T&I AsiaWatch for June 16th, 2025
China had another of the best weeks for all of Asia driven VCs' IPOs
Editor’s Note: HKEX had 19 IPO filings, 8 new, 11 are re-submissions. India, Japan and USAnone. Australia has one IPO. Among PE deals PEP bought Aged Resorts. KKR had a rare 4 deal week: Avendus exit, Pinnacle exit to BCI, Marelli fail, and WeaveLiving buyout. Listed GPs plunged: BX, HLNE down 32% APO, CVC 30%, KKR 28%. Do retail investors want any of this? Transaction pace picked up again securing 2025’s third place for 15 years on China’s flood of deals. If you’re in Boston, New York City or Washington reading this, I’m headed your way. Send me an email!
Australia: Thakral Capital (Singapore family) lifestyle resort and operator GemLife will IPO on the ASX raising $750 million on July 3, topping last week’s IPO by Bain-Backed Virgin Australia as the biggest ASX IPO. Australia’s largest PE firm PEP offered $A878 million for RE services provider Johns Lyng Group (ASX: JLG) in a second transaction of the YTD. Sandon Capital reports May NAV up 3%, sale of two portfolios earning $26 million and one new investment in QPM Energy.
China: Drive-by media in the UK and USA continued ignoring news that China is the world’s best IPO market for VC/PE backed IPOs in 2025 but domestic media awakened with Caixin reporting $9.7 billion raised in new listings on the HKEX YTD; an 8X increase and 90% of the HK$88 billion raised in all of 2024. The HKEX reported 32 completed IPOs from the 117 new IPO filings for 2025 and the 94 applications carried over from 2024. For those interested, the USA has produced 152 IPOs YTD. BOCI, eFung, SOE VCs-backed biotech startup Cloudbreak Pharma filed a HKEX IPO. CCB, Shenzhen VC-backed electronics maker Shenzhen Semi-link Technology filed to IPO on HKEX. CDH, CITIC, CMB, SOE Funds-backed Allystar Technology filed a HKEX IPO. CICC, Everest, KIP, Vstar-others SOE VC-backed Innogen Pharmaceutical filed a HKEX IPO. Cinda,one dozen other SOE VCs-backed CDRO, Sunshine Lake Pharma filed a HKEX IPO. CK Hutchison's sale of ports (or at least the sale of its two Panama ports) pronounced DOA by T&I two months ago was flogged again like the proverbial dead horse in China media. CNN reported Trump claimed a tariff settlement as the PRC-USA Make Nice. CS Capital, SOE Funds-backed Xuanzhu Biopharmaceutical filed a HKEX IPO. Delton Technology a SOE VC, HNI VC-backed PCB maker filed a HKEX IPO. Hong Kong and the PRC performed their first joint police operations in Hong Kong. IDG Capital, Qiming-backed camera maker Insta360 IPO’ed on Shanghai’s STAR Market. L'Oreal announced a 5 year $114 million investment program for local cosmetic startups. SDIC (SOE), Jilin VC, Suzlou, SOE VC Funds-backed Fund-CF PharmTech filed a HKEX IPO Suzhou VC-backed automotive OEM manufacturer Alsco Pooling Service filed its HKEX IPO. Sixth Tone published a rare profile of the post 2010 rise of China’s real estate boom. Recommended reading.
India: Alpha Wave, Peak-backed Pine Labs is preparing-to-be, ready-to-file another IPO following its failed 2022 IPO filing. The fire sale at failed Byju saw it selling EPIC — bought for $500 million in 2019 — to China's TAL Education for $95 million and selling its programming tech educator Tynker — bought for $200 million in 2022 — to CodeHS for $2.2 million in cash; an 87% loss of its purchase prices, not including costs of the acquisitions. B Capital, Peak, Softbank-backed e-commerce portal Meesho gets media coverage of its preparing-to-be, ready-to-file another IPO, after filing to re-domicile in India. In the very definition of “throwing good money after bad” GIC (SOE), Sofina (Belgium LP) invested $75 million in a G round for fintech CRED — a 45% reduction in valuation from a 2022 round. KKR exited Avendus Capital to Mizuho Financial Group earning 3.5X on its 2015 investment for the $700 million sale. As a side note, KKR India’s ex-CEO is now an advisor to Mizuho India; i.e. the deal was always going to go to Mizhuo, not Carlyle or other bidders. In news from India’s fintech world, Tiger, TVS, other VC-backed, WalMart/GA-owned Phone PE bought UPI payment app developer Gupshup (GSPay) in to add Zelle-like P2P, functions. For the record (and because T&I was unaware) ET cited NPCI datashowing Phone PE’s 47% market share, making it India’s leading fintech, despite not having access to all UPI services.
