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2021 Grant Thornton Hong Kong Limited. All rights reserved. Asia Private Equity Insights 2021 Navigating through the turbulence 2021 Grant Thornton Hong Kong Limited. All rights reserved. 3 Foreword Private Equity (“PE”) Market Overview Recovery from disruptions In 2020, the outbreak of Covid-19 was a major hurdle for every country to overcome. It forced core markets into recessions while restricting the flow of people between borders. However, many transactions put on hold in March and April 2020 resumed in the third quarter of 2020. As a result, the global buyout deal value actually increased in Q3 2020 compared to Q3 2019. Moreover, various countries rolled out their first batch of Covid-19 vaccines in December 2020, with the hope of getting the world economy back on track. Investors in regions less pressured by the pandemic might see ongoing geopolitical tensions a greater concern than the Covid-19. The US-China trade war created the most uncertainty in the business environment, and there are no signs of the trade conflict being resolved anytime soon as trade negotiations stalled. On top of that, India, Australia and Japan have experienced similar tensions with China recently, with trade restrictions coming into play. The geopolitical tensions could be a main concern for the development of the PE markets. However, Asian businesses are more driven by the organic growth momentum in their respective domestic markets, which will likely be less affected by the short-term impact of the trade conflicts. Q1-Q3 2019 US$ 493.1 billion Q1-Q3 2020 Source: Mergermarket Global with knowledge of both Hong Kong and Singapore listing rules. She has provided services for various listed companies in Hong Kong, Singapore and the PRC. Prior to joining Grant Thornton, Polly worked as an audit senior at a Big Four firm. She also has audit experience in Singapore, Shanghai and Beijing through secondment opportunities. Barry has over twenty years of experience in financial due diligence, transaction support, recovery and reorganisation, forensic investigation and other advisory services. Prior to joining, Barry was a principal of corporate finance in an international accounting firm. He has also worked as a manager in the financial advisory services department of a Big Four firm. He is also the President of the Association of Certified Fraud Examiners (ACFE), Hong Kong Chapter, the worlds largest anti-fraud and forensic organization with nearly 85,000 members around the globe. Transaction Advisory Services Leadership Team Hong Kong, China Barry Tong National Leader of Forensic and Investigation Services, China T +852 3987 1266 M +852 9038 8075 E Barry.T Katherine Chung Manager, Advisory T +852 3987 1396 E Katherine.C Yvonne has extensive experience in finance, transaction-related and management advisory services; including financial due diligence, transaction support, post-deal integration and implementation, business valuation, internal control, marketing, strategic planning and corporate development, finance and accounting, and management advisory services. She has served a number of leading investment banks, PE/VC firms, listed companies and multinational enterprises. Her experience is diversified, including fintech, advertising, medical and healthcare, education, energy, food and beverage, logistic, retail, and manufacturing. Yvonne Ye Director, Advisory T +852 3987 1319 E Yvonne.Y Polly Wong Manager, Advisory T +852 3987 1277 E Polly.KC.W Carol Mak Manager, Advisory T +852 3987 1361 E Carol.M 2021 Grant Thornton Hong Kong Limited. All rights reserved. 17 Barry Tong National Leader of Forensic and Investigation Services, China M +852 9038 8075 T +852 3987 1266 E Barry.T Liu Dongdong National Leader of Advisory Services, China M +86 139 1061 6007 T +86 010 8566 5818 E Dongdong.L Kevin Chan National Co-leader of Transaction Advisory Services, China M +86 150 0082 4433 T +86 021 2322 0279 E Kevin.C Lloyd Liu National Co-leader of Transaction Advisory Services, China M +86 139 1135 5440 T +86 010 8566 5618 E Lloyd.L Frank Wu Partner of Transaction Advisory Services, China M +86 189 0160 9876 T +86 021 2322 0208 E Frank.W Edward Feng Partner of Transaction Advisory Services, China M +86 139 9627 3535 T +86 010 8566 5686 E Weiqi.F Transaction Advisory Services Leadership Team China 2021 Grant Thornton Hong Kong Limited. All rights reserved. 18 Grant Thornton Hong Kong Grant Thornton China has an International Business Centre (IBC) that provides a gateway to the resources of the Grant Thornton International global organisation. IBCs are led by experts in international business familiar with the wealth of experience held by member firm partners around the world. They coordinate this expertise to serve clients across borders. Why Grant Thornton Grant Thornton Hong Kong is committed to building long term relationships with clients. We invest partners and managers time and effort in understanding clients organisational needs. We tailor each client team with the right mix of technical knowledge and experience. Our clients Grant Thornton Hong Kong serves a wide range of clients ranging from SMEs to companies listed in Hong Kong and the U.S., as well as large owner- managed businesses operating in Hong Kong and state-owned enterprises in mainland China. We offer a full range of assurance, tax and advisory services to a range of businesses. Our client base is broad and diverse, comprising of approximately 200 listed companies, and more than 3,000 state owned enterprises, privately held businesses and foreign investment companies. Who we are Grant Thornton Hong Kong Limited is a member firm of Grant Thornton International Ltd. We are an integrated part of Grant Thornton China that offers a full range of assurance, tax and advisory services to privately held businesses and listed companies of all sizes. Where are we Located in Hong Kong, we also have close links with Grant Thornton China which is headquartered in Beijing, with offices in Changchun, Changsha, Chengdu, Chongqing, Dalian, Fuzhou, Guangzhou, Harbin, Haikou, Hangzhou, Jinan, Kunming, Nanjing, Nanning, Ningbo, Qingdao, Shanghai, Shenzhen, Suzhou, Taiyuan, Tianjin, Wenzhou, Wuhan, Xian, Xiamen, Zhengzhou and Zhuhai. How we work Grant Thornton Hong Kong combines international experience with local business and technical expertise. We pride ourselves on having a partner- led and responsive service for all our clients. We are moving towards a new model of an integrated network that works seamlessly together with all the offices of Grant Thornton China, forming a network of 28 offices with access to over 270 partners and 6,000 professionals. These offices are strategically aligned and serving clients seamlessly across the mainland China and Hong Kong markets. 2021 Grant Thornton Hong Kong Limited. 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