China & Hong Kong
Fact file - H1 2016 vs. H1 2015
-81.5%
-22.1%
225.3%
Inbound
Domestic
Outbound
$4.5bn
$131.1bn
$200.1bn
37.3%TMT $55.1bn
Private equitybuyouts
126.3%$28.3bn
= total targeted activity
Private equityexits
64.0%$18.2bn
Mergermarket trend report H1 2016
2China & Hong Kong trend report H12016www.mergermarket.com
China & Hong Kong
Quarterly M&A value Sector breakdown PE activity
0 10 20 30 40 50 60 70
Technology
Industrials & Chemicals
Financial Services
Real Estate
Transport
Consumer
Media
Other
Deal value (US$bn)2015 H1 2016 H1
6.93.2
13.0
8.1 9.6 9.9
16.5
29.2
44.8
28.3
1.1 1.2 4.6 4.66.7 5.5
13.4 13.2
25.3
18.2
0
20
40
60
80
100
120
140
0
5
10
15
20
25
30
35
40
45
50
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Va
lue
of
de
als
(US$
bn
)
Private equity buyout value Private equity exit valuePrivate equity buyout deal count Private equity exit deal count
De
al c
ou
nt
26.2
39.1
29.7
63.2
126.7
92.0
30.9
37.2
47.6
93.0
154.2
112.6
51.0
39.0
58.9
81.5
119.3
39.1
39.5
59.6
145.8
222.7
2011
2012
2013
2014
2015
2016
Value of deals (US$bn)Q1 Q2 Q3 Q4
In the first half of 2016 (1H16), M&A activity targeting China & Hong Kong recorded 863 deals worth US$ 204.5bn, down 27.2% by value compared to 1H15 (872 deals, US$ 280.9bn), yet still reaching the second highest first-half value on Mergermarket record (since 2001). This drop can be largely explained by the lack of mega-deals valued at least US$ 10bn after a record-breaking 2015 (US$ 75.2bn, two deals) .
Average deal value in 1H16 also declined from 1H15’s US$ 338.5m back to US$ 248.8m, which was close to 1H14’s US$ 259m. Chinese M&A alone (784 deals, US$ 194bn) was able to post a year-on-year (YoY) increase of 13.5% by value.
The Technology sector (150 deals, US$ 43.9bn) and Industrials & Chemical sector (238 deals, US$ 30.9bn) were the most dominant by value. These two sectors, benefited from China’s demand to upgrade industrial technologies to boost domestic economic growth and seek those targets abroad, contributed a combined 36.6% towards the total deal value in China & Hong Kong targeted M&A and 60.7% (US$ 79.5bn) of total outbound deal value by Chinese bidders.
In 1H16, the Media sector (28 deals, US$ 10.8bn) posted an impressive 80.4% YoY increase in value, reaching its all-time high for any first half amid encouraging government policy in China’s media and culture industries, a growing Chinese middle class population and the rise of new media forms such as virtual reality content.
Media also attracted substantial private equity (PE) investment and brought considerable profit to industry leaders. As a result, it was the top sector for PE exits (three deals, US$ 7.7bn) by value during 1H16. In addition, high valuations in the market pushed Chinese conglomerates to list their media assets through restructuring. The top two deals in the sector, Wanda Cinema Line’s US$ 5.7bn acquisition of Wanda Media and Leshi Internet Information and Technology’s US$1.5bn acquisition of Le Vision Pictures, both allowed the listed companies to integrate with the film production business of respective conglomerates.
By contrast, Real Estate, Consumer and Energy, Mining & Utilities sectors saw huge YoY decline in value, due to the lack of mega restructurings and poor market conditions in the sectors. Although the Transport sector (12 deals, US$ 12.9bn) saw a significant drop in deal count compared to 1H15 (30 deals, US$ 12.9bn), it still reached the same value level as last year by hosting the top deal in the region, the US$6.8bn back-door listing of S.F. Holding, a leading courier service provider in China.
