APER Aug 2025 - Hong Kong Bourse: Reality Check | Asia Private Equity Centre Limited

APER Aug 2025 - Hong Kong Bourse: Reality Check

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Feature

Hong Kong Bourse: Reality Check

Performance Benchmark

APER Index: 2018 – 2022 Deal Vintage DPI - China (as of Dec 2024)

Highlights of Asia PE Movements in H1 2025

PE ValuTrek

PE ValuTrek: Entry & Exit Valuation (24 July 2025)

PE CrediTrek

PE CrediTrek - Selective (Jul 2025)

QuickData

Data Centre: The AI Infra

China

Mergers & Acquisitions

Shines Beyond Bolt-On

India

Divestments

A Contrarian Move

News

Australia/New Zealand

Global Pension Investors Seek Long-term Oz Assets

Amazon Commits A$20 Bn for Cloud Infra Down Under

Foreign Investors’ Unwaning Interest in Private Wealth Plays in ANZ

China

BAI & GSR Increase Deposit with Cryptocurrency Play, KUN

PE Investors Clock Sizeable Distribution from Wuxi Biologics

PE-backed AgiBot to Take Control of Shanghai-Listed Swancor

India

India: Focus of Foreign Private Credit Investors

Titans in PE/VC Humbled by e-Commerce Play, Good Glamm

Growing List of New Managers in India

Japan/South Korea

Time to Sell

Beauty of Chosun

SMBC to Tap Into FinTech Opportunities in the US

Southeast Asia

Data Centre Craze in Singapore

SeaTown & Deutsche in US$750 Mn Facilities to Vingroup’s Subsidiaries

Singapore to Fuel Growth of Its Promising Businesses via Private Credit

Malaysia’s KWAP Picks 12 GPs for 6 Bn Ringgit Mandate

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Rest Of Asia/Rest Of The World

