A leading M&A advisor sheds some light on various dealmaking landscapes around the globe.

Heather West, Senior Editor, Americas, Mergermarket, ACURIS

Having regained some momentum towards the end of 2019, M&A activity in Asia was brought to a sudden halt in early 2020 due to the COVID-19 outbreak. Due to uncertainty surrounding the global situation, most companies have shelved any immediate M&A plans and have focused on simply keeping afloat. However, given the early recoveries in several major markets and a new wave of targets stemming from the aftermath of the virus, there is hope that dealmaking will soon pick up once again. This panel will look at how deal flow will fare in the coming months and the year ahead.

• Which sectors will see the most activity in the short-term, and when is deal activity in Asia expected to reach pre-COVID-19 levels again?
• How have corporates reacted, and how has the pandemic impacted their corporate strategies?
• How have the roles of legal and financial advisors evolved given the changing dealmaking conditions?
• How are deals being negotiated and executed in a no-travel environment?

Moderator: Anette Jönsson, Associate Editor, Dealreporter - Asia Pacific, ACURIS
Panelists:
Yoshinobu Agu, Managing Director, Head of M&A Division, CITIGROUP GLOBAL MARKETS JAPAN
Max Chen, Partner, PRIMAVERA CAPITAL
Samson Lo, Managing Director, Head of Mergers & Acquisitions, Asia, UBS
Ee-Ching Tay, Managing Director, Head of Southeast Asia M&A, J.P. MORGAN
Richard Young, Managing Director, Head of Financial Sponsors, Asia, MACQUARIE CAPITAL

The acquisition financing market has seen a substantial shift since the outbreak. The volatile external environment has forced banks to take a more risk averse approach towards lending, prompting complex structures between lenders and borrowers to push deals through. Meanwhile, private equity firms that are sitting on piles of dry powder could emerge as reliable partners for transactions, though also remaining mindful of their commitment to support existing portfolio companies. This panel will discuss best practices in deal structuring and the changing landscape of deal financing.

• How are lenders assessing risk during such uncertain and volatile times?
• How will leverage and financing structures change in the long-term?
• What are some creative deal structures between lenders and borrowers that are designed to push deals through in the short-term?
• How can corporates partner efficiently with financial sponsors for acquisitions?

Moderator: Fabien Banaletti, Joint General Manager, SUMITOMO MITSUI BANKING CORPORATION
Panelists:
Jean-Yves Korenian, Managing Director, Head of Acquisition Finance & Advisory, APAC and Head of Leveraged & Telecom Finance Group, APAC, CRÉDIT AGRICOLE CIB
Mahendra Kumar, Head of Financing – Financial Sponsor Coverage, APAC, DEUTSCHE BANK AG
Edward Tong, Managing Director, Head Private Debt Asia, PARTNERS GROUP (SINGAPORE)
Ciarán Voyles, Executive Director, Leveraged & Acquisition Finance, International Banking, ANZ, Leveraged & Acquisition Finance Committee Chair, APLMA

Fuelled by relaxed policies on foreign ownership limits and the country’s economic potential, China has attracted record levels of inbound M&A in recent years. At the same time, despite a steady decrease since 2016, outbound activity could be set for a rebound as opportunistic Chinese buyers look to take advantage of low valuations amid the global pandemic. Nevertheless, hurdles remain for M&A into and out of China, including corporate governance uncertainties in China and increased regulatory scrutiny around the globe for Chinese buyers. Our panel will discuss the deal drivers of M&A in China, as well as the challenges to overcome for acquisitions.

• What are the main deal drivers for M&A in China over the next 18 months? Is privatisation the next big opportunity?
• Which sectors have opened up to foreign participation, and how can foreign investors get involved?
• Is the playbook for private equity participation in M&A changing?
• How will geopolitical uncertainty affect the appetite for dealmaking in and out of China?

Moderator: Ling Yang, Deputy China Editor, Mergermarket, ACURIS
Panelists:
Bagrin Angelov, Head of China Cross-border M&A, Executive Director, CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED
Andrew Huang, Managing Director, Co-Head of Consumer, Media & Technology, FOUNTAINVEST PARTNERS (ASIA) LIMITED
Tony Jiang, Co-Founder and Partner, OCEAN LINK
Wei Lu, Investment Director, FAURECIA (CHINA)

Yulingbo Mao, Director, BLACKPEAK

The prolonged battle with COVID-19 has taken a toll across all sectors, especially those dependent on consumer spending and physical experiences. While the preferred choice to combat a liquidity crisis is credit, some companies may find themselves in too big of a hole from which to recover, creating an opportunity for special situation investors to pounce at lower valuations. This panel will focus on distressed M&A and discuss the types of transactions in this space, as well as compare traditional distressed destinations, such as China, with the rest of Asia given the current crisis.

• Which sectors are opportunistic from a distressed investor’s point of view, and why?
• Will China see an uptick in buyouts stemming from distressed scenarios?
• What are the key challenges to distressed and special situations investing, and how can advisors help?
• How should buyers and sellers approach an accelerated timeline?