During 1H16, both PE buyouts and exits recorded their highest first-half value on Mergermarket record. A total of 57 investments worth US$ 28.3bn were recorded, representing a 126% increase by value compared to 1H15 (63 deals, US$ 12.5bn). PE exits rose 64% YoY by value to US$ 18.2bn with 25 transactions.
To-date 2016, an upsurge of outbound investment continues to dominate the headlines. A total of 239 outbound deals were announced in 1H16 amounting to record-breaking US$ 131.1bn, exceeding 2015’s annual outbound value (US$ 88bn). Europe became the most attractive investment destination, with 102 deals worth US$ 78.7bn accounting for 60% of total outbound value.
China has shifted its focus from the US to Europe. In May, the outbound transactions targeting US companies dropped sharply to US$ 548m, below US$ 1bn for the first time since last October. It also represented an 89.6% decrease in value compared to April (US$ 5.3bn). The numbers in June (four deals, US$ 194m) decreased further. Increasing regulatory risks could be one reasons for this trend, especially pressure from the Committee on Foreign Investment in the U.S. (CFIUS). Another concern centres around presidential election as the Chinese enterprisers are conservative towards anti-China propaganda during the period.
Moving into the second half of 2016, the Technology and Industrials & Chemical sectors will continue to boost domestic and outbound M&A activity within the region. The picture for outbound deal-making, however, can hardly be as thriving as the first half due to the market uncertainties caused by the UK’s referendum on its membership of the European Union (EU) and the U.S. elections.
3
Top deals
Deal value
(US$m)
Ann.date
Bidder company
Bidder country
Buy-side advisors
Target company
Target sector
Sellercompany Sell-side advisors
7,679 23-May-16 Maanshan Dingtai Rare Earth & New Materials Co Ltd
China FA: China Merchants Securities; CITIC Securities; Huatai United
Securities
LA: Grandall Law Firm
S.F. Holding (Group) Co Ltd Transportation An investor group led by Wang Wei (Private investor)
FA: CDB Securities; Goldman Sachs; Morgan Stanley
6,919 17-Jun-16 China Vanke Co Ltd China FA: China International Capital Corporation; CITIC Securities;
Southwest Securities Company
Shenzhen Metro Qianhai Interna-tional Development Co Ltd
Real Estate Shenzhen Metro Group Co Ltd
5,703 13-May-16 Wanda Cinema Line Co Ltd China FA: China International Capital Corporation
LA: Jingtian & Gongcheng
Wanda Media Co Ltd Media An investor group led by Bei-jing Wanda Investment Co Ltd
5,248 14-Mar-16 China Overseas Land and Invest-ment Ltd
Hong Kong
FA: HSBC LA: Jingtian & Gongcheng;
Norton Rose Fulbright
CITIC Real Estate Group Co Ltd; and CITIC Pacific Limited
Real Estate CITIC Limited FA: CITIC Securities LA: Freshfields Bruckhaus
Deringer; JunHe
4,759 25-Feb-16 China Great Wall Computer Shen-zhen Co Ltd
China FA: Haitong Securities LA: King & Wood Mallesons
Greatwall Information Industry Co Ltd
Technology FA: Huarong Securities LA: Hunan Qiyuan Law firm
China & Hong Kong
China & Hong Kong trend report H12016www.mergermarket.com
4
China & Hong Kong
China & Hong Kong trend report H1 2016www.mergermarket.com
Top outbound deals
Deal value
(US$m) Deal details
45,860 Announcement date: 03-Feb
Target: Syngenta
Bidder: China National Corporation
8,600 Announcement date: 21-Jun
Target: Supercell Oy (84.3% Stake)
Bidder: Tencent Holdings Ltd
Seller: SoftBank Group Corp
