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ING Wholesale Banking
Sino-Europe Outbound M&A Review 2H 2015
Half-yearly newsletter
April 2016
2
The 2H 2015 in a Nutshell
Public companies were the main buyers
Acquirer type by number of deals
Strategic companies were the main sellers
Seller type by number of deals
According to public information, there were 52 Sino-Europe outbound M&A transactions1 announced in 2H
2015, with a total consideration of US$13.0bn2. The deal volume saw a 13.0% rise from 46 deals in 2H 2014,
and the deal value increased by 6.6% from US$12.2bn in 2H 2014.
Investor Target Deal Value (US$’bn)
HNA Group Swissport International Ltd
HNA Group Avolon Holdings Ltd
China Investment Corp;
AEW Europe
Celsius Portfolio, which comprises 10 shopping centres across France and Belgium
1.5
2.5
2.8
Most active sectors
By deal volume, the industrials sector was most active with 11 deals
in 2H 2015, followed by the logistics & transportation sector (9), and
TMT (8).
By deal value, the logistics & transportation sector led the outbound
M&A trend with US$4.2bn total consideration, followed by the
financial sector (US$3.7bn) and real estate sector (US$2.5bn).
Most invested countries
The top three destination countries in Europe for Chinese buyers were the UK, Germany, and Russia by deal volume and Switzerland, Ireland and Russia by deal value.
Most active buyers
CEFC was the most active buyer, having announced 5 deals in 2H 2015, of which 4 of them were in Czech Republic. Fosun followed with 4 deals announced. HNA announced the two biggest deals in 2H 2015.
Top 3 deals in 2H 2015
26
50%
8
15%
18
35%
Strategic Financial Unknown
23
44%
17
33%
11
21%
1
2%
Public
Private
Unlisted SOE
Listed SOE
1. Source: Dealogic and Mergermarket - transactions with deal size over US$10m
2. 33 out of 52 announced deals disclosed the deal value
Sino-Europe outbound M&A review 2H 2015
3
Sino-Europe outbound M&A review 2H 2015
Target sector - distribution by deal volume
• The industrials sector and logistics & transportation sector remained very attractive to Chinese companies.
• The logistics & transportation sector was more active than before. The expansion of the sector led to increased need for management and operational expertise for international expansion.
• Large deals took place in the logistics & transportation sector, financial sector and real estate sector, led by conglomerates such as Fosun and HNA.
• Interestingly within the TMT sector, sports theme stood out with 2 European football clubs acquired. CMC and Oriental Pearl Media co-invested in Infront Sports in July, post Wanda’s acquisition.
Target country – distribution by deal volume
Target country – distribution by deal value (US$m)
• The UK and Germany continued to be top destinations for Chinese acquirers by deal count.
• Russia with 6 deals announced, reflecting the development in the China’s Belt and Road initiative – natural resources as well as transportation and logistics assets were the main targets.
• Switzerland led the ranking by deal value as a result of HNA’s acquisition of the Zurich-based Swissport.
Target Country
Target sector - distribution by deal value (US$m)
The industrials sector ranked top by deal volume and logistics & transportation sector scored no. 1 by deal value.
The UK, Germany and Russia were the most popular countries in terms of deal volume. Switzerland, Ireland, and Russia were ranked as the top 3 countries in terms of deal value.
8
6 6 5
4 4 3 3
2 2 1 1 1 1 1 1 1 1 1
2,857 2,511
1,733 1,477 1,392 996 940
426 307 153 131 116 28 20 11
Target Sector
2
3
4
4
5
6
8
9
11
Power and Utilities
Natural Resources
Healthcare
Financial
Consumer
Real Estate
TMT
Logistics & Transportation
Industrials
91
300
306
333
426
1,338
2,478
3,662
4,161
Healthcare
Industrials
Consumer
TMT
Power and Utilities
Natural Resources
Real Estate
Financial
Logistics & Transportation
4
Sino-Europe outbound M&A review 2H 2015
Sector trend
• The acquisition activities are likely to mirror China’s domestic trends, in particular industrial structure upgrade and consumption upgrade. Key themes in environmental technologies, cross-border tourism, logistics & transportation, TMT and healthcare are likely to drive overseas acquisitions.
