Mainland, HK seal US$117b in M&As
Print Edition
CHINA’S mainland and Hong Kong’s merger and acquisition activities hit a quarterly high of US$117.3 billion in the first three months of 2015, according to a report released yesterday.
The value of the M&As, spread over 320 deals, surged 79.7 percent from the same period in 2014, intelligence company Mergermarket said yesterday. China’s mainland and Hong Kong accounted for over 40 percent of the 769 deals in the Asia-Pacific region.
The US$40.8 billion merger of Hong Kong-based Cheung Kong Holdings and Hutchison Whampoa topped the M&A list as the largest deal in Asia in the period.
The cooling real estate sector saw a drop in M&A deals to US$6.6 billion from US$15.1 billion in the same period of 2014, the report said. Outbound merger and acquisitions also hit a record high of 58 deals worth US$36 billion in the first quarter, the report added.
Separately, Chinese classified advertising sites 58.com Inc and Ganji.com said they will merge as China’s booming Internet sector continues to consolidate.
58.com will acquire 43.2 percent of Ganji through a combination of a share swap and cash, where it would issue 34 million new ordinary shares as well as pay US$412.2 million to Ganji, according to a joint statement yesterday.
Tencent will raise its stake in 58.com from 24 percent to 25.1 percent by subscribing to US$400 million worth of new shares in the merged company.
Ganji.com founder Yang Haoyong and 58.com’s President Yao Jinbo will become co-chief executives of the combined company and oversee different business units after the merger.
The two companies hope to reduce marketing costs and increase market share, industry watchers said.
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