizes were also bigger in nearly all sub-sectors 2014 China
M&A at US$407bn was more than half as much again as the
previous high set in 2013
Deal value by main category
US$ billion
450
400
56.9*

350
300

73.2*

250

24.0

200
150

10.4
22.0
19.3

100

33.3
22.8
11.5

43.5

27.0
18.5

41.0
17.7

150.4

143.9

101.9

50

51.9

42.1

120.8

66.9
34.3
9.3

36.4
15.2
243.6
149.2

90.3

0
2008

2009

Domestic Strategic Buyers

2010
Foreign Strategic Buyers

2011

2012
Private Equity Deals

2013

2014

China Mainland Outbound

* US$14.3bn of financial buyer backed outbound deals are also recorded in private equity deals
Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

11

Strategic buyers

PwC

12

Strategic M&A surged 52% by volume and 63% by value to reach record
highs; ongoing consolidation in Chinas maturing domestic economy and
firms seeking equity capital through reverse takeovers of listed shells were
key drivers
Strategic buyer deals, from 2008 to 2014
No.

US$ billion

5,000

300

4,500
243.6

4,000
3,500

250

200

3,000
2,500

2,000
1,500

143.9

150.4

2,006

2,774101.9

2,947

149.2

4,180

3,262120.8
2,667
90.3

100

2,704

1,000
500

150

50
19.3
614

0
2008

11.5
409
2009

18.5
539
2010

Announced Deal Volume Inbound

Announced Deal Value Inbound

17.7
482
2011

9.3
286

275

2012

2013

15.2

354

24.0
0

2014

Announced Deal Volume Domestic

Announced Deal Value Domestic

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

13

Technology, consumer-related and financial services deals were

important industry sectors, reflecting to some extent the
development of the broader economy
Strategic buyer deal volume by industry sector
No.
5000
4500

469

4000
3500
3000
2500

296
308
194
241

698
642

432
358

120
253

664

404
106

2000
1500
1000
500
0

179
248
369
137

353

190
272

372

384
252
668

614

539

522

508

500

274
176
203
273
264

295
167
235
315
300

570

429

402

400

439

434

381

446

428

475

372

310

320

395

352

404

2008

2009

2010

2011

2012

2013

529

High Technology
Real Estate

Industrials
Energy and Power

575

Consumer Related
Healthcare

Raw Materials
Others

501

550
568
659

766
2014
Financial Services

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

14

 but real estate continued to attract the biggest dollar numbers

with developers seeking new sources of capital
Strategic buyer deal value by industry sector
US$ billion
300
16.2
17.4
18.5
18.6
20.7

250

200

150

39.4

100

9.2
1.8
10.1
6.8
33.0

50

27.4
11.6
4.8
11.6
5.1
31.1

15.4
23.2
9.1
21.7

17.9
10.6
3.0
8.8
2.5
12.9
14.2
10.6
12.2
20.7

20.0

2008

2009

Real Estate
Raw Materials
Energy and Power

11.6
9.8
4.9
11.3
8.0
22.6

22.9
5.4
22.6

18.5
16.5
12.6
22.7

8.8
6.4
2.2
8.8
2.0
17.1
10.8
14.1
16.5
12.8

2010

2011

2012

High Technology
Media and Entertainment
Others

Financial Services
Consumer Related

15.4
12.7
4.2
19.3
6.3
20.6
20.9
13.1
21.6
30.2
2013

28.8
30.3
35.5
37.2
44.4
2014

Industrials
Retail

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

15

Foreign-inbound strategic M&A also hit a record high in value

terms with some sizable deals in banking and FS in particular
Foreign strategic buyer deal value by region of origin
US$ billion
30

25
0.8
1.2
2.2

20

2.4
15

10

3.0
0.3
0.6

3.6
3.4
4.3

2.0
0.8
1.3
2.4
0.2
1.5
0.8
1.8
1.0

2008
2009
SE Asia
UK
British Virgin/Cayman
Other North Amercia

5.4
2.2
1.6
2010

US
Other Asia
Canada
Russia

1.2
0.4
2.2
5.9
1.8
2.9
2011
EU
Africa
South America
Others

0.6
0.7
1.2
1.3
1.3
3.5
1.0
2012

4.4

7.2
0.9

11.1

3.7
2013
Japan
Oceania
Other Europe

2014

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

16

PE/VC deals and financial buyer deals

PwC

17

Fundraising by PEs remained healthy, with the strongest US$

fundraise since 2008 and a slight uptick in renminbi fundraising
despite some disintermediation of domestic GPs
PE/VC fund raising for China investment*

No.