6,500 Announcement date: 12-Mar
Target: Strategic Hotels & Resorts
Bidder: Anbang Insurance Group
Seller: Blackstone Group
6,068 Announcement date: 17-Feb
Target: Ingram Micro
Bidder: Tianjin Tianhai Investment
5,600 Announcement date: 15-Jan
Target: GE Appliances
Bidder: Qingdao Haier Co Ltd
Seller: General Electric Company
Outbound geography breakdown
3.6
19.4
1.4
13.9
25.8
16.4 9.9
23.7
37.6
78.7
3.8 1.3 4.07.6
3.78.1
12.912.3
13.6
33.7
15.9 14.4
26.7
36.134.2 36.1
44.7
23.5
36.8
18.9
58 5965
76
99
77
113 107
161
87
1516
15
30
50
6774
101
118
102
16
12
18 25
27
25
35
61
81
51
0
20
40
60
80
100
120
140
160
180
0
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 2016
Valu
e of
dea
ls (U
S$bn
)
Europe Deal Value U.S. Deal Value R.O.W Deal ValueEurope deal count U.S. Deal Count R.O.W Deal Count
Deal
cou
nt
Cross-border trend
19.3 22.6
11.9 12.6
29.725.6
21.2
39.535.6
4.5
23.3 35.0 32.1
57.6 63.7 60.667.5
59.5
88.0
131.1
217
182
139
191 190 164 181
216
164
74 89
87
98 131
176 169
222
269
360
239
0
50
100
150
200
250
300
350
400
0
20
40
60
80
100
120
140
2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 2016
Valu
e of
dea
ls (U
S$bn
)
Inbound value Outbound value Inbound deal count Outbound deal count
Deal
coun
t
Spotlight: Outbound M&A
China & Hong Kong outbound M&A surged to an unprecedented US$ 131.1bn (239 deals), already beating the annual record set in 2015 (360 deals, US$ 88bn) and still with six months to go. A supportive debt-financing environment and overvalued domestic assets has pushed the deal-hungry buyers seeking abroad in a bid to set aside the continuing sluggish economic growth and yuan’s depreciation.
However, the second half is expected to see a cooldown in deal-making given the uncertain global markets ahead of the U.S. presidential election, post-Brexit Europe and China’s tightening regulatory approval on cross-border M&A due to control of currency outflow.
Europe remained the most targeted region with 102 deals worth US$ 78.7bn signed in 1H 2016, nearly 50% higher than 2015’s full-year investment into the region (118 deals, US$ 52.7bn), accounting for 60% of the total outbound value.
Chinese buyers are willing to pay a higher price for quality assets, with the average premium paid for a European listed target during 1H reaching 23.5%, up from 13.5% in 2015.
However, the crashing pound and instability in European financial markets after Brexit could hold back investment from China in the short term, according to Mergermarket Intelligence.
M&A activity targeting the U.S. climbed to a record US$ 33.7bn (51 deals) in 1H 2016, 2.5x of 2015’s total value (80 deals, US$ 13.3bn). However, the monthly deal flow sharply dropped to hundred-million level in May (eight deals, US$ 548m) and June (four deals, US$ 194m). Regulatory scrutiny of deals and uncertainty about the ultimate winner of president election could give buyers pause. Chinese insurer Anbang recently ran into regulatory trouble with Committee on Foreign Investment in the US (CFIUS) in its US$ 1.57bn bid for Fidelity & Guaranty Life. Earlier in March, Anbang also withdrew its proposed US$ 14.4bn offer for Starwood Hotels & Resorts.
Industrials & Chemicals topped all sectors M&A activities with 59 deals worth US$ 58.5bn, where the US$ 46bn Chemchina-Syngenta deal contributed a majority proportion to the total value. TMT, which was the most targeted sector in 2015 (26 deals, US$ 24.2bn), came in second with 44 deals totaling US$ 56.6bn.
