1、Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA Dealmakers in Technology Horizons ASIAN Dealmakers in Technology 04 Executive Summary 06 THE VIEW FROM GP BULLHOUND Per Lindto
2、rp, GP Bullhound 08 Chapter 1: Regional Dynamics: Asian Buyers do not simply pay lip service to them. We chose to launch Skyscanner Japan, our joint venture with Yahoo! Japan, to tap into the third largest travel market in the world. The expansion posed a straightforward opportunity for growth and Y
3、ahoo! Japan offered an ideal partner with over 65 billion page views a month it is the dominant search engine in the country. It was, however, the softer, cultural side of overseeing the expansion into Japan that taught me the most about doing business in Asia. There is a phrase that was made popula
4、r by lean production and management book The Toyota Way, from the aforementioned Japanese car manufacturing giant. It is genchi genbutsu, which roughly means actual place, actual thing, or go and see for yourself. In the Toyota respect, it applies to the manufacturing floor, but the same principle c
5、an apply to many areas of business. If you are the person who has been tasked for expanding your business in a particular Asian market, there is no substitute for going there, seeing and experiencing the market for yourself. Simply transplanting a Western-created product and expecting it to work as
6、successfully in vastly different markets across Asia is both nave and the first step to failure. Instead, you must go and observe local consumer behaviours, understand how your product or service should be tailored to best serve local needs. For example, many Asian markets are mobile first, and some
7、 mobile-only desktop doesnt compute. Is your product as seamless to use on a small mobile screen as it could be? Does it support local payments methods, like QQ QR codes in the likes of China? It shouldnt feel like a transplant into the ecosystem it should be indistinguishable in ease of use from lo
8、cal offerings. Those who dont take the time to do so are instantly recognisable. The same applies in ensuring you understand local customs and behaviours when doing business in Asia. A perfect example of this would be my experience of business cards in Japan. When you first meet with a new business
9、partner, you present your business card with two hands and you look them in the eye. That little token of understanding, and why it is important to Japanese people, gives an insight into working with Japanese teams. A key consideration in any international partnership is not to approach it assuming
10、your way of working is right. At Skyscanner, we have tended to embrace a lean, agile, start-up culture, with very little hierarchy. We believe in fail-fast: try an idea, if it doesnt work, learn from it quickly, iterate, try again. In Japan, a flat working structure is highly unusual, and that embra
11、cing of risk and potential failure is less common. For Skyscanner, those lean and agile working practices are our go-to approach to innovating at scale. Yet, there were routes to innovation that we would never have spotted in Skyscanner Japan if we had not entered this partnership with an open mind.
12、 A quote I like from Abraham Lincoln is: “If I had six hours to chop down a tree Id spend the first four sharpening my axe.” That reminds me of business in Japan, where typically a significant amount of time is spent planning detail and making sure all stakeholders are aligned. Initially this can fe
13、el at odds to a startup culture. Yet there is a lot of merit in taking time to meticulously strategize in this manner. That way, when you press the button and execute a project, it tends to happen a lot quicker because everyone is clear on the objectives and on the same page. Not assuming our partic
14、ular method of working was the right way enabled us to adapt, to learn valuable new approaches to innovation and even to bring these strategies back to our European offices with us. Do not assume your way of working is the only approach and that everything else is a barrier. Equally, dont fall into
15、the one-size-fits-all approach to your product or service: really seek to understand and adapt to market nuances. There are vast opportunities to accelerate growth and innovation if you adapt the way you work and learn from different cultures across Asia. TAKING FLIGHT Skyscanners Asian Expansion Co
16、lin McLellan CFO, Skyscanner ATTRACTING top 50 companies classified as information technology by the country of exchange 29 ASIAN HORIZONS What are your strategic investment priorities in Europe? SILK Ventures is seeking deep tech, deep science investment opportunities in companies that have the pot
17、ential to be transformational to China and play a positive role in the countrys industrial upgrade. The usual SILK Ventures criteria of course applies: world-class, likeable teams with an impressive track record; preferably businesses that are growing with tangible intellectual property and existing
