Executive Summary
In the third quarter of 2026 (July–September), we observed 123 Asia-Pacific cross-border M&A transactions involving Japanese companies, well above the 77 deals in the same period of 2025 (Syntax Partners research). Quarterly counts ranged from 60 to 73 in 2024 and from 65 to 112 in 2025, making 123 the highest quarterly figure since 2024. Most of the year-on-year increase came from 4 markets: China (from 11 to 23), Taiwan (from 3 to 15), South Korea (from 5 to 14) and India (from 6 to 14). In China, sales and partial transfers and reorganizations increased, while in Taiwan, South Korea and India, investments and joint ventures in electronics and IT and fund commitments increased. The January–September total reached 302 deals, compared with 254 in the same period of 2025.
By transaction type, investment-oriented transactions (acquisitions, minority investments and capital alliances) numbered 65 in Q3 (52 a year earlier) and 181 in January–September (161 a year earlier), running above last year’s level. Divestment-oriented transactions (sales and partial transfers) and reorganizations, such as buyouts of minority shareholders in existing subsidiaries and intra-group business transfers, numbered 33 and 6 respectively over the 6 months of the first half, but reached 26 and 13 in the 3 months of Q3 alone. The Q3 increase reflects higher investment-oriented activity together with a concentration of sales of overseas subsidiaries and stakes and intra-group reorganizations in the same quarter.
By country and region, China is the only market where divestment-oriented transactions outnumber investment-oriented ones, a pattern that has held since 2024. Divestment-oriented deals accounted for 19 of China’s 36 deals in 2024, 33 of 50 in 2025 and 24 of 46 in January–September 2026. China also recorded the most deals of any country or region in Q3, with 23, comprising 11 sales and partial transfers and 4 reorganizations, against 3 investment-oriented transactions. In Singapore (16 of 21), South Korea (10 of 14) and India (10 of 14), by contrast, investment-oriented transactions made up the majority. By industry, fund-related deals, such as commitments to funds and fund closings (Fund Investments), totaled 17 in January–September, compared with 1 in the same period of 2025 on the same basis. Electronics and information and communications deals in Taiwan and South Korea also doubled year on year in January–September.
M&A Deal Tally (July 1 – September 30, 2026, on an observation-date basis)
Deals by Country/Region
| Country/Region | Jul–Sep deals | Share | Jan–Sep cumulative deals | Share |
|---|---|---|---|---|
| China | 23 | 18.7% | 46 | 15.2% |
| Singapore | 21 | 17.1% | 60 | 19.9% |
| Taiwan | 15 | 12.2% | 31 | 10.3% |
| South Korea | 14 | 11.4% | 32 | 10.6% |
| India | 14 | 11.4% | 31 | 10.3% |
| Thailand | 9 | 7.3% | 21 | 7.0% |
| Indonesia | 7 | 5.7% | 15 | 5.0% |
| Australia | 7 | 5.7% | 10 | 3.3% |
| Vietnam | 6 | 4.9% | 17 | 5.6% |
| Malaysia | 4 | 3.3% | 18 | 6.0% |
| Philippines | 2 | 1.6% | 9 | 3.0% |
| Hong Kong | 1 | 0.8% | 11 | 3.6% |
| Pakistan | 0 | 0.0% | 1 | 0.3% |
| Total | 123 | 100.0% | 302 | 100.0% |
(Table 1) Deals by country/region
Deals by Industry
| Industry | Jul–Sep deals | Share | Jan–Sep cumulative deals | Share |
|---|---|---|---|---|
| Information & Communications | 15 | 12.2% | 34 | 11.3% |
| Electronics | 12 | 9.8% | 31 | 10.3% |
| Consumer Products | 11 | 8.9% | 20 | 6.6% |
| Chemicals & Materials | 10 | 8.1% | 27 | 8.9% |
| Professional Services | 10 | 8.1% | 22 | 7.3% |
| Fund Investments | 10 | 8.1% | 17 | 5.6% |
| Healthcare | 7 | 5.7% | 12 | 4.0% |
| Wholesale & Retail | 6 | 4.9% | 19 | 6.3% |
| Machinery | 6 | 4.9% | 12 | 4.0% |
| Financial Services | 5 | 4.1% | 19 | 6.3% |
| Transportation Equipment | 5 | 4.1% | 15 | 5.0% |
| Energy & Resources | 5 | 4.1% | 12 | 4.0% |
| Real Estate | 5 | 4.1% | 12 | 4.0% |
| Media & Entertainment | 4 | 3.3% | 15 | 5.0% |
| Logistics | 4 | 3.3% | 14 | 4.6% |
| Other Manufacturing | 4 | 3.3% | 7 | 2.3% |
| Industrial Services | 3 | 2.4% | 11 | 3.6% |
| Public Infrastructure | 1 | 0.8% | 3 | 1.0% |
| Total | 123 | 100.0% | 302 | 100.0% |
(Table 2) Deals by industry
Deals by Transaction Type
| Transaction Type | Jul–Sep deals | Share | Jan–Sep cumulative deals | Share |
|---|---|---|---|---|
| Acquisition | 28 | 22.8% | 87 | 28.8% |
| Investment | 31 | 25.2% | 79 | 26.2% |
| Capital Alliance | 6 | 4.9% | 15 | 5.0% |
| Sale | 20 | 16.3% | 48 | 15.9% |
| Partial Transfer | 6 | 4.9% | 11 | 3.6% |
| Joint Venture | 7 | 5.7% | 14 | 4.6% |
| Merger | 2 | 1.6% | 7 | 2.3% |
| Fundraising | 4 | 3.3% | 10 | 3.3% |
| Reorganization | 13 | 10.6% | 19 | 6.3% |
| Other | 6 | 4.9% | 12 | 4.0% |
| Total | 123 | 100.0% | 302 | 100.0% |
(Table 3) Deals by transaction type. Investment-oriented: 65 deals in July–September (52.8%) and 181 in January–September (59.9%). Divestment-oriented: 26 deals in July–September (21.1%) and 59 in January–September (19.5%).
1. Country and Regional Trends
Taiwan and India are covered under the cross-cutting themes in Section 3.
