1. Summary: Overview of M&A Activity
In December 2025, Japanese companies recorded 46 cross-border M&A and capital alliance transactions across APAC. By type: Acquisitions (20), Investments (18), Divestitures (6), Partial Transfers (2), Restructuring (3), Capital Alliance (1). By region: Vietnam (11), China (8), Singapore (7), India (7), Thailand (4), Taiwan (4), Indonesia (4), South Korea (4), Philippines (3), Malaysia (2), Australia (2).
2. Notable Deals and Strategic Insights
1) Major Case: Four Landmark Transactions Defining the Month
(a) Asahi Life to acquire Vietnam’s MVI Life Insurance
Observation date: Dec 1
Estimated deal size: Not disclosed (market estimates: several tens of billions of JPY)
Overview: Asahi Life agreed to acquire MVI Life from Manulife. The transaction underscores full-scale expansion by a Japanese life insurer in ASEAN, targeting Vietnam’s high‑growth insurance market and its local customer base and digital sales channels.
Strategic implications: With a mature domestic market, ASEAN insurance operations become a pillar of earnings diversification. Asahi Life is expected to strengthen product development and distribution networks through local collaboration.
(b) KOKUYO’s TOB for Vietnam’s Thien Long Group
Observation date: Dec 5
Estimated deal size: ~JPY 27.6 billion
Overview: KOKUYO acquired Thien Long Group, Vietnam’s leading stationery and office supplies company, via TOB and related steps.
Strategic implications: Vietnam’s education and office demand is resilient. KOKUYO leverages local brand equity to drive vertical integration across manufacturing and sales, improve supply‑chain efficiency, and expand product lines.
(c) Mizuho Securities acquires India’s Avendus Capital (>60%)
Observation date: Dec 18
Estimated deal size: Not disclosed (>60% stake)
Overview: Mizuho Securities acquired a controlling stake in Avendus Capital to strengthen investment banking and asset management in India.
Strategic implications: The deal enlarges Mizuho’s cross‑border execution capability, aligning global and local client bases to scale capital markets and principal investing services in India.
(d) JFE Steel’s large investment in Bhushan Power & Steel
Observation date: Dec 4
Estimated deal size: ~JPY 270 billion
Overview: JFE Steel invested ~JPY 270 billion in Bhushan Power & Steel to tap automotive and construction steel demand and reinforce local production capacity.
Strategic implications: Positions JFE in India’s growth cycle of flat products and long products, supporting downstream customers with proximate supply.
2) Additional Cases and Sectoral Dynamics
(a) ASEAN diversification in consumer, logistics, and industrial services
- SENKO Group HD → Total Fresh Connection (Singapore, Dec 1): acquired 60% in a fruit import/wholesale company.
- Sojitz → UGL Transport division (Australia, Dec 2): acquired 50% stake in railway/public infrastructure design–construction–maintenance.
- MOL → Commonwealth Kokubu Logistics (Singapore, Dec 16): capital participation in food cold‑chain logistics.
- Daikin → Ang Nguyen (Vietnam, Dec 15): acquired BMS & safety/monitoring systems integrator.
- Nisso Group → HIMAWARI SEKKEI VIETNAM (Vietnam, Dec 16): acquired architecture/design firm.
Takeaway: Corporates are broadening ASEAN footprints across consumer distribution, cold‑chain logistics, and industrial services, building localized operating platforms with execution at the function‑hub level.
(b) China portfolio selection and concentration (multiple share transfers)
- Kuraray (Dec 9), Furukawa Electric (Dec 11), Toa Spinning (Dec 12): divested stakes in Chinese subsidiaries across PMMA sheets, industrial materials, and special textiles.
- HIOKI (Dec 5): announced group restructuring for China entities.
Takeaway: Ongoing portfolio recomposition to balance policy risk, demand signals, and capital efficiency, by exiting non‑core assets or consolidating group functions.
(c) Semiconductors / ICT / autonomous driving: strategic capital alliances
- Tier IV (Japan) → Turing Drive (Taiwan, Dec 17): capital & business alliance in open‑source autonomous driving (Autoware).
- Itochu → PChome Bibian (Taiwan, Dec 26): capital/business alliance for EC proxy buying services.
