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September 2015 0

SEMI-ANNUAL NEWSLETTER

Sino-Europe Outbound M&A Review 1H 2015

The Review was prepared by ING’s Corporate Finance Asia team. If you have questions or comments, please contact us directly at +852 2913 8640 or [email protected]

September 2015

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKu9gffY8sYCFcStpgodQGYA2Q&url=http://www.tradeandexportme.com/2013/04/eu-no-longer-chinas-leading-trade-partner/&ei=bJ-xVavXKsTbmgXAzIHIDQ&psig=AFQjCNGgjYzmaziPoBwEFHkXh1i-8rBmjA&ust=1437790440583713

September 2015 1

The 1H 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

SINO-EUROPE OUTBOUND M&A REVIEW 1H 2015

1. Source: Dealogic and Mergermarket - transactions with deal size over US$10m 2. 37 out of 56 announced deals disclosed the deal value 3. Subsidiary of ChemChina 4. Also known as “China Jianyin Investment”, subsidiary of Central Huijin

According to public information, there were 56 Sino-Europe outbound M&A transactions1 announced in 1H 2015, with a total consideration of US$15.6bn2. The deal volume saw a 30.2% rise from 43 deals in 1H 2014, and the deal value increased by 13.0% from US$13.8bn in 1H 2014.

Investor Target Deal Value (US$’bn)

China National Tire & Rubber3

Pirelli & C SpA, Italian-based manufacturer of automobile tires

JAC Capital4

RF Power business (high performance RF power amplifier) in the Netherlands-based NXP Semiconductors NV

Dalian Wanda

Infront Sports & Media AG, Switzerland-based international sports marketing and media service company

1.2

1.8

8.8

Most active sectors

By deal volume, the industrials sector was most active with 19 deals announced in 1H 2015, followed by the TMT sector (11), and healthcare sector (7). By deal value, the industrials sector also led the outbound M&A trend with US$9.7bn total consideration, followed by the TMT sector (US$3.2bn) and real estate sector (US$1.2bn).

Most invested countries

The top three destination countries in Europe for Chinese buyers were Germany, UK, and Italy by deal volume and Italy, the Netherlands and UK by deal value.

Most active buyers

Fosun was the most active buyer, having announced 5 deals during 1H 2015. Dalian Wanda and China Medical System followed with 2 deals announced each.

Top 3 deals in 1H 2015

30 54% 19

34%

7 12%

Strategic Unknown Financial

30 53%

14 25%

6 11%

6 11%

PublicPrivateSOEPublic (SOE controlled)

September 2015 2

Target Sector

Target sector - distribution by deal volume

• The industrials sector and TMT sector ranked as top two in terms of deal volume and deal value.

• Key emerging sector is the healthcare sector, with 7 deals announced in 1H 2015, compared with zero deal in 1H 2014. Pharmaceutical rights, laboratories and technology know-how were the main targets.

• The consumer sector remained quite active as it was for 2014, with moderate average deal size.

• The TMT sector started to have prominent buyer names including Dalian Wanda, Kingsoft and Tencent. The involvement of these influential buyers might suggest stronger deal flow in this sector in the near future.


Target country – distribution by deal volume

Target country – distribution by deal value (US$m)

• Germany was by far the most popular country with 11 deals announced, 6 of which were in the industrials sector.

• In terms of deal value, top country was Italy, mainly contributed by ChemChina’s acquisition of Pirelli.

• The Netherlands and France were active as well, with deals from the industrials sector and TMT sector.

• Switzerland attracted more attention, especially for the healthcare sector and TMT sector.

Target Country

Target sector - distribution by deal value (US$m)

The industrials sector ranked top by both deal volume and deal value.

Italy, the Netherlands and UK were the most popular countries in terms of deal volume. Germany, UK, and Italy were ranked as the top 3 countries in terms of deal value.

11

8 7

6 6 5

3 3 2

1 1 1 1 1

9,368

2,182 1,319 1,269

440 385 173 123 88 64 56 52 46 35

undisclosed 10 150 262

297 324 481 1,175

3,236 9,664

Logistics & TransportationAgriculture

Natural ResourcesHealthcareConsumer

FinancialPower and Utilities

Real EstateTMT

Industrials

1 1 2

3 4 4 4

7 11

19

AgricultureLogistics & Transportation

Natural ResourcesPower and Utilities

ConsumerFinancial

Real EstateHealthcare

TMTIndustrials

September 2015 3

Deal Trends

Sector trend

• The industrials sector is likely to remain active, as Chinese companies seek value-adding upgrades. Interest will likely be seen in automation, high-end manufacturing, and robotic-related processes and technologies.

• Enthusiasm towards overseas travel and leisure has driven acquisitions beyond just hotels and resorts. Travel services, especially those based on internet, are attracting increased attention, and this might further foster M&As in the consumer sector and TMT sector.

• Healthcare sector is likely to attract more attention particularly in medical equipment and pharmaceutical rights.

• Both the deal volume and deal value rose during 1H 2015 y-o-y term, showing that the buying momentum continues.

• Companies were increasingly using their listed entity in outbound M&As: in 1H 2014, 2H 2014, and 1H 2015, deals by public companies accounted for 28%, 33% and 53% of total deal volume, respectively.

• The state, however, played a less important role: in 1H 2014, 2H 2014, and 1H 2015, deals by SOEs or SOE-controlled public companies accounted for 46%, 41% and 22% of total deal volume, respectively.

1H 2015 vs the past


Regional trend

• Major economies in Western Europe, namely Germany, the UK, France and Italy would remain the top picks for Chinese investors.