China: Transfers of Manufacturing Sites and Affiliates, Alongside Investment in Businesses Serving the Local Market
China is the only country or region where divestment-oriented transactions outnumber investment-oriented ones, and they have accounted for more than half of China deals since 2024 (19 of 36 in 2024 and 33 of 50 in 2025, each as recorded in our deal database for that year). In January–September 2026, 24 of China’s 46 deals were divestment-oriented. In Q3, China recorded 23 deals, the most of any country or region, comprising 9 sales, 2 partial transfers and 4 reorganizations, against 3 investment-oriented transactions.
By industry, chemicals and materials led China’s divestment-oriented transactions in 2024 and 2025, while in January–September 2026 electronics accounted for 7 and chemicals and materials for 5. Q3 transfers were concentrated in manufacturing-related subsidiaries and stakes, including construction machinery (Kato Works), agricultural machinery (Takakita), optical fiber materials (Fujikura), advanced materials (Toda Kogyo) and printing plates (FUJIFILM Holdings). In 10 of the 11 Q3 sales and partial transfers in China, the buyer was a Chinese company or a local buyer. Among reorganizations, Toyota Industries consolidated the compressor production of a Chinese subsidiary into another site, and Achilles ended production at its Chinese subsidiary.
Looking at China’s divestment-oriented transactions by quarter, the counts were 3, 11, 7 and 12 in 2025, and 6, 7 and 11 in 2026, with no clear surge.
In a survey by the Japan External Trade Organization (JETRO), conducted in August–September 2025, 21.3% of Japanese companies in China said they planned to expand their business there, the lowest share since the survey began. Around 70% of those planning to expand cited growing local market demand as a reason. In Q3, ITOCHU made a company that designs, produces and sells an outdoor brand an equity-method affiliate, and Toyota Tsusho group’s Nexty Electronics invested in an automotive software developer, while Meiji Holdings and Yamada Holdings sold consumer-facing businesses in China. Businesses serving the Chinese market saw both investment and divestment deals.
Singapore: Acquisitions of Service Companies and Fund-Related Investments
Singapore recorded 21 deals in Q3, of which 16 were investment-oriented and none were divestment-oriented. Its January–September total of 60 deals was the highest of any country or region, up from 41 a year earlier.
Q3 deals included 7 acquisitions and 8 minority investments. Four of the 7 acquisitions were of professional services companies in cleaning and environmental hygiene, food service and catering, construction consulting and DX consulting. In addition, Takebishi acquired 7 companies of Gennex Group, which sells electronic and semiconductor components in 4 ASEAN countries, mainly Singapore and Malaysia. Five of the 8 minority investments involved fund closings, commitments to funds, or investments in companies through vehicles such as CVC funds.
South Korea: Growth in Entertainment and Consumer, and in Electronics and IT
South Korea recorded 14 deals in Q3, of which 10 were investment-oriented. Its January–September total of 32 deals was up from 19 a year earlier. By industry in January–September, media and entertainment and information and communications had 6 deals each, electronics 4, and consumer products and wholesale and retail 3 each. Q3 deals included Amuse’s investment in a fandom platform operator, the establishment of a cosmetics joint venture by Fujishin and South Korea’s COSMAX Group, and Tokyo Keiki’s conversion of 2 equity-method affiliates, including a hydraulic and pneumatic equipment manufacturer, into subsidiaries. Electronics and IT deals are covered in Section 3-2.
ASEAN (Excluding Singapore): Divestment-Oriented Deals Increase in Thailand
Thailand, Indonesia, Vietnam, Malaysia and the Philippines together recorded 28 deals in Q3.
Thailand recorded 9. Its divestment-oriented transactions in January–September numbered 8, up from 6 a year earlier. Q3 divestments included AEON’s sale of its Thai subsidiary and Sumitomo Corporation’s transfer of a 15% interest in a gas-fired power business to Shikoku Electric Power. On the investment side, Rengo’s Thai joint venture acquired 90% of a corrugated board manufacturer, and Umios formed a capital and business alliance with a major seafood processor.
Indonesia recorded 7, including SBI Holdings’ acquisition of 20% of Ajaib Group and Yamaichi Estate’s acquisition of a majority stake in a real estate company. Malaysia recorded 4 in Q3 and 18 in January–September. The Philippines recorded 2 and Vietnam 6.
Australia: Deals Spread Across Several Industries
Australia recorded 7 deals in Q3, up from 3 in January–June. Its January–September total of 10 was below the 13 recorded a year earlier. In 2024, 8 of Australia’s 21 deals were in energy and resources, whereas Q3 2026 deals were spread across real estate, public infrastructure, finance and other industries. Examples include Sekisui Chemical’s acquisition of 2 companies, including AusBuild Group, a residential land developer and home builder in Queensland, for approximately JPY 37 billion; a Kanadevia subsidiary’s acquisition of a designer and builder of water and wastewater treatment plants; and JERA’s AUD 25 million commitment to a carbon credit origination fund.
2. Industry Trends: Growth in Electronics, Consumer Products, Wholesale and Retail, and Fund Investments
Information & Communications: Below Last Year, with AI-Related Investments and Joint Ventures Standing Out
Information and communications recorded 15 deals in Q3, the most of any industry. Its January–September total of 34 was also the highest, but below the 51 recorded a year earlier.
Q3 stood out for investments in companies whose core business is AI and for AI-related joint ventures. Examples include SMBC Asia Rising Fund’s investment in Singapore’s fileAI, Asset Management One’s capital and business alliance with Singapore’s Blue Fire AI, and the joint venture between Globalive and Singapore’s IntentBridges. On the divestment side, Cube System sold a Chinese subsidiary and J-Escom Holdings sold a South Korean sub-subsidiary.
Electronics: Both Acquisitions and Transfers of China Sites Increase
Electronics recorded 12 deals in Q3 and 31 in January–September, more than 2.5 times the 12 recorded a year earlier. Investment-oriented deals rose from 4 to 15 and divestment-oriented deals from 5 to 9, so the increase came from both acquisitions and transfers. Seven of the 9 sales were transfers of sites in China.