Moderator: Luc Mongeon, Managing Editor, DEBTWIRE ASIA-PACIFIC
Panelists:
George Long, Chairman & CIO, LIM ADVISORS
Jason Kardachi, Managing Director, BORRELLI WALSH
Yong Kai Wong, Managing Director, Head of Legal & Compliance, CITIC CAPITAL
Alex Wu, Executive Director, CDH INVESTMENTS

在外资所有权限制放宽和国家经济潜力的推动下，近年来，中国的入境并购交易达到了前所未有的高水平。同时随着投机性中国买家准备利用全球新冠疫情中的低估值优势，对外并购交易有望从自2016年以来的持续下滑中实现反弹。尽管如此，入境和对外并购仍然面临障碍，其中包括中国公司治理的不确定性以及全球范围内对中国买家的监管审查日益严格等因素。我们的专家小组将讨论中国并购交易的驱动因素以及在收购方面需要克服的挑战。

• 未来18个月中，中国的并购交易的主要驱动力是什么？私有化会是下一场大机遇吗？
• 哪些领域已经向外资开放，外国投资者该如何参与？
• 私募股权参与并购的方式是否有所改变？
• 地缘政治不确定性将如何影响中国境内外的交易喜好？

Moderator: Ling Yang, Deputy China Editor, Mergermarket, ACURIS
Panelists:
Bagrin Angelov, Head of China Cross-border M&A, Executive Director, CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED
Andrew Huang, Managing Director, Co-Head of Consumer, Media & Technology, FOUNTAINVEST PARTNERS (ASIA) LIMITED
Tony Jiang, Co-Founder and Partner, OCEAN LINK
Wei Lu, Investment Director, FAURECIA (CHINA)

Yulingbo Mao, Director, BLACKPEAK

旷日持久的COVID-19保卫战使各领域损失惨重，尤其是那些依赖于消费品支出和实际经验的领域。尽管信贷是抵御流动性危机的首选，但一些公司可能会发现漏洞太大而难以弥补，这为特殊情况投资者提供了抄底的机会。专家小组将重点探讨并购困境，讨论其中的交易类型，并比较在当前危急中，陷于困境的传统投资目的地（如中国）与亚洲其他地区的市场表现。

• 对于陷于困境中的投资者而言，哪些行业仍有机会？为什么？
• 中国是否会因当下的困境而出现买断交易增加的现象？
• 困境和特殊情况投资的主要挑战是什么？顾问怎样提供帮助？
• 买卖双方应如何加快时间表？

Moderator: Luc Mongeon, Managing Editor, DEBTWIRE ASIA-PACIFIC
Panelists:
George Long, Chairman and CIO, LIM ADVISORS
Jason Kardachi, Managing Director, BORRELLI WALSH
Yong Kai Wong, Managing Director, Head of Legal & Compliance, CITIC CAPITAL
Alex Wu, Executive Director, CDH INVESTMENTS

Interviewer: Tim Burroughs, Managing Editor, ASIAN VENTURE CAPITAL JOURNAL
Interviewee: Jonathan Larsen, Chief Innovation Officer, PING AN GROUP, Chairman & CEO, PING AN GLOBAL VOYAGER FUND

Technology has been one of the few beneficiaries of the global lockdown. Travel bans and social distancing protocols have accelerated societies’ dependence on technology, which has further increased the attractiveness of this lucrative sector. Given the increased reliance on technology, M&A could be on the horizon for those seeking further growth. However, investors should also exercise caution given the over valuations and lofty expectations in this space. Our panel will take an in-depth look at how the tech sector has performed and where M&A opportunities lie.

• Which technology sub-sectors offer the most potential under the new normal?
• How have tech valuations changed since the outbreak?
• What effect will the wave of primary and secondary listings of technology companies have on the M&A market?
• Will private equity continue to play a big role in this sector?

Moderator: Maggie Lu Yueyang, Bureau Chief, Mergermarket Australia/New Zealand, ACURIS
Panelists:
Austin R. Bryan, Senior Director - Innovation, CLP HOLDINGS LIMITED
Mingming Huang, Founding Partner, FUTURE CAPITAL DISCOVERY FUND
Yan Li, CEO, NIU TECHNOLOGIES
Pritimukta Sarangi, Senior Director – Corporate Strategy, AVAYA
Karen Zhang, Head of China Emerging Technology Investments, KKR

Prior to COVID-19, Asia’s healthcare sector was experiencing significant growth in recent years. The undersupply of healthcare services has fuelled cross-border deals across the region, especially in emerging countries. Demand for quality healthcare continues to rise due to aging populations and rising income levels. While deal flow may have temporarily stalled in early 2020, interest in Asian healthcare is not expected to slow, and may very well skyrocket given the nature of the ongoing crisis. Our panel of experts examine:

• Which countries will see the most activity in terms of healthcare acquisitions?
• What types of healthcare investments will garner the most interest?
• What are the keys to managing cross-border investments in this sector?
• How will the influx of technology-based healthcare companies impact the industry?

Moderator: Vikram Kapur, Partner and Head of APAC Healthcare Practice, BAIN & COMPANY
Panelists:
Jeff Chen, Group Chief Innovation Officer, FULLERTON HEALTH
Xiaodong Jiang, Managing Partner, LONG HILL CAPITAL
Vijay P. Karwal, Managing Director, Head of Healthcare Investment Banking Asia (ex Japan), NOMURA