5
China & Hong Kong legal advisor league table by deal count
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
Count change
1 1 King & Wood Mallesons 42,768 43 32 2 Grandall Law Firm 18,429 35 43 3 Zhong Lun Law Firm 12,153 32 44 5 Fangda Partners 63,159 19 -65 7 Beijing Dentons Law Offices 2,399 18 -66 25 Simpson Thacher & Bartlett 63,682 17 87 4 Skadden Arps Slate Meagher & Flom 20,709 16 -98 16 AllBright Law Offices 5,221 16 59 19 Davis Polk & Wardwell 63,834 15 5
10 10 Grandway Law Offices 4,983 15 -111 9 Tian Yuan Law Firm 3,258 15 -112 11 Freshfields Bruckhaus Deringer 14,327 14 -113 21 Haiwen & Partners 27,892 13 314 6 JunHe 9,393 12 -1215 36 Clifford Chance 54,381 11 5
China & Hong Kong legal advisor league table by value
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
% Value change
1 17 Davis Polk & Wardwell 63,834 15 463.9%2 21 Simpson Thacher & Bartlett 63,682 17 671.8%3 15 Fangda Partners 63,159 19 456.0%4 53 White & Case 61,275 10 2,394.9%5 20 Clifford Chance 54,381 11 481.4%6 19 Cleary Gottlieb Steen & Hamilton 53,824 8 407.7%
7= 226 Baer & Karrer 47,787 2 - 7= 69 Homburger 47,787 2 3,922.5%9 198 Gleiss Lutz 47,662 3 132,294.4%
10 91 Cravath, Swaine & Moore 46,963 3 6,161.7%11 9 King & Wood Mallesons 42,768 43 84.6%12 37 Haiwen & Partners 27,892 13 478.6%13 3 Skadden Arps Slate Meagher & Flom 20,709 16 -76.6%14 11 Grandall Law Firm 18,429 35 7.9%15 81 Morrison & Foerster 15,890 6 1,623.4%
China & Hong Kong financial advisor league table by deal count
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
Count change
1 2 Huatai United Securities 24,720 29 62 12 China International Capital 102,592 25 123 4 Morgan Stanley 37,576 18 14 10 Southwest Securities Company 11,486 17 25 24 UBS Investment Bank 67,723 16 96 6 Goldman Sachs 81,331 15 -17 3 China Renaissance Partners 14,546 15 -58 13 China Securities 13,437 15 39 15 Haitong Securities Co 9,604 14 4
10 5 GF Securities Co 7,731 14 -311 7 CITIC Securities 73,644 13 -312 52 Lazard 11,685 12 913 19 PwC 7,066 12 314 18 Guosen Securities 5,920 12 315 25 KPMG 703 12 5
China & Hong Kong financial advisor league table by value
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
% Value change
1 19 China International Capital 102,592 25 1,260.6%2 4 Goldman Sachs 81,331 15 40.0%3 6 CITIC Securities 73,644 13 212.1%4 15 UBS Investment Bank 67,723 16 607.5%5 1 HSBC 57,950 7 -29.8%6 18 Credit Suisse 56,202 11 638.5%7 5 JPMorgan 52,400 10 101.4%8 - N+1 47,813 4 - 9 183 CCB International 46,195 3 271,635.3%
10 - Dyalco 45,860 1 - 11 8 Morgan Stanley 37,576 18 113.7%12 17 Huatai United Securities 24,720 29 200.4%13 7 Bank of America Merrill Lynch 21,841 9 2.0%14 14 Citi 17,772 11 76.6%15 13 China Renaissance Partners 14,546 15 40.4%
China & Hong Kong
China & Hong Kong trend report H1 2016www.mergermarket.com
6
China legal advisor league table by deal count
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
Count change
1 1 King & Wood Mallesons 42,305 41 32 2 Grandall Law Firm 18,317 34 43 3 Zhong Lun Law Firm 12,070 31 34 4 Fangda Partners 63,047 18 -75 5 Beijing Dentons Law Offices 2,382 17 -76 25 Simpson Thacher & Bartlett 63,352 16 97 12 AllBright Law Offices 5,221 16 58 7 Skadden Arps Slate Meagher & Flom 20,688 15 -69 9 Grandway Law Offices 4,983 15 -1
10 8 Tian Yuan Law Firm 3,258 15 -111 16 Davis Polk & Wardwell 63,484 14 512 13 Haiwen & Partners 27,892 13 313 6 JunHe 9,393 12 -1114 11 Jingtian & Gongcheng 13,701 11 -215 31 White & Case 61,275 10 4
