ASIA-PACIFIC MARKETS MONTHLY - S&P Global

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WHAT’S INSIDE • ChemChina’s Acquisition of Syngenta • Credit Risk Trends for Asia • Chinese Stock-tied Risky Notes Blow Up on South Korean Brokerages • CreditMatters • S&P Entity Credit Rating Action • Total Return of Asia Fixed Income Indices • M&A Activity by Country, Sector • Private Equity Investments and Buyouts • Venture Capital Investments • Public Offerings

ASIA-PACIFIC Highlights and Insights from S&P Global Market Intelligence

MARKETS MONTHLY

Apr Mar

2016

S&P Global Market Intelligence Asia-Pacific Markets Monthly – Mar 2016 | Page 2 To learn more about S&P Global Market Intelligence, please email us at [email protected]

ChemChina’s Acquisition of Syngenta

Acquisition Highlights • On February 2, 2016, China National Chemical Corporation (ChemChina) reached an

agreement to acquire Syngenta AG for US$42.7 billion in cash at US$465 per share.

• The offer price is 25 times Syngenta’s profits and implies 1-day premium of 19.6%. Syngenta’s stock price rose 3.67% after the announcement in Zurich trading.

• Last year, Syngenta turned down a roughly US$45 billion cash and stock bid from its US rival, Monsanto, with concerns of the potential antitrust scrutiny.

• The deal is China’s largest ever outbound takeover, followed by ChemChina’s acquisition of Pirelli last year, both demonstrated ChemChina’s desire for diversification from its core chemicals and appetite for brand equity.

• The acquisition continues the trend, that began in 2014 of Chinese companies looking for quality European strategic assets.

Comparable Company Analysis – NTM Multiples

Top China Outbound M&As

Share Price Performance (USD)

ANNOUNCEMENT DATE

TARGET BUYERTOTAL

TRANSACTION VALUE (US$mm)

02/03/2016 Syngenta AG China National Chemical Corporation 46,505.6

03/22/2015 PIRELLI & C. Società per Azioni China National Tire & Rubber Co., Ltd. 8,345.3

05/29/2013 Smithfield Foods, Inc. Henan Shineway Industry Group Co., Ltd. 7,276.2

02/17/2016 Ingram Micro Inc. Tianjin Tianhai Investment Co., Ltd. 7,247.5

01/15/2016 GE Appliances Inc. Qingdao Haier Co., Ltd. 5,400.0

01/26/2016 Terex CorporationZoomlion Heavy Industry Science & Techology

5,121.5

11/11/2009Taiyuan Railway Administration

Daqin Railway Co., Ltd. 4,803.3

08/22/2005 PetroKazakhstan Inc. CNPC International Limited 4,409.0

01/20/2010 Denway Motors Limited Guangzhou Automobile Group Co., Ltd. 4,124.6

11/23/2015 Edra Global Energy Bhd China General Nuclear Power Corporation 4,010.7

COMPANY NAME P/E TEV/EBITDA

SYNGENTA AG 25.2x 16.4x

Yara International ASA 10.3x 5.6x

Akzo Nobel N.V. 12.8x 7.0x

Koninklijke DSM N.V. 16.0x 8.8x

Monsanto Company 16.3x 10.4x

BASF SE 14.0x 7.0x

K+S Aktiengesellschaft 9.2x 4.9x

E. I. du Pont de Nemours and Company 20.1x 10.8x

Galenika-Fitofarmacija A.D. 3.5x 3.9x

The Dow Chemical Company 14.4x 7.5x

Halex Holdings Berhad 29.8x 15.1x

MEAN 14.6x 8.1x

MEDIAN 14.2x 7.3x


Source: Equity volatility based on PD Market Signal benchmarks as of February 29, 2016. For illustrative purposes only.

Source: Credit Analytics from S&P Global Market Intelligence. These materials contain credit ratings prepared by Standard & Poor’s Ratings Services, which is analytically and editorially independent from any other analytical group at McGraw Hill Financial. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence’s PD Fundamental scores from the credit ratings issued by Standard & Poor’s Ratings Services as of February 29, 2016. For illustrative purposes only.

