1、February 2024China M&A 2023Review and OutlookPwCForewordThe data presented is based on information compiled by Refinitiv Eikon(formerly named“ThomsonReuters”),CV Source,AVCJ,public news and PwC analysis unless stated otherwiseThomson Reuters and CV Source record announced deals.Some announced deals

2、will not go on to completeThe deal volume figures presented in this report refer to the number of deals announced,whether or not a value is disclosed for the deal The deal value figures presented in this report refer only to those deals where a value has been disclosed(referred to in this presentati

3、on as“disclosed value”)“Domestic”means China including Hong Kong,Macau and Taiwan“Outbound”relates to mainland China company acquisitions abroad“Inbound”relates to overseas company acquisitions of domestic companies“Private Equity deals”or“PE deals”refer to financial buyer deals with deal value over

4、 US$10mn and invested mainly by private equity GPs but also including direct investments by financial institutions and conglomerates which are of the nature of private equity type investment2Explanation of data shown in this presentation(1)PwC“VC deals”refer to financial buyer deals with deal value

5、of less than US$10mn and/or with undisclosed deal value,but invested by financial buyers“Strategic buyer”refers to corporate buyers(as opposed to financial buyers)that acquire companies with the objective of integrating the acquisition in their existing business“Financial buyer”refers to investors t

6、hat acquire companies with the objective of realising a return on their investment by selling the business at a profit at a future date and mainly,but not entirely,comprises PE and VC funds In order to exclude foreign exchange impact,deal values from previous years were adjusted based on monthly ave

7、rage Rmb/US$exchange rate in 20233ForewordExplanation of data shown in this presentation(2)China M&AOverview1PwCFinancialbuyer-backed mainland China outbound deals are also included in financial buyer deals,but they are not double counted in the total deal volume and deal value in the table above.So

8、urce:Refinitiv Eikon,CV Source and PwC analysis5Total deal volume and value,from 2019 to 2023Volume ValueVolume ValueVolume ValueVolume ValueVolume Value(US$bn)(US$bn)(US$bn)(US$bn)(US$bn)Strategic buyersDomestic4,498 269.1 4,530 341.0 5,143 238.9 4,478 193.0 3,240 147.1 -28%-24%Foreign248 20.6 181

9、14.2 142 18.2 124 14.0 80 14.6 -35%4%Total Strategic buyers4,746 289.7 4,711 355.2 5,285 257.1 4,602 207.0 3,320 161.7 -28%-22%Financial buyersPrivate Equity1,585 203.7 2,077 324.3 2,269 303.4 2,020 234.8 1,168 148.3 -42%-37%VC2,549 2.6 3,361 2.7 4,920 3.4 4,766 5.5 3,766 3.0 -21%-45%*Total Financia

10、l buyers4,134 206.3 5,438 327.0 7,189 306.8 6,786 240.3 4,934 151.3 -27%-37%Mainland China OutboundSOE60 15.9 27 6.2 19 4.5 30 5.3 23 3.7 -23%-30%POE384 25.9 253 21.4 211 8.6 172 7.4 195 12.0 13%62%*Financial buyers223 14.7 123 13.6 272 32.6 288 29.8 136 3.3 -53%-89%Total Mainland China Outbound667

11、56.5 403 41.2 502 45.7 490 42.5 354 19.0 -28%-55%HK Outbound159 13.8 122 6.2 86 4.9 129 4.8 91 4.4 -29%-8%Total9,483 551.6 10,551 716.0 12,790 581.9 11,719 464.8 8,563 333.1 -27%-28%2020202120222023%Diff vol.2023 vs.2022%Diff val.2023 vs.20222019China M&A fell to multi-year lows in 2023,down 28%to U

12、S$333bn;however outbound investments by privately-owned enterprises bucked the trend rebounding by 13%in volume and 62%in value compared to the 2022 lowsPwCSource:Refinitiv Eikon,CV Source and PwC analysis6Total deal volume and value,from 2013 to 2023Although deal levels hit 10-year lows in 2023,the

13、 second half of the year did show some improvement over the first half,up 19%in value terms and 12%by volume1,826 2,621 2,654 4,245 4,543 4,876 5,365 6,042 4,375 5,464 5,653 5,234 500244814,989 5,562 6,101 6,689 6,173 5,546 4,045 4,518 104.6 148.3 177.8 215.1 301.3 346.5 375.1 345.5 253.7 387.9 330.

