Hong Kong Public M&A Review 2021/2022

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Welcome to our Hong Kong Public M&A Review 2021/2022. In this publication, we look back at public takeovers in Hong Kong 2021 and Q1 2022, and discuss how we expect the remainder of 2022 to unfold. Also included are regulatory updates that may affect deal-making in Hong Kong this year and beyond.

Looking into Q2 2022, we believe there are opportunities ahead - the upcoming removal of the headcount test for Cayman targets may trigger renewed interest from some controlling shareholders. The stock market plunge in Q1 2022 has made valuations of many Hong Kong listed companies attractive once again. That said, 2022 will also be a year of uncertainty caused by the war in Ukraine and the Omicron outbreak in Hong Kong, Shanghai and other Chinese cities. We expect more offerors to remain cautious about spending too much cash on takeovers, which may lead to more securities exchange offers in the coming months.

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