GP Bullhound-2021年Q1亚洲投资报告（英文）-2021.5正式版

Q12021

Asiainsights

QualitativeinsightsintobroaderAsiatrendsandpublicandprivatevaluationsacrossthetransactionspectrum.

Importantdisclosuresappearattheendofthisreport

GPBullhoundLLPisauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRA

THEVIEW

Q1Asia

perspectives

fromGPBullhound

Dealactivity

§Q1EuropeantechfundraisingwithAsianinvestorssetanew

recordof43dealsforthepasttwoyears,increasingby23%QoQ.

§Sector-wise,SoftwareandFintechdominatedAsianinvestors’

RISEOFEUROPE

preferenceinEurope

§InvestmentsintotheUSwereinlineQoQ,withFintechgaining

morepopularity,drivenbystronginterestsindigitalassets

§Europeaninvestors’investmentsintoAsiantechjumped66%,with

dealvolumesintoIndiahavingtrebledQoQ

DOUBLINGDOWN

§WithpresenceinIndiastrengthenedby23%growthindeal

ONINDIA

volume,USinvestmentsintoChinacontinuedthegrowthtrajectory

sinceQ42020,representinganincreaseof50%

§Sector-wise,EuropeanandUSinvestorspreferFintechand

SoftwareinAsia

§InvestmentsintoEuropeandAPACincreased,withEuropean

dealsincreasingforthefirsttimesinceQ22020

§However,Q1overalldealvolumewithChineseinvestorsslightly

CHINESE

decreasedby7%QoQbecauseofadropofnineinvestmentsinto

theUS

INVESTMENT

§Tencentstillledoverseasinvestments,withsevendeals,including

CONTINUED

twointhedigitalmediaspace,andNetEasejoinedthejourney

withtwodeals

§Fintechtargets,especiallythoseinthedigitalassetspace,drove

significantinterestsfromChineseinvestors–17outof24Fintech

investmentsareintheDeFispace

2

AsiainvestmentsintoEurope

CEOcommentary

ASIANTECHINTOEUROPE&US

OverviewofAsiantechtransactionsintoEuropeandtheUS

US$5,390m

109

Fundraisingvalue

Fundraisingvolume

Notablefundraisingtransactions

Target

Investor

Targetdescription

Fundsraised(US$m)

Softwareforanalysingand

1,000

extractingvaluefromdata

Digitaltransformationagency

720

Onlinepaymentsolutions

450

Bitcoinlendingcompanyfor

cryptoinvestors

350

Technology-enabledreal

300

estateclosingssolutions

US$5,234m

8

M&Avalue

M&Avolume

NotableM&Atransactions

Target

Buyer

Targetdescription

Dealvalue(US$m)

Solutionstoincreasesituational

understandingfortransportation

3,622

anddefence

Managementandtechnology

consultancy

1,450

Game-basedlearningplatform

154

Providerofproductinformation

managementtechnology

8

Documentarystreamingplatform

-

Countryanalysisbydealvolume Dealvolumeandvalue

Targetlocation

Investor/buyerlocation

Fundraising

M&A

Fundraising

M&A

US

66

US

4

China

26

Japan

3

Israel

12

UK

2

Japan

24

China

3

UK

9

France

1

SG

23

SG

1

Swiss

6

1

HK

13

India

1

Fundraising

20.0

107

105

98

101

104

109

14050.0

92

93

85

120

15.0

40.0

9.0

100

8.0

30.0

10.0

80

5.6

4.2

5.4

6020.0

2.7

4.4

5.0

1.9

1.9

40

10.0

20

-

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

0-

2019

20192019201920202020202020202021

Dealvalue(US$bn)

M&A

60

50

27

19

19

23

25

40

18

16

30

12

8

5.4

20

2.6

0.8

0.2

3.4

0.6

0.1

0.2

5.2

10

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

0

2019

2019

2019

2019

2020

2020

2020

2020

2021

Dealvolume

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes3dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