14、3 312.9 251.2 300.5310.9 405.3 271.5 310.4 226.4 238.3 152.2 180.9 -1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,00005003003504004501H132H131H142H141H152H151H162H161H172H171H182H181H192H191H202H201H212H211H222H221H232H23Deal volumeDeal valueNo.US$billionPwC55 financial buyer-led mainland C

15、hina outbound deals are also recorded in private equity deals,81 are included in VC dealsSource:Refinitiv Eikon,CV Source and PwC analysis7No.Deal volume by main category 4,498 4,530 5,143 4,478 3,240 248181142 124 80 1,585 2,077 2,269 2,020 1,168 15912286 129 91 667403502 490 354 2,549 3,361 4,920

16、4,766 3,766 02,0004,0006,0008,00010,00012,00014,000200222023Domestic Strategic BuyersForeign Strategic BuyersPrivate Equity DealsHong Kong OutboundChina Mainland OutboundVC DealsIn volume terms,domestic strategic deals fell by 28%,PE by 42%and VC by 21%PwC8269.1 341.0 238.9 193.0 147.1 20

17、.6 14.2 18.2 14.0 14.6 203.7 324.3 303.4 234.8 148.3 13.8 6.2 4.9 4.8 4.4 56.5 41.2 45.7 42.5 19.0 00500600700800200222023Domestic Strategic BuyersForeign Strategic BuyersPrivate Equity DealsHong Kong OutboundChina Mainland OutboundUS$billion*US$3.1bn of financialbuyer-backed m

18、ainland China outbound deals are also recorded in private equity deals.US$0.2bn are recorded in VC deals(excluded from this chart).Source:Refinitiv Eikon,CV Source and PwC analysisDeal value by main category(excludes VC)Deal values fell to multi-year lows with domestic strategic M&A down by 24%and P

19、E dropping by 37%PwC9*Defined as US$1bn Source:Refinitiv Eikon,CV Source and PwC analysisNo.67 34 39 42 37 34 39 22 24 1 2354 2 4 4 5 27 19192427 48 44 22 18 19 48282012 8 9 5 2 1 1 1 1 020406080000222023Domestic Strategic BuyersForeign Strategic BuyersPrivate Equity

20、 DealsChina Mainland OutboundHong Kong Outbound91103Number of deals with value US$1 billion54There were only 50 mega-deals(US$1bn)in 2023 of which 28 were related to SOEs;the mega deals were highly concentrated in the key sectors in the 14th5-year-plan;four sectors accounted for 41 out of

21、 50 mega deals,being industrials(13),high tech(11),financials(9)and energy&power(8)50Strategicbuyers2PwC248 181 142 124804,498 4,530 5,143 4,478 3,240 20.6 14.2 18.2 14.0 14.6 269.1 341.0 238.9 193.0 147.1 050030035040001,0002,0003,0004,0005,0006,000200222023Announced Deal Volu

22、me InboundAnnounced Deal Volume DomesticAnnounced Deal Value InboundAnnounced Deal Value DomesticUS$billion11No.Source:Refinitiv Eikon,CV Source and PwC analysisStrategic buyer deals Domestic&ForeignDomestic strategic M&A fell 28%in value affected by multiple negative factors in the wider environmen

23、t including slower than expected economic recovery,policy uncertainties,geopolitical tensions,global interest rate effects,deleveraging,real-estate and equity market declines among others;these factors combined to sharply reduce asset valuations and led to a lack of confidence in dealmakingPwC12Sour