• Acquisitions became more integral to value chain as Chinese corporates now build their own cross-industry eco-systems by connecting related sectors such as tourism, real estate, entertainment and transportation. This can be seen in the acquisitions by many Chinese conglomerates such as Dalian Wanda, Fosun and HNA.
• The industrials sector, consumer sector and TMT sectors are likely to remain active.
• Number of deals increased year on year, reflecting a continuation of momentum.
• Average deal size trended down as the number of smaller deals increased.
1H 2015 vs the past
Regional trend
• Major economies in Western Europe, namely Germany, the UK and France would remain the top picks for Chinese investors, due to the advanced level of economic development.
• Central and Eastern Europe (CEE) countries have seen an increase in inbound investments, with acquisitions announced in Russia, Turkey, Czech Republic and Poland. China’s Belt and Road initiative would further encourage Chinese companies to invest in the infrastructure, power and utilities, transportation sectors along the Belt and Road.
2H14 1H15 2H15 2H15 YoY-change
No. of deals 46 56 52 13.0%
Value of deals (US$m) 12,171 15,599 13,096 7.6%
Average deal size (US$m) 4871 422
1 397
1 (18.5%)
Deal Trends
1. For deals with disclosed value
5
Sino-Europe outbound M&A review 2H 2015
China: structural reforms continue
The GDP of China expanded 6.9% in 2015, slightly below the government’s target of 7% but still in the right ball park. In 2016, instead of setting a specific target point, China allows a GDP growth range from 6.5% to 7%, suggesting the priority of structural reform over growth numbers.
While the economy faces enormous challenges, such as manufacturing purchasing manager’s index below 50 since the second quarter last year, reforms that are aimed at rebalancing the economy have never stopped. Through the “supply-side reform” that was brought to theme last year, China tries to deal with the overcapacity in heavy industries by shutting down “zombie enterprises” and directing the labour force freed up to the services sector, as well as supporting growth with tax cut and improved bank lending policies. By the government’s definition, “supply-side reform” also means innovation that can add to the diversity of supplies that would ultimately create additional demand. This could also be a ‘push’ factor for Chinese companies to consider additional growth sources aside from capacity expansion.
Market competition could the another key driver. Prime Minster Li Keqiang confirmed that the government will relax market entry in electricity, telecommunications, petroleum and natural gas sectors, by reducing ‘red tapes’ and making them attractive to wider market participants. In the stage of economic transformation, China is seen to be more encouraging towards small and private businesses than it has been for the past decades.
Europe: improving growth profile
Eurozone’s GDP was up 1.5% in 2015. This is quite a meaningful improvement compared to 0.9% in 2014, despite some unexpected turbulences such as refugees issue and terrorist attacks. Exceptionally low oil price and steadily decreasing unemployment rate underpinned strong consumer confidence and spending as the primary contributor to the growth. Investment recovery, however, was subpar according to ECB’s survey despite the availability of credit. Inflation remained low at 0.9% as of year end. Unemployment rate, while declined, averaged 11% in 2015 which is quite considerable.
ING’s GDP growth forecast for selected EU countries and China
Outlook
Source: ING research as of March 2016
0.9%
1.5% 1.6% 1.7%
2.9%
2.2% 2.1% 2.6%
1.6% 1.6% 1.7% 1.5% 1.0%
2.0% 2.5%
2.2%
-0.4%
0.7% 1.2% 1.2%
0.2%
1.2% 1.6% 1.8%
7.4% 6.9%
6.5% 6.5%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2014A 2015A 2016F 2017F
Eurozone The UK Germany The Netherlands Italy France China
6
Sino-Europe outbound M&A review 2H 2015
In March 2016, ECB unleashed bold stimulus package by cutting deposit rates to negative while incentivising banks to lend more by offering negative long term refinancing rates. This approach might continue to encourage growth although the effect would be more thorough if fiscal policies and structural reforms can be put forward by the government of Eurozone members.