China legal advisor league table by value
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
% Value change
1 9 Davis Polk & Wardwell 63,484 14 473.4%2 15 Simpson Thacher & Bartlett 63,352 16 700.6%3 7 Fangda Partners 63,047 18 455.0%4 42 White & Case 61,275 10 2,578.1%5 11 Cleary Gottlieb Steen & Hamilton 53,824 8 435.5%6 13 Clifford Chance 52,805 10 532.2%
7= 190 Baer & Karrer 47,787 2 - 7= 62 Homburger 47,787 2 3,922.5%9 170 Gleiss Lutz 47,662 3 132,294.4%
10 - Cravath, Swaine & Moore 46,963 3 - 11 1 King & Wood Mallesons 42,305 41 87.8%12 24 Haiwen & Partners 27,892 13 478.6%13 5 Skadden Arps Slate Meagher & Flom 20,688 15 64.6%14 2 Grandall Law Firm 18,317 34 8.8%15 73 Morrison & Foerster 15,818 5 1,615.6%
China financial advisor league table by deal count
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
Count change
1 1 Huatai United Securities 24,720 29 72 9 China International Capital 102,592 25 123 7 Southwest Securities Company 11,486 17 24 16 Goldman Sachs 81,331 15 75 34 UBS Investment Bank 66,147 15 116 2 China Renaissance Partners 14,546 15 -57 11 China Securities 13,437 15 38 4 GF Securities Co 7,731 14 -29 8 CITIC Securities 73,644 13 -1
10 10 Morgan Stanley 34,785 13 111 14 Guosen Securities 5,920 12 312 13 Haitong Securities Co 9,332 11 213 29 Sinolink Securities Co 2,640 11 614 23 Citi 16,196 10 515 5 China Merchants Securities Co 10,622 10 -6
China financial advisor league table by value
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
% Value change
1 15 China International Capital 102,592 25 1,260.6%2 5 Goldman Sachs 81,331 15 545.7%3 2 CITIC Securities 73,644 13 327.0%4 19 UBS Investment Bank 66,147 15 1,219.8%5 17 Credit Suisse 54,537 9 857.1%6 100 HSBC 53,875 5 31,041.6%7 1 JPMorgan 52,317 9 175.8%8 - N+1 47,813 3 - 9 157 CCB International 46,083 2 270,976.5%
10 - Dyalco 45,860 1 - 11 8 Morgan Stanley 34,785 13 229.0%12 14 Huatai United Securities 24,720 29 204.0%13 4 Bank of America Merrill Lynch 19,108 8 31.1%14 12 Citi 16,196 10 84.0%15 9 China Renaissance Partners 14,546 15 40.4%
China & Hong Kong
China & Hong Kong trend report H1 2016www.mergermarket.com
7
Hong Kong legal advisor league table by deal count
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
Count change
1 2 Freshfields Bruckhaus Deringer 7,686 7 -32 29 Mayer Brown 2,225 5 33 8 Norton Rose Fulbright 5,661 4 -24 37 Davis Polk & Wardwell 3,732 4 25 77 Paul Hastings 1,916 4 36 1 Linklaters 1,409 4 -97 31 Latham & Watkins 242 4 28 4 Baker & McKenzie 233 4 -49 - Zhong Lun Law Firm 2,154 3 -
10 - Gibson Dunn & Crutcher 2,006 3 -11 91 Blake, Cassels & Graydon 1,809 3 212 7 DLA Piper 1,392 3 -413 14 King & Wood Mallesons 663 3 -114 48 Anderson Mori & Tomotsune 602 3 115 98 MinterEllison 601 3 2
Hong Kong legal advisor league table by value
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
% Value change
1 1 Freshfields Bruckhaus Deringer 7,686 7 -93.3%2 10 Norton Rose Fulbright 5,661 4 -18.9%
3= 14 Jingtian & Gongcheng 5,248 1 -4.9%3= 50 JunHe 5,248 1 1,345.7%5 51 Davis Polk & Wardwell 3,732 4 969.3%6 - Dorsey & Whitney 2,733 1 - 7 13 Mayer Brown 2,225 5 -59.7%8 - Zhong Lun Law Firm 2,154 3 - 9 - Gibson Dunn & Crutcher 2,006 3 -
10 71 Paul Hastings 1,916 4 1,641.8%11 55 Bae Kim & Lee 1,883 2 775.8%12 88 Blake, Cassels & Graydon 1,809 3 12,821.4%13 19 Simpson Thacher & Bartlett 1,775 2 -38.3%14 43 Fangda Partners 1,712 2 213.6%15 - Sullivan & Cromwell 1,600 1 -
Hong Kong financial advisor league table by deal count