24、ce:Refinitiv Eikon,CV Source and PwC analysisStrategic buyer deal volume by industry sectorDeal volumes also fell,although industrials and high technology sectors were still the biggest sectors overall,as many of the industrial deals were focused on SOE reforms,SOE-driven industrial upgrades,re-capi

25、talisations and integrations between large SOE groups;government policies tended to encourage activities in industrials,high tech and energy&power sectors1,273 877725767 898 830 6458 393374434537373 363366364577457 343750720680424 3077 6280 107204236 31423

26、0 148 00400050006000200222023IndustrialsHigh TechnologyFinancialsEnergy and PowerHealthcareConsumerMaterialsReal EstateOthersNo.PwC60.674.068.372.141.838.625.232.529.030.420.432.742.724.828.626.840.528.017.519.344.389.119.114.118.818.818.717.315.87.241.630.922.519.06.628.526.11

27、6.69.95.96.914.15.50.61.03.13.94.64.32.00250300350400200222023IndustrialsFinancialsEnergy and PowerHigh TechnologyConsumerHealthcareReal EstateMaterialsMedia and EntertainmentOthersUS$billion13Source:Refinitiv Eikon,CV Source and PwC analysisStrategic buyer deal value by indust

28、ry sectorIn value terms,mega deals were mainly concentrated in financial service sectors,NEV(recorded in industrials),ESG/energy transition(recorded in energy&power),and semiconductors(recorded in high technology);16 out of 24 mega-deals in domestic strategic M&A involved SOEs;inbound deal values ac

29、tually increased by 4%compared to 2022 with 5 mega deals in various sectors$40bn Honour mobile deal was included in the 2H20 consumer dealsPE/VC andfinancial buyer deals3PwCSource:AVCJ and PwC analysis88.9 49.0 25.3 9.0 29.6 30.2 28.1 53.3 9.0 28.6 78.9 26.1 33.6 48.1 50.1 18.3 103 283281210112221 3

30、17 229 05003003500204060800020202120222023Renminbi Fund SizeNon-renminbi Fund SizeFund VolumeNo.US$billion15PE/VC fund raising for China investmentThese figures do not take into account available capital from alternative financial investors,e.g.corporate and SOE inve

31、stment arms/captive-PEs,financial institutions,HNWI-platforms,government-backed funds and sovereign investorsPE fundraising swung sharply in favour of renminbi raises with dollar funds generally struggling to raise capital specifically for China investment affected by geo-political issues,economic w

32、eakness,and uncertainties around policies and regulations affecting certain sectors;a perceived benefit in investing from domestic capital pools was a clear factor in the marketPwC1,5852,0772,2692,0201,168203.7 324.3 303.4 234.8 148.3 050030035005001,0001,5002,0002,500200222023

33、Announced Deal VolumeAnnounced Deal ValueUS$billion16No.Source:Refinitiv Eikon,CV Source and PwC analysisPE deals overviewHowever,investment volumes and values from PE fell sharply by 42%and 37%with pricing concerns resulting in a lack of willing sellers and foreign PEs in particular inclined to sit

34、 on the sidelines waiting for market uncertainties to become clearer;there were 18 mega-deals involving PE(vs 22 in 2022)of which 11 involved SOEsPwC1714.1Source:Refinitiv Eikon,CV Source and PwC analysisPE deal volume by industry sectorIn terms of volumes,industrials,high tech and healthcare contin

35、ued to be top three most favored sectors;while consumer deals continued to trend down293 462 421 470308338 468 611 630291164 384 483 360194117 108 113 155111260 271 258 138105105 96 86 1047691 73 61 6245149 125 121 4696890 115 5529 050002500200222023IndustrialsHigh TechnologyHe