- NTT Docomo Global → Ascend Commerce (Thailand, Dec 11): capital alliance across e‑commerce, loyalty, marketing.
- Openfind (Taiwan, Dec 5) & MicroAd (Taiwan, Dec 15): equity moves in email solutions and digital advertising operations.
Takeaway: Companies use minority capital ties to secure tech access and commercial channels rather than immediate majority buys—particularly in software, automation, and EC ecosystems.
(d) Financial services momentum in India and ASEAN
- Daiwa Securities Group → Ambit Wealth (India, Dec 4): minority investment in UHNW wealth management.
- MOL PLUS → Theia Ventures Fund 1 (India, Dec 12): venture fund investment.
- MUFG Bank → Shriram Finance (India, Dec 22): 20% stake in NBFC leader.
- SMFG/SMBC → RCBC (Philippines, Dec 23): additional shares; stake now 24.46%.
- SBI Holdings → Saladin (Vietnam, Dec 18): investment in multi‑channel insurance distribution.
Takeaway: A regional financial stack is emerging—mixing banking, wealth, and digital distribution—to deepen recurring fee income and loan/market access across South & Southeast Asia.
3. Deal List (by Observation Date)
| Date | Transaction Type | Country/Region | Industry | Headline |
|---|---|---|---|---|
| 12/1 | Acquisition | Vietnam | Financial | Asahi Life to acquire Vietnam life insurer MVI Life from Manulife |
| 12/1 | Acquisition | Singapore | Consumer Goods & Retail | SENKO Group HD acquires Total Fresh Connection (fruit import/wholesale), 60% stake |
| 12/2 | Investment | Thailand | Professional Services | Business Engineering invests in BatchLine (MES for pharma manufacturing) |
| 12/2 | Acquisition | Malaysia | Chemicals & Materials | Kobe Steel makes capital participation in Taiyo Koko’s Malaysia entity (Mo/V recovery) |
| 12/2 | Acquisition | Singapore | Leisure & Entertainment | KADOKAWA makes SOZO a subsidiary (major anime event organizer) |
| 12/2 | Divestiture | China | Industrial Services | Takamizawa transfers all shares of its China concrete JV to Shandong JF Refractory Materials |
| 12/2 | Acquisition | Australia | Logistics | Sojitz acquires 50% stake in UGL Transport division (rail/public infrastructure EPC & O&M) |
| 12/4 | Investment | India | Chemicals & Materials | JFE Steel invests ~JPY 270B in Bhushan Power & Steel |
| 12/4 | Investment | India | Financial | Daiwa Securities Group invests in Ambit Wealth (UHNW wealth management) |
| 12/5 | Acquisition | Vietnam | Consumer Goods & Retail | KOKUYO acquires Thien Long Group via TOB; total ~JPY 27.6B |
| 12/5 | Restructuring | China | Electronics | HIOKI announces restructuring of China group companies |
| 12/5 | Investment | Taiwan | ICT | Openfind Information Technology acquires shares in CyberSolutions |
| 12/5 | Investment | South Korea | Professional Services | AlphaDrive invests in Synapse International (cross‑border business) |
| 12/9 | Divestiture | China | Chemicals & Materials | Kuraray divests all shares of PMMA sheet maker to Jiangsu Shuangxiang Group |
| 12/11 | Investment | Thailand | ICT | NTT Docomo Global forms capital alliance with Ascend Commerce (e‑commerce, points, marketing) |
| 12/11 | Divestiture | China | Chemicals & Materials | Furukawa Electric transfers all shares of Shenyang Furukawa Denran to local buyer |
| 12/12 | Investment | India | Financial | MOL PLUS invests in Theia Ventures Fund 1 |
| 12/12 | Divestiture | China | Chemicals & Materials | Toa Spinning transfers all equity in Guangzhou Dongfujing Special Textiles to local buyer |
| 12/12 | Acquisition | Australia | Other Manufacturing | Kawai Australia takes over business of PianoMax (piano retailer) |
| 12/15 | Acquisition | Vietnam | Industrial Services | Daikin Industries acquires Ang Nguyen (BMS, safety & monitoring systems integrator) |
| 12/15 | Acquisition | Indonesia | Industrial Services | Hokkan HD increases shares of PT Hokkan Deltapack Industri, making it a wholly‑owned subsidiary |