On the acquisition side, in addition to the deals in Taiwan and South Korea (Section 3-2), Q3 saw acquisitions of electronic component distributors in ASEAN and India. Takebishi acquired 7 companies of Gennex Group, which sells electronic and semiconductor components in ASEAN, and Macnica, a subsidiary of Macnica Holdings, acquired India’s Elektronika Sales. RS Technologies acquired an epitaxial wafer manufacturer through its Chinese subsidiary. On the divestment side, Fujikura sold its interest in a Chinese optical fiber materials joint venture, and Osaki Electric sold a Malaysian sub-subsidiary.
Consumer Products: About Double Last Year in January–September
Consumer products recorded 11 deals in Q3 and 20 in January–September, about double the 11 recorded a year earlier.
Q3 deals included a joint venture established in Singapore by Sapporo Holdings and Denmark’s Carlsberg for the “Sapporo” brand business in Southeast Asia and Hong Kong; the cosmetics joint venture between Fujishin and South Korea’s COSMAX Group; ITOCHU’s conversion of a Chinese company that designs, produces and sells an outdoor brand into an equity-method affiliate; and MOON-X’s acquisition of a South Korean pet care brand operator. There were 3 divestment-oriented deals: Meiji Holdings’ sale of 3 subsidiaries, including its milk and yogurt business in China; Kameda Seika’s transfer of its entire interest in an Indian joint venture; and Advantage Partners’ sale of Shih An Farm, an egg producer in Taiwan.
Wholesale & Retail: More Than Double Last Year in January–September
Wholesale and retail recorded 6 deals in Q3 and 19 in January–September, more than double the 8 recorded a year earlier.
Q3 saw 2 divestment-oriented deals, in which AEON transferred its Thai subsidiary and Yamada Holdings transferred its Chinese subsidiary, both to local companies. On the investment side, Yonex acquired 50% of an Indian sporting goods distributor, and Trailhead Global Holdings acquired a ramen restaurant business in Taiwan. In addition, Sugi Holdings resolved to issue new shares through a third-party allotment to GIC, Singapore’s sovereign wealth fund.
Fund Investments: 17 Deals in January–September, a Sharp Increase from Last Year
Fund Investments, which covers commitments to funds and fund formations and closings, recorded 10 deals in Q3 and 17 in January–September. The same period of 2025 had 1 deal on the same basis, and January–September 2024 had 7. The 17 deals include multiple commitments to the same fund (4 related to Cross Capital and 3 related to Next Bharat Venture Fund-2).
In Q3, Suzuki, Kanematsu and Toyota Tsusho committed to a fund managed by Next Bharat Ventures, Suzuki’s Indian subsidiary. 77 Bank committed to “AIGF III,” a fund managed by Mitsubishi Corporation’s Singapore subsidiary. Singapore’s Cross Capital and UntroD Capital Asia, whose “Real Tech Global Fund 2” has only Japanese companies as investors, each held final closes. JERA committed to a carbon credit origination fund, and KJ Holdings of the Kawaijuku group committed to a Vietnamese venture capital fund. The investors included both operating companies (Suzuki, Kanematsu, Toyota Tsusho, JERA and KJ Holdings) and financial institutions and venture capital firms.
Financial Services: Slightly Below Last Year
Financial Services, which covers banks, insurers, asset managers, fintech companies and similar businesses, recorded 5 deals in Q3 and 19 in January–September, slightly below the 21 recorded a year earlier. Q3 deals included Amova Asset Management’s completion of its acquisition of Malaysian asset manager AHAM Asset Management, SBI Holdings’ acquisition of 20% of Indonesia’s Ajaib Group, and its investment in Singapore’s stablecoin payments company dtcpay.
Professional Services: Acquisitions of Singapore Service Companies Stand Out
Professional services recorded 10 deals in Q3 and 22 in January–September, up from 15 a year earlier. Five of the 10 Q3 deals were acquisitions. Besides the Hakuhodo group’s acquisition of an Indian digital marketing company, Earth Corporation’s subsidiary acquired a cleaning and environmental hygiene services company, Meikyu a food service and catering company, JECOS a construction consultancy, and Macnica a DX consultancy, all 4 of them in Singapore.
Chemicals & Materials: 4 Investment-Oriented and 4 Divestment-Oriented Deals
Chemicals and materials recorded 10 deals in Q3 and 27 in January–September, down from 34 a year earlier. The 10 Q3 deals comprised 3 acquisitions, 4 sales and partial transfers, 2 reorganizations and 1 minority investment. Acquisitions included Toyobo’s conversion of a Thai joint venture into a wholly owned subsidiary and Shin-Etsu Polymer’s acquisition of a Malaysian precision plastic products company. Transfers included the sale of stakes and subsidiaries in China, Indonesia and Malaysia by Toda Kogyo, FUJIFILM Holdings, Toray and New Japan Chemical.
Healthcare: 3 Investments and Capital Alliances with Taiwan
Healthcare recorded 7 deals in Q3 and 12 in January–September, down from 21 a year earlier. Q3 deals included Shofu’s investment in a Taiwanese orthodontic products company and capital and business alliances by TAUNS and NANO Holdings with Taiwanese companies. In addition, Rohto Pharmaceutical’s Australian subsidiary acquired a topical analgesic brand, and Kobayashi Pharmaceutical sold a Chinese sub-subsidiary.
3. Cross-Cutting Themes
3-1. The Q3 Increase: More Investment-Oriented Deals, and a Concentration of Divestments and Reorganizations
Comparing the 302 deals in January–September with the same period of 2025 by transaction type, investment-oriented deals numbered 181 (161 a year earlier), joint ventures, mergers, fundraisings and other deals 43 (22), divestment-oriented deals 59 (53) and reorganizations 19 (18). On a cumulative basis, the year-on-year difference comes mainly from investment-oriented deals and from joint ventures, mergers, fundraisings and other deals.
By quarter, investment-oriented deals numbered 56, 60 and 65 in 2026. Divestment-oriented deals, by contrast, numbered 18, 15 and 26, and reorganizations 2, 4 and 13, both concentrated in Q3. In Q3 2025, there were 52 investment-oriented deals, 12 divestment-oriented deals and 6 reorganizations.
Compared with prior years, divestment-oriented deals in January–September numbered 28 in 2024, 53 in 2025 and 59 in 2026; the higher level reached in 2025 has continued into 2026.