Indonesia: SWF Danantara's rumored minority buyout of Singapore ride-sharer Grab is in limbo. The Ministry of Energy revoked nickel mine permits in Raja Ampat Archipelago after protests.
Japan: In case you think that only US media has devolved into PR and puff pieces, this just in: NHK’s cringeworthy “news” with Apollo that Japan is important to PE. Yikes. Bain Capital, KKR, Lone Star are reported competing for a $2.8 billion buyout of Sapporo’s real estate unit. Dalton'sboard takeover of Fuji ran afoul of ISS which recommended no change, drawing a sharp rebuttal from Dalton. Goldman led a $70 million D round pharmacy services provider Kakehashi. KKR-backed automotive supplier Marelli filed a Chapter 11 bankruptcy in the USA. President Trumpcancelled Biden’s block of Nippon Steel's buyout of U.S. Steel.
Korea: GIC resumed the sale of Seoul Finance Center, in Seoul's CBD. Macquarie tells media its selling industrial gas maker DIG Airgas to PE hoping for $3.6 billion PE buyout. Drive-by media republished “News” of months ago on MBK Partners' hope to to sell failed retailer Homeplus.
Thailand: Covid-19 cases spiked on Friday with over 12,000 new infections.
Vietnam: Qualcomm announced an AI R&D center in Vietnam as PRC media reported ongoing manufacturing investment despite U.S. Tariff increases. T&I thinks the latter is based on historical data, as most of the manufacturers and new plants we report have since turned to India, raising the question of whether PRC media is cheerleading for a fellow communist government rather than a potential opponent like India. VinaCapital VOF chief Economist Kokalari published his May Macroeconomic Commentary, VOF made two transactions in its own shares, and separately exited Tam Tri Medical.
Pan Asia and Global Funds: AFC Funds reported May results and individual reports for AFC Asia Frontier, AFC Uzbekistan and AFC Vietnam Fund. Apax made five transactions in its own shares. Caledonia publishes its annual report and announces a 10:1 stock split to reduce shares in value from .5p to 0.5P. HarbourVest made four transactions in its own shares. Invesco reported AUM up 5.6% for May. Pantheon made four transactions in its own shares.
Tech Rant: Apple announced new features in a week of non-substance that dazzled no one but the most naive of media with its lack of technology innovation. Cat is ashamed. Apple has become a predictably trite cliche.
Transaction Pace: 55 transactions improved on last week’s 51 transactions, keeping 2025 in third place for transactions over the past 7 years, narrowly ahead of 2024 which remains slightly below 2025 in fourth place over 7 years. KKR had an ultra-rare week of 4 deals (one failed) exiting twice and making a new investment in Japan. VC slowed down (again). And China tied for its most active week of 2025 with 10 new IPO filings, pushing the PRC to first place globally for VC-PE backed IPOs. A half dozen foreign VC lined up to exit on the HKEX alongside two dozen SOE funds and we saw one IPO on the Star market, making 2025 the best year since 2010’s banner all time high IPO results for China, on USA exchanges. India, whose IPO promises are one of 2025’s biggest disappointments, now see increased down round valuations, a slow down in new VC, and smaller rounds in general. The latter is a welcome addition after a decade of mega-VC rounds for firms that will never return capital invested; startup investment has begun to normalize and new fund investment by foreign (principally USA) LPs has reached a nadir, and a decade of promised returns were never forthcoming. In sum and given an approach to war in the Middle East, alternatives in Asia are doing remarkably well.
Transactions for the Week:
Jerry Borrell, Editor in Chief, T&I Asia. © 2025 T&I