Credit Risk Trends for Asia

The Credit Landscape using PD Fundamentals in Asia

Market Signal Probability of Default Trends in Asia

aaa to a- bbb+ to bbb- bb+ to bb- b+ to b- ccc+ and below

Sector Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand Sector Average

Consumer Discretionary bb bb- bbb- bb bb- bbb- bb bb b+ bbb+ bbb- bb+ bb- bb+

Consumer Staples bbb bb- bb+ bb- bb bbb bb+ bb- bbb- bbb- bbb- bb bb bbb-

Energy bb+ bb bb+ bb- ccc+ bb- bb+ b- b+ bb bbb bbb- bbb- bb

Financials bbb- bbb- bbb+ bb+ bb+ bbb bbb- bbb bbb- bbb- bb+ bbb- bb bbb-

Healthcare bb+ bb+ bb+ bb bb+ bbb- bb bb- bbb- bb bb- bb bb+

Industrials bb+ bbb- bbb- b+ b+ bbb- bb+ bb+ bbb- bb+ bb- bb- b bb+

Information Technology bb bb bb bb+ ccc bbb- bb+ b- bb bb- bbb bb+ bb- bb+

Materials bbb- bb b+ bb bb bbb- bb bb+ bb bb- bb+ bb+ bb+ bb+

Telecommunication Services a- bbb a- bb- bb a bbb- bbb- bb+ bbb bbb bbb- bb- bbb

Utilities bbb- bbb- bbb bb bbb- bbb- bbb bb+ bb+ bb- bbb bb bb bbb-

Country Average bbb- bb+ bbb- bb- b+ bbb- bb+ bb bb+ bb+ bb+ bb+ bb bb+


Note: “High Risk” are corporations and banks flagged as “ccc+ and below” in PD Fundamentals AND CreditModel AND PD Market Signals implied scores, with total revenues > USD 100mn. Source: CreditModel Scores, PD Fundamentals and PD Market Signals are from S&P Global Market Intelligence’s platform as of February 29, 2016. For illustrative purposes only.

Credit Risk Trends for Asia

“High Risk” Companies with Revenues (Last 12 Months) above US$100 Million

TICKER COMPANY NAME COUNTRY SECTOR TICKER COMPANY NAME COUNTRY SECTORASX:AGO Atlas Iron Limited Australia Materials BSE:500354 Rajshree Sugars & Chemicals India Consumer StaplesOTCPK:LUCC Luca, Inc. China Consumer Staples BSE:507315 Sakthi Sugars Limited India Consumer StaplesNasdaqCM:QKLS QKL Stores Inc. China Consumer Staples BSE:532670 Shree Renuka Sugars Limited India Consumer StaplesSHSE:600359 Xinjiang Talimu Agri. Devt China Consumer Staples BSE:524372 Orchid Pharma Limited India HealthcareSZSE:002069 Zoneco Group Co., Ltd. China Consumer Staples BSE:530323 Era Infra Engineering India IndustrialsSHSE:600896 China Shipping Haisheng China Industrials BSE:532907 IL&FS Eng. and Construction India IndustrialsSHSE:600110 Nuode Investment China Industrials BSE:531497 Madhucon Projects Ltd. India IndustrialsNasdaqGS:CSUN China Sunergy Co. Ltd. China Information Technology BSE:512531 The State Trading Corp. India IndustrialsNYSE:YGE Yingli Green Energy Holding China Information Technology BSE:532389 Valecha Engineering Ltd. India IndustrialsSHSE:600227 Guizhou Chitianhua Co., Ltd. China Materials BSE:517214 Spice Mobility Limited India Information TechnologyAIM:HAIK HaiKe Chemical Group Ltd. China Materials BSE:500059 Binani Industries Limited India MaterialsSHSE:601003 Liuzhou Iron&Steel China Materials BSE:515145 Hindusthan Nat'l Glass& Ind India MaterialsSZSE:002109 Shaanxi Xinghua Chemistry China Materials BSE:500201 India Glycols Ltd. India MaterialsSEHK:1198 Royale Furniture Holdings Hong Kong Consumer Discretionary BSE:532976 Jai Balaji Industries Ltd. India MaterialsSEHK:809 Global Bio-chem Technology Hong Kong Consumer Staples NSEI:MADRASFERT Madras Fertilizers Ltd. India MaterialsSEHK:3889 Global Sweeteners Holdings Hong Kong Consumer Staples BSE:519307 Vikas WSP Limited India MaterialsNSEI:DEN DEN Networks Limited India Consumer Discretionary JKSE:POLY PT Asia Pacific Fibers Tbk Indonesia Consumer DiscretionaryBSE:533162 Hathway Cable & Datacom India Consumer Discretionary TSE:3238 Central General Devt. Japan FinancialsBSE:500193 Hotel Leelaventure Limited India Consumer Discretionary PSE:MCP Melco Crown Resorts Philippines Consumer DiscretionaryNSEI:PRECOT Precot Meridian Limited India Consumer Discretionary PSE:ROX Roxas Holdings Inc. Philippines Consumer StaplesBSE:526049 Shri Lakshmi Cotsyn Limited India Consumer Discretionary SGX:H16 Huan Hsin Holdings Ltd Singapore Information TechnologyBSE:521082 Spentex Industries Limited India Consumer Discretionary ASX:OMH OM Holdings Limited Singapore MaterialsBSE:531102 Surana Corporation Ltd. India Consumer Discretionary KOSE:A090370 Avista Inc. South Korea Consumer DiscretionaryBSE:517228 Trend Electronics Ltd India Consumer Discretionary KOSE:A027740 Maniker Co., Ltd. South Korea Consumer StaplesBSE:514175 Vardhman Polytex Ltd. India Consumer Discretionary KOSE:A001470 Sambu Construction South Korea IndustrialsNasdaqGS:VDTH Videocon d2h Limited India Consumer Discretionary KOSDAQ:A065270 Flexcom, Inc. South Korea Information TechnologyBSE:500032 Bajaj Hindusthan Sugar India Consumer Staples KOSE:A027970 Seha Corporation South Korea MaterialsBSE:532038 Emmsons International India Consumer Staples SET:GRAMMY GMM Grammy Pub. Co. Ltd. Thailand Consumer DiscretionaryBSE:512559 Kohinoor Foods Ltd. India Consumer Staples


