18 Asian Legal Business | September 2024 Notably, the overall single-digit decline is nothing compared to 19.6 percent, 16.9 percent, 11.7 percent and 27.7 percent deal volume drop witnessed by North America, Europe, Middle East and Africa, and South and Central America respectively during January-July 2024, evidencing that while the decline in dealmaking in a global trend, investors showed more faith in the APAC region that anywhere else in the world. Furthermore, private equity portfolios in Asia, which have been on their books for over four years, are primed for sale, promising a flurry of dealmaking in the second half of the year. Maturing markets in emerging Asia are also looking at more inorganic ways to expand, chief among them acquisitions. The strong focus on technology in Asia is also set to drive forward a new age of consolidation, as the number of small players in the market rise. The market is ripe for the taking. This can be evidenced by global funds that have been consistently moving to Asian markets considering the growing range of high-quality assets, lucrative exit opportunities and a range of diverse markets to build a stable high-yielding portfolio. Goldman Sachs, Stonepeak, CVC Capital, KKR & Co, Hahn & Company and Vertex Holdings have all set up multibillion-dollar funds dedicated to Asia this year. Singapore remains M&A hub The first half quarter of the year saw a steep decline in dealmaking going through Singapore, owing to global capital’s concerns with overall macroeconomic outlook, concerns about China’s impact on Southeast Asia and high interest rates. Christian Chin, partner and co-head of Allen & Gledhill’s M&A practice says that while such factors tend to give pause to decision-makers, “after the post-pandemic lull induced by macroeconomic and geopolitical instability, there is now eagerness to return to business-as-usual.” Despite the challenging environment for dealmaking, exits and fundraising, Singapore remains one of Asia’s top M&A destinations owing to its strong regulatory policies and stable political environment. “Singapore’s main advantages relate to how quickly and efficiently deals can get done – the laws are clear, and where approvals are needed, these tend to be processed quickly and the outcomes are often predictable,” explains Chin. Since April, the value of deals involving companies based in Singapore has soared to $23.8 billion. This marks a 102 percent jump from the second quarter of 2023, an IMC report finds. It is not just the number of deals – these are strategic and large transactions that place Singapore Asia M&A Rankings 2024 China Domestic TIER 1 • Commerce & Finance Law Offices • Global Law Office • Haiwen & Partners • Han Kun Law Offices • Jingtian & Gongcheng • JunHe • King & Wood Mallesons • Tian Yuan Law Firm • Zhong Lun Law Firm TIER 2 • AllBright Law Offices • Dacheng Law Offices • DaHui Lawyers • DeHeng Law Offices • Grandall Law Firm • Grandway Law Offices • Guantao Law Firm • Jia Yuan Law Offices • Jincheng Tongda & Neal Law Firm • Llinks Law Offices TIER 3 • AnJie Broad Law Firm • Hylands Law Firm • Co-effort Law Firm • Docvit Law Firm • East & Concord Partners • FenXun Partners • Hui Ye Law Firm • Long An Law Firm • Merits & Tree Law Offices • Shihui Partners • T&D Associates • Tahota Law Firm • V&T Law Firm NOTABLE FIRMS • Anli Partners • Beijing DHH Law Firm • Boss & Young Attorneys at Law • China Commercial Law Firm • HHP Attorneys-At-Law • Hiways Law Firm • JunZeJun Law Offices • K&H Law Firm • Kangda Law Firm • L&H Law Firm • Tiantai Law Firm • W&H Law Firm • Yenlex Partners China International TIER 1 • Clifford Chance • Freshfields Bruckhaus Deringer • Linklaters • Skadden, Arps, Slate, Meagher & Flom TIER 2 • A&O Shearman • Baker McKenzie FenXun • Davis Polk & Wardwell • DLA Piper • Hogan Lovells • Norton Rose Fulbright • Paul, Weiss, Rifkind, Wharton & Garrison • Simpson Thacher & Bartlett • White & Case TIER 3 • Cleary Gottlieb Steen & Hamilton • Eversheds Sutherland • Kirkland & Ellis • Morgan, Lewis & Bockius • Morrison & Foerster • Orrick, Herrington & Sutcliffe • Paul Hastings • Slaughter & May • Sullivan & Cromwell NOTABLE FIRMS • Ashurst • Bird & Bird • CMS • Dorsey & Whitney • Gibson, Dunn & Crutcher • Gide Loyrette Nouel • Gowling WLG (UK) • Herbert Smith Freehills • Jones Day • K&L Gates • Latham & Watkins • Lee & Ko • Mayer Brown • Milbank • MMLC Group • Nishimura & Asahi • Oldham, Li & Nie • O’Melveny • Reed Smith • Ropes & Gray • Seyfarth Shaw • Simmons & Simmons • Wilson Sonsini Goodrich & Rosati Hong Kong TIER 1 • Clifford Chance • Freshfields Bruckhaus Deringer • Kirkland & Ellis • Latham & Watkins • Linklaters • Skadden, Arps, Slate, Meagher & Flom • Slaughter and May TIER 2 • A & O Sherman • Baker McKenzie • Davis Polk & Wardwell • Herbert Smith Freehills • Norton Rose Fulbright
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