36、althcareEnergy and PowerConsumerMaterialsReal EstateFinancial ServicesOthersNo.PwC1832.363.369.765.2 40.9 34.565.154.746.3 39.8 15.915.519.748.2 19.0 17.441.637.424.0 14.0 15.818.315.45.6 8.1 41.643.452.217.4 8.0 25.052.931.213.5 7.9 11.310.68.311.0 6.8 1.73.93.70.5 2.0 8.29.09.40.9 0.9 2.1 05010015

37、0200250300350200222023High TechnologyIndustrialsEnergy and PowerHealthcareReal EstateConsumerFinancialsMaterialsTelecommunicationsMedia and EntertainmentOthersUS$billion14.1Source:Refinitiv Eikon,CV Source and PwC analysisPE deal value by industry sectorThere was a decline in dollar terms

38、 in almost all sectors and the few mega deals were focused on government encouraged themes,such as high tech,industrials,and ESG/energy transitionPwC2,549 3,361 4,920 4,766 3,766 2.6 2.7 3.4 5.5 3.0 012345601,0002,0003,0004,0005,0006,000200222023Announced Deal VolumeAnnounced Deal ValueNo

39、.19US$billionSource:Refinitiv Eikon,CV Source and PwC analysisVenture Capital DealsVenture capital investment volumes also declined further,off by 20%from their peaks in 2021PwC2283055461,0941,9221,464123227370 414 348 274 44705001,0001,5002,0002,5002002120222023Trade saleIPOot

40、her20No.Source:CV Source and PwC analysisPE/VC-backed deal exit volume by typePE exit data were impacted by the unfavourable IPO market and asset prices generally in 2023,although this is one area which is not at multi-year lows reflecting the ongoing maturing of PE activities in China;in fact there

41、 has been focus in the market on preparing PE-held assets for exit but a general reluctance to launch processes given the continuing softness in asset valuesPwC40 63 117 159 135 97-60 127 137 109 65 32 36 51 55 16 17-44 44 30 38 47 41 39 43 19 19 28 21 2 6 2 11 3 2 05003003504004502018201

42、92020202120222023ShenzhenShanghai STARShanghai ABSE(Beijing)Hong KongNYSE/NASDAQOthersBeijing Stock Exchange opened in November 2021 and first IPO was approved on 6 January 2022 by“Registration System”instead of“Authorisation System”.21No.Source:CV Source and PwC analysisPE/VC-backed IPO exit volume

43、 by bourseFor the same reasons,PE-backed IPO activity was subdued with the mainland China markets again dominatingMainland Chinaoutbound M&A4PwCSource:Refinitiv Eikon,CV Source and PwC analysis23No.Mainland China outbound dealsMainland China outbound M&A deal value continued its long decline since t

44、he peaks of 2016 falling to only US$19bn the lowest level since the global financial crisis in 2008;however,behind the scenes we have seen more recent enquiries about Chinese outbound deal opportunities126 144 188 206 191 198 272 380 920 806 627 667 403 502 490 354 10.3 32.5 40.6 42.0 57.8 50.1 54.9

45、 54.5 199.6 116.1 89.2 56.5 41.2 45.7 42.5 19.0 0500005006007008009001,00020082009200000222023Deal VolumeDeal ValueUS$billionPwC24No.60 27 19 30 23 384 253 211 172 195 223 123 272 288 136 055-100 200 300 400 500 600 700 800

46、200222023SOE Announced Deal VolumePOE Announced Deal VolumeFinancial buyer Announced Deal VolumeSOE Announced Deal ValuePOE Announced Deal ValueFinancial buyer Announced Deal ValueUS$billionSource:Refinitiv Eikon,CV Source and PwC analysisMainland China outbound deals by investor typeAlth

47、ough in general the outbound activities were at a low level,investments by privately-owned enterprises increased both in volume and value,albeit off relatively low basesPwC25US$billion0.6-2.1 0.1-0.5 2.0 1.2 1.2 0.6 1.8 0.9 1.5-0.1 0.7 7.5 1.0 2.0 2.0 15.5 0.9 0.2 0.2 0.1 2.9 0.2-0.1 0.2 6.0 3.1 0.8