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
Count change
1 4 Morgan Stanley 4,007 6 -12 1 Somerley Capital 3,637 6 -143 57 Gram Capital 428 5 44 6 HSBC 10,923 4 -25 41 Citi 5,651 4 36 44 Lazard 3,750 4 37 35 Haitong Securities 1,717 4 28 39 KPMG 189 4 29 10 UBS Investment Bank 4,621 3 -2
10 15 M&A International 3,025 3 -111 13 Rothschild 1,865 3 -112 62 Platinum Securities Company 1,735 3 213 18 PwC 1,182 3 -114 32 CIMB Group 471 3 115 90 Deloitte 334 3 2
Hong Kong financial advisor league table by value
Ranking Company name 2016 Change
H1 2016
H1 2015
Value (US$m)
Deal count
% Value change
1 1 HSBC 10,923 4 -86.8%
2 18 Citi 5,651 4 348.8%3 5 CITIC Securities 5,248 1 -58.3%4 9 UBS Investment Bank 4,621 3 -36.7%5 7 Bank of America Merrill Lynch 4,333 2 -52.1%6 8 Morgan Stanley 4,007 6 -47.5%7 25 Lazard 3,750 4 275.0%8 3 Somerley Capital 3,637 6 -94.1%9 22 M&A International 3,025 3 182.4%
10 10 Rothschild 1,865 3 -69.2%11 11 Nomura Holdings 1,822 2 -67.7%12 58 Platinum Securities Company 1,735 3 2,654.0%13 48 Haitong Securities Co 1,717 4 1,007.7%14 13 Credit Suisse 1,665 2 -12.9%15 - EY 1,537 1 -
China & Hong Kong
China & Hong Kong trend report H1 2016 www.mergermarket.com
8
China & Hong Kong
China & Hong Kong trend report H1 2016www.mergermarket.com
About Mergermarket
Mergermarket is a mergers & acquisitions (M&A) intelligence service.
Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong.
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This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that Mergermarket is used by over 1,500 of the world’s foremost advisory firms to assist in their origination process.
Commercial contactsAjay NarangT: +852 2158 9764
PR contactsSu-Chin Zhang T: +852 2158 9710
Deal submission contactsRachel ShaoT: +852 2158 9794
Production contactsAnalyst: Jerry LiT: +852 2158 9758
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Trend report criteria
All data is based on transactions over US$ 5m and is based on Mergermarket’s M&A deals database.Deals with undisclosed deal values are included where the target’s turnover exceeds US$10m.Deals where the stake acquired is less than 30% will only be included if the value is greater than US$100m.
M&A trends and top deals correct as of 13-Jul-2016. H1 2016 value based on activity between 01-Jan to 30-Jun. All values are in US$.
M&A trend: Based on the dominant geography of the target company being China & Hong Kong. All trend data excludes lapsed and withdrawn bids.
Cross-border M&A: Inbound refers to the dominant geography of the target company being China & Hong Kong, and the dominant geography of the bidder being any other country excluding China & Hong Kong. Outbound refers to the dominant geography of the bidder company being China & Hong Kong, and the dominant geography of the target being any other country excluding China & Hong Kong. Excludes lapsed and withdrawn bids.
Top deals: Based on the dominant geography of the target company being China & Hong Kong. FA refers to financial advisor and LA refers to legal advisor. Excludes lapsed and withdrawn bids.
Industry analysis: Based on the dominant sector and geography of the target company. Excludes lapsed and withdrawn bids.
League tables: Based on the dominant geography of the target, bidder or seller company being China & Hong Kong. Financial advisor tables exclude lapsed and withdrawn bids. Legal advisor tables include lapsed and withdrawn bids.
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