Chinese Stock-tied Risky Notes Blow Up on South Korean Brokerages

South Korean brokerages may be facing snowballing losses as turmoil surrounding Chinese stocks jeopardizes billions of dollars of complex investment products that have boomed among retail investors. At stake are structured notes — bonds bundled with derivatives to generate returns tied to the performance of underlying assets such as stocks — that bet on gains in Hong Kong-listed Chinese equities. In the most common such products in South Korea, mostly issued by brokerages, investors earn fixed income that is more than double interest on bank deposits, as long as reference shares do not fall below predetermined levels. The instruments, known as equity-linked securities, or ELS, in South Korea, can be attractive to ordinary investors in a country where interest rates are at record lows, so brokerages have been aggressively marketing them in the past few years for fees. But the risk is that in a plunging market, note holders can lose part or all of their funds, whereas sellers could be left with money-losing trading assets used to create the investments. In South Korea as of Jan 19, there were KR₩37 trillion of outstanding ELS tied to the Hang Seng China Enterprises Index, or HSCEI, which tracks 40 Hong Kong-listed Chinese stocks, according to the Financial Services Commission. The amount, equivalent to about US$31 billion, is a little less than half the balance of all ELS. Many of the HSCEI-linked products are in danger now after the benchmark nosedived, starting in the second half of 2015, when a meltdown in China's equity market began. It was down more than 47% as of Jan 21 from a May 2015 high. Read the full article.

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More Top Stories: Bank of Japan's latest stimulus effort may bring back negative spreads at insurers Law change in Japan may unlock big banks' boom in fintech startup investment Overseas acquisition drive in Japan means opportunity for insurers South Korean banks see growth opportunities in Iran despite uncertainties Standard Life looking to sell last wholly owned Asia unit to China JV

Hang Seng China Enterprises Index

Source: SNL Financial as of February 3, 2016. Charts are for illustrative purposes only.

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CreditMatters

Australia remains among the lowest-risk banking systems globally, in Standard & Poor's Ratings Services' view. Our 2016 outlook for the credit profiles of Australian banks remains steady amid balanced emerging forces. Conservative risk management, governance, and prudential regulation against the backdrop of a relatively benign economic environment by global standards remain the key drivers of the stable outlook for this year. We believe that a buildup of economic imbalances has eased following a period of rapid growth in house prices in Sydney and Melbourne over the past two years. Nevertheless, Standard & Poor's issuer credit ratings on the larger Australian banks would come under pressure if the move to establish a framework for the bail-in of banks' senior debt or additional loss absorbing capital gathers momentum. In addition, similar to the banks in most other open economies globally, Australian banks remain exposed to a China hard landing, a global economic downturn, or dislocation in global financial markets--although we see all these risks as lower-probability scenarios. At the same time, the major banks' stand-alone credit profiles (SACPs) would strengthen if clarity emerges that an increase in regulatory capital requirements would push their Standard & Poor's risk-adjusted capital ratios above 10%. Read the full article.