• Central and Eastern Europe (CEE) countries have already seen investments coming in, as acquisitions were announced in Russia, Turkey, Czech Republic and Slovak Republic. China’s “One Belt One Road” plan will further encourage Chinese companies to invest in infrastructures along the planned routes, which cover CEE.

1H14 2H14 1H15 1H15 YoY-change

No. of deals 43 46 56 30.2%

Value of deals (US$m) 13,826 12,171 15,599 12.8%

Average deal size (US$m) 4771 4871 4221 -11.6%

1. For deals with disclosed value

September 2015 4


Outlook China: Continued stimulus and initiatives for a meaningful growth

China’s economy grew at 7% for the first half of 2015, lower from the actual 7.4% for 2014.

Admittedly, the growth was contributed by outsized financial services sector and large trade surplus, which caused concerns on the sustainability of such growth in the second half of 2015. But, unlike that in the previous RMB 4tn stimulus package which ended up with bubbled financial market, PBoC tries to formulate the stimulus to guide money flow to real economy this time round, rather than only in the financial system – positive moves including crackdown of margin lending, and incentivising banks to extend loans to small businesses and the agriculture sector which traditionally had limited access to financing.

Despite the positive measures, private sector investment reportedly did not show meaningful improvement, as investment activities were somehow driven by infrastructure projects sponsored by the central government for 1H 2015. Having acknowledged this, in addition to monetary policies, the government is likely to put forward more structural measures (such as freeing up some sectors from state domination) to engage the interest from the private sector.

Europe: Improvement seems more thorough

According to Eurostat, EU saw annual GDP growth of 1.5% in 1Q 2015, slightly up from 1.4% in 4Q 2014.

Retail sales showed more visible improvement – up 3.0% for EU in May, with durable goods leading the surge in spending, and suggesting a rebound of consumer confidence, as well as a real and sustained recovery.

The rise in output and consumer demand has induced production, as industrial production increased to 1.2% in April compared with one year ago. Unemployment rate fell to 9.6% in May, lowest rate recorded since September 2011.

ING’s GDP Growth Forecast for Selected EU countries and China

1.3% 1.4% 1.8%

1.9%

3.0% 2.7% 2.6% 2.3%

1.4% 1.6% 1.8% 1.5%

0.6%

2.0% 2.1% 1.9%

-0.4%

0.7% 1.3% 1.2%

0.4%

1.3% 1.8% 1.9%

7.3% 6.9% 6.7% 6.5%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

2014A 2015F 2016F 2017F

European Union UK Germany Netherlands Italy France China

Source: ING research as of July 2015

September 2015 5


ECB decided that benchmark interest will remain low at 0.05% for Eurozone and will continue to drive consumer spending, property mortgage and industrial investment, which seem to have played key roles in the recent recovery.

From 2015 onwards, all major economies are likely to deliver stronger growth than the actual 2014 results. Germany, with prudent economic policies, would withstand potential financial and economic shocks to achieve stable outlook. For France, growth could be simulated by government’s implantation of structure reform measures that would lead to improvement in investment activities and business environment. The Netherlands might be the most prospective in medium-term growth among continental peers. Real wage gains would support higher private consumption while improved business outlook and the ongoing recovery of the housing market would support investment. The UK is projected to grow at a solid pace, with unemployment rate likely to fall further and inflation to pick up to target level. Italy would see mild GDP expansion with rising exports and public infrastructure spending, countered by sluggish private investment.

Outlook (cont’d.)

ING Perspectives: key signposts for the next 6-12 months

• Chinese buyers are bringing back home not only technologies and brands, but also management expertise to explore both domestic and international markets. Proven “China story” has become more important for outbound M&A deals.

• China has multiple international initiatives, including the “One Road One Belt” plan, New Development Bank for BRICS, and the Asian Infrastructure Investment Bank which was officially launched in June by China with 50 founding member countries. China’s ambition to go abroad might lead to deep changes, including establishment of RMB denominated international financial system, infrastructure investment opportunities, integration of domestic and foreign markets, and increased M&A and greenfield activities, driven both by the state and the private sectors.

• Industry upgrade continues to be a main driver for outbound M&A activities in technological capability, brand asset, management expertise, etc.

• Industries in the trend: Lifestyle, consumer, high-end manufacturing, TMT, infrastructure, power & utilities, healthcare, agriculture/food.

• Countries in focus: The “Big Three” (the UK, Germany and France), developing countries covered by the “One Belt One Road” initiative, and Switzerland and Italy as emerging hotspots.

• Buyer composition: Publicly listed companies and private equity funds are active.

ING Perspectives: Key Signposts

September 2015 6

ING has in-depth sector knowledge within its core sectors

Austria Belgium Bulgaria Czech Republic France Germany Greece Hungary Ireland Italy Kazakhstan Luxembourg Netherlands Norway Poland Portugal Romania Russia Slovakia Spain Switzerland Turkey Ukraine UK

Europe

Canada Mexico US

North America

Argentina Aruba Brazil Chile Netherlands Antilles Peru Venezuela

Latin America

Australia China Hong Kong India Indonesia Japan Malaysia Mongolia Philippines Singapore South Korea Taiwan Thailand Vietnam

Asia

Dubai

Middle East

ING’s Global Presence with Local Intimacy


Financial Institutions

Natural Resources Consumer Power & Utilities Industrials

Telecommunications, Media & Technology

Transport & Logistics

ING Corporate Finance Asia ING’s Corporate Finance Asia practice offers mergers & acquisitions advisory services to its corporate and institutional clients. ING serves clients across a broad range of industry sectors and offers a strong combination of deep local market knowledge and extensive cross-border expertise.