BlackRock & Mubadala to Wind Down Their Asia PE Credit JV

Coller Capital Doubles Down on Private Credit Secondaries

Assets Abroad

Market Section

Australia/New Zealand

Funds

Brandon Capital Raises A$439 Mn BioCatalyst Fund

Investments

Blackbird in AI Marketing Startup

KKR to Expand Its Renewable Energy Footprints in Oz

At One Ventures Joins Hitachi Ventures in Algae Startup

OneIM & CC Capital to Privatise Insignia

Left Lane Capital Picks Its AI-Enabled Health Platform Down Under

Volition Capital Finds an AdTech Startup Down Under

PEP to Privatise Property Services Provider, Johns Lyng

Prosus Ventures Uses AI to Answer Customers’ Queries

Main Sequence et al Revisit Quantum Chip Maker, Diraq

Anacacia Picks Procal as Its Dairy Supplier

Northleaf to Provide Credit to SME Loan Financier

KKR in Poultry Supply Chain Infra

TA Associates in Strategic Growth with Viridian Financial

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Divestments

China

Funds

Cathay Capital Enlists TotalEnergies to Cornerstone Its 2nd Energy Fund

Investments

SenseTime & China Merchants Back AI Robotic Models

HongShan et al Promote Stablecoin Development in HK

Oriza & FountainVest Co-lead in Kitchen Solutions

CDH Continues to Lead in Peptide Drug Discovery

Northern Light, Everest VC et al Join Shunwei in Drug Discovery

SIIC Backs Gene Editing Tech in HK

Kunlun Capital et al Pledge Faith in Fusion Energy

Vision Plus et al in New Energy Trucks

Linear Capital & CITIC Separately in Recycling Tech

Rockets Capital, Fortune VC et al Join Forces in Robotics Play

Prosperity7 & Shunwei Return to Intelligent Robots, Spirit AI

Gaorong et al in Heart Device Play

BAI & GSR Double Down on Stablecoin Payment Network in HK

KKR Cleared to Acquire Beverage Biz, Vista

CMG-SDIC & Lotus Lake Join Hands to Treat Cancer

3E Bioventures Leads in Soft Tissue Device Tech

Pegasus & Puhua Put on AI-powered AR Glasses

Legend Capital Co-leads in Quantum Computing Play

MindWorks to Tap Into China’s Silver Economy

YuanBio Doubles Down on Diagnostic Kits for Women

Capital Today, Long-Z et al Power Up Galaxea AI

SummitView & CICC in Core Battery Material Maker

Meridian Joins CDH VGC & Haier in AI Robots Play

Primavera Backs Semicon Equipment Development

Source Code & Sinovation to Create AI Videos with Mootion

Qiming Revisits Automated Life Sciences Lab

CDH Leads in Industrial Parts & Bio-Ingredients

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Divestments

Leads Biolabs Debuts on Hong Kong Bourse

Capital Today to Pare Down Interest in Snack Brand

Primavera Exits ESG Holdings and Takes a Stake in China Shine

Qiming, Yunfeng & Hony to Conclude Investment in LaNova Medicines

E-Town Semiconductor Debuts on Shanghai STAR Market

FWD Goes Public On SEHK

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India

Funds

Yali Capital Raises 8.9 Bn rupees for Its Maiden Fund

Northpoint Capital Closes Maiden Fund at US$150 Mn

IFC to Allocate Up to US$150 Mn in Ares’ Latest Asia Credit Fund

Investments

PIDG & Helios Climate Support Battery Swapping

Michael & Susan Dell Foundation Backs Electric Two-Wheelers

Sofina Revisits Genomic Diagnostics, MedGenome

Globespan & EvolutionX to Automate Conversations with Customers

MassMutual & Cercano Back Education Funds

Avataar Ventures in Quantum-AI startup, QpiAI

EQT Provides Mortgage Solutions in India

BanyanTree Backs Electric Boat Maker

RTP & Salesforce to Upgrade Video Platform to Professional Grade

ChrysCapital Takes Theobroma Foods, a Bakery Chain

Multiples to Roll with Luggage Brand

Partners Group Takes Control of Infinity Fincorp, True North Exits

Elevation Provides Financial Services to NRIs via Belong

responAbility et al Finance Education-focused Loan Provider, Varthana

Trident Backs Two-wheeler Financier

Endiya & Exfinity Chip In to GenAI Chip Design Copilot Startup

Anicut Capital in Clean-label Food Startup Khetika

Japan’s Enrission in Deal Spree in India

CVC Completes Acquisition of Aavas Financiers

SC Ventures Leads in B2B Grocery Marketplace

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Divestments

Indiqube Debuts; WestBridge Holds on Stake

Bain Trims Stake in 360 ONE

Anthem, a CDMO, Debuts on India’s Stock Exchanges

BII et al Offload Osam Dairy to Dodla Dairy

OTPP to Fully Exit from Sahyadri Hospital

Bain Trims Its Stake in Emcure

Eight Roads Sold 3 Portfolio Companies to TR Capital

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Japan/South Korea

Funds

UTEC Secures ¥47 Bn for Its VC Fund 6

UPSIDER Secures ¥14.3 Bn for Its 2nd VC Debt Fund

JIC Re-ups in Genesia Ventures' Fund IV

Investments

Kakao Joins FuriosaAI’s Series C Bridge Round

EQT Asia to Privatise Fujitec

STIC, Stonebridge et al in Blood Cancer Treatment

Carlyle Adds TRYT Inc to Its Portfolio in Japan

Altos Ventures Shops for Wellness & Personal Care Products

Globis, DBJ and SMBC in Optical Equipment

KKR to Buy Cosmetic Packaging Co Samhwa from TPG

IMM, Premier Partners et al to Fund Goodai's Acquisition of Rival

Polaris Capital Launches Tender Offer for DD Group

IMM & Shinhan in LegalTech

Mizuho Capital et al in Nuclear Fusion Tech

SPARX in Space Transportation Services Play

Altos & Goodwater in K-Beauty, Memebox

Peak XV Ventures into Japan and Finds Felo

Bain Joins Shinsegae in Shopping Mall & Stadium Development

Integral Completes Tender Offer for Golf Digest Online

ITV Takes Another Ride with SkyDrive, a Flying Vehicle Maker

J-Star Vying for Container Logistics Play, Nippon Concept

Nippon VC & Salesforces Re-up in SaaS Sales Solutions

JAFCO, SMBC VC & Genesia in Military Software System

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Divestments

Samsung Venture-backed Glass Manufacturer Debuts on KOSDAQ

Nomura Capital Clocks ¥2.6 bn at LIPPS’ Debut

Southeast Asia

Funds

Apollo to Manage Singapore’s S$1 Bn Private Credit Growth Fund

Affirma Secures A$50 Mn for Indonesia-Focused Net Zero Fund

Investments

We Venture Capital & ClavystBio Lead in HealthTech Firm, Respiree

Peak XV & Saison Double Down on Chocolate Finance

Actis in Energy Efficiency Play, bbp

Stonepeak Takes a Stake in Princeton Digital, a Data Centre Play

Clifford Capital & ING Co-Lead in Green Loans for Solar Projects

Braxton Joins Northstar in InsurTech

East Ventures Provides AI-powered Credit Analysis to Lenders

Woori Joins Sierra & Cocoon in Robotics Tech

Oriza Greenwillow Supports Net Zero in Indonesia

responsAbility to Help Reduce Carbon Emissions in Asia

Cento Ventures to Manage Corporate Card Payments with Monit

Argor Capital Taps into Vietnam’s AI Knowledge Discovery Platform

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Divestments

Dymon Asia Trims Stake in Bottled Water Manufacturer

Rest Of Asia/Rest Of The World

Funds

Blackstone Raises Over US$8 Bn for Its Asia III Fund

EQT’s BPEA IX Secures Over US$11 Bn in Commitments

Coller Capital Raises US$6.8 Bn for Its CCO II

Investments

IFM to Provide Ground Support Equipment at European Airports

Carlyle to Help Expand IT Consultancy, Adastra

FountainVest to Take Over Italy’s EuroGroup Laminations

Legend Joins Mubadala et al in Qlub Deal

Navis Doubles Down on Eton Solutions, a Wealth Management Software Play

Square Peg Joins a16z & Others in US$2 Bn Raise by Thinking Machines Lab

CVC Propels eSIM Provider, Airalo, to Unicorn Status

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Divestments

People on the Move

responsAbility Names New CEO

Gaw Capital Names Head of Data Centre for Asia ex-China

Blackstone Names Vice Chairman for Its Japan Operations