AsiainvestmentsintoEurope

CEOcommentary

ASIANINTERESTINTOEUROPE&US

Asianinvestors’investmentsinEuropeantechincreased

Europeanfundraisingactivitiespeaked

Fundraisingdealvolume&value

4,4150091826455463728

43

4,234,2574,32930221486675849311

39

39

4,4734,40138566574839210

40

4,144,19420358677685

35

4,0503,96

36

3140

40

4,1221041395867768413223

34

3,873,9783,90600514968760514224708815

3,243,33930331405876859421.0

3,8343,781625435261

3,7623,69080798715344352617

3,6183,60708817263453627

3,513,546

3,423,4746009182736455372810

3,40250192836556382011485766758493

3,1233,061054260788796143241

3,0512,979006617088152433

27

3,153,2673,195204506877861322

24

2,8871981625344352

2,370.0

2,8352,907

2,798081726445362

2,6912,702,763817254453627

7001882736455463728

1,591.9

2,0521,980536271

2,522,5472,6196011083746556382092

1,171,1971,269206881524334251

2,4122,432,475502485766849311

1,869.1

2,3402,268304403219485766758312232415077869513

2,072051487786051423315

1,811.7

2,162,1962,2523

20

2,1240071069788706143342516

1,801,8361,90818274554637281

1,89173544

1,711,76480028374655738291

1,292.0

1,69270138475665748310

1,531,6201,5486022130576675849311

1,051.8

1,441,48550322315867769412

1,351,41340468778695

1,3413056078879614233250

660.6

1,0081,1251,0539962443526177180

477.0

981900909284655647382911827

1,08107163443526170

568.5

3645546372

72765837801384756749210

6937026675841120

546036306776859412214857

364054145047887962332

45486558687795132231

19818207342270162543526188

306971524335160

0

10812690182736544563728135441753627180.0-

Q12019 Q22019 Q32019 Q42019 Q12020 Q22020 Q32020 Q42020 Q12021

Dealvalue(US$m)

InterestinacquiringEuropeantargetshithistoricallow

45

M&Adealvolume&value

40

35

30

2,246.6

25

14

1,603.6

20

13

13

13

11

15

8

8

7

697.2

5

10

322.6

182.0

14.6

113.6

129.0

124.4

5

0

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Dealvolume

USfundraisingactivitiesremainedactive

Fundraisingdealvolume&value

7,179.0

7,000.0

68

5,649.0

71

69

80

6,000.0

65

67

66

58

5,000.0

54

59

4,821.1

60

4,006.6

4,000.0

3,075.8

3,000.0

2,355.9

40

1,622.5

2,000.0

1,399.0

1,251.3

20

1,000.0

-

0

Q12019 Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021

Dealvalue(US$m)

M&AactivitieswithUStargetsstillatatrough

M&Adealvolume&value

80

4,711.3

60

3,429.9

3,630.2

40

14

12

11

9

20

6

10

481.9

5

396.4

18.5

309.0

4.0

4

3

30.0

0

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Dealvolume

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes4dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

AsiainvestmentsintoEurope

CEOcommentary

THEHOTTESTSECTORS

RiseofFintech,withSoftwareinEuropestillinfavour

AsiaactivitiesintoEurope

Dealvolume

Dealvalue

Dealvolume

Dealvalue

Dealvolume

Dealvalue

(US$m)

(US$m)

(US$m)

Sector

Q12021

%

Q12021

%

Q42020

Q42020

Q12020

Q12020

Software

16

33.3%

163.2

7.5%

21

1,350.2

14

296.2

FinTech

16

33.3%

205.7

9.5%

8

81.5

9

340.5

Digitalservices

3

6.3%

1,450.0

66.8%

2

48.7

6

188.0

Transport-tech

3

6.3%

154.0

7.1%

1

50.0

3

159.5

Industrial-tech

3

6.3%

28.2

1.3%

1

14.5

5

60.0

EdTech-Digitalmedia

3

6.3%

163.6

7.5%

1

214.8

2

5.0

Marketplaces

1

2.1%

6.2

0.3%

5

667.5

5

397.7

Healthcare-tech

1

2.1%

1.3

0.1%

3

54.7

3

58.7

Content-Digitalmedia

1

2.1%

-

-

2

2.0

2

-

Communication-Digitalmedia

1

2.1%

-

-

-

-

-

-

Total

48

100.0%

2,171.2

100.0%

46

2,508.9

52

1,615.5

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes5dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

AsiainvestmentsintoEurope Europe&USinvestments CEOcommentary

THEHOTTESTSECTORS

FintechjoinedSoftwaretodominatepreference

AsiaactivitiesintotheUS

Dealvolume

Dealvalue

Dealvolume

Dealvalue

Dealvolume

Dealvalue

(US$m)

(US$m)

(US$m)

Sector

Q12021

%

Q12021

%

Q42020

Q42020

Q12020

Q12020

Software

23

32.9%

2,050.7

24.2%

28

538.4

24

855.0

FinTech

18

25.7%

1,157.2

13.6%

14

624.7

8

191.5

Marketplaces

8

11.4%

244.4

2.9%

6

456.0

8

1,119.3

Industrial-tech

5

7.1%

3,725.0

43.9%

6

54.2

15

571.0

Content-Digitalmedia

3

4.3%

4.3

0.1%

5

185.5

2

7.3

Healthcare-tech

3

4.3%

97.0

1.1%

5

211.2

3

203.2

Entertainment-Digitalmedia

3

4.3%

175.0

2.1%

3

3,006.8

2

165.0

Digitalservices

2

2.9%

728.3

8.6%

2

1,841.0

7

117.1

Transport-tech

2

2.9%

225.5

2.7%

2

45.0

2

50.0

Communication-Digitalmedia

2

2.9%

55.0

0.6%

1

100.0

-

-

EdTech-Digitalmedia

1

1.4%

15.0

0.2%

2

4.6

3

51.5

Total

70

100.0%

8,477.3

100.0%

74

7,067.2

74

3,330.8

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes6dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Europe&USinvestments

EUROPEANDUSINVESTMENTSINASIA

Europe&USinvestorsdoubleddownonIndiamarket

InterestfromEuroperecoveredQoQ…

Europeaninvestors-dealvolume&value

47

52

53

33

33

36

34

32

28

2.9

0.9

0.7

1.5

1.7

0.5

0.4

0.6

0.3

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Dealvalue(US$bn)

Dealvolume

...withfocusshiftedbacktoIndia

Toptargetcountry/regionbydealvolume

Countries/regions

Q12020

Q22020

Q32020

Q42020

Q12021

China

9

11

11

6

18

13

9

10

14

15

SoutheastAsia

10

12

23

10

12

Others

2

1

7

2

8

2

1

1

-

-

Total

36

34

52

32

53

StronggrowthininterestfromtheUS…

…withincreasingactivitiesintoIndiaandSoutheastAsia

USinvestors-dealvolume&value

50

45

106

111

40

90

97

35

83

30

25

20

15

10 3.6 3.8 3.3 3.1 1.8

5

0

Q12019 Q22019 Q32019 Q42019 Q12020

Dealvalue(US$bn)

149

125

112

94

11.4 9.4 11.1

1.9

Q22020 Q32020 Q42020 Q12021

Dealvolume

Toptargetcountry/regionbydealvolume

140

Countries/regions

Q12020

Q22020

Q32020

Q42020

Q12021

120

49

29

60

48

59

100

SoutheastAsia

24

29

28

25

35

80

60

China

8

15

15

20

31

40

Others

9

8

14

9

13

20

0

7

13

8

10

11

Total

97

94

125

112

149

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes7dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Europe&USinvestments

THEHOTTESTSECTORS

EuropecontinuedtofavourFintechandSoftwareinAsia

InvestmentinAsiafromEurope

Dealvolume

Dealvalue

Dealvolume

Dealvalue

Dealvolume

Dealvalue

(US$m)

(US$m)

(US$m)

Sector

Q12021

%

Q12021

%

Q42020

Q42020

Q12020

Q12020

Fintech

16

30.2%

634.1

38.1%

7

66.5

6

191.9

Software

10

18.9%

529.5

31.8%

8

277.7

7

182.3

Marketplaces

8

15.1%

53.1

3.2%

4

1,756.0

10

227.9

Industrial-tech

7

13.2%

113.4

6.8%

3

185.5

4

9.8

Digitalservices

3

5.7%

3.1

0.2%

3

60.0

2

5.4

Entertainment-Digitalmedia

3

5.7%

11.5

0.7%

-

-

1

-

Content-Digitalmedia

2

3.8%

15.0

0.9%

2

-

1

-

EdTech-Digitalmedia

2

3.8%

5.0

0.3%

2

400.0

2

22.9

Transport-tech

1

1.9%

300.0

18.0%

1

29.9

3

14.4

Communication-Digitalmedia

1

1.9%

-

0.0%

-

-

-

-

Healthcare-tech

-

0.0%

-

0.0%

2

91.8

-

-

Total

53

100%

1,664.7

100%

32

2,867.3

36

654.6

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes8dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Europe&USinvestments

THEHOTTESTSECTORS

USspotlightonFintech,withstrongbeliefinSoftwareinAsia

InvestmentinAsiafromtheUS

Dealvolume

Dealvalue

Dealvolume

Dealvalue

Dealvolume

Dealvalue

(US$m)

(US$m)

(US$m)

Sector

Q12021

%

Q12021

%

Q42020

Q42020

Q12020

Q12020

FinTech

41

27.5%

692.3

6.2%

28

1,610.9

15

250.2

Software

31

20.8%

7,142.9

64.4%

23

1,348.9

22

658.6

Marketplaces

21

14.1%

1,197.8

10.8%

23

782.8

17

133.6

EdTech-Digitalmedia

13

8.7%

338.7

3.1%

14

5,243.8

10

530.2

Healthcare-tech

10

6.7%

500.1

4.5%

7

84.7

8

134.9

Digitalservices

8

5.4%

238.9

2.2%

3

2.5

-

-

Content-Digitalmedia

6

4.0%

511.4

4.6%

4

258.9

15

28.3

Communication-Digitalmedia

6

4.0%

305.5

2.8%

2

20.2

-

-

Entertainment-Digitalmedia

5

3.4%

51.5

0.5%

5

33.2

7

11.9

Transport-tech

5

3.4%

92.6

0.8%

-

-

3

5.1

Industrial-tech

3

2.0%

17.1

0.2%

3

5.2

-

-

Total

149

100%

11,088.8

100%

112

9,391.0

97

1,752.9

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes9dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Alookinto

CHINATECHOVERSEASINVESTMENTS

StrongrecoveryinEuropeinvestmentactivities

InvestmentsintoEUrecoveredQoQ

5

InvestmentsintotheUSplummeted

5.0

4

20

13

15

13

3

11

12

10

9

1.73

8

2

7

1

0.5

0.8

0.6

0.6

0.8

0.2

0.2

0.0

0

0

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Dealvalue(US$bn)

Dealvolume

4.0

3.5

3.0

26

18

18

2.0

1.8

11

12

1.0

0.5

0.4

0.4

-

Q12019 Q22019 Q32019 Q42019 Q12020

Dealvalue(US$bn)

3.9

40

20

15

20

11

11

0.5

0.3

0.2

0

Q22020 Q32020 Q42020 Q12021

Dealvolume

FurtherrecoveryininvestmentsintoAPAC Overseasinvestmentsslightlydeclined

5

4

3.3

3

20

2

1

0

Q12019

40

31

22.3

21

25

2.2

13

1.5

14

16

20

1.1

0.8

9

0.4

0.4

0.3

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

0

Dealvalue(US$bn)

Dealvolume

8.0

6.8

7.0

6.0

5.0 51

4.0

3.0

2.0

1.0

-

Q12019

72

5.9

80

44

53

5.0

60

42

39

33

48

2.6

2.7

40

2.3

1.9

1.5

30

20

0.8

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

0

Dealvalue(US$bn)

Dealvolume

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes10dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Alookinto

CHINATECHOVERSEASINVESTMENTS

Tencentcontinuedas#1overseasinvestor

Target

Chinese

Target

Investment

Transaction

investor(s)

description

type

value(US$m)

IPAnalyticand

Private

Management

300.0

placement

platform

Digitally-operating

Private

83.9

insurancebroker

placement

Mobileprepaid

Private

70.0

top-upplatform

placement

Onlinepeople

Private

60.0

management

placement

platform

Videoanalytics

Private

andrights

57.0

management

placement

platform

Target

Chinese

Target

Investment

Transaction

investor(s)

description

type

value(US$m)

Autonomous

Private

vehiclesoftware

47.0

placement

solutions

Avatar-based

onlinesocial

Private

entertainment

35.0

placement

destination

platform

Employee

engagementand

Private

32.0

performance

placement

platform

Digitalasset

Private

30.0

management

placement

platform

Cloud-based

Private

virtualclaims

30.0

solutionsforauto

placement

insurancecarriers

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes11dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Alookinto

CHINATECHOVERSEASINVESTMENTS

GermanyandFintechthetopdestinations

Breakdownbytargetcountry

Breakdownbytargetsector

1

1

1

1

1

3

1

1

1

12

12

1

deals

deals

2

3

7

Germany

Estonia

UnitedKingdom

Fintech

Software

edutech-Digitalmedia

industrial-tech

France

Russia

Finland

Switzerland

communication-Digitalmedia

Transport-tech

Notabledeals

Target

Chineseinvestor(s)

Investmenttype

Sector

Transaction

value(US$m)

Privateplacement

Digitally-operatinginsurancebroker

83.9

Privateplacement

Autonomousvehiclesoftwaresolutions

47.0

Privateplacement

Cryptomarketmakerplatform

20.0

Privateplacement

Onlineschoolofmathematicsandprogramming

10.0

Privateplacement

Hyperlocalsocialnetwork

-

Sources:GPBullhound’sproprietarydealdatabase,CapitalIQandMergermarket–newsasof31March2021;Note:DataincludealldealsannouncedinQ12021.

SectorsincludeInternet,Software,Electronics,DigitalServices,Entertainment,Marketplaces,Media&PublishingandHealthcare-tech.Dealvalueonlyincludes12dealswithdisclosedtransactionvalues.ChinareferstoMainlandChina,excludingHongKong,MacauandTaiwan.

Publiccomparables

Q1PUBLICCOMPARABLESBYSECTOR

Publiccompsbysector–Largecapconsolidators

Largecapconsolidators

Market

CAGR

Gross

EBITDA

Cap

EV

L3MShareLTMShare2019A-21E

Margin

margin

EV/Revenue

EV/EBITDA

Company

HQ

Listingvenue

(US$m)

(US$m)

Perf.

Perf.

Revenue

CY2020

CY2020

CY2020

CY2021

CY2020

CY2021

Tencent

China

SEHK

747,213

763,809

7.9%

61.6%

26.5%

49.2%

37.5%

10.4x

8.4x

27.6x

22.5x

Alibaba

China

NYSE

614,692

587,540

(2.6%)

21.2%

34.6%

60.7%

29.9%

6.0x

4.3x

20.1x

16.6x

Baidu

China

NasdaqGS

76,927

66,069

0.6%

123.8%

27.2%

55.8%

26.0%

4.0x

3.4x

15.5x

13.4x

Median

0.6%

61.6%

27.2%

55.8%

29.9%

6.0x

4.3x

20.1x

16.6x

Mean

2.0%

68.9%

29.4%

55.2%

31.1%

6.8x

5.4x

21.0x

17.5x

Source:CapitalIQasof31March2021;Note:Multiplesabove75xorbelowzeroareconsideredasnotmeaningful 13

Publiccomparables

Q1PUBLICCOMPARABLESBYSECTOR

Publiccompsbysector–DigitalMedia

DigitalMedia

Market

CAGR

Gross

EBITDA

Cap

EV

L3MShare

LTMShare2019A-21E

Margin

margin

EV/Revenue

EV/EBITDA

Company

HQ

Listingvenue

(US$m)

(US$m)

Perf.

Perf.

Revenue

CY2020

CY2020

CY2020

CY2021

CY2020

CY2021

Tencent

China

SEHK

747,213

763,809

7.9%

61.6%

26.5%

49.2%

37.5%

10.4x

8.4x

27.6x

22.5x

Kuaishou

China

SEHK

144,429

169,520

n.a

n.a

49.9%

31.3%

(11.0%)

18.7x

12.6x

n.m.

n.m.

SeaLimited

Singapore

NYSE

114,278

110,116

12.1%

430.2%

90.1%

21.1%

1.2%

25.5x

14.0x

n.m.

n.m.

NetEase

China

NasdaqGS

71,355

61,813

7.8%

58.9%

22.6%

56.4%

23.7%

5.5x

4.5x

23.2x

20.4x

Nintendo

Japan

TSE

66,574

52,750

(12.4%)

44.8%

15.6%

37.2%

33.6%

3.5x

3.5x

10.4x

9.8x

NAVER

SouthKorea

KOSE

49,301

48,381

24.4%

140.8%

23.3%

100.0%

28.7%

9.8x

8.1x

34.3x

29.0x

Bilibili

China

NasdaqGS

40,748

40,177

24.9%

344.0%

68.3%

22.2%

(14.4%)

22.2x

13.7x

n.m.

n.m.

KakaoCorp.

SouthKorea

KOSE

38,076

36,631

23.4%

247.4%

34.3%

93.2%

16.7%

9.9x

7.4x

59.1x

37.3x

YahooJapan

Japan

TSE

37,811

39,263

(17.7%)

73.7%

12.3%

57.4%

22.8%

3.7x

3.4x

16.3x

14.0x

TencentMusic

China

NYSE

34,373

31,303

6.5%

92.8%

17.5%

34.7%

17.2%

7.0x

5.8x

40.6x

34.7x

TALEducation

China

NYSE

32,328

29,070

(24.7%)

6.3%

33.2%

48.0%

5.7%

7.4x

5.2x

n.m.

69.0x

NEXON

Japan

TSE

28,834

24,079

5.3%

97.1%

16.9%

75.9%

41.8%

9.0x

7.7x

21.4x

16.7x

Ncsoft

SouthKorea

KOSE

15,954

14,377

(9.5%)

48.2%

34.3%

99.1%

37.6%

6.7x

5.2x

17.8x

13.2x

BANDAINAMCO

Japan

TSE

15,677

14,419

(17.5%)

50.7%

2.4%

34.5%

14.6%

2.2x

2.0x

14.9x

11.8x

iQIYI

China

NasdaqGS

13,118

14,360

(4.9%)

(2.6%)

13.9%

2.2%

10.2%

3.2x

2.9x

30.9x

16.5x

Weibo

China

NasdaqGS

11,427

10,433

23.1%

57.7%

7.0%

79.9%

30.6%

6.2x

5.2x

20.4x

17.4x

Netmarble

SouthKorea

KOSE

9,366

9,277

(5.3%)

49.7%

13.0%

100.0%

14.8%

4.1x

3.7x

27.4x

22.9x

GSXTechedu

China

NYSE

8,627

7,572

(34.5%)

2.9%

139.5%

74.4%

(21.1%)

7.0x

4.1x

n.m.

n.m.

ZhejiangCenturyHuatong

China

SZSE

8,003

8,652

(0.1%)

(27.7%)

13.4%

29.5%

25.7%

3.4x

3.1x

13.3x

11.0x

Konami

Japan

TSE

7,938

6,917

6.0%

105.9%

31.6%

40.4%

24.5%

2.9x

2.7x

12.0x

9.6x

YY

China

NasdaqGS

7,493

4,857

17.2%

65.1%

(9.1%)

39.8%

7.6%

1.3x

1.6x

16.5x

n.m.

KoeiTecmo

Japan

TSE

7,437

7,389

(4.4%)

145.7%

29.2%

51.6%

40.6%

14.3x

12.4x

35.1x

27.9x

37Games

China

SZSE

7,433

6,922

(29.9%)

(26.9%)

17.7%

68.5%

20.6%

2.8x

2.5x

13.6x

12.1x

Capcom

Japan

TSE

6,940

6,415

0.1%

111.5%

13.1%

41.3%

35.9%

7.6x

6.0x

21.1x

16.0x

Source:CapitalIQasof31March2021.

14

Note:Multiplesabove75xorbelowzeroareconsideredasnotmeaningful.

Publiccomparables

Q1PUBLICCOMPARABLESBYSECTOR

Publiccompsbysector–DigitalMedia(cont’d)

DigitalMedia(cont’d)

Market

CAGR

Gross

EBITDA

Cap

EV

L3MShare

LTMShare2019A-21E

Margin

margin

EV/Revenue

EV/EBITDA

Company

HQ

Listingvenue

(US$m)

(US$m)

Perf.

Perf.