Corporate Finance Asia operates through its Asia Pacific network with a focus on China and South East Asia markets. We work closely with ING’s extensive offices across Europe and the Americas.

ING Corporate Finance China Team

The Review was prepared by ING’s Corporate Finance Asia team. If you have questions or comments, please contact us directly at +852 2913 8640 or [email protected]

Andrew Lau Director [email protected]

Cecilia Hua Director [email protected]

Helen He Associate [email protected]

Wilson Cheung Analyst [email protected]

Michael Niederberger Managing Director – Head of Corporate Finance, Asia [email protected]

David Wu Managing Director – Head of Corporate Finance, China [email protected]

Thiam Kit Lee Managing Director [email protected]

September 2015 7

Appendix: 1H 2015 Transaction Details

September 2015 8

1H 2015 Transaction Details


Acquirer Target Details

Agriculture

(SEHK:656)

Country: Germany Stake sought: 9% Deal value: US$10.2m EV: US$645.1m Announcement date: 29/01/2015

Conglomerate Wheat and bioenergy products farm

Consumer

(SEHK:1717)

Country: Netherlands Stake sought: 49% Deal value: US$60.7m EV: US$123.8m Announcement date: 12/01/2015

Dairy products manufacturer Dairy products manufacturer

Country: Spain Stake sought: 20% Deal value: US$52m EV: US$260.7m Announcement date: 21/01/2015

Conglomerate in real estate and entertainment businesses

Spain-based football club operator

(SEHK:656)

Country: the UK Stake sought: 4.8% Deal value: US$140.0m EV: US$2,843.0m EV/Revenue: 0.2x EV/EBITDA: 3.9x Announcement date: 06/03/2015

Conglomerate International leisure travel services provider

(SZSE:002656) Levitas SPA

Country: Italy Stake sought: 51% Deal value: US$44.4m EV: US$87.0m Announcement date: 08/06/2015

Fashion retailer Fashion company, owner of Dirk Bikkembergs brand which offers men, women and kids apparels

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCO71xdHU_cYCFZNtjgodRrQNWA&url=http://zhggzz.cn/m/Customer.aspx?mid%3D305%26qid%3D105%26m%3D10&ei=UV-3Va6JH5PbuQTG6LbABQ&psig=AFQjCNFccg1hyp1KxD__nLh2Wo0qHoLDyw&ust=1438167206104449

September 2015 9



Financial Services

Country: Germany Stake sought: 100% Deal value: undisclosed Announcement date: 30/01/2015 Investment banking and financial

services subsidiary of HNA Group Truck and trailer rental and leasing services provider

Country: Netherlands Stake sought: 100% Deal value: US$170.9m Announcement date: 16/02/2015 Insurance group Insurance company

(SEHK:656)

Country: Belgium Stake sought: 9.1% Deal value: US$64.2m EV: US$2,558.6m Announcement date: 24/03/2015 Conglomerate Wealth management and other

financial services provider

Country: Slovak Republic Stake sought: 5% Deal value: US$88.5m Announcement date: 13/05/2015 Energy investment fund Private banking, real estate,

investment banking and fund management

Healthcare

(SEHK:867)

Pharmaceutical rights for Lamisil medication product of Country: Switzerland

Stake sought: 100% Deal value: undisclosed Announcement date: 07/01/2015 Pharmaceutical R&D,

manufacturer and distributor

(SEHK:867)

Pharmaceutical rights for Combizym and Hirudoid of

Country: Switzerland Stake sought: 100% Deal value: US$79.9m EV: US$79.9m Announcement date: 26/03/2015

Pharmaceutical R&D, manufacturer and distributor

Country: Germany Stake sought: 73% Deal value: US$73m EV: US$100m Announcement date: 21/04/2015

CGE Healthcare - pharmaceutical preparations, medical devices Shanghai Muyi – subsidiary of CDB

Developer of products for coronary treatment and endovascular artery diseases

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCMOB0t-o8MYCFQaXlAodCL8H8g&url=https://en.wikipedia.org/wiki/File:RHJ_International-logo.svg&ei=d2CwVYPqEoau0gSI_p6QDw&psig=AFQjCNG_IJLXG5xAhetFk1oBz5RAoKAgAg&ust=1437708787581189

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKGr37Ks8MYCFUWllAodtTYOtw&url=http://www.jtfg.com/en/media-servis/&ei=SmSwVaHeNsXK0gS17bi4Cw&psig=AFQjCNH1y-kjg_9BBRtspDZeF3NaqqtWPQ&ust=1437709765054693

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPTRu-q788YCFYkUlAodXHAF6w&url=http://www.topnews2015.gq/hiruscar/hiruscar-.html&ei=IQeyVbS9Homp0ATc4JXYDg&psig=AFQjCNEqj26GfQeIjGhdcrs-SKDShCVD0w&ust=1437816915863399

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPfQw53p8sYCFSZ5pgodbIYPQQ&url=https://home.mobile.de/HTHAUSERTRUCKSGMBH&ei=hLCxVff-GqbymQXsjL6IBA&psig=AFQjCNFkZPPTUWQwOssE-GCyHzaDGSdUsQ&ust=1437794811265076

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOGF6PvhyscCFYJTjgodgbwNkw&url=http://qoofan.com/a/388058.html&ei=D8zfVaHCKIKnuQSB-baYCQ&psig=AFQjCNHkKPotJeX6uM3OA4QHx6KGb8iepQ&ust=1440816510011813

September 2015 10



Healthcare (cont’d)