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S&P Entity Credit Rating Action (Feb ‘15)

Australian Banking Outlook 2016: Stable Amid Balanced Emerging Forces More Top Stories: Asia-Pacific refinancing study--nearly $1 trillion of rated corporate debt is expected to mature through 2020 Can turbulence in the Chinese Yuan market take down Hong Kong's currency board? Singapore banks can withstand tighter conditions in 2016

CREDIT UPDATE Click here to subscribe to CreditMatters Asia-Pacific, a weekly newsletter that offers the latest credit market insights.

CREDIT SPOTLIGHT China Credit Spotlight: flagship series of China research that brings together views on China’s economic and credit trends.

ASEAN Credit Spotlight: showcases insights into ASEAN macroeconomic developments and key credit trends affecting governments, corporates and financial services.

COMPANY NAME ISSUER CREDIT RATING ACTION: FOREIGN / LOCAL CURRENCY LT GEOGRAPHIC LOCATIONS

Baiduri Bank Bhd Downgrade (Feb-12-2016) From "BBB+" to "BBB" Brunei (Primary)

Bao-Trans Enterprises Ltd. Downgrade (Feb-01-2016) From "A-" to "BBB+" Hong Kong (Primary)

Baoshan Iron & Steel Co., Ltd. (SHSE:600019) Downgrade (Feb-01-2016) From "A-" to "BBB+" China (Primary)

Baosteel Group Corporation Downgrade (Feb-01-2016) From "A-" to "BBB+" China (Primary)

Baosteel Resources (International) Co., Ltd. Downgrade (Feb-01-2016) From "BBB+" to "BBB" Hong Kong (Primary)

BHP Billiton Limited (ASX:BHP) Downgrade (Feb-01-2016) From "A+" to "A" Australia (Primary)

BHP Billiton Marine & General Insurances Pty Ltd. Downgrade (Feb-02-2016) From "A+" to "A" Australia (Primary)

BHP Billiton Nickel West Pty Ltd Downgrade (Feb-01-2016) From "A+" to "A" Australia (Primary)

China Fishery Group Limited (SGX:B0Z) Downgrade (Feb-01-2016) From "SD" to "D" Hong Kong (Primary)

Dalian Wanda Commercial Properties Co., Ltd. (SEHK:3699) Downgrade (Feb-02-2016) From "BBB+" to "BBB" China (Primary)

Hyundai Steel Company (KOSE:A004020) Upgrade (Feb-25-2016) From "BBB-" to "BBB" Korea, South (Primary)

IOI Corp.Bhd (KLSE:IOICORP) Downgrade (Feb-24-2016) From "BBB" to "BBB-" Malaysia (Primary)

Nextgen Networks Pty Limited Downgrade (Feb-23-2016) From "BB-" to "B+" Australia (Primary)

Noble Group Limited (SGX:N21) Downgrade (Feb-26-2016) From "BB+" to "BB-" Hong Kong (Primary)

PT Energi Mega Persada Tbk (JKSE:ENRG) Downgrade (Feb-23-2016) From "B" to "B-" Indonesia (Primary)

Renhe Commercial Holdings Co Ltd (SEHK:1387) Downgrade (Feb-04-2016) From "CCC" to "CCC-" China (Primary)

Sime Darby Berhad (KLSE:SIME) Downgrade (Feb-26-2016) From "A-" to "BBB+" Malaysia (Primary)

Singapore Post Limited (SGX:S08) Downgrade (Feb-24-2016) From "A" to "A-" Singapore (Primary)

Toshiba Corporation (TSE:6502) Downgrade (Feb-05-2016) From "BB+" to "B+" Japan (Primary)

UCI Holdings Limited Downgrade (Feb-17-2016) From "CCC+" to "CCC" New Zealand (Primary)

Wanda Commercial Properties (Hong Kong) Co. Limited Downgrade (Feb-02-2016) From "BBB" to "BBB-" Hong Kong (Primary)

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Source: S&P Dow Jones Indices. Data as of February 28, 2016. This table is provided for illustrative purposes.