48、 0.8 0.7 0.3 0.4 0.1 0.7-1.7 0.3 0.0 0.4 024680IndustrialsHigh TechnologyMaterialsHealthcareConsumerEnergy and powerFinancialsOthers 2023 Financial buyers 2023 POE 2023 SOE 2022 Financial buyers 2022 POE 2022 SOELightspeed China Ventures acquired Anduril Industries(US)for US$1.5bnChina Me

49、rchant Fund(SOE background financial buyer)and BlackRock consortium acquired Aramco Gas Pipelines Company in Saudi Arabia for US$15.5bn.BYD acquired Jabil(Singapore)for US$2.2bnSource:Refinitiv Eikon,CV Source and PwC analysisMainland China outbound deals by industry sector value Two outbound mega d

50、eals were announced in the second half of 2023;industrials,high tech and materials were the top three sectors by valuePwC26No.Source:Refinitiv Eikon,CV Source and PwC analysisMainland China outbound deals by industry sector volume And high technology,industrials and healthcare were the top three sec

51、tors by volume1825122 36382322420218 1815 2 4 2 1 8 6 47 59 32 17 10 10 11 955 14 29 20 11 5 20500High TechnologyIndustrialsHealthcareConsumerFinancialsMaterialsEngergy and powerOthers2023 Financial buyers2023 POE2023 SOE2022 Financial buyers2022 POE2022 SOEPwC27Mainland China

52、outbound deals by region value 14.4 7.8 15.2 7.8 7.4 16.5 20.6 13.3 7.2 4.7 0.8 0.6 1.3 0.7 2.8 10.9 6.5 9.9 7.2 2.7 3.8 2.3 2.1 3.1 0.8 1.0 0.3 1.2 14.9 0.4 9.2 3.3 2.6 1.6 0.2 00200222023AsiaEuropeAfricaNorth AmericaOceaniaMiddle EastSouth AmericaUS$billionChina Merchant Fund

53、(SOE background financial buyer)and BlackRock consortium acquired Aramco Gas Pipelines Company in Saudi Arabia for US$15.5bn.Source:Refinitiv Eikon,CV Source and PwC analysisDeal values were at low levels;Asia was the most-favored destination by deal value PwC28192 126 106 130 118 144 99 193 1701032

54、26 119 137 1189519 7 13 15447 23 20 34 19 28 22 18 12 6 11 7 15 00400500600700800200222023AsiaNorth AmericaEuropeSouth AmericaOceaniaMiddle EastAfricaNo.Source:Refinitiv Eikon,CV Source and PwC analysisMainland China outbound deals by region volume Asia,US and Europe were the t

55、op three investment destination in volume termsKeymessages5PwCKey messagesOverallChina M&A fell to multi-year lows in 2023,down 28%to US$333bn;however outbound investments by privately-owned enterprises bucked the trend rebounding by 13%in volume and 62%in value compared to the 2022 lowsAlthough dea

56、l levels hit 10-year lows in 2023,the second half of the year did show some improvement over the first half,up 19%in value terms and 12%by volumeIn volume terms,domestic strategic deals fell by 28%,PE by 42%and VC by 21%Deal values fell to multi-year lows with domestic strategic M&A down by 24%and P

57、E dropping by 37%There were only 50 mega-deals(US$1bn)in 2023 of which 28 were related to SOEs;the mega deals were highly concentrated in the key sectors in the 14th 5-year-plan;four sectors accounted for 41 out of 50 mega deals,being industrials(13),high tech(11),financials(9)and energy&power(8)Dom

58、estic and Foreign-Inbound StrategicDomestic strategic M&A fell 28%in value affected by multiple negative factors in the wider environment including slower than expected economic recovery,policy uncertainties,geopolitical tensions,global interest rate effects,deleveraging,real-estate and equity marke

59、t declines among others;these factors combined to sharply reduce asset valuations and led to a lack of confidence in dealmakingDeal volumes also fell,although industrials and high technology sectors were still the biggest sectors overall,as many of the industrial deals were focused on SOE reforms,SO

60、E-driven industrial upgrades,re-capitalisations and integrations between large SOE groups;government policies tended to encourage activities in industrials,high tech and energy&power sectorsIn value terms,mega deals were mainly concentrated in financial service sectors,NEV(recorded in industrials),E

61、SG/energy transition(recorded in energy&power),and semiconductors(recorded in high technology);16 out of 24 mega-deals in domestic strategic M&A involved SOEs;inbound deal values actually increased by 4%compared to 2022 with 5 mega deals in various sectors30China M&A in 2023(1)PwCPE/VC and financial

62、 buyer deals PE fundraising swung sharply in favour of renminbi raises with dollar funds generally struggling to raise capital specifically for China investment affected by geo-political issues,economic weakness,and uncertainties around policies and regulations affecting certain sectors;a perceived

63、benefit in investing from domestic capital pools was a clear factor in the marketHowever,investment volumes and values from PE fell sharply by 42%and 37%with pricing concerns resulting in a lack of willing sellers and foreign PEs in particular inclined to sit on the sidelines waiting for market unce

64、rtainties to become clearer;there were 18 mega-deals involving PE(vs 22 in 2022)of which 11 involved SOEsIn terms of volumes,industrials,high tech and healthcare continued to be top three most favored sectors;while consumer deals continued to trend downThere was a decline in dollar terms in almost a

65、ll sectors and the few mega deals were focused on government encouraged themes,such as high tech,industrials,and ESG/energy transitionVenture capital investment volumes also declined further,off by 20%from their peaks in 2021PE exit data were impacted by the unfavourable IPO market and asset prices

66、generally in 2023,although this is one area which is not at multi-year lows reflecting the ongoing maturing of PE activities in China;in fact there has been focus in the market on preparing PE-held assets for exit but a general reluctance to launch processes given the continuing softness in asset va

67、luesFor the same reasons,PE-backed IPO activity was subdued with the mainland China markets again dominating31Key messagesChina M&A in 2023(2)PwCMainland China OutboundMainland China outbound M&A deal value continued its long decline since the peaks of 2016 falling to only US$19bn the lowest level s

68、ince the global financial crisis in 2008;however,behind the scenes we have seen more recent enquiries about Chinese outbound deal opportunitiesAlthough in general the outbound activities were at a low level,investments by privately-owned enterprises increased both in volume and value,albeit off rela

69、tively low basesTwo outbound mega deals were announced in the second half of 2023;industrials,high tech and materials were the top three sectors by valueAnd high technology,industrials and healthcare were the top three sectors by volumeDeal values were at low levels;Asia was the most-favored destina

70、tion by deal value Asia,US and Europe were the top three investment destination in volume terms32Key messagesChina M&A in 2023(3)Outlook6PwCOutlook for 2024(1)34Deal flows in China in 2023 were impacted by a slower than expected economic rebound and ongoing regulatory,economic and geopolitical uncer

71、taintyBehind the scenes we have seen PE investors and some MNCs starting preparatory work for sale processes but it is still unclear as to what extent these will be launched into the market in the first half of 2024For foreign investors,including US$-funded PE,it appears that the investment landscap

72、e in China has narrowed somewhat with certain sectors likely out of bounds at least in the near term As part of this,investors are also wary of pending rules from US lawmakers which may constrain overseas deployment of US capital,again likely to be sector-specific;the appetite of foreign LPs for Chi

73、na investment allocations is also questionable at this time.Nevertheless,there continue to be some positive influences for China M&A,including:There is a pipeline of pent-up demand,and processes have been building somewhat behind the scenes(i.e.not in the numbers yet)in the second half of 2023;China

74、s leadership has indicated intentions to re-prioritise economic growth;support the private sector and the internet/platform economy;take measures to stimulate domestic consumption;make accommodations and work-outs around real-estate(albeit this remains a significant risk and drag on growth);and attr

75、act foreign investment;There are some signs of rapprochement in the US-China relationship,with some recent high-profile visits from US officials into China and meetings between the two leaders;Globally,there are hopes that inflation is coming under control and that interest rates may have peaked.Pub

76、lic market asset valuations have been improving in markets outside China.Any rebound in global M&A would also be positive for China deal activity;There are still record levels of dry powder for financial sponsors,and pressure to deploy this capital;(contd overleaf)PwCOutlook for 2024(2)35(contd)For

77、foreign PEs,there is a general shortage of viable alternative investment markets for large scale capital deployment in Asia-Pacific and the risk of FOMO if China rebounds;PEs are also likely to be active sellers as they look to return capital to LPs to enable future fund-raising rounds;Domestic(renm

78、inbi funded)PEs are generally active with strong fundraising in 2023;SOE reform will continue to drive some larger scale M&A;We anticipate more robust A-share capital market M&A activities,in particular driven by state-owned and controlled listed companies;MNCs are revisiting their China strategies

79、and structures and taking steps to optimise their portfolios;andWe are already seeing increased demand for outbound investment,especially into the Asia-Pacific region.In summary the M&A market needs an injection of confidence.Investors are looking for:More consistently positive economic indicators;S

80、ubstantive government support or stimulus;Sustained improvement in public equity valuations;andMore stabilisation of the relationship between China and the USIf some or all of these factors start to emerge over the summer then we would hope to see a stronger second quarter of 2024 leading into more

81、robust and sustained deal activity for the second half of 2024In this scenario,growth areas are likely to include:PE exit activity;MNC portfolio optimisation;Ongoing SOE reform;A-share capital market M&A;andDomestic(renminbi funded)M&AMaking predictions is difficult in this environment,but on balanc

82、e we do expect a double digit increase in M&A numbers in 2024 compared to 2023PwCData compilation methodology and disclaimerAcquisitions of private/public companies resulting in change of controlInvestments in private/public companies(involving at least 5%ownership)MergersBuyouts/buy-ins(LBOs,MBOs,M

83、BIs)PrivatisationsTender offersSpinoffsSplit-off of a wholly-owned subsidiary when 100%sold via IPODivestment of company,division or trading assets resulting in change of control at parent levelReverse takeoversRe-capitalisationJoint Venture buyoutsJoint VenturesReceivership or bankruptcy sales/auct

84、ionsTracking stockExcluded DealsProperty/real estate for individual propertiesRumored transactionsOptions granted to acquire an additional stake when not 100%of the shares has been acquired Any purchase of brand rightsLand acquisitionsEquity placements in fundsStake purchases by mutual fundsOpen mar

85、ket share buyback/retirement of stock unless part of a privatisationBalance sheet restructuring or internal restructuringInvestments in greenfield operationsGoing private transactions(with no new investors)36Statistics contained in this presentation and the press release may vary from those containe

86、d in previous press releases.There are three reasons for this:Refinitiv Eikon and CV Source historical data is constantly updated as deals are confirmed or disclosed;PricewaterhouseCoopers has excluded certain transactions which are more in the nature of internal re-organisations than transfers of c

87、ontrol;and exchange rate data has been adjusted.Included DThank you 2024 PwC.All rights reserved.Not for further distribution without the permission of PwC.“PwC”refers to the network of member firms of PricewaterhouseCoopers International Limited(PwCIL),or,as the context requires,individual member f

88、irms of the PwC network.Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm.PwCIL does not provide any services to clients.PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way.No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firms professional judgment or bind another member firm or PwCIL in any way.