(SZSE:002693) Country: Germany Stake sought: 74.9% Deal value: US$44.3m EV: US$59.1m LOI signing date: 07/05/2015

Manufacturer of chemically synthesized peptide drugs and active pharmaceutical ingredients

Pharmaceuticals manufacturer

SCL圣释 Laboratory facilities, bio -banks

and know-how of Country: Czech Republic Stake sought: 100% Deal value: undisclosed Announcement date: 10/05/2015 Biotech company focusing on

regenerative medicine

蝶和科技 Country: Netherlands Stake sought: 100% Deal value: undisclosed Announcement date: 20/05/20151 Medical device distribution

company Developer of rehabilitation technology for medical and research market

(SEHK:963)

Country: France Stake sought: 33.4% Deal value: US$64.8m EV: US$194m Announcement date: 26/05/2015

Bio-chemical products manufacturer

Manufacturer of injectable medical devices for use in medical aesthetics

Industrials

(SEHK:489)

Country: France Stake sought: undisclosed Deal value: undisclosed Announcement date: 07/01/2015 Manufacturer of diesel engines,

light trucks, automobiles, castings, and related spare parts

Manufacturer of armored vehicles

(SHSE:601369)

Country: Czech Republic Stake sought: 75%-100% Deal value: US$42-56m EV: US$56m Announcement date: 23/01/2015

Provider of systematic solutions and services for turbo-machinery

Power engineering equipment manufacturer

1. Merger

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCN2b5-f78MYCFUU4lAodA08FXw&url=http://www.primecell.cz/?nav%3Darticle%26id%3D241&ei=kLewVd2TI8Xw0ASDnpX4BQ&psig=AFQjCNEUQYTUp2732CkZYjz1cM7c_butwg&ust=1437731074266373

http://www.dih-tech.com/

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCJuTo6f-8MYCFYcblAodxjYEWA&url=http://www.forcelink.nl/&ei=LrqwVZvEIYe30ATG7ZDABQ&psig=AFQjCNGXdYs0UGZoGRztf2inDMjhmBkkhQ&ust=1437731752876288

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCJ_-vPzO8MYCFUQdpgodEzwMTQ&url=http://www.lyomark.de/&ei=jIiwVZ-IFMS6mAWT-LDoBA&psig=AFQjCNGgcdBz3GtFa2rnUo05U1VFW5638A&ust=1437713076109895

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCNrt4Zu-88YCFUOflAodbCQByg&url=http://www.kellogg.northwestern.edu/conference/chinesebusiness/gcbc_2014/sponsors/huaxi.html&ei=oQmyVZqZLsO-0gTsyITQDA&psig=AFQjCNFF_9SJb_gdkQNVNM6JyKEEp9EYUg&ust=1437817630315773

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKibze6_88YCFUqjlAod148Adw&url=http://www.vivacy.eu/&ei=WwuyVeiBOMrG0gTXn4K4Bw&psig=AFQjCNFbWahy99vfYYPvPsZlY-kP2zg4Mw&ust=1437818072866164

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCMbH7NPA88YCFYMdlAodhBwKAw&url=http://www.dfmc.com.cn/main.aspx&ei=MAyyVcbvDoO70ASEuagY&psig=AFQjCNFbv6Fc7YiIqbxheKZ16-0FoflFKQ&ust=1437818282783133

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKi01KTB88YCFUkblAodCwwAnQ&url=http://www.caratsecurity.com/&ei=2QyyVejjK8m20ASLmIDoCQ&psig=AFQjCNGbMdPzNFhN-0d14Avz5J4uRdk0nw&ust=1437818454262810

http://www.sc-l.com/Default.aspx

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPaA_4Lw0scCFRVyjgodTmMDyw&url=http://www.dongvo.com/en/index.php/about/intro&ei=igzkVfaTLJXkuQTOxo3YDA&psig=AFQjCNGf1HRSNZRH-q41lca8GGy4oCzIaw&ust=1441095122843834

September 2015 11

SINO-EUROPE OUTBOUND M&A REVIEW 1H 2015 Acquirer Target Details

Industrials (cont’d)

(SHSE:000887) Country: Germany Stake sought: 100% Deal value: US$107.6m EV: US$107.6m Announcement date: 03/02/2015

Manufacturer of automotive parts for domestic and international OEMs

Automotive components manufacturer

(SHSE:601766 / SEHK:1766) Country: the UK Stake sought: 100% Deal value: US$175.1m EV: US$175.1m Announcement date: 05/02/2015

Manufacturer of train and rail transport equipment

Designer and manufacturer of subsea robotics including remotely operated vehicles, underwater propulsion and control products

(SZSE:002652) Russia United New

Materials Country: Russia Stake sought: 51% Deal value: US$45.8m EV: US$89.9m Announcement date: 09/03/2015

Manufacturer of organic coated sheets

Manufacturer of coated sheets

(SZSE:002055) Country: Italy Stake sought: 60%-100% Deal value: US$60.4m1 EV: US$100.7m Announcement date: 12/03/2015

Manufacturer of electrical connectors, electrical and electronic wiring harness, precision molds, automotive electronics

Automotive electronics manufacturer

中國化工集團 China National Tire & Rubber

中国化工橡胶 Country: Italy Stake sought: 100% Deal value: US$8,783.2m EV: US$8,783.2m Announcement date: 23/03/2015

Manufacturer of tires, rubber, and related products, a wholly owned subsidiary of ChemChina

Producer of consumer tires for automobiles, sports utility vehicle, light commercial vehicle and motorcycles and industrial tires for buses, heavy trucks, and agricultural machinery