18、 market penetration. All game changers are welcome but in terms of sectors, we focus on: AI, Autonomous Vehicles, Robotics, IoT (with industrial applications), New Energy and Health Tech, among many more. The key is to make us and our partners say wow. How do you go about identifying the best compan
19、ies to target in Europe? We highly value our long-standing relationships with accelerators, VC funds, entrepreneurs, universities, governments, Chambers of Commerce. Of course, we hope to be identified as much as identify. Our team is global, rapidly growing and its subject to the same tests as our
20、investee companies we hope that the expertise per niche, per nuance or per territory will impress the entrepreneurs that we work with as much as they impress us! What particular specialisms do you think set Europe apart as an investment opportunity for Asian firms? The frank answer is that Europe is
21、 not set apart any more than North America or the Middle East. We should all be working together to proliferate the best global technology for the global greater good. If technologies have already successfully penetrated European markets and made their mark then hopefully some of the teething proble
22、ms are gone. The greater concentration of tech innovation at present remains in Silicon Valley, and it makes sense for Europe to host the first major tests of breakthroughs before global roll out. What are the characteristics of the Asian technology sector that you view as most appealing to European
23、 businesses? From the SILK Ventures perspective, Chinas market size is absolutely the main attractor. Directly behind market size is the quality of the partners on offer and the access to capital. What are the most important synergies between European companies and Asian investors? Like-minded value
24、s and intent, of course. If this question had been asked in 2009, the self-evident answer would have been that European companies were “tech rich, capital poor” in the aftermath of the financial crisis. As a result, these businesses sought Asian capital perhaps through necessity rather than synergy.
25、 The world has changed significantly since then. Tencent, Alibaba, Baidu and others have emerged as global tech leaders, innovators and sponsors in their own right. Western companies have recognised the potential and maturity of the addressable markets from China to South East Asia, with sophisticat
26、ed finance and innovation hubs from Hong Kong to Singapore and soon-to-be leaders, such as Shenzhen. So for us its not a synergy as such, its the fading of fear, the embrace of multinational teams and skillsets and the recognition of mutual opportunity. How can European businesses prepare themselves
27、 for entry into Asian markets? The practical advice is to: register your trademark, lock down your R Mandarin wasnt a common language in the coffee houses of Old Street and Dutch infographers were not a common site in Chengdu. Now we dont bat an eyelid at any of this. We are doing all we can to have
28、 this continue and we are incredibly optimistic about future collaboration opportunities. We truly believe that cynics will be left behind we wouldnt be in this business otherwise. THE INVESTORS View Matthew Brandt Operating Partner, SILK Ventures Jake Watkin Consultant, SILK Ventures CHINESE OUTBOU
29、ND M the key is not to be unsettled by unfamiliar approaches to doing business. In fact, the recent changes in the Chinese regulatory landscape prove the agility of lawmakers and a willingness on the behalf of government to embrace innovation. Any business with Chinese interests needs to appreciate
30、the importance of the governments strategic direction for the economy. In May 2015 it announced the launch of Made in China 2025, a national initiative to upgrade its manufacturing industries, focusing on quality over quantity and delivering technological innovation. Practically speaking, this means
31、 those mergers and acquisitions that take place in sectors designated as innovative such as robotics, nanotechnology, clean energy and AI are likely to pass government approval. Investments and deals in less strategic areas such as online gaming, entertainment and sports are, for now, facing stricte
32、r scrutiny from the Chinese authorities. If your deal does not reflect the strategic direction of the Chinese economy, it is likely that Chinese buyers may face more challenges when seeking regulatory approval. Overseas buyers and sellers need to consider the motivations behind such an approach. Not
33、 only is the Chinese government committed to grand initiatives such as Made in China 2025 or the Belt and Road Initiative, it has been keeping a watchful eye over its foreign exchange reserves. If you consider the dip in foreign exchange reserves levels last year in China and the governments swift r
