Thursday, 19 October 2017
||Registration and refreshments
Shuang Chen, JP, Executive Director and Chief Executive Officer, CHINA EVERBRIGHT LIMITED
Overview of China M&A 2017/18
China M&A recorded US$ 134bn worth of deals in the first half of 2017, a drop of 23.8% compared with the first half of 2016, largely due to increased regulations on outbound M&A by Chinese regulators. However, the market has responded proactively with a shift back towards domestic activity fuelled by industry consolidation. Our panel of senior dealmakers will evaluate the evolution of the China M&A landscape in 2017 and assess the outlook for the future.
- What factors are shaping M&A in 2017? What have been the sources of deal flow?
- How has government policy and initiatives affected deal flow? What are the new drivers
- What are the key lessons learned from the successful and non-successful deals this year?
- What is the outlook for 2018 and beyond?
Moderated by: Yun Zhou, Partner, ZHONG LUN LAW FIRM
Bagrin Angelov, Executive Director, CHINA INTERNATIONAL CAPITAL COPRORATION LIMITED (CICC)
Min Huang, Deputy General Manager Merger & Acquisition Office, GUOTAI JUNAN SECURITIES
Jay K. Kunkel, President - Asia Pacific, Member of Executive Council, LEAR CORPORATION
Samson Lo, Managing Director, Head of Mergers and Acquisitions, Asia, UBS
Game of deals: China 2.0 is coming
A number of Chinese companies have scaled their learning curve and evolved into skillful players of the M&A game. Every potential acquisition is approached with carefully considered strategies, covering everything from sourcing and attracting the right targets to successfully harvesting mutual synergies while navigating cultural differences. This M&A masterclass will feature professional dealmakers sharing their experiences to help your firm supercharge its M&A strategy.
- Project the right image: Selling the buyer
- Finding the right partners for each deal
- Dealing with different cultural and managerial styles
- Creating realistic milestones and synergistic practices
Moderated by: Kevin Chan, Partner, Transaction Advisory Services, GRANT THORNTON
Junwei Chen, CEO & President, HARVEST TECH INVESTMENT MANAGEMENT CO., LTD.
Nicole Li, Vice President, Private Equity and Strategic Channels, APAC, ADP
Gian-Marc Widmer, Director, Head of International M&A, CITIC SECURITIES CO., LTD.
Jason Zhao, Head of Private Equity Investment, CHINA POST LIFE INSURANCE
Inbound M&A: Resurgent interest
Foreign investors' appetite for China is rebounding, driven by a weaker yuan, a supportive policy, and the allure of the buoyant Chinese consumer market. With valuations high and an increasingly challenging operational environment, savvy foreign investors are adapting with buy-and-build strategies and new perspectives on China's role in their corporate expansion blueprint. Our panel of professionals discuss and debate the best strategy for investing in China.
- How has inbound deal flow shifted this year? What sectors are attractive for foreign investors?
- How have foreign companies adjusted their China growth strategies?
- What are the latest PRC regulatory shifts, and how are they facilitating inbound M&A deals?
- What challenges do foreign investors face when working with Chinese partners, and how these can be resolved?
Moderated by: Lee Edwards, Partner, Mergers & Acquisitions, SHEARMAN & STERLING LLP
Barry J. Chen, Managing Director/Partner in Charge, INTERCHINA PARTNERS
Jay Cheng, VP & Corporate Development Officer, APAC, JOHNSON CONTROL INC.
Adam Shen, Head of M&A Asia, DANAHER CORPORATION
Mark Webster, Partner and Managing Director, BDA PARTNERS
Michael Zhang, Asia-Pacific President, DOVER CORPORATION
Selected emerging opportunities: Family businesses buyout, fintech investment, and more
The confluence of economic, social, technological and regulatory changes in China have given rise to emerging opportunities for M&A transactions. Our panel of senior professionals share their thoughts on a number of such opportunities.
Moderated by: Robert Daudt, Managing Partner, CHINA PLUS CAPITAL
- With 1st generation entrepreneurs facing retirement and succession planning, selling family businesses to buyout funds and strategic buyers becomes a viable exit option. However, making the decision as to when and how to sell, is a real challenge for families.
- Technology innovation, regulatory evolution and the fintech boom are poised to significantly change the landscape of China's financial services sector, and offer tremendous investment opportunities.
- The increasing importance of China in the global market has led to many multinational companies to rethink their China strategies, which has presented significant M&A opportunities.
Jiaqi Geng, Vice President, Investment, Consumer & Retail, CITICPE
Lefan Gong, Partner, ZHONG LUN LAW FIRM
Edward Li, Partner, ZHONG LUN LAW FIRM
Ming Shu, Partner, LINGFENG CAPITAL
One belt one road: The next wave of M&A opportunities?
