Thursday, 19 October 2017
||Registration and refreshments
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?
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
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?
Case study / Fireside chat
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?
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
||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?
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
|Closing remarks and end of conference