| 12/15 | Acquisition | Taiwan | ICT | MicroAd buys additional shares of Taiwan Weigao from Vector; becomes wholly‑owned |
| 12/15 | Investment | South Korea | Healthcare | RaQualia Pharma announces third‑party allotment to HK inno.N Corporation |
| 12/16 | Acquisition | Vietnam | Industrial Services | Nisso Group acquires HIMAWARI SEKKEI VIETNAM (architecture/design) |
| 12/16 | Acquisition | Singapore | Other Manufacturing | Rekam acquires Lumitron (lighting wholesaler), 80% stake |
| 12/16 | Acquisition | Singapore | Logistics | MOL makes capital participation in Commonwealth Kokubu Logistics (food cold‑chain) |
| 12/16 | Divestiture | China | Professional Services | Adways divests two China subsidiaries; Ureru Net Advertising Group to acquire them |
| 12/17 | Acquisition | Singapore | Consumer Goods & Retail | ZIGExN/Apple World acquires Quantum Reservation (hotel wholesaler) |
| 12/17 | Investment | Taiwan | ICT | Tier IV forms capital & business alliance with Turing Drive (Autoware autonomous driving) |
| 12/18 | Investment | Vietnam | Financial | SBI Holdings invests in Saladin (multi‑channel insurance distribution platform) |
| 12/18 | Acquisition | India | Financial | Mizuho Securities acquires Avendus Capital; stake >60% |
| 12/19 | Investment | Vietnam | ICT | Ricksoft forms capital & business alliance with BiPlus Software |
| 12/19 | Investment | Philippines | Other Manufacturing | Riso Kagaku acquires shares in local distributor of its products |
| 12/19 | Partial Transfer | China | Transport Equipment | Isuzu Motors makes Isuzu (China) Power an equity‑method affiliate |
| 12/22 | Investment | Indonesia | Real Estate | Hankyu Hanshin HD increases capital in PT DPM ASSETS INDONESIA |
| 12/22 | Investment | India | Financial | MUFG Bank invests 20% in Shriram Finance Limited (NBFC) |
| 12/22 | Restructuring | Malaysia | Machinery | PEGASUS announces business transfer related to establishing a Malaysia subsidiary |
| 12/23 | Investment | Philippines | Financial | SMFG/SMBC acquire additional shares in RCBC; stake now 24.46% |
| 12/23 | Investment | South Korea | Financial | Z Venture Capital invests in Bluepoint (deep tech VC) |
| 12/25 | Acquisition | Indonesia | ICT | CAC identity makes Fata Organa Solusi a subsidiary (systems development) |
| 12/25 | Investment | Taiwan | Transport Equipment | MarkLines invests via VC in KopherBit (Vehicle Control Unit development) |
| 12/26 | Investment | Taiwan | Consumer Goods & Retail | Itochu forms capital & business alliance with PChome Bibian (EC proxy buying service) |
Glossary of Terms
- Acquisition: Obtaining majority control of the target company or business.
- Investment: Obtaining less than majority control of the target company or business.
- Divestiture: Transferring majority control of the target company or business.
- Partial Transfer: Transferring partial control of the target company or business.
- Fundraising: The target company raises capital from third parties (e.g., share issuance, convertible bonds, fund investment).
- Restructuring: Structural changes within a corporate group (e.g., holding company formation, business unit integration, spin‑off, merger).
- Joint Venture: Establishing a new company jointly or converting an existing company into shared control (multiple companies co‑invest and share management rights).
- Capital Alliance: Business partnership involving equity ties without aiming for management control (typically small shareholding).
- Merger: Multiple companies integrate into a single legal entity (including absorption‑type and new establishment mergers).
- Other: Business collaborations not covered above, such as licensing agreements, strategic partnerships, or co‑development.
Notes:
- APAC refers to East Asia, South Asia, Southeast Asia (including ASEAN), and Oceania.
- The deal list is compiled by observation date and may differ from official disclosure timelines and effectiveness dates.