(SEHK:2338)

Country: Germany Stake sought: 5% Deal value: US$204.9m EV: US$6,186.5m Announcement date: 31/03/2015

Manufacturer of diesel engines and related parts, automobiles, and automobile components

Manufacturer of forklift trucks and warehouse equipment

1. Based on 60% equity value

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCLKf5tCp8cYCFcEkpgodjssB8w&url=http://www.alibaba.com/product-detail/TD226B-Deutz-air-filter-weichai-air_939187691.html&ei=nOewVbLhFcHJmAWOl4eYDw&psig=AFQjCNErahsqL7xZOq7SOTDVyidK_3QijQ&ust=1437743384454824

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPGx9aeq8cYCFQEapgod-28IuQ&url=https://commons.wikimedia.org/wiki/File:Kion_Group_logo.svg&ei=U-iwVbG8A4G0mAX736HICw&psig=AFQjCNFe9-8-wXjgZEK7bM5akgQYcmh3Kw&ust=1437743566594565

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCNzK9M-l8cYCFYESlAod9_4EkQ&url=http://www.tirereview.com/chemchina-pirelli-agreement-camfin/&ei=aOOwVdz2LYGl0AT3_ZOICQ&psig=AFQjCNF3u9lv6Gq1bmZmzcQrH_ej8TqbmA&ust=1437742306287155

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCMWW7eSo8cYCFcbGpgodacgMYA&url=http://globalrubbermarkets.com/6254/pirelli-to-pump-200m-into-chinese-plant.html&ei=ueawVYXWO8aNmwXpkLOABg&psig=AFQjCNHcW6VhFaAtlQCjlfipHPGQT8PuSA&ust=1437743158810191

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCN2uq4ei8cYCFYePlAodPJMErg&url=http://www.zoominfo.com/c/Meta-System-S.p.A/358850950&ei=q9-wVZ2tD4ef0gS8ppLwCg&psig=AFQjCNFGOR_s-KgehPS9m_mdI1tAVPPWAQ&ust=1437741348221231

http://www.zhongdinggroup.com/

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKmq9Yya8cYCFUFGlAodPz8MxQ&url=http://discover.mfg.com/cn/suppliers/WEGU-GmbH-Leichtbausysteme-492096&ei=U9ewVem0HMGM0QS__rCoDA&psig=AFQjCNGYB4G75qmi4VVkXg9LtEhvdEioqg&ust=1437739214335177

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKPw-Ijr8sYCFYXcpgodQ8wFkw&url=http://www.cccme.org.cn/shop/cccme5115/index.aspx&ei=crKxVaPvCIW5mwXDmJeYCQ&psig=AFQjCNGrG_3n4srqqtcgmSB9vUpiunZVpw&ust=1437795305096085

September 2015 12




(SZSE:002611)


Manufacturer of corrugated carton-packing machines

Manufacturer of shelving, mezzanines and automatic storage systems

(SEHK:751) Country: Germany Stake sought: 100% Deal value: undisclosed Announcement date: 07/05/2015

Manufacturer of color televisions and audio-visual products.

Manufacturer of premium LCD and LED television and relevant accessories

(SEHK:232)

Country: France Stake sought: 100% Deal value: undisclosed Announcement date: 13/05/2015 Aircraft manufacturer Refrigerator truck manufacturer

(SZSE:002639)

Compressor technology and waste heat recovery business of

Country: Sweden Stake sought: 100% Deal value: US$48.6m Announcement date: 15/05/2015 Manufacturer of ice machines

Solar system business in Germany and US of

Country: Germany Stake sought: 100% Deal value: undisclosed Announcement date: 21/05/2015 Manufacturer of concentrator

photovoltaic (CPV) modules for terrestrial photovoltaic applications

Operation in Hattigen of

Country: Germany Stake sought: 100% Deal value: undisclosed Announcement date: 27/05/2015

Manufacturer of components for motors and pumping station

Developer and manufacturer of high-precision parts for the mining industry

Country: Sweden Stake sought: up to 30% Deal value: US$20m EV: US$666.7m Announcement date: 27/05/2015

THT – China-based hi-tech industrial park SRIT – China-based IT services provider

Automobile manufacturer producing new energy vehicle with the brand, Saab Automobile

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKm3oore8sYCFYaepgodFCoFvw&url=http://popsop.com/2013/01/saab-cars-adopt-a-new-simplified-logo/&ei=06SxVemBEIa9mgWU1JT4Cw&psig=AFQjCNHcctL3mfrucwgP-1EZwq4LdTV_GQ&ust=1437791820473637

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKmVl4qz8cYCFWcjpgodvPwDeQ&url=https://www.perspektiv.de/index.php/ohe-367.html&ei=hPGwVanDJefGmAW8-Y_IBw&psig=AFQjCNGZxEHY5VDRgAUze1QI-xGQ8HaOFg&ust=1437745920432977

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCO_0m4es8cYCFebmpgodjTkFhg&url=https://trademarks.justia.com/browse-by-serial-number/79/16/48/&ei=J-qwVa_FFebNmwWN85SwCA&psig=AFQjCNHMD8cc755ybs-NVWw-6L0WEFMNKw&ust=1437743976734971

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCP_M_L6t8cYCFaIapgod9ZEH_w&url=http://www.soubrand.com/what-country-is-skyworth-origin-from.html&ei=qOuwVf_YK6K1mAX1o574Dw&psig=AFQjCNHLzzo4X51QrKve0-v3prQmvpCL0g&ust=1437744421400708