* Excludes PEs investing in China from non-region specific funds

US$ billion
60

300
277

250

50

249

200

40

17.6
172

150

165
50.0

21.6
15.6
123

130

30

28.4

19.8

100

96

20

30.7
9.7

50

20.8

20.3

4.9

6.8

2008

2009

13.3

15.6

2013

2014

10

2010

Renminbi Fund Size

2011

2012

Non-renminbi Fund Size

Fund Volume

Source: AVCJ and PwC analysis

PwC

18

2014 was a banner year for new investments by PEs and financial-buyers
with record volumes (up 51%) and values (up 101%); participation in SOE
reforms and - for the first time at scale - outbound deals involving Chinese
GPs and financial buyers underpinned this performance
Private Equity deals, from 2008 to 2014
No.

US$ billion

550

80
73.2

500

70

450
60

400
350

50

300
250
200
150

593

41.0
529
34.3

434
27.0

369
22.0

264

358

22.8

36.4

40
30

392

20

100
10

50
0

0
2008

2009

2010

2011

Announced Deal Volume

2012

2013

2014

Announced Deal Value

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

19

PE deals in technology and consumer-related sectors accounted for

more than half the total reflecting investment plans intended to
align with the strategic direction of the wider economy
PE deal volume by industry sector
No.
550

500

23
35
35

450
400
73

350
32
20
47

300

250
200

60
11
34

150

48

100

77

50
0

32
14
20
50

85

24
30

62
49
22
46

99

89

98

74

73

40

23

34

55

36

49

2008

2009

2010

2011

2012

2013

High Technology
Financial Services
Materials

Consumer related
Media and Entertainment
Retail

Industrials
Real Estate
Others

102

85

46

126

54

19
33

224

2014

Healthcare
Energy and Power

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

20

 and a similar trend was seen in deal values: in total there were 15
PE / financial-buyer deals valued at more than US$1bn in 2014,
another record
PE deal value by industry sector
US$ billion
80
70
2.6
4.0

60

9.6
50
9.8
40
10.4
30
20
10
0

3.5

2.4
0.4
7.1
3.0
3.2
1.0
0.3
2008

1.0
11.5
3.1
0.5
0.8
2009

Retail
Industrials
Telecommunications

1.1
3.0
6.3
7.9
1.2
0.6
2010
High Technology
Financial Services
Healthcare

7.8

0.9
12.3

1.2
9.4

1.5
0.9
2011

3.0
2.0
3.5
3.3
0.5
2012
Consumer related
Media and Entertainment
Energy and Power

1.7
2.6
4.4
3.9
4.3
6.3
0.0
2013

13.6

15.7
2014

Real Estate
Raw Materials
Others

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

21

Outbound investment by local PEs and financial buyers almost

doubled in volume terms

China mainland PE/Financial buyer backed outbound deal volume

No.
60

50

40

30
49
20
27

26

25

2011

2012

2013

10

10

2009

2010

4
2008

2014

Financial buyers

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

22

 and outbound deal values also reached a record high; PEs

typically look for overseas businesses which have a strong Chinaangle in their growth strategies

China mainland PE/Financial buyer backed outbound deal value

US$ billion
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
1.7
0
2008

14.3
10.3
8.2
3.7
1.4
2009

2010

1.1
2011

2012

2013

2014

Financial buyers

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

23

As expected, there was a rebound in the number of PE exits; trade

sale exits by M&A hit a record high, but IPO activity although at a
three year best - remains well below the levels seen in 2010/11
PE/VC backed deal exit volume by type
No.
350
8

300

83

250

7
91

200

5
111

150

92

84
100

212
171

85

44
50

114

98

88
46

35

0
2008

2009

2010
IPO

2011
M&A - trade

2012

2013

2014

M&A - PE

Source: AVCJ and PwC analysis

PwC

24

A-share listings, although rebounding, nevertheless remain

somewhat challenging and overseas listings in Hong Kong and
New York are important exit routes
PE/VC backed IPO exit volume by bourse
No.
250

200
30
11
150
39

11
18
26

100

727

50
4
2

12

13
17

2
11
11
118

38
106
70

6-

48

29

21

45

2008

2009
Shenzhen

2010
Hong Kong

2011
Shanghai A

2012
NYSE/ NASDAQ

2013

2014

Others

Source: AVCJ and PwC analysis

PwC

25

The longer term overhang of new investments compared to exits

continues to present a challenge to the PE industry

PE/VC deal volume vs. No. of exits

No.
2,000
1,800
593

1,600
1,400
434

1,200

529

1,000
800

369

392

264

400

1,334

358

600

1,011

200
2008

212

88
89

46
51

903

712

694

2009

171
97

91
2010
VC deals

738

2011
PE deals

473

98
100

2012
M&A exit

114
118

35
91
2013

2014

IPO exit

Source: ThomsonReuters, ChinaVenture, AVCJ and PwC analysis

PwC

26

Mainland China outbound

PwC

27

The number of China outbound deals surged by more than a third

to reach a record high; at US$56.9bn, outbound transaction values
have been exceeded only once (in 2012) despite a lack of mega-deals
China mainland outbound deals, from 2008 to 2014
No.

US$ billion

300

80
70

66.9

250

51.9
56.9

200

50

150

43.5

42.1

272

33.3
100

50

60

188

206

191

30

200

20

144

126

40

10.4

10

2008

2009

2010

2011

Announced Deal Volume

2012

2013

2014

Announce Deal Value

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

28

There was strong outbound investment activity in all three sub-sectors, but
M&A activity from privately owned enterprises continues to lead the way in
terms of deal numbers with financial buyers and PEs making a meaningful
contribution to the numbers for the first time
No.

China mainland outbound deals, from 2008 to 2014

300

US$ billion
45
40

39.4

250

49

36.7

35

34.1
200

27 29.1

26

25
145

10
4

20

19.9

119

139

100

118

125

97

95

27.9

23.3

150

50

30

25

11.4

10.3
6.8

27 1.7
2
2008

37

6.3
3.7

2009

SOE Announced Deal Volume

SOE Announced Deal Value

60

8.2
6.2

6.5

1.4
2010

40

40

2011

2012

POE Announced Deal Volume

POE Announced Deal Value

14.7
14.3

10
78

57
1.1
2013

15

5
0

2014

Financial buyers Volume

Financial buyer Deal Value

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

29

SOEs continue to do deals in the industrials, resources and energy sectors;

POEs are looking for technologies and brands to bring back to the China
market; PEs and financial buyers have backed some of these strategic deals
as well as investing on their own account
China mainland outbound deals by industry sector
By number of deals, 2014 vs. 2013

No.
70
60

13

50
40

17
3

30

21

27

7
1

14

13

20

13
10

19

15

14

3
17

11

0
Industrials

Energy and Power

2014 SOE

Raw Materials

2014 POE

24

12

18
10

32

10

30
20

1
4
5

10
5

2013 SOE

14

Financial Services Consumer related

2014 Financial buyers

26

2013 POE

1
High Technology

2
Others

2013 Financial buyers

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

30

POEs and financial buyers in particular tend to favour developed

markets where advanced technologies and brands can be found
Outbound M&A deal volume by region of destination 2014 vs. 2013
North America

96

Europe

82

51

Russia

63

Asia

5
64 33

11

South America

7 8

Africa

17 29

Oceania

2014
2013
Source: ThomsonReuters and PwC analysis

PwC

31

Outlook

PwC

32

Outlook for 2015 (1 of 5)

Overall

Key industry sectors

Technology, especially internet:

The healthy trends in China M&A will

continue into 2015

The BAT group will continue to lead deal

activities both domestically and outbound

Hot sub-sectors include internet,

eCommerce, media and semi-conductors

M&A activity will be increasingly centred

around mobile, location-based services
and social networks, as well as
opportunities around O2O

We expect TMT to continue to be a hot

sector in 2015

Drivers for M&A activity include:

Growth in domestic M&A with SOE
reform a key source of larger
transactions
POE-led outbound M&A, with
increasing involvement of PE and
financial buyers
An active PE market, including exitrelated activity

PwC

33

Outlook for 2015 (2 of 5)

Key industry sectors (continued)
Financial services:
-

PwC

We anticipate inbound interest in P&C

insurance (especially specialty insurance)
and money lenders (leasing, microfinance, guarantee companies) which are
driven by the expected rapid growth in the
SME and retail lending sectors
With the fast evolving electronic media
channel providing efficiencies in market
coverage and customer analytics, we
expect significant inbound and domestic
interest in third party payment platforms
and internet banking platforms

Retail and consumer:

-

R&C generally is expected to be an active

sector for M&A in 2015

Active sub-sectors tend to be changeable,

but we expect activity in the following
areas

Education

Healthcare

Restaurants

Food related sectors including

agriculture and businesses related to
food quality and safety

Technology, electrical, home appliance

products

Consumer targeted e-commerce

34

Outlook for 2015 (3 of 5)

Key industry sectors (continued)
Real estate:
-

We expect M&A activity in real estate

to be driven by a number of factors
including group restructurings, back
door listings to access capital, funding
requirements, growth, etc
Liquidity of developers will become
more challenging

Healthcare:
-

Healthcare sector is attracting investment from

SOEs, POEs and PE, but less so from MNCs at
this stage

We expect investment interest in the full industry

value chain of Big Healthcare with special focus
on public and enterprise owned hospital

There are some challenges, however, including:

We think more distressed assets will

become available in 2015, especially in
tier-2 and tier-3 cities

PwC

Longer investment return periods

Defining sustainable business models

Post deal management and exit

The sensitive nature of the sector

(policymakers must consider how to monitor
and manage investments activities in order to
balance economic interests with social
responsibility and the interests of various
stakeholders involved)

We also expect to see some outbound activity

around healthcare
35

Outlook for 2015 (4 of 5)

Domestic and Foreign-Inbound Strategic

China Outbound

Domestic M&A will show steady single digit

or low double digit growth driven by:

New markets for growth

Continuing consolidation in many

industries to remove excess or
competitive capacity

Technologies, brands and know-how to

bring back to China market

SOE reforms which will lead to some

large transactions
A-share listed companies looking for
inorganic growth
Back-door listings in response to
difficulties in achieving new IPOs

PwC

Technology (especially internet), FS, retail

and consumer, and real estate are hot
sectors; healthcare is also a focus, albeit
smaller

POEs will continue to lead double digit

growth in China outbound chasing:

Diversified investments

SOE outbound should also be strong as

domestic reform plans work through

SOEs in particular are increasingly building

presence in Hong Kong as a platform for
future outbound activity

Financial investors and PEs will also drive

growth in outbound M&A as a means to
diversify investment portfolios, whilst usually
seeking foreign companies with a China angle
in their growth strategies

36

Outlook for 2015 (5 of 5)

Private equity

PE activity will remain robust in 2015

Trends in the market will include:

More larger sized deals and buyouts
PE involvement in outbound transactions
PE participation in SOE reforms as a source
of diversified capital
Deals involving A-share listed companies,
both as targets and as buyers of PE held
assets (trade sale exit)
More exit activity from IPOs, strategic trade
sales and eventually secondary PE sales

PwC

37

Data compilation methodology and disclaimer

Statistics contained in this presentation and the press release may vary from those contained in previous
press releases. There are three reasons for this: ThomsonReuters and ChinaVenture historical data is
constantly updated as deals are confirmed or disclosed; PricewaterhouseCoopers has excluded certain
transactions which are more in the nature of internal reorganisations than transfers of control; and
exchange rate data has been adjusted.
Included Deals
Acquisitions of private/public companies resulting in change of
control
Investments in private/public companies (involving at least 5%
ownership)
Mergers
Buyouts/buyins (LBOs, MBOs, MBIs)
Privatisations
Tender offers
Spinoffs
Splitoff of a wholly-owned subsidiary when 100%
sold via IPO
Divestment of company, division or trading assets resulting in
change of control at parent level
Reverse takeovers
Re-capitalisation
Joint Venture buyouts
Joint Ventures
Receivership or bankruptcy sales/auctions
Tracking stock
PwC

Excluded Deals
Property/real estate for individual properties
Rumoured transactions
Options granted to acquire an additional stake when not 100%
of the shares has been acquired
Any purchase of brand rights
Land acquisitions
Equity placements in funds
Stake purchases by mutual funds
Open market share buyback/retirement of stock unless part of
a privatisation
Balance sheet restructuring or internal restructuring
Investments in greenfield operations
Going private transactions

38

Thank you

2015 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the Hong Kong firm of
PricewaterhouseCoopers or, as the context requires, the network of member firms of PricewaterhouseCoopers
International Limited, each of which is a separate and independent legal entity.