The Chinese government's One Belt One Road (OBOR) initiative has gathered momentum, with increasing investment in the 66 participating countries. Supported by favourable policies, Chinese conglomerates are actively seeking M&A opportunities in various sectors in order to build their global footprint. Will this fuel the next wave of M&A opportunities? Our panel of professionals share their views on the outlook and the opportunities.
- What are the drivers for the new opportunities?
- Where are the most attractive targets?
- Which sectors might see more synergy with the OBOR initiative?
- What are the key challenges when entering new and emerging markets?
Moderated by: Honghui Cao, Deputy Director General Research & Development,
CHINA DEVELOPMENT BANK
Patrick Ip, Managing Director, CHINA-ASEAN INVESTMENT COOPERATION FUND (CAF)
Honghui Sun, Chief Investment Officer, CHINA-EURASIAN ECONOMIC COOPERATION FUND
Andrew Wang, President and Executive Director, EVERBRIGHT FINANCIAL INVESTMENT HOLDING LIMITED; Director, THE SILK ROAD FINANCE CORPORATION
Jianwei Xu, Senior Economist, Greater China, Corporate & Investment Banking, Asia Pacific, NATIXIS
Private equity and corporates: Achieving a win-win partnership
Regulators' tighter scrutiny of capital outflows and interest in high-profile large international acquisitions, means private equity firms remain a natural partner for Chinese strategic investors. With access to capital, expertise in navigating regulatory hurdles, good deal sourcing, experience with post-integration issues, and value creation capabilities it seems to be a win-win situation. However, while these partnerships look convincing on the surface, differences in expectations, disputes over operational management, and failure to reach agreements mean plans can go awry. A panel of seasoned GPs and corporate leaders discuss:
- How can private equity support Chinese M&A? What are the benefits of GP/corporate partnerships?
- What are private equity firms' expectations? Do global and local funds have different perspectives?
- What are the differences in expectations and interests in a win-win partnership, and how can they be minimised?
- Case study: Key lessons learnt and tips for success
Moderated by: Li Chen, Partner, Mergers & Acquisitions, SHEARMAN & STERLING LLP
Max Chen, Managing Director and Founding Member, PRIMAVERA CAPITAL GROUP
David He, Partner, Head of Operations, PAG ASIA CAPITAL, SHANGHAI
Sam Sun, Partner /Head of Greater China, AGIC CAPITAL
Dasong (Steven) Wang, MD and Head of the Pharmaceutical Investment Team, CITICPE
||Networking coffee break
Acquisition financing: What are the options?
Acquisition financing in China has evolved in 2017. Securing financing has become more challenging for overseas acquisitions as a result of tighter scrutiny from regulators on capital outflows and concerns over highly leveraged deals. While the structures are more complex, deals are still getting done, capital is being raised overseas, and there is increased involvement from various players, including private equity funds and asset management firms. The onshore financing market is also changing, triggered by the acceleration of industry consolidation. Our panel of senior professionals diagnose the current financing landscape and weigh up the options.
- What are the latest regulatory updates on financing?
- What challenges do Chinese companies face? How can you structure your deals to maximize the chance for approval under the current restrictions?
- How best to partner with private equity, credit, and mezzanine funds?
- With more domestic acquisitions expected, how will the onshore financing market develop?
Moderated by: Zhiping Chen, Founding Partner, RJ CAPITAL GROUP
Aaron Chow, Head of the Asia-Pacific Business Department, INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED
Lindsay Chu, Managing Director / Head of Corporate Finance & Financial Sponsors AeJ, NOMURA
Barry Lau, Co-Founder, Managing Partner and Chief Investment Officer, ADAMAS ASSET MANAGEMENT
Lei Yang, Partner, HUATAI RUILIAN FUND MANAGEMENT
Hot industries in focus: Deal drivers for China M&A
Despite the cooldown of M&A in China, investors are seeing promising opportunities in certain industries fuelled by China's economic transition, government initiatives, accelerated SOE reforms and restructuring, as well as industry transformation. In this session, a panel of seasoned PE and strategic investors highlight the industries and strategies that best access these opportunities.
- Financial Services
- Advanced manufacturing
- Real estate
Moderated by: Alain Sepulchre, Executive Director, S2S ASIA
Brian Chi, Managing Director, Private Equity, BLACKSTONE
Jeremy Choy, Managing Director, Head of Mergers & Acquisitions, CHINA RENAISSANCE
Sean Lee, Chief Strategy Officer Asia, Head of Korea, PERMIRA ADVISERS (CHINA) LIMITED
Yuan Wu, General Manager, Mergers & Acquisitions Centre, JIANGSU YUEDA INVESTMENT CO., LTD.
|Closing remarks and end of conference