34、esponse to restrict capital outflow, this can be interpreted as an entirely rational reaction. Still, we view this as a temporary situation and the long-term trajectory is towards an open and amenable attitude to dealmaking with foreign companies. Meanwhile, we are seeing a good pipeline in the volu
35、me of M they may not be the ones who turn up at the negotiation table. The most basic piece of advice that I could leave you with is this: dont panic! It may seem like you are heading into unknown territories, but partnering with Asian businesses offers clear, strategic advantages. Simply match tran
36、sparency with expert advice and you are setting yourself up for a smooth transaction, and a great price for your product. THE LAWYERS View Terence Foo Co-Managing Partner, Clifford Chance, Beijing Technology companies headquartered in Europe Receiving investment from an Asia headquartered buyer. Asi
37、an countries included are China, Hong Kong, India, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam Focusing on majority transactions (50% acquired) Mergermarket data for transactions since 2010 until April 2017, with a focus on 2014 onwards for trends with disclose
38、d deal sizes METHODOLOGY AUTHORS KARL BLOMSTERWALL Analyst KYLE BOOYSENS Analyst ADAM PAGE Analyst THE GP BULLHOUND TEAM ALEXANDRA JARVIS Director PER LINDTORP Director 34 METHODOLOGY JAVED HUQ Vice President THE GP BULLHOUND TEAM BEN PRADE Senior Advisor CECILIA ROMAN Senior Advisor HUGH CAMPBELL M
39、anaging Partner MANISH MADHVANI Managing Partner STAFFAN INGEBORN Non-Executive Director PER ROMAN Managing Partner SIR MARTIN SMITH Chairman SIMON NICHOLLS Partner SVEN RAEYMAEKERS Partner JONATHAN CANTWELL Director CLAUDIO ALVAREZ Director JULIAN RIEDLBAUER PartnerPartner ANDRE SHORTELL MARK SEBBA
40、 Non-Executive Director GRAEME BAYLEY Partner however, they have not been independently verified and are not guaranteed as being accurate. The information contained in this research report is not intended to be a complete statement or summary of any securi- ties, markets, reports or developments ref
41、erred to herein. No representation or warranty, either express or implied, is made or accepted by GP Bullhound LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or re- liability of the information in this research re- port n
42、or should it be relied upon as such. This research report may contain forward-looking statements, which involve risks and uncertain- ties. Forward-looking information is provided for illustrative purposes only and is not intend- ed to serve as, and must not be relied upon as a guarantee, an assuranc
43、e, a prediction or a de- finitive statement of fact or probability. Actual events and circumstances are difficult or impos- sible to predict and may differ from assumptions. Any and all opinions expressed are current opinions as of the date appearing on the docu- ments included in this research repo
44、rt. Any and all opinions expressed are subject to change without notice and GP Bullhound LLP is under no obligation to update the in- formation contained in this research report. The information contained in this research report should not be relied upon as being an independ- ent or impartial view o
45、f the subject matter and for the purposes of the rules and guidance of the Fi- nancial Conduct Authority (“the FCA”) this re- search report is a marketing communication and a financial promotion. Accordingly, its contents have not been prepared in accordance with legal requirements designed to promo
46、te the independ- ence of investment research and it is not subject to any prohibition on dealing ahead of the dis- semination of investment research. The individ- uals who prepared the information contained in this research report may be involved in providing other financial services to the company
47、or compa- nies referenced in this research report or to other companies who might be said to be competitors of the company or companies referenced in this research report. As a result, both GP Bullhound LLP and the individual members, directors, officers and/ or employees who prepared the in- format
48、ion contained in this research report may have responsibilities that conflict with the inter- ests of the persons who access this research report. GP Bullhound LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or rel
49、ated investment mentioned in this research report and may provide finan- cial services to the issuers of such investments. The information contained in this research re- port or any copy of part thereof should not be accessed by a person in any jurisdictions where its access may be restricted by law and persons into whose possession the information in this research report comes should inform themselves about, and observe, any such restrictions. Access of the information contained in thi
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