The German economy achieved solid growth performance of 1.6% last year. Consumption was strong but uncertainties arising from geopolitical conflict with Ukraine and crisis in Greece might have discouraged investments. Unemployment rate of c.5% was comparatively low. Going forward it is likely to progress steadily if no big surprises. France’s GDP increased by 1.2% last year despite the terrorist attacks posting some weakening effect. The French government has been focusing on corporate investments and job creation. The initial results on the corporate side have shown visible improvements. Should this trend continue, job market recovery could be ultimately expected. The GDP of the Netherlands expanded 2.0% for 2015. Housing market – the driving force of the country’s recovery – continued its revival with prices picking up and rebound in volume. Stronger labour markets set ground for spending power, and demand for financing corporate investments and domestic properties picked up. The recovery of the Dutch economy would remain on a good track. While the GDP of Italy expanded marginally by 0.7% in 2015, it is a significant turnaround compared to the negative growth in 2014. The government has been focusing on structural reforms and made progress in restructuring non-performing-loans in the banking system. In 2016, factors such as low inflation, fuel prices, tax cuts, and the improving labor market situation should support real disposable household income and private consumption. The UK achieved 2.2% GDP growth – higher than most of its continental peers – thanks to private consumption and a robust service sector. With household consumption again expected to be the key driver for growth, supported by the solid labour market and wage growth, outlook for 2016 would be reasonably steady and strong.
Outlook (Cont’d)
2015 was a strong year for Sino-Europe M&As. It was reported that the value of outbound investments made by Chinese firms reached an unprecedented high in 2015. It is hard to ascertain if such trend would continue but the inherent need for M&As remain unchanged – seeking technology and consumption upgrades, especially in areas of innovation, technology, brands and healthcare which fit into the picture of structural reform and aging society. As China’s economy undergoes transformation, Chinese companies that have accumulated wealth from traditional industries are increasingly seeking opportunities that may have little, or even no apparent relationship with their current operations. They would not rule out M&As to achieve this, hence leading to some unexpected, or surprising deal announcements.
• Themes in the trend: power consolidation plays (hotels, tourism, business services, TMT), operations and management expertise (waste treatment, utilities), market expansion (transportation and infrastructure), technologies, patent and knowhow (healthcare, TMT, high-end manufacturing), diversification moves (anything)
• China-based buyer composition: public companies and conglomerates are playing an increasingly prominent role. Private equity funds remain active.
ING Perspectives: Key Signposts for the next 6-12 months
7
Sino-Europe outbound M&A review 2H 2015
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Appendix: 2H 2015 Transaction Details
9
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Consumer
Fosun Holdings Ltd
(SEHK:656)
Silver Cross Ltd
Country: UK Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 20/07/2015 Conglomerate
Nursery brand and pram manufacturer
Bright Food (Group) Co Ltd; China Investment Corp
Miquel Alimentacio Grup SA Country: Spain Stake sought: 100% Deal value: US$124m EV: undisclosed Announcement date: 08/08/2015
BF – Manufacturer of food and beverage products;
CIC – Sovereign wealth fund Supermarket chain
Yantai Changyu Pioneer Wine Co Ltd
(SZSE:200869)