Thirteen of the 19 reorganizations in January–September took place in Q3: 3 were buyouts of minority shareholders in existing subsidiaries (Japan Material’s Singapore subsidiary, a Vietnamese solar power company held by a Sharp subsidiary, and MS-Japan’s Australian subsidiary), 4 were capital increases or debt-equity swaps for subsidiaries (Kyowa Leather Cloth, Optorun, AEON Fantasy and Amita Holdings), and 6 were consolidations or transfers of production functions or group companies (Toyota Industries, Achilles, Y’s Holdings, Ohashi Technica, and 2 by PLUS).
Japanese companies are doing more investment-oriented deals than a year ago, and in Q3 they concentrated the sale of existing overseas subsidiaries and stakes, buyouts of minority shareholders and site consolidation.
3-2. Electronics and IT Deals in Taiwan and South Korea Double
Electronics and information and communications deals in Taiwan and South Korea totaled 22 in January–September, double the 11 recorded a year earlier. Taiwan accounted for 12 (6 a year earlier) and South Korea for 10 (5 a year earlier). Taiwan’s total deal count also more than doubled, to 31 in January–September from 14 a year earlier.
In Taiwan, minority investments and joint ventures involving leading semiconductor companies continued. In January–March, Kioxia Holdings invested approximately JPY 77.4 billion in Nanya Technology, a DRAM developer and designer, and in Q3, Sony Semiconductor Solutions established a joint venture with TSMC for next-generation image sensors. In semiconductor materials and batteries, Air Water and Taiwan’s Grand Pacific Petrochemical jointly acquired 35% each of Hong-Guang New Technology, a specialty gas manufacturer for semiconductors, and Kyushu Electric Power took an equity stake in ProLogium Technology, a developer of next-generation lithium ceramic batteries. In IT, ITOCHU formed a capital and business alliance with Taiwanese IT services company SYSTEX in February, and in August, ITOCHU Techno-Solutions established the joint venture “CTC-SYSTEX” with SYSTEX. GMO Cybersecurity by Ierae also invested in cybersecurity company TRAPA Security.
South Korea also saw alliances and acquisitions in electronics, including semiconductor materials, optical measurement equipment and low-voltage electrical equipment. Stella Chemifa formed a capital and business alliance with semiconductor materials manufacturer Soulbrain Holdings in February. In Q3, Tachibana Eletech agreed to acquire the semiconductor-related business of Koshida Tec’s Korean entity, santec Holdings acquired an optical measurement equipment manufacturer, and Kawamura Electric acquired Daeryuk, a low-voltage electrical equipment manufacturer. In IT, deals included Z Venture Capital’s investment in AB180, an advertising attribution company, and NE Korea’s acquisition of the “Next Engine” order management system business for e-commerce operators.
3-3. Emerging Asia: Deal Count Rises in India and Declines in Vietnam
India’s deal count more than doubled from 17 in 2024 to 37 in 2025, and its January–September 2026 total of 31 was above the 23 recorded a year earlier. Investment-oriented deals accounted for 24 of the 31, close to 80%.
The 14 Q3 deals comprised 7 minority investments, 3 acquisitions, 2 reorganizations, 1 joint venture and 1 partial transfer. Three of the 7 minority investments were commitments by Suzuki, Kanematsu and Toyota Tsusho to Next Bharat Venture Fund-2, a fund managed by Suzuki’s local subsidiary. The remaining 4 were minority investments in Indian companies: an education services company (CPA Excellent Partners), an installation services company (PERSOL Holdings), a supply chain company (Sankyu) and a sporting goods distributor (Yonex, 50%). Acquisitions included the Hakuhodo group’s acquisition of a digital marketing company, a local SBS Holdings subsidiary’s acquisition of a 3PL business, and Macnica’s acquisition of 66.6% of a semiconductor and electronic components distributor.
At the Japan-India summit on July 2, 2026, the two governments noted that, under a target of JPY 10 trillion in Japanese private investment in India, investments of around JPY 2 trillion had already been decided, and approximately 120 cooperation documents between Japanese and Indian companies were announced. The Japan-India Joint Declaration on Economic Security Cooperation, issued at the same time, named semiconductors, critical minerals, information and communications technology, clean energy and pharmaceuticals as priority areas.
Vietnam recorded 31 deals in 2024 and 42 in 2025, while its January–September 2026 total of 17 was below the 30 recorded a year earlier. Q3 deals included Nippon Seiki’s subsidiary’s transfer of its automotive embedded software business to Vietnam’s FPT Group, and NISSHA’s transfer of all shares of a Vietnamese subsidiary. NISSHA had acquired that company in January 2026 and transferred all of its shares within the same year.
3-4. Asia-Pacific Investment into Japan: Acquisitions by Peers and Adjacent Players, and Financial Investment
Deals in which Asia-Pacific companies and investors invest in or acquire Japanese companies and businesses (inbound deals) numbered 4 in 2024, 10 in 2025 and 12 in January–September 2026, small in number but rising.
Several inbound deals involve Asian operating companies acquiring Japanese companies or businesses in the same or adjacent industries. Examples include Taiwan’s YAGEO Corporation’s tender offer for Shibaura Electronics (completed in October 2025), Taiwan’s Innolux Corporation’s acquisition of Pioneer (June 2025), the acquisition of Soda Aromatic by a subsidiary of South Korea’s Samyang Corporation (June 2026), India’s Gujarat Themis Biosyn’s acquisition of Japan Microbiopharma (May 2026), and China’s Hangzhou Bingjia Technology’s acquisition of Packwell, a subsidiary of Nomura Sangyo (August 2026). Other inbound deals include market-entry deals, such as South Korea’s Yeogi Eottae Company’s acquisition of Loco Partners, operator of “Relux,” and financial investments, such as those by GIC, Singapore’s sovereign wealth fund, in Sazaby League and Sugi Holdings.
On the sell side, Soda Aromatic was held by Toray and Mitsui & Co., Japan Microbiopharma by T Capital Partners, Pioneer was a portfolio company of EQT, and Packwell was a subsidiary of Nomura Sangyo. Asian operating companies in the same or adjacent industries are appearing as buyers of companies and businesses held by Japanese corporates and funds.
4. Implications for Full-Year 2026
Based on Asia-Pacific cross-border M&A data through Q3, we highlight 5 implications for the full year.
- Wider range of deal structures: investment-oriented deals numbered 181 in January–September, above the 161 a year earlier, while joint ventures, mergers, fundraisings and other deals nearly doubled from 22 to 43 (including 14 joint ventures, 7 mergers and 10 fundraisings). By industry, Fund Investments, such as commitments to funds and fund formations and closings, rose from 1 to 17. Beyond majority acquisitions and minority stakes, Japanese companies are increasingly engaging in Asia-Pacific through fund commitments and joint ventures.
- Continued divestments in China: China is the only country or region where divestment-oriented deals outnumber investment-oriented ones, and they have accounted for more than half of China deals for 3 consecutive years (19 of 36 in 2024, 33 of 50 in 2025 and 24 of 46 in January–September 2026). Quarterly counts of 6, 7 and 11 in 2026 show no sharp surge, and the assets involved are mainly manufacturing sites and affiliates in electronics, chemicals and materials. In 10 of the 11 Q3 sales and partial transfers in China, the buyer was a Chinese company or a local buyer. The sale and consolidation of manufacturing sites in China has continued for 3 years, and Chinese domestic companies are the main buyers of the businesses Japanese companies sell there.
- Divestments beyond China: divestment-oriented deals outside China in January–September rose from 13 in 2024 to 32 in 2025 and 35 in 2026. In Q3, there were 15 such deals across 10 countries and regions, including Thailand (AEON, Sumitomo Corporation, GMO Internet), Malaysia (Osaki Electric, New Japan Chemical), Vietnam (Nippon Seiki, NISSHA) and India (Kameda Seika). Reorganizations also reached 13 in Q3, most of the 19 in January–September. Sales of existing overseas businesses, alongside buyouts of minority shareholders and site consolidation, are proceeding in parallel in countries and industries beyond China.
- Where acquisitions and investments are going: acquisitions and investments rose year on year in electronics and IT in Taiwan and South Korea (from 11 to 22), in India (from 23 to 31, of which 24 were investment-oriented) and in Singapore (from 41 to 60). The structures differ by market: joint ventures and investments with leading semiconductor companies in Taiwan, fund commitments and minority stakes in India, and acquisitions of professional services companies and fund-related investments in Singapore. While divestments are concentrated in manufacturing sites, acquisitions and investments are concentrated in semiconductors, IT and services.
- Asian companies as buyers of Japanese businesses: acquisitions of Japanese companies and businesses by Asia-Pacific companies and investors rose from 4 in 2024 to 10 in 2025 and 12 in January–September 2026. Operating companies in the same or adjacent industries, such as Taiwan’s YAGEO (Shibaura Electronics) and Innolux (Pioneer), South Korea’s Samyang (Soda Aromatic) and India’s Gujarat Themis Biosyn (Japan Microbiopharma), have acquired companies and businesses held by Japanese corporates and funds. When Japanese corporates and funds sell businesses or subsidiaries, Asian operating companies in the same or adjacent industries are potential buyers alongside domestic ones.
Asia-Pacific cross-border M&A data through Q3 show that Japanese companies’ M&A in the region is moving on 2 fronts: the sale and reorganization of manufacturing sites, centered on China, and acquisitions and investments in growth sectors and markets.
Related Links and Contact
- Asia-Pacific Cross-Border M&A by Japanese Companies — Q2 2026 Review: A Shift Toward Consumer and Digital
- Asia-Pacific Cross-Border M&A by Japanese Companies — Q1 2026 Review
- Asia-Pacific Cross-Border M&A by Japanese Companies: Review 2025 and Insight for 2026
- More articles
Appendix: Deal List (Observation-Date Basis, July–September 2026)
| Date | Type | Country/Region | Industry | Headline |
|---|---|---|---|---|
| 07/01 | Acquisition | Malaysia | Financial Services | Amova Asset Management (formerly Nikko Asset Management) completes its acquisition of Malaysia’s AHAM Asset Management, an asset management business |
| 07/01 | Reorganization | Vietnam | Consumer Products | PLUS transfers its overseas stationery business (Vietnam and Taiwan) to its subsidiary Astrum |
| 07/01 | Reorganization | Taiwan | Consumer Products | PLUS transfers its overseas stationery business (Vietnam and Taiwan) to its subsidiary Astrum |
| 07/02 | Investment | India | Fund Investments | Suzuki <7269> invests USD 200 million in “Next Bharat Venture Fund-2,” established by its Indian subsidiary Next Bharat Ventures |
| 07/03 | Investment | Vietnam | Logistics | Kamigumi <9364> acquires a 50% interest in Vietnam’s CLK COLD STORAGE COMPANY, a cold-storage warehouse operator |
| 07/03 | Investment | India | Professional Services | CPA Excellent Partners, operator of the accounting school “CPA Kaikei Gakuin,” acquires shares in India’s Veranda Learning Solutions, a major education services provider |
| 07/03 | Acquisition | India | Professional Services | Hakuhodo group’s AdGlobal360 India acquires a majority stake in India’s Auburn Digital Solutions, an integrated digital marketing company |
| 07/06 | Merger | China | Logistics | Nissin merges its Chinese subsidiaries Nissin (Changshu) International Logistics and Ririxin International Logistics |
| 07/06 | Joint Venture | Singapore | Consumer Products | Sapporo Holdings <2501> establishes a joint venture in Singapore with Denmark’s Carlsberg for the “Sapporo” brand business in Southeast Asia and Hong Kong, taking a 25% stake |
| 07/07 | Acquisition | China | Electronics | RS Technologies <3445> acquires a 60% interest in Anhui Jinglong Semiconductor Technology, a manufacturer and seller of epitaxial wafers, through its Chinese subsidiary |
| 07/07 | Investment | South Korea | Information & Communications | Z Venture Capital invests in South Korea’s AB180, a provider of advertising attribution services |
| 07/07 | Capital Alliance | Thailand | Healthcare | Charion, an oral care products and services company, forms a capital alliance with Thailand’s INGENS GLOBUS, a subsidiary of Charoen Pokphand Group |
| 07/09 | Acquisition | Indonesia | Information & Communications | Techno Horizon <6629>’s Singapore subsidiary ESCO acquires Indonesia’s PT Effori Prospero Solusi, an integrated technology solutions provider |
| 07/10 | Fundraising | Singapore | Wholesale & Retail | Sugi Holdings <7649> resolves to issue new shares through a third-party allotment to GIC, Singapore’s sovereign wealth fund |
| 07/10 | Sale | China | Electronics | Fujikura <5803> transfers its 60% interest in its Chinese sub-subsidiary Fujikura Fiberhome Opto-Electronics Material Technology to China’s FiberHome Telecommunication Technologies |
| 07/10 | Sale | China | Machinery | Kato Works <6390> transfers its entire interest in its Chinese subsidiary Kato Zhongjun (Xiamen) Construction Machinery to a Chinese company |
| 07/13 | Acquisition | Singapore | Professional Services | Earth Corporation <4985>’s subsidiary Earth Kankyo Service acquires Singapore’s Marvel Clean and Marvel Home, providers of cleaning and environmental hygiene services |
| 07/15 | Acquisition | Singapore | Professional Services | Meikyu, a contract food service provider, acquires 51% of Singapore’s First Cuisine Food Industries, a food service and catering business |
| 07/15 | Investment | India | Industrial Services | PERSOL Holdings <2181> invests in India’s Installco Wify Technologies, an on-site installation services business for home appliances and housing equipment |
| 07/16 | Sale | Philippines | Professional Services | Adish <7093> transfers all shares of its Philippine subsidiary adish International Corporation to Tigertail, a BPO and global business support company |
| 07/16 | Partial Transfer | China | Chemicals & Materials | Toda Kogyo <4100> transfers all its shares in its Chinese equity-method affiliate Zhejiang Huayuan Applied New Materials to China’s Deqing Hailuokesi |
| 07/17 | Partial Transfer | China | Machinery | Takakita <6325> transfers its 33.0% interest in its Chinese affiliate Shandong Wuzheng Takakita Agricultural and Livestock Machinery to a local company |
| 07/17 | Acquisition | Australia | Public Infrastructure | Kanadevia <7004>’s subsidiary Osmoflo Holdings acquires Australia’s Guidera O’Connor, a designer and builder of water and wastewater treatment plants |
| 07/17 | Investment | Singapore | Fund Investments | Singapore’s Cross Capital holds the final close of “Cross Capital I Limited Partnership” at approximately JPY 6.4 billion |
| 07/17 | Fundraising | China | Transportation Equipment | Ikuyo <7273>’s subsidiary Ikuyo Automotive to carry out a third-party allotment to China’s Anhui Rongxin Huichuang Battery Manufacturing |
| 07/22 | Sale | China | Consumer Products | Meiji Holdings <2269> transfers all shares of 3 subsidiaries in its China milk, yogurt and B2B businesses to Shanghai Aoya Food |
| 07/22 | Investment | Australia | Fund Investments | JERA invests AUD 25 million, through its Australian subsidiary, in “Silva Carbon Origination Fund,” a carbon credit origination fund managed by Australia’s Silva Capital |
| 07/23 | Reorganization | Singapore | Industrial Services | Japan Material <6055> makes its Singapore subsidiary GBS a wholly owned subsidiary |
| 07/24 | Investment | South Korea | Machinery | Seiko Epson <6724> makes an additional investment in South Korea’s Gosan Tech, a developer of industrial manufacturing equipment, including equipment for perovskite solar cells |
| 07/24 | Reorganization | Vietnam | Energy & Resources | Sharp <6753>’s subsidiary Sharp Energy Solutions makes SHARP NSN ENERGY SOLUTION JSC, a solar power plant business in Vietnam, a wholly owned subsidiary |
| 07/24 | Other | Singapore | Financial Services | abc <8783> announces a change in major shareholders; the stake held by Singapore’s Wowoo falls to 9.96% |
| 07/24 | Reorganization | China | Transportation Equipment | Ohashi Technica <7628> takes over all businesses of its subsidiary Ohashi Precision Parts (Shanghai) through newly established Ohashi Auto Parts (Guangzhou); the Shanghai subsidiary will be dissolved |
| 07/24 | Acquisition | Singapore | Electronics | Techno Horizon <6629> acquires Singapore’s Vital Vision Technology, a seller of machine vision equipment, and EI3D, a provider of 3D imaging and industrial automation systems |
| 07/27 | Investment | South Korea | Media & Entertainment | Amuse <4301> invests in South Korea’s bemyfriends, operator of the global fandom platform “b.stage” |
| 07/28 | Sale | Malaysia | Electronics | Osaki Electric <6644> transfers all shares of its Malaysian sub-subsidiary EDMI Electronics to the Singapore subsidiary of Switzerland’s Cicor Technologies |
| 07/30 | Acquisition | South Korea | Electronics | Kawamura Electric, a power distribution equipment manufacturer, acquires 75% of South Korea’s Daeryuk, a low-voltage electrical equipment manufacturer |
| 07/30 | Acquisition | Singapore | Professional Services | JECOS <9991> acquires Singapore’s JS Tan Consultants, a construction consultancy |
| 07/31 | Reorganization | Thailand | Other Manufacturing | Y’s Holdings <5955> transfers all shares of its Thai subsidiary Yamashina Bangkok Fastening Company to its fellow subsidiary Yamashina |
| 08/03 | Other | China | Media & Entertainment | Marvelous <7844> dissolves its capital and business alliance with Image Frame Investment, a Tencent group company in China |
| 08/04 | Investment | Taiwan | Healthcare | Shofu <7979> invests in Taiwan’s MEM Dental Technology, a developer and manufacturer of orthodontic products |
| 08/05 | Fundraising | Taiwan | Media & Entertainment | SURF Music, a creator-economy music platform, raises pre-Series A funding from Taiwan’s Cherubic Ventures, a global venture capital firm |
| 08/05 | Sale | Australia | Other Manufacturing | Nippon Paper Industries <3863> transfers the paper bag business of its Australian subsidiary Paper Australia to The Magan Group of the US |
| 08/05 | Acquisition | Singapore | Professional Services | Macnica Holdings <3132>’s subsidiary Macnica acquires a majority stake in Singapore’s Orangeleaf Consulting Holding, a DX consultancy |
| 08/05 | Acquisition | Singapore | Real Estate | Lisa Partners, together with Hulic <3003> and others, acquires the Singapore business park “7 & 9 Changi Business Park Crescent” |
| 08/06 | Sale | China | Information & Communications | Cube System <2335> transfers its entire interest in its Chinese subsidiary Shanghai Qiubu Information System to Komatsu Business Service, a system development and support company |
| 08/06 | Acquisition | South Korea | Consumer Products | MOON-X, a co-creation M&A company, acquires South Korea’s Profounder, operator of the pet care brand “buddyboo” |
| 08/06 | Sale | China | Healthcare | Kobayashi Pharmaceutical <4967> transfers its entire interest in its Chinese sub-subsidiary Jiangsu Kobayashi Pharmaceutical to Wanquan Wante Pharmaceutical (Xiamen), a Chinese pharmaceutical manufacturer |
| 08/06 | Reorganization | Indonesia | Industrial Services | Amita Holdings <2195>’s Malaysian subsidiary AMITA CIRCULAR DESIGN increases the capital of its Indonesian subsidiary PT Amita Tamaris Lestari |
| 08/07 | Acquisition | Australia | Healthcare | Rohto Pharmaceutical <4527>’s subsidiary Mentholatum Australasia acquires the topical analgesic brand “Pain Away” from Australia’s Wellnex Life |
| 08/07 | Acquisition | Indonesia | Chemicals & Materials | Mitsubishi Corporation Life Sciences makes its affiliate PT Sorini Towa Berlian Corporindo, an Indonesian sugar alcohol manufacturer, a wholly owned subsidiary and renames it “PT MCLS Asia Pacific” |
| 08/07 | Sale | China | Other Manufacturing | Nomura Sangyo <7131> transfers all shares of its subsidiary Packwell to China’s Hangzhou Bingjia Technology, a cushioning packaging manufacturer |
| 08/10 | Sale | Malaysia | Chemicals & Materials | New Japan Chemical <4406> transfers all its shares in Malaysia’s Edenor Oleochemicals Rika (M) to its joint venture partner Edenor Oleochemicals (M) |
| 08/10 | Merger | Taiwan | Professional Services | Nishimura & Asahi’s Taiwan office integrates with Taiwan’s Li An Attorneys-at-Law |
| 08/10 | Sale | Thailand | Wholesale & Retail | AEON <8267> transfers all shares of its Thai subsidiary AEON (Thailand) to Thailand’s Central Food Retail Company |
| 08/10 | Joint Venture | India | Electronics | Restar <3156> establishes a joint venture, “Rashi Restar Semiconductor Solutions,” with India’s Rashi Peripherals, an ICT products distributor |
| 08/12 | Joint Venture | Taiwan | Electronics | Sony Group <6758>’s subsidiary Sony Semiconductor Solutions establishes “Advanced Vision Semiconductor Manufacturing,” a joint venture with Taiwan’s TSMC to develop and manufacture next-generation image sensors |
| 08/14 | Acquisition | Taiwan | Wholesale & Retail | Trailhead Global Holdings <3358> acquires a ramen restaurant business from a sole proprietor in Taiwan and plans to establish a joint venture |
| 08/14 | Joint Venture | China | Wholesale & Retail | BuySell Technologies <7685> to establish a joint venture with the founder of China’s Jishe Li (Hangzhou) E-commerce, a live commerce business, with plans to acquire an additional interest |
| 08/14 | Investment | Singapore | Fund Investments | Singapore’s UntroD Capital Asia holds the final close of its deep-tech fund “Real Tech Global Fund 2” at USD 28 million |
| 08/19 | Investment | Indonesia | Energy & Resources | Meiwa Corporation <8103> invests in PT Santomo Biomass Indonesia, a developer, producer and seller of biomass fuel |
| 08/19 | Acquisition | South Korea | Electronics | santec Holdings <6777> acquires South Korea’s HM SOLUTIONS, an optical measurement equipment manufacturer |
| 08/20 | Sale | China | Transportation Equipment | Topy Industries <7231>’s subsidiary Lintex transfers its entire interest in its Chinese subsidiary Lintex Guangzhou to a local company |
| 08/21 | Capital Alliance | Taiwan | Healthcare | TAUNS <197A> to form a capital and business alliance with Taiwan’s Asia Pathogenomics, a pathogen testing service provider |
| 08/21 | Other | Taiwan | Professional Services | Strike Group <6196> establishes “Taiwan Strike,” an M&A advisory subsidiary, in Taiwan |
| 08/25 | Investment | India | Logistics | Sankyu <9065> to acquire a 0.5% stake in India’s TVS Supply Chain Solutions, an integrated supply chain company |
| 08/25 | Investment | Singapore | Fund Investments | 77 Bank <8341> invests in “AIGF III,” a fund managed by the Singapore subsidiary of Mitsubishi Corporation <8058> |
| 08/26 | Joint Venture | Taiwan | Information & Communications | ITOCHU Techno-Solutions establishes the joint venture “CTC-SYSTEX” with SYSTEX CORPORATION, a major Taiwanese IT company |
| 08/26 | Investment | Taiwan | Chemicals & Materials | Taiwan’s Grand Pacific Petrochemical and Air Water <4088> jointly invest in Taiwan’s Hong-Guang New Technology, a specialty gas manufacturer for semiconductors, each acquiring 35% |
| 08/26 | Fundraising | South Korea | Information & Communications | South Korea’s Wrtn Technologies, an AI service platform operator, raises approximately JPY 11.5 billion in a Series C round |
| 08/27 | Other | Australia | Fund Investments | Daiwa Corporate Investment begins working with Main Sequence Ventures, an Australian government-backed venture capital firm, toward forming the Japan-Australia deep-tech growth fund “Sakura Fund” |
| 08/27 | Investment | China | Consumer Products | ITOCHU <8001> makes China’s Dawei (Suzhou) Sporting Goods, which designs, produces and sells “Outdoor Products” brand goods, an equity-method affiliate |
| 08/28 | Partial Transfer | Taiwan | Information & Communications | Brangista <6176> transfers 30% of its subsidiary Brangista Solution to Taiwan’s H.H. GALAXY |
| 08/28 | Investment | Singapore | Information & Communications | SMBC Asia Rising Fund invests in Singapore’s fileAI, an enterprise AI company providing data infrastructure for workflow automation |
| 08/28 | Acquisition | Thailand | Chemicals & Materials | Toyobo <3101> makes Toyobo Indorama Advanced Fibers, its airbag yarn joint venture with Thailand’s Indorama Polyester Industries, a wholly owned subsidiary |
| 08/28 | Investment | Indonesia | Financial Services | SBI Holdings <8473> acquires 20% of Indonesia’s Ajaib Group, making it an equity-method affiliate |
| 08/28 | Acquisition | Singapore | Electronics | Takebishi <7510> acquires 7 companies of Gennex Group, a seller of electronic and semiconductor components in ASEAN |
| 08/31 | Reorganization | China | Transportation Equipment | Toyota Industries consolidates the compressor production of its Chinese subsidiary Toyota Industries Electric Air-Conditioning Compressor (Kunshan) into Yantai Shougang Toyota Industries Air-Conditioning Compressor |
| 08/31 | Reorganization | India | Chemicals & Materials | Kyowa Leather Cloth <3553> increases the capital of its Indian subsidiary KYOWA INDIA, a manufacturer and seller of synthetic leather products |
| 09/01 | Acquisition | South Korea | Machinery | Tokyo Keiki <7721> makes 2 equity-method affiliates, including South Korea’s TOKIMEC KOREA POWER CONTROL, a manufacturer and seller of hydraulic and pneumatic equipment, its subsidiaries |
| 09/01 | Partial Transfer | Hong Kong | Energy & Resources | Kuramoto <5216>’s subsidiary KURAMOTO Perovskite accepts an investment from Jushi Chemical (Hong Kong) and will be deconsolidated |
| 09/02 | Sale | Vietnam | Information & Communications | Nippon Seiki <7287>’s subsidiary Nippon Seiki Europe transfers its automotive embedded software development business to Vietnam’s FPT Group |
| 09/02 | Sale | Taiwan | Consumer Products | Advantage Partners announces the sale of its portfolio company Shih An Farm in Taiwan |
| 09/02 | Other | South Korea | Fund Investments | UMI Ventures to form a Japan-Korea deep-tech fund with Shinhan Securities, part of South Korea’s Shinhan Financial Group |
| 09/03 | Investment | India | Fund Investments | Kanematsu <8020> invests in a fund managed by Next Bharat Ventures, the Indian subsidiary of Suzuki <7269> |
| 09/04 | Sale | South Korea | Information & Communications | J-Escom Holdings <3779> transfers all shares of its South Korean sub-subsidiary Mafin to Hecto Innovation, a Korean IT services company |
| 09/04 | Investment | India | Fund Investments | Toyota Tsusho <8015> invests in “Next Bharat Venture Fund-2,” managed by the Indian subsidiary of Suzuki <7269> |
| 09/04 | Sale | Vietnam | Healthcare | NISSHA <7915> transfers all its shares in its Vietnamese subsidiary USM HEALTHCARE MEDICAL DEVICES FACTORY JOINT STOCK COMPANY to a director of the company |
| 09/09 | Investment | Singapore | Machinery | Unisol Holdings <7128>’s subsidiary Unisol makes an additional investment in Singapore’s EUREKA ROBOTICS, a developer of industrial automation technology using physical AI |
| 09/10 | Sale | China | Chemicals & Materials | FUJIFILM Holdings <4901> transfers all shares of its Chinese great-grandchild company FUJIFILM Printing Plate (China), among other assets, to a local company |
| 09/10 | Investment | Taiwan | Electronics | Kyushu Electric Power <9508> takes an equity stake in Taiwan’s ProLogium Technology, a developer of next-generation lithium ceramic batteries |
| 09/10 | Acquisition | Australia | Real Estate | Sekisui Chemical <4204> acquires 2 companies, including AusBuild Group, a residential land developer and home builder in Queensland, Australia, for approximately JPY 37 billion |
| 09/11 | Investment | Thailand | Energy & Resources | J-POWER <9513> invests in 2 local companies through its Thai subsidiary, acquiring 49% of each |
| 09/14 | Joint Venture | Singapore | Information & Communications | Globalive, a publisher monetization support company, establishes the joint venture “LINC” with Singapore’s IntentBridges, an Asia-based AI content licensing business |
| 09/14 | Acquisition | Indonesia | Real Estate | Yamaichi Estate <2984> subscribes to a third-party allotment by Indonesia’s PT Affirmate Property Nusantara, a real estate company, acquiring 83.3% and making it a subsidiary |
| 09/14 | Reorganization | China | Media & Entertainment | AEON Fantasy <4343> carries out a debt-equity swap for its subsidiary AEON Fantasy (China) Children’s Amusement, raising its stake to 99.86% |
| 09/15 | Capital Alliance | Thailand | Consumer Products | Umios <1333>, together with its Thai group company Kingfisher Holdings, forms a capital and business alliance with Pataya Food Industries, a major Thai seafood processor |
| 09/15 | Joint Venture | South Korea | Consumer Products | Fujishin, a beauty products dealer, establishes the joint venture “TRINEX” with South Korea’s COSMAX Group, a cosmetics ODM |
| 09/16 | Investment | Singapore | Information & Communications | Ricoh <7752> invests, through its CVC fund, in Singapore’s Intellect Company, a workplace mental health platform |
| 09/16 | Partial Transfer | India | Consumer Products | Kameda Seika <2220> transfers all its shares in its Indian equity-method affiliate KAMEDA LT FOODS (INDIA) to its joint venture partner, India’s LT Foods |
| 09/17 | Investment | India | Wholesale & Retail | Yonex <7906> acquires 50% of India’s SUNRISE SPORTS (INDIA) PRIVATE LIMITED, a sporting goods distributor, making it an equity-method affiliate |
| 09/17 | Partial Transfer | Thailand | Energy & Resources | Sumitomo Corporation <8053> transfers 15% of Thailand’s Amata B.Grimