20 ASIAN LEGAL BUSINESS – SEPTEMBER 2023 WWW.LEGALBUSINESSONLINE.COM COVER STORY One of the big transactions that took place in the second quarter of this year was a Chinese organisation acquiring two Peruvian companies in the power distribution and energy service sectors. Another large deal involved a Chinese enterprise buying a real estate investment trust (REIT) in the United Kingdom worth approximately $1 billion. An E&Y report shows that M&A deal value by Chinese companies in Europe stood at $3 billion in H1 2023, a decade low. The UK and Germany bucked the trend, with M&A deal values involving Chinese companies rising 117 percent and 91 percent, respectively. The increase in deals follows a similar increase in high-level diplomatic visits between European countries and China during the period, as China ramps up efforts to cooperate with Germany and France in the fields of auto manufacturing, new energy, semiconductors and the digital economy. North America was the only continent where Chinese M&A deal volumes increased, but deal values declined 28 percent in H1 2023 on a year-on-year basis. JAPAN: RISING INTEREST With low inflation and low-interest rates, Japan has created a stable investment environment. Japanese M&A action in H1 2023 was similar to H1 2022, and the country has seen rising interest from global investors. The total value of outbound deals had plunged to the lowest in seven years in 2022, but 2023 has seen a gradual revival of overseas acquisitions by Japanese conglomerates. S&P Global research, however, shows transaction value of PE and venture capital deals plunged in the first half of this year, but deal volumes remained relatively flat. One big deal that is attracting attention involves Japanese conglomerate Toshiba, which is set to go private in a $15 billion deal that is expected to conclude at the end of 2023. This year has also been a strong for equity issuances in Japan, with $17 billion being raised in the first six months of 2023. This figure is a four-fold rise from the year before and a five-year high for the country, says Refinitiv. • Oh-Ebashi LPC & Partners • Southgate • Tokyo International Law Office (TKI) JAPAN INTERNATIONAL TIER 1 • Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho • Baker McKenzie (Gaikokuho Joint Enterprise) • Herbert Smith Freehills • Morrison & Foerster / Ito & Mitomi • Shearman & Sterling • Simpson Thacher & Bartlett TIER 2 • Clifford Chance • Davis Polk & Wardwell • DLA Piper • Freshfields Bruckhaus Deringer • Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo • Linklaters • Paul, Weiss, Rifkind, Wharton & Garrison • Skadden, Arps, Slate, Meagher & Flom • White & Case - White & Case Law Offices (Registered Association) NOTABLE FIRMS • Ashurst • Jones Day • King & Spalding • Latham & Watkins Gaikokuho Joint Enterprise • Mayer Brown GJBJ • Milbank • Morgan, Lewis & Bockius • Norton Rose Fulbright • Orrick, Herrington & Sutcliffe • Paul Hastings • Ropes & Gray • Simmons & Simmons • Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho MALAYSIA TIER 1 • Christopher & Lee Ong • Rahmat Lim & Partners • Shearn Delamore & Co • Skrine • Wong & Partners (member firm of Baker McKenzie) TIER 2 • Abdullah Chan & Co • Adnan Sundra & Low • Kadir Andri & Partners • Lee Hishammuddin Allen & Gledhill • Mah-Kamariyah & Philip Koh • Zaid Ibrahim & Co. (in association with KPMG Law) • Zain & Co NOTABLE FIRMS • Albar & Partners • Azmi & Associates • Chooi & Company + Cheang & Ariff • Donovan & Ho • Halim Hong & Quek (NEW) • Jeff Leong, Poon & Wong • LAW Partnership • Lim Jo Yan & Co • MahWengKwai & Associates • Mohamed Ridza & Co • Naqiz & Partners • Peter Ling & van Geyzel • Raja, Darryl & Loh • Ramesh Dipendra Jeremiah Law • Tay & Partners • Wong Beh & Toh • Zul Rafique & Partners PHILIPPINES TIER 1 • ACCRALAW • Picazo Buyco Tan Fider & Santos • Quisumbing Torres (member firm of Baker McKenzie) • Romulo Mabanta Buenaventura Sayoc & De Los Angeles • SyCip Salazar Hernandez & Gatmaitan • Villaraza & Angangco (V&A Law) TIER 2 • Castillo Laman Tan Pantaleon & San Jose • Cruz Marcelo & Tenefrancia • Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)
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