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCP2nyIyu8cYCFWU2pgodJ3sA9Q&url=https://commons.wikimedia.org/wiki/File:Metz_Logo.svg&ei=S-ywVb3WGuXsmAWn9oGoDw&psig=AFQjCNHLlNJ1v2XArflu5VZtnSzRPNpssA&ust=1437744571691675

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKKOsMuv8cYCFQN5pgodw50Ofg&url=https://www.youtube.com/channel/UCdr4Xhg7M7aXa7iGjyMqNNA&ei=2-2wVeK0JIPymQXDu7rwBw&psig=AFQjCNEgiJLueVEGRhomwgkWdrsZUMQoVg&ust=1437744979189519

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKTsrLaw8cYCFafjpgoduLYFyw&url=http://www.snowkey.com/en/&ei=u-6wVeSiOafHmwW47ZbYDA&psig=AFQjCNE_dndL2uPkpNbgQalQKkOCGCSrSA&ust=1437745201925524

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCNiX9u2w8cYCFYYypgodBjsNfQ&url=http://www.opcon.se/&ei=MO-wVdi_HYblmAWG9rToBw&psig=AFQjCNHXuCc50Lc18FFX8YTxt4sIS_cW5Q&ust=1437745314829029

http://www.soitec.com/en/

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCL-Ug_HY_cYCFYEbjgodb1sEsA&url=http://www.irasia.com/listco/hk/avic/&ei=xWO3Vf-dEIG3uATvtpGACw&psig=AFQjCNGFBxLVNq7_nXXoqLp1hq1nkBtb1A&ust=1438168378400262

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCL69m4-0yccCFRMkjgodVkQKqA&url=http://www.logonews.cn/2014060405095614.html&ei=xBXfVb7LI5PIuATWiKnACg&psig=AFQjCNGp5V6iu2CyrArtFjW0kwgt-AN2jw&ust=1440769857753475

September 2015 13




山东永泰集团

Country: the UK Stake sought: 100% Deal value: US$46.7m EV: US$46.7m Announcement date: 15/06/2015

Manufacturer of tires and automotive products and accessories

Manufacturer of automotive metal parts

浙江巨力科技 Country: Switzerland Stake sought: undisclosed Deal value: undisclosed Announcement date: 23/06/2015

Micro-motor equipment manufacturer

Manufacturer of winding technology and process automation systems for electric motors

(SHSE:600410)

Country: Sweden Stake sought: 22% Deal value: US$104m EV: US$473.3m Announcement date: 24/06/2015

Provider of system products, computer system integration services, and software development and services

Automobile manufacturer of new energy vehicle with the brand Saab Automobile

盛德基业控股 Country: Germany Stake sought: 75% Deal value: undisclosed Announcement date: 29/06/2015

Conglomerate Producer of high-quality aluminum profiles as well as CNC processing, shaping, adhesive bonding of precision aluminum parts

Logistics & Transportation

大龙网 TDPRO Country: Russia

Stake sought: undisclosed Deal value: undisclosed Announcement date: 06/01/2015 Online wholesaler Supply chain management and

logistics solution to e-commerce

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCL_7lsbj8sYCFUawlAodFO4Ezg&url=http://zhejiangjuli.en.made-in-china.com/&ei=j6qxVf_3BMbg0gSU3JPwDA&psig=AFQjCNEjVWrLTZ8KlcTAk9aNtBq0wPh_kw&ust=1437793242529090

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKDO1Y3k8sYCFcGclAodqSQJkw&url=http://www.ptrading.eu/ATS1.htm&ei=JauxVeAnwbnSBKnJpJgJ&psig=AFQjCNE_rnmZfOv1bK1W-409pXLv_tEaYg&ust=1437793439808773

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKHlgPDl8sYCFYGclAodHAkNfg&url=http://www.apt-alu-products.com/&ei=_6yxVeHpKIG50gSckrTwBw&psig=AFQjCNEV1E0VtoYBFRClV109OkkGvg9WKA&ust=1437793902363506

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCP353ajn8sYCFWQspgodYHwAYw&url=http://www.i-sprint.com/project/teamsun/&ei=g66xVb2sBOTYmAXg-IGYBg&psig=AFQjCNHC0A0beVhpjsiLxnXmdQywgOy9Ag&ust=1437794300671815

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKm3oore8sYCFYaepgodFCoFvw&url=http://popsop.com/2013/01/saab-cars-adopt-a-new-simplified-logo/&ei=06SxVemBEIa9mgWU1JT4Cw&psig=AFQjCNHcctL3mfrucwgP-1EZwq4LdTV_GQ&ust=1437791820473637

September 2015 14



Natural Resources

(SEHK:1303) (Netherlands Antilles)

Country: Netherlands Stake sought: 100% Deal value: US$150m1 EV: US$150m1 MOU signing date: 12/02/2015

Investment holding company, engages in the mining, processing, and sale of mineral ores

Provider of mining services holding gold mine asset in South Africa

China Southern Petroleum Exploration and Development

Corporation

Country: Russia Stake sought: undisclosed Deal value: undisclosed Announcement date: 06/05/2015 Subsidiary of CNPC engaged in

onshore petroleum exploration, and production

liquefied natural gas exploration and production services company

Power & Utilities

赛维太阳能 (OTCPK:LDKY.Q)

Solar PV project Country: Italy Stake sought: 100% Deal value: US$14.6m EV: US$14.6m Announcement date: 16/01/2015 Manufacturer of photovoltaic

products 4.3 Megawatts of Solar PV Projects in Italy

中国机械设备工程 (SEHK:1829)