Dicot Partners, S.L Country: Spain Stake sought: 75% Deal value: US$30m EV: undisclosed Announcement date: 31/08/2015
Wine manufacturer Wine manufacturing company
Chongqing Tianci Hot Spring Group Ltd
Gerbe SA Country: France Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 03/09/2015 Owner and operator of hotels
Manufacturer of tights and stockings for women
(SEHK:1028)
Country: UK Stake sought: 100% Deal value: US$153m EV: US$153m Announcement date: 22/10/2015 Designer, manufacturer and retailer
of footwear Specialist retailer of toys, games
and gifts
10
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Financial services
(SEHK:656)
Country: Germany Stake sought: 100% Deal value: US$233m EV: US$233m Announcement date: 05/07/2015
Conglomerate Private bank
People's Bank of China
People’s Bank of China
(BIT:UCG)
Country: Italy Stake sought: 2% Deal value: US$804m EV: US$40b Announcement date: 06/07/2015
Central bank Financial services company offering retail, commercial and investment
banking services
People's Bank of China
People’s Bank of China
Banca Monte dei Paschi di Siena SpA – MPS
(BIT:BMPS)
Country: Italy Stake sought: 2% Deal value: US$114m EV: US$5.7bn Announcement date: 06/07/2015
Central bank Banking and financial services group
Bohai Leasing
(SZSE:000415)
Avolon
(NYSE:AVOL)
Country: Ireland Stake sought: 100% Deal value: US$2.5bn EV: US$7.6bn Announcement date: 14/07/2015 Holding company with interests in
air traffic control and airport operations, part of HNA Group
Aircraft leasing company
11
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Healthcare
Country: Switzerland Stake sought: 100% Deal value: not disclosed EV: not disclosed Announcement date: 27/08/2015 Private equity
Center for cancer medicine and cancer research
(SZSE:002004)
Swiss Biological Medicine Group SA Country: Italy Stake sought: 70% Deal value: US$33m EV: US$47m Announcement date: 01/12/2015 Manufactures and sells
pharmaceutical products Operating oncological treatment
hospital
Xiamen Comfort Science&Technology
(SZSE:002614)
(XTRA:MHH)
Country: Germany Stake sought: 75.3% Deal value: US$27m EV: US$34m Announcement date: 18/12/2015
Manufacturer of portable massage products, massage chair,
multimedia furnishing
Develops, markets and produces electronic goods for home
healthcare market
Shanghai Kehua Bio-engineering (SZSE:002022)
Technologenetics of Italy Country: Ireland Stake sought: 100% Deal value: US$32m EV: US$32m Announcement date: 21/12/2015
Engaged in research, manufacturing and distribution of in vitro diagnostic
products
Engaged in research, manufacturing and distribution of in vitro diagnostic
products
12
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Industrials
Zhejiang Asia-Pacific Mechanical & Electronic Co Ltd
浙江亚太机电股份有限公司 (SZSE:002284)
Elaphe Propulsion Technologies Ltd Country: Slovenia Stake sought: 20% Deal value: US$11m EV: US$53m Announcement date: 29/07/2015 Engaged in development,
production and sale of brake system products
Automotive electromagnetic propulsion technology developer
Xinjiang Xuefeng Sci-Tech (Group) C
(SHSE:603227)
ZETH Chemical Industry Technology Co Ltd
Country: Kyrgyzstan Stake sought: 55% Deal value: not disclosed EV: not disclosed Announcement date: 31/07/2015 Explosives manufacturer Manufacturer of explosives
Hubei Forbon Technology Co
(SZSE:300387)
Holland Novochem BV Country: Netherlands Stake sought: 55% Deal value: US$20m EV: US$35m Announcement date: 04/08/2015 Engaged in developing, producing,
and selling of fertilizer additives Provider of fertilizer additives
Trimco International Holdings Ltd A-Tex A/S Country: Denmark Stake sought: 100% Deal value: not disclosed EV: not disclosed Announcement date: 25/08/2015 HK-based label solutions provider
Provider of brand identity products for the fashion industry
SGSB Group Co., Ltd.
SGSB Group Co., Ltd. (SHSE:900924)
H Stoll AG & Co KG Country: Germany Stake sought: 26% Deal value: US$32m EV: US$123m Announcement date: 29/08/2015
Manufacturer of industrial sewing machines
Automatic textile machinery developer and manufacturer
13
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details 2H 2015 Transaction Details
Acquirer Target Details
Industrials (Cont’d)
(MISX:KMAZ)
Country: Russia Stake sought: 50% Deal value: undisclosed EV: undisclosed Announcement date: 03/09/2015
Engaged in research, development, sales and export of motor vehicles, diesel engines of clean-type sedans
and gearboxes
Truck manufacturer
Jiangsu Hengli Highpressure Oil Cylinder Co Ltd (SHSE:601100)
Hawe Inline Hydraulik GmbH Country: Germany Stake sought: 100% Deal value: US$15m EV: US$15m Announcement date: 13/11/2015
Manufacturer of high pressure cylinders, hydraulic components, hydraulic systems, high pressure
pumps and motors
Hydraulic piston pump manufacturer
Beijing Zhonghuan Investment Management Co Ltd
Elektrofahrzeuge-Stuttgart GmbH
Country: Germany Stake sought: 75% Deal value: undisclosed EV: undisclosed Announcement date: 16/11/2015 Engaged in auto parts
manufacturing
Electric vehicles conversion solutions provider
Wolong Electric Group
中航国际控股 (SEHK:161)
Oli SpA Country: UK Stake sought: 100% Deal value: US$70m Announcement date: 23/11/2015 Development, manufacturing, sales,
after-sales services of military and civil aircraft, aero engine, airborne
equipment, weaponry system
Designer and manufacturer of lightweight interiors for the
aerospace industry
(SHSE:600580)
Country: Italy Stake sought: 80% Deal value: US$61m EV: US$76m Announcement date: 24/11/2015 Manufacturer of motors and
generators Industrial vibrators manufacturer
14
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Industrials (Cont’d)
Shanghai Feilo Acoustics Co., Ltd. (SHSE:600651)
Country: UK Stake sought: 80% Deal value: US$163m EV: US$203m Announcement date: 10/12/2015 Manufacturer of commercial and
residential lighting Manufacturer of industrial and
commercial lighting
15
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Logistics & Transportation
Hong Kong International Aviation Leasing Company Limi
海航集团
Grayrentals plc Country: UK Stake sought: 100% Deal value: undisclosed Announcement date: 21/07/2015
Conglomerate Operator and supplier of rental
refrigerated trailers
HNA Group Co. Ltd.
海航集团
Swissport International Ltd Country: Switzerland Stake sought: 100% Deal value: US$2.8bn Announcement date: 30/07/2015
Conglomerate Aviation ground handling division
Maorui Capital St Peter Line Country: Russia Stake sought: 25% Deal value: US$225m EV: US$901m Announcement date: 03/09/2015 Investment fund with a focus on the
tourism in China and Russia Passenger and cargo transportation
services provider
Travel Service AS Country: Czech Republic Stake sought: 10% Deal value: undisclosed EV: undisclosed Announcement date: 06/09/2015 Shanghai Energy Fund Investment
Co Ltd Charter airline company
CMST Development Co Ltd
(SHSE:600787)
Henry Bath & Son Ltd Country: UK Stake sought: 51% Deal value: US$60m EV: US$118m Announcement date: 15/09/2015 Provider of storage and
warehousing services
Metal commodities storage services provider
16
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Logistics & Transportation (Cont’d)
Country: Turkey Stake sought: 64.5% Deal value: US$920m EV: US$1.4bn Announcement date: 17/09/2015 Consortium
Operator of a container handling marine terminal
Country: Turkey Stake sought: 1.3% Deal value: US$20m EV: US$1.5bn Announcement date: 17/09/2015 Consortium Operator of a container terminal
China Minsheng Invest
中国民生投资股份有限公司
Luxaviation SA Country: Luxembourg Stake sought: 33.7% Deal value: US$131m EV: US$390m Announcement date: 27/10/2015
Conglomerate Business aviation company which
also provides aircraft charter services
Country: Germany
Stake sought: Minority % Deal value: undisclosed Announcement date: 30/10/2015
Sovereign Wealth Fund Offers services to travelers on
German autobahns
17
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Natural Resources
China Petrochemical Corp (Sino
(SEHK:386)
SIBUR Holding OAO Country: Russia Stake sought: 10% Deal value: US$1.3bn EV: US$13.4bn Announcement date: 03/09/2015
State-owned oil and gas refinery marketing company
Gas processing and petrochemicals company