Revenue

CY2020

CY2020

CY2020

CY2021

CY2020

CY2021

SquareEnix

Japan

TSE

6,638

5,338

(8.3%)

21.5%

7.3%

49.7%

15.7%

1.8x

1.8x

11.6x

10.0x

PerfectWorld

China

SZSE

5,853

5,419

(33.2%)

(33.6%)

23.1%

57.4%

22.4%

3.5x

2.9x

15.4x

11.5x

HUYA

China

NYSE

4,594

3,003

(2.3%)

22.0%

23.3%

12.0%

10.6%

1.8x

1.5x

16.7x

12.8x

Zhihu

China

NYSE

4,554

5,289

n.a

n.a

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

GiantNetwork

China

SZSE

4,257

3,963

(17.0%)

(7.2%)

(2.3%)

76.0%

-

11.6x

10.6x

n.a.

n.a.

BeijingKunlunTech

China

SZSE

4,162

3,864

18.4%

42.5%

7.6%

79.8%

41.5%

7.0x

6.0x

16.9x

18.5x

G-bitsNetworkTechnology

China

SHSE

4,082

3,722

(13.0%)

2.0%

33.0%

90.9%

53.0%

8.7x

6.3x

16.3x

12.5x

PearlAbyssCorp.

SouthKorea

KOSDAQ

3,367

3,104

14.2%

76.3%

2.3%

99.9%

39.2%

6.9x

6.2x

17.6x

16.9x

DouYuInternational

China

NasdaqGS

3,347

2,211

(5.9%)

45.4%

19.0%

(0.2%)

3.7%

1.5x

1.4x

40.3x

n.m.

Momo

China

NasdaqGS

3,036

2,117

5.6%

(28.1%)

(5.8%)

50.8%

19.1%

0.9x

0.9x

4.9x

6.0x

Yaudao

China

NYSE

2,953

2,917

(10.2%)

16.5%

116.1%

35.5%

(59.9%)

6.1x

3.1x

n.m.

n.m.

XD

China

SEHK

2,694

2,403

0.0%

122.1%

7.6%

48.4%

19.1%

5.3x

4.8x

27.6x

63.8x

DeNA

Japan

TSE

2,403

1,839

9.7%

88.9%

7.3%

59.6%

11.7%

1.5x

1.4x

13.2x

7.3x

Ourpalm

China

SZSE

2,088

1,788

(1.3%)

4.1%

25.6%

59.0%

36.7%

6.6x

4.6x

18.1x

12.3x

MaoyanEntertainment

China

SEHK

1,893

1,670

5.3%

43.6%

(0.0%)

68.4%

(32.1%)

8.0x

2.6x

n.m.

10.0x

mixi,Inc.

Japan

TSE

1,888

626

0.9%

70.6%

5.8%

88.0%

18.2%

0.5x

0.6x

2.9x

3.7x

YOOZOOGames

China

SZSE

1,638

1,762

(10.4%)

(34.3%)

32.4%

52.2%

27.4%

2.3x

2.0x

8.4x

6.9x

ArchosaurGames

China

SEHK

1,561

1,077

(26.7%)

n.a

63.6%

79.1%

28.2%

4.9x

2.5x

17.3x

6.7x

NetDragonWebsoft

China

SEHK

1,414

986

13.6%

2.5%

9.0%

56.0%

19.9%

1.1x

0.9x

5.4x

3.6x

17Education

China

NasdaqGS

1,371

966

(44.3%)

n.a

171.5%

n.a.

(86.5%)

4.9x

2.1x

n.m.

n.m.

GungHoOnlineEntertainment

Japan

TSE

1,341

483

(11.6%)

44.0%

(3.4%)

61.3%

30.9%

0.6x

0.6x

1.8x

1.7x

Gree,Inc.

Japan

TSE

1,097

364

(13.8%)

45.5%

(4.8%)

63.0%

7.8%

0.6x

0.6x

8.3x

5.5x

Median

(1.8%)

46.9%

17.5%

56.2%

19.1%

5.3x

3.5x

16.8x

12.6x

Mean

(3.0%)

64.8%

27.9%

56.2%

14.9%

6.2x

4.6x

19.4x

17.3x

Source:CapitalIQasof31March2021.

15

Note:Multiplesabove