Total Return of Asia Fixed Income Indices

• The S&P Pan Asia Bond Index, tracking the local currency bonds in ten countries and calculated in USD, gained 0.42% in February, while Its yield-to-maturity tightened 2bps to 3.44%.

• The S&P Philippines Bond Index jumped 2.26%, outperforming the other nine Pan Asian countries tracked by the index. The index's yield-to-maturity tightened 25bps to 3.98%.

• The S&P China Bond Index gained 0.25% last month, while its yield-to-maturity tightened 5 bps to 3.09%. • The S&P BSE India Bond Index dropped 0.76%; it reversed the earlier gains and brought the YTD total return to -0.26%. • The Dow Jones Sukuk Total Return Index rallied 0.99%, while the S&P MENA Sukuk Index rose 1.23% in the same period.

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INDEX YIELD 1-M YTD INDEX YIELD 1-M YTDS&P Pan Asia Bond Index 3.44 0.42 -0.57 S&P/ASX Australian Fixed Interest 0+ Index 2.36 1.07 2.31

S&P Pan Asia Corporate Bond Index 3.57 0.56 -0.32 S&P/ASX Australian Government Bond 0+ Index 2.11 1.34 2.74

S&P Pan Asia Government Bond Index 3.39 0.35 -0.68 S&P/ASX Bank Bill Index 2.06 0.15 0.33

S&P China Bond Index 3.09 0.25 0.53 S&P/ASX Corporate Bond 0+ Index 3.40 0.34 1.16

S&P China Convertible Bond Index - 1.60 -8.09 S&P/ASX Government Bond 0+ Index 2.18 1.25 2.56

S&P China Composite Select Bond Index 2.94 0.36 0.54 S&P/ASX Government Inflation-Linked Bond 0+ Index 0.51 0.79 1.52

S&P China Composite Select Bond Index (USD) 2.94 0.97 -0.11 S&P/ASX State-Government Bond 0+ Index 2.29 1.07 2.25

S&P Hong Kong Bond Index 0.37 0.28 0.18 S&P/ASX Supranational & Sovereign Bond 0+ Index 2.59 0.65 1.82

S&P BSE India Bond Index 8.16 -0.76 -0.26 Dow Jones Sukuk Higher Quality Investment Grade Total Return Index - 1.05 0.96

S&P India USD Corporate Bond Index 3.11 0.13 0.78 Dow Jones Sukuk Investment Grade Total Return Index - 1.03 0.99

S&P BSE India 10 Year Sovereign Bond Index 7.78 -0.39 0.26 Dow Jones Sukuk Price Return Index - 0.73 0.51

S&P Indonesia Bond Index 8.34 1.05 3.76 Dow Jones Sukuk Total Return Index (ex-Reinvestment) - 0.99 1.06

S&P Malaysia Bond Index 3.79 -0.04 1.29 S&P MENA Sukuk Index - 1.23 0.59

S&P Philippines Bond Index 3.98 2.26 2.82 S&P/DB ORBIT Credit Index 7.02 0.65 -0.91

S&P Singapore Bond Index 2.03 0.13 1.01 S&P/DB ORBIT Index 6.02 0.36 -0.97

S&P South Korea Bond Index 1.73 0.97 1.57 S&P/DB ORBIT SQS Index 4.69 -0.02 -1.05

S&P Taiwan Bond Index 0.89 0.83 1.40

S&P Thailand Bond Index 1.99 1.11 1.99


M&A Activity in Asia Pacific: Strategic Vs. Financial Buyers

Source: S&P Global Market Intelligence as of February 26, 2016. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values. Figures are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam. Charts for illustrative purposes only.

In February, M&A activity in Asia-Pacific remained sluggish. Both Strategic and Financial Buyers experienced the lowest activity levels in the last six months.

[ ] OUR TRANSACTION DATA S&P Global Market Intelligence covers 1,300,000+ transactions globally. All transaction information is seamlessly integrated in the S&P Global Market Intelligence platform and S&P Global Market Intelligence Excel Plug-In, and can be viewed alongside the most accurate company fundamentals. To learn more about our transaction coverage, history, and collection process, please contact [email protected].

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M&A Activity in Asia Pacific: Selected Countries

Source: S&P Global Market Intelligence as of February 26, 2016. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values. Charts for illustrative purposes only.

In February, M&A activity in APAC declined 14% by number of deals and 40% on aggregate transaction value year-over-year. Despite China still being the leading the region, the number of deals announced was only a third of the previous month’s. Thailand was host to one of its largest deal in recent years; Berli Jucker Public Co. Ltd.‘s US$3.8 billion acquisition of Big C Supercenter Public Company Ltd.