Silk Road Fund
丝路基金有限责任公司
Yamal SPG OAO Country: Russia Stake sought: 9.9% Deal value: undisclosed EV: undisclosed Announcement date: 03/09/2015 Fund management company Liquefied natural gas plant
Dyneff SA Country: France Stake sought: 51% Deal value: undisclosed EV: undisclosed Announcement date: 24/09/2015 Shanghai Energy Fund Investment
Co Ltd Imports, stores, and distributes
petroleum products
18
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Power & Utilities
China National Building Material Co Ltd
China National Building Material
中国建材 (SEHK:3323)
Power Station Country: Ukraine Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 05/11/2015
Company engaged in producing cement, concrete, lightweight
building materials, glass fiber and composite materials
10 solar power plants in Ukraine
China Three Gorges Corp Power Station Country: Poland Stake sought: 49% Deal value: US$426m EV: US$1.1bn Announcement date: 28/12/2015 Manager of the Three Gorges Hydro
electrical power generation project 598MW wind farms in Poland
and Italy
19
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Real Estate
(SEHK:656)
Resolution Property plc Country: UK Stake sought: Majority% Deal value: undisclosed EV: undisclosed Announcement date: 02/07/2015
Conglomerate
Property investment company specializing in investments
properties in office, retail, and industrial sectors
China Investment Corp; AEW Europe
Celsius Portfolio Country: France Stake sought: 100% Deal value: US$1.5bn Announcement date: 13/07/2015 CIC – Sovereign Wealth Fund
AEW – Real estate investment management company
Celsius Portfolio, which comprises 10 shopping centres across France and
Belgium
Fosun
(SEHK:656)
Property Portfolio Country: Italy Stake sought: 100% Deal value: US$381m Announcement date: 30/07/2015
Conglomerate Palazzo Broggi office building in
Milan
China National Travel Service (HK) Group Corp
China Travel Service
香港中国旅行社
Kew Green Hotels Ltd Country: UK Stake sought: 100% Deal value: US$620m Announcement date: 10/08/2015
Travel agency Low-budget hotel chain
海航集团
Country: France Stake sought: 10% Deal value: US$27m EV: US$513m Announcement date: 09/11/2015
Conglomerate Operator of tourist residences and
villages
20
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Real Estate (Cont’d)
China CEFC Energy Co Ltd Hotels Country: Czech Republic Stake sought: 100% Deal value: undisclosed Announcement date: 24/11/2015
CEFC Investment (Europe) Company Le Palais Art Hotel Prague
21
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Telecommunications, Media & Technology
华为
Country: Ireland Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 13/07/2015 Technology firm SDN software technology assets
(SHSE:600637)
Country: Switzerland Stake sought: <5% Deal value: US$20m EV: undisclosed Announcement date: 16/07/2015 Oriental – Engaged in television
series production & broadcasting CMC – Venture capital
Promoter of sports with facilities provided
Beijing Shiji Information Technology
北京中长石基信息技术 (SZSE:002153)
Country: Austria Stake sought: 12.5% Deal value: US$28m Announcement date: 29/07/2015
Computer system integrator, service provider and developer in the
hospitality industry
Provider of cloud-based hotel analytics tool
Country: Czech Republic Stake sought: 60% Deal value: undisclosed EV: undisclosed Announcement date: 05/09/2015 Shanghai Energy Fund Investment
Co Ltd Football club operator
Country: Russia Stake sought: undisclosed Deal value: US$70m Announcement date: 12/10/2015
Venture capital Satellite project
22
Sino-Europe outbound M&A review 2H 2015
2H 2015 Transaction Details
Acquirer Target Details
Telecommunications, Media & Technology (Cont’d)
中国伽玛集团有限公司 (SEHK:164)
Country: Russia Stake sought: 65% Deal value: US$100m EV: undisclosed Announcement date: 19/10/2015
HK-based company, main source of revenue is gambling cruise ship
operating Cell phone manufacturer
星辉互动娱乐 (SZSE:300043)
Country: Spain Stake sought: 56% Deal value: undisclosed EV: undisclosed Announcement date: 31/10/2015
Manufacturer of remote-control vehicles
Football Club
Beijing Navgnss Integration (SZSE:300456)
Country: Sweden Stake sought: 98% Deal value: US$116m EV: US$118m Announcement date: 31/12/2015
Manufacturer of navigation equipment
Delivers MEMS-based sensors, actuators and precision structures
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