Guoxin International Investment 国新国际投资

Country: Turkey Stake sought: 75% Deal value: US$385m EV: US$512.8m Announcement date: 03/02/2015

CMEC - construction contracting and trading business company Guoxin International Investment - Financial investment company

Electricity distributors

中联重科 (SZSE:000157)


Zoomlion – Construction and mining machinery manufacturer Mandarin Capital Partner – Private equity firm

Waste treatment and waste-to-energy plant constructor and operator

1. Acquisition value is up to US$150M

http://www.huili.hk/html/index.php

http://www.centralrandgold.com/

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPLg6r6P88YCFYHAlAodJ9kHJg&url=http://www.cccme.org.cn/shop/cccme0003/index.aspx&ei=otixVfKHM4GB0wSnsp-wAg&psig=AFQjCNE0k-_eIlFfaMyGHjLgBvq-6uWORA&ust=1437805041566255

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCLrX9b2S88YCFUE9lAodU6UPbQ&url=http://www.oepsas.com.tr/&ei=xtuxVbrcDcH60ATTyr7oBg&psig=AFQjCNGb_oi6A7rhYvevL8O_Z78t3EoEKw&ust=1437805839036058

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://conergia.com.co/excavadoras-zoomlion/&ei=OnU3VdDzI5CNuAT78oDwAg&psig=AFQjCNHRIJJsMtYBuMajUaN7xs6qGQcCTw&ust=1429784246311039

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPL-06eY88YCFUeslAodSUsI-g&url=http://www.venturecapitaly.com/2013/09/mandarin-capital-partners-exits-757.html&ei=4uGxVfKFCcfY0gTJlqHQDw&psig=AFQjCNESapS8T1XBn3XqZgDpLfWDflslFw&ust=1437807418434516

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCL321oua88YCFcyalAod1YAA0Q&url=http://www.asacert.com/site/2009/asacert-clienti.php&ei=wOOxVb2WFcy10gTVgYKIDQ&psig=AFQjCNGk5njC5Txa_M2tZHATCEwo4yTFDg&ust=1437807916809544

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCNq59ZKN88YCFQSalAodeakEEg&url=http://cochisetech.net/solar/solar_panels.php&ei=LdaxVZrvNIS00gT50pKQAQ&psig=AFQjCNFoVZulsGXb8Lg7pefSYmGssikX3w&ust=1437804455738227

September 2015 15

SINO-EUROPE OUTBOUND M&A REVIEW 1H 2015 Acquirer Target Details

Real Estate

Property portfolio Country: the UK Stake sought: 100% Deal value: US$308.4m EV: US$308.4m Announcement date: 02/01/2015 Insurance company Milton Gate in London

(SEHK:2318)

Property portfolio Country: the UK Stake sought: 100% Deal value: US$495m EV: US$495m Announcement date: 22/01/2015 Insurance and financial services

company Tower Place in London

(SEHK:656) Property portfolio

Country: Italy Stake sought: 100% Deal value: US$371.5m EV: US$371.5m Announcement date: 18/04/2015 Conglomerate Palazzo Broggi in Italy

Property portfolio Country: Netherlands Stake sought: undisclosed Deal value: undisclosed Announcement date: 09/06/2015

Freight and cargo transportation service provider

Trias II in Netherlands

Telecommunications, Media & Technology

(NasdaqGS:CTRP)

Country: the UK Stake sought: Majority stake Deal value: undisclosed Announcement date: 05/01/2015 Online travel agency Provider of software for the travel

industry

(SHSE:601801) Country: France Stake sought: undisclosed Deal value: undisclosed Announcement date: 10/02/2015 Anhui Xinhua - bookstore operator

China Book Trading – publication importer and exporter

Bookstore operator

Country: Switzerland Stake sought: 100% Deal value: US$1,189.2m EV: US$1,189.2m Announcement date: 10/02/2015

Conglomerate in real estate and entertainment businesses

Provider of sports marketing services

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCJWDqqyb88YCFQYulAodsqsA_Q&url=https://en.wikipedia.org/wiki/Taikang_Life&ei=EeWxVdW2D4bc0ASy14LoDw&psig=AFQjCNEMtfmKRazbxWHyzdvDaQZw-kWkzg&ust=1437808270169494

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCI3TzuKc88YCFQSOlAodVtMAiQ&url=http://www.pgm-blog.com/highlights-of-the-week-of-april-27-2015/&ei=j-axVc3PIISc0gTWpoPICA&psig=AFQjCNHYCLIdwlmuWvAnCECNr6ip7He1SQ&ust=1437808647254506

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCMfKjZmo88YCFYcblAodxjYEWA&url=http://www.forbes.com/companies/ctrip-com-international/&ei=ivKxVcfdJIe30ATG7ZDABQ&psig=AFQjCNE3em1Ii7KautO-8JzmVVUskie-8Q&ust=1437811717509536

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCIeTldCp88YCFUaVlAodWSsNVA&url=http://www.fish4.co.uk/employer/31125/travelfusion/&ei=CvSxVYfmHsaq0gTZ1rSgBQ&psig=AFQjCNGx35hEs6htF62j4amRP62JhGCBOg&ust=1437812087865621

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKfLhver88YCFUUWlAodFRkM3A&url=http://www.eurohandball.com/article/012402/EHF%2Band%2BInfront%2BSports%2B%26%2BMedia%2Bto%2Bcontinue%2Bsuccessful%2Bpartnership%2Buntil%2B2020&ei=dPaxVafBOMWs0ASVsrDgDQ&psig=AFQjCNFzBMKSWoe_S3TqBkZ8jIWZcGsuJA&ust=1437812721316037