No. of Deals and Value by Sector (Feb ’16)

No. of Deals and Value YTD Activity (15’ vs. 16’)

Country No. of Deals Value of Deals ($USDmm)China 186 13,586.0Australia 131 3,607.4Japan 105 3,769.9India 82 1,004.3South Korea 51 1,136.2Malaysia 43 1,204.7Hong Kong 34 2,106.1Singapore 31 702.4Vietnam 30 116.5New Zealand 27 1,169.1Thailand 22 3,823.6Indonesia 14 257.0Philippines 10 37.8Taiwan 7 82.5

No. of Deals Value of Deals ($USDmm)16 YTD 15 YTD YoY Growth 16 YTD 15 YTD YoY Growth

China 632 571 11% 38,440 50,404 -24%Australia 161 166 -3% 4,669 18,357 -75%Japan 202 251 -20% 9,044 7,709 17%India 199 259 -23% 1,833 3,410 -46%South Korea 111 149 -26% 4,149 7,962 -48%Malaysia 87 95 -8% 4,222 1,697 149%Hong Kong 84 85 -1% 7,462 71,149 -90%Singapore 71 63 13% 1,393 5,628 -75%Vietnam 69 25 176% 220 167 31%New Zealand 43 47 -9% 1,379 496 178%Thailand 32 44 -27% 3,844 2,573 49%Indonesia 35 43 -19% 431 1,659 -74%Philippines 12 20 -40% 38 70 -45%Taiwan 20 23 -13% 1,509 630 140%Total 1,758 1,841 -5% 78,631 171,911 -54%

Key Threshold (No. of Deals)0

>14 - 37>37 - 74

>74 - 112>112 - 149>149 - 186


M&A Activity in Asia Pacific: Selected Sectors

Source: S&P Global Market Intelligence as of February 26, 2016. Figures are based on M&A announcement dates. Includes closed and pending transactions as well as those without transaction values. Figures are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam. NSD – unassigned sectors. Charts for illustrative purposes only. Data sorted by no. of deals and by transaction value from highest (darkest green) to lowest (lightest green).

In February, while Financials continued to dominate the M&A activities in terms of deal value, Materials and Consumer Staples advanced to second and third in the deal value ranking, with year-over-year increases of 334% and 134% respectively.

No. of Deals YTD Activity (15’ vs. 16’) Value of Deals (USDmm) YTD Activity (15’ vs. 16’)

Sector '16 YTD '15 YTD YoY GrowthFinancials 324 466 -30%Industrials 245 248 -1%IT 225 229 -2%Con. Disc. 223 261 -15%Materials 113 118 -4%Con. Staples 93 68 37%Healthcare 89 85 5%Utilities 30 38 -21%Energy 23 32 -28%Teleco. Services 5 11 -55%NSD 388 285 36%Total 1758 1841 -5%

Sector '16 YTD '15 YTD YoY GrowthFinancials 25,357.5 41,195.5 -38%Con. Disc. 11,668.1 6,704.7 74%Industrials 6,704.3 91,763.2 -93%Materials 6,518.2 3,283.7 98%IT 6,050.2 6,175.2 -2%Con. Staples 5,849.7 2,635.7 122%Healthcare 5,126.1 1,970.5 160%Energy 1,522.8 778.3 96%Utilities 683.3 9,305.9 -93%Teleco. Services 215.6 1,568.3 -86%NSD 8,935.4 6,530.2 37%Total 78,631.0 171,911.3 -54%


Private Equity Investments & Buyouts: Selected Countries

Source: S&P Global Market Intelligence as of February 26, 2016. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values. Charts for illustrative purposes only.

In February, private equity activities in Asia-Pacific continued to decline with YTD deal value down 57% compared to 2015. Indonesia saw its largest transaction value in recent years, primarily due to the US$387 investment in PT. Trans Retail by GIC Pte. Ltd.

No. of Deals and Value by Country (Feb ’16)


Country No. of Deals Value of Deals ($USDmm)India 18 197.8China 14 454.0Japan 13 236.7Australia 6 706.1South Korea 5 193.2Singapore 4 25.0Indonesia 2 401.5Malaysia 1 0.0New Zealand 1 0.0Hong Kong 0 0.0Philippines 0 0.0Taiwan 0 0.0Thailand 0 0.0Vietnam 0 0.0


India 36 56 -36% 634 1,515 -58%China 49 52 -6% 2,123 5,759 -63%Japan 11 7 57% 280 1,895 -85%Australia 30 24 25% 785 127 517%South Korea 9 10 -10% 214 1,041 -79%Singapore 8 5 60% 58 73 -21%Indonesia 3 3 0% 403 27 1,394%Malaysia 1 2 -50% - 13 -100%New Zealand 1 1 0% - 114 -100%Hong Kong 3 2 50% 211 80 164%Philippines - - NA - - NATaiwan - - NA - - NAThailand - 2 -100% - 242 -100%Vietnam 1 - NA 20 - NATotal 152 164 -7% 4,729 10,885 -57%


>0 - 4>4 - 7

>7 - 11>11 - 14>14 - 18


Venture Capital Investments: Non Buyouts by Country

Source: S&P Global Market Intelligence as of February 26, 2016. Figures are based on transaction announcement dates. Includes both closed and pending transactions as well as those without transaction values. Non-buyouts will include all features except for LBO, management buyout or secondary LBO. Charts are for illustrative purposes only.

In February, venture capital in Asia-Pacific experienced the lowest activity level in the last two years.

No. of Deals and Value by Country (Feb ’16)


Country No. of Deals Value of Deals ($USDmm)India 32 264.0China 21 1,115.2Japan 11 33.7Singapore 5 26.6Australia 4 17.9South Korea 4 32.6Indonesia 2 15.0Malaysia 1 0.0New Zealand 1 5.9Philippines 1 0.0Taiwan 1 5.6Vietnam 1 0.5Hong Kong 0 0.0Thailand 0 0.0


India 59 80 -26% 647 1,596 -59%China 60 77 -22% 3,750 4,930 -24%Japan 11 9 22% 102 114 -10%Singapore 38 47 -19% 44 74 -41%Australia 7 16 -56% 78 33 135%South Korea 8 13 -38% 59 1,053 -94%Indonesia 8 6 33% 20 28 -28%Malaysia 2 1 100% - 1 -100%New Zealand 1 2 -50% 6 114 -95%Philippines 2 1 100% 1 - NATaiwan 1 2 -50% 6 1 306%Vietnam 3 - NA 21 - NAHong Kong 4 4 0% 218 81 169%Thailand 1 2 -50% 1 11 -95%Total 205 260 -21% 4,951 8,035 -38%


>1 - 6>6 - 13

>13 - 19>19 - 26>26 - 32


Public Offerings by Country

Source: S&P Global Market Intelligence as of February 26, 2016. Figures are based on public offerings offer date. Includes all closed transactions. Charts are for illustrative purposes only.

The IPO market in Asia-Pacific improved slightly in February but was still relatively inactive given the stock market plunge. In Vietnam, 11 companies were listed which was the most in the region. However, China is still leading the market with respect to transaction value.

No. of IPOs and Value by Country (Feb ’16)

No. of IPOs and Value YTD Activity (15’ vs. 16’)

Country No. of IPOs Value of IPOs ($USDmm)Vietnam 11 17.3China 9 555.5India 9 194.2South Korea 5 127.6Australia 4 14.7Indonesia 2 8.1Hong Kong 1 4.3Japan 1 5.4Malaysia 0 0.0New Zealand 0 0.0Philippines 0 0.0Singapore 0 0.0Taiwan 0 0.0Thailand 0 0.0

No. of Deals Value of IPOs ($USDmm)16 YTD 15 YTD YoY Growth 16 YTD 15 YTD YoY Growth

Vietnam 23 17 35% 85 59 43%China 16 54 -70% 1,237 4,515 -73%India 8 2 300% 196 2 12,369%South Korea 11 3 267% 172 17 899%Australia 7 4 75% 27 32 -16%Indonesia 3 1 200% 10 3 282%Hong Kong 3 10 -70% 17 204 -92%Japan 1 7 -86% 5 105 -95%Malaysia 1 1 0% 1 1 18%New Zealand - 1 -100% - 20 -100%Philippines - - NA - - NASingapore 3 - NA 29 - NATaiwan - - NA - - NAThailand - 5 -100% - 154 -100%Total 76 105 -28% 1,779 5,113 -65%

Key Threshold (No. of IPOs)0

>0 - 2>2 - 4>4 - 7>7 - 9

>9 - 11


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