September 2015 16



Telecommunications, Media & Technology (cont’d)

(SEHK:700) Country: Switzerland Stake sought: Majority stake Deal value: undisclosed Announcement date: 19/02/2015

Provider of internet and mobile value-added services, online advertising services, and e-commerce transactions services

Provider of computer games

(SEHK:3888)

Country: France Stake sought: 100% Deal value: US$58m EV: US$58m Announcement date: 16/03/2015 Computer software and game

developer Provider of mobile advertising and monetization solutions

Country: Germany Stake sought: undisclosed Deal value: undisclosed Announcement date: 21/04/2015 Conglomerate Manufacturer of automation

systems for the printed circuit board industry

(SZSE:300166) Country: the UK Stake sought: 100% Deal value: US$27.4m Announcement date: 29/04/2015

Developer of enterprise business system solution and provider of related technical services

Provider of industrial energy data analysis platform, management platform, operational optimization platform and consultancy

(SEHK:656) Country: France Stake sought: undisclosed Deal value: undisclosed Announcement date: 07/05/2015 Conglomerate Provider of seamless payment

solutions through in-store, online, and mobile commerce worldwide

Radio frequency power business of

Country: Netherlands Stake sought: 100% Deal value: US$1,800m EV: US$1,800m Announcement date: 28/05/2015 Investment company, a subsidiary

of China Jianyin Investment (JAC)

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCIbhq-2s88YCFUGilAodl_ALvg&url=http://wwbiggies.com/press/biggies-strikes-deal-with-miniclip&ei=bPexVYb7PMHE0gSX4a_wCw&psig=AFQjCNHbRBrTgqDUZ1zfULLPdxzM88i0PA&ust=1437812970519409

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCIjQsL6v88YCFcehlAodeIcFyA&url=http://www.themalaysianinsider.com/business/article/chinas-kingsoft-seeks-up-to-300-million-in-us-ipo-of-unit&ei=L_qxVcj8McfD0gT4jpbADA&psig=AFQjCNGc3NedvOEyI_XnUzqqffkS-63zEg&ust=1437813676113613

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCNC025Ow88YCFcWglAodQJgNRA&url=http://iamattila.com/traffic-source-tokens/mobpartner-dynamic-tracking-tokensscriptsapi.php&ei=4vqxVdC7L8XB0gTAsLagBA&psig=AFQjCNHSp3quqTz_9UTG7O3qom2t9Unmsg&ust=1437813853926499

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCK7pruSx88YCFUoUlAoddjAPjQ&url=http://www.ksl-kuttler.com/&ei=mPyxVa69Fcqo0AT24LzoCA&psig=AFQjCNGyNIMHCyVVEDx40-EJMg9mWMfO1w&ust=1437814289083575

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCK6YnM2y88YCFUWllAodtTYOtw&url=http://www.cotopaxienergy.com/&ei=dP2xVa6OD8XK0gS17bi4Cw&psig=AFQjCNH76rJUAxFfv5NrARJgOU7qys7Ibw&ust=1437814512773911

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCMPzj82z88YCFQsXlAodiTwEhw&url=https://appablog.wordpress.com/2015/05/21/ingenico-group-earns-award-for-financial-inclusion-platform-of-the-year/&ei=gP6xVcOzHYuu0ASJ-ZC4CA&psig=AFQjCNH6nj-E9M-D4INltItW2PljX0yKvg&ust=1437814765481977

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCP_16JS088YCFcWglAodQJgNRA&url=http://www.jicinv.com/en_second/index.aspx?nodeid%3D55&ei=Fv-xVf-SM8XB0gTAsLagBA&psig=AFQjCNFSdah2QTEq54mh-BkY5zeAYGnkzQ&ust=1437814929968172

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCPaD5LG188YCFcYnlAodnVUBIA&url=http://www.insidermonkey.com/blog/do-hedge-funds-and-insiders-love-nxp-semiconductors-nv-nxpi-228979/&ei=YACyVfZTxs_QBJ2rhYAC&psig=AFQjCNGqy--DDL0056wM8-vt1-QF9KU50A&ust=1437815261398102

September 2015 17



Telecommunications, Media & Technology (cont’d)

(SEHK:777)

Country: the UK Stake sought: 100% Deal value: US$126.4m EV: US$126.4m Announcement date: 16/06/2015 Online internet game developer Interactive education technology

solutions provider

(SEHK:6899)

Country: Gibraltar Stake sought: 100% Deal value: US$35m EV: US$35m Announcement date: 21/06/2015

Online card and board game developer

High quality poker and online entertainment content producer owner of the “World Poker Tour”

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKvV97W288YCFUEXlAodd5kDnQ&url=https://www.mystockhk.com/category.aspx?NodeID%3D438&ei=dQGyVevGCcGu0AT3so7oCQ&psig=AFQjCNGJ5-4ICFXB-e8w5aCVSW92JRoqAQ&ust=1437815533293442

http://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCJDw2c-288YCFYejlAodUZ4CUg&url=http://www.businessandleadership.com/business/item/31681-promethean-worlds-pretax-p&ei=qwGyVdDuC4fH0gTRvIqQBQ&psig=AFQjCNGoOLl1Un-sps9iJS5hCGaTiBXYVg&ust=1437815590648843

https://www.google.com.hk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCICOlcK388YCFYEllAodr88NBg&url=https://plus.google.com/100726841406613260807&ei=mwKyVcDUDoHL0ASvn7cw&psig=AFQjCNGWdQ9fw2ewaSLacbhJ5CnhUQCr4g&ust=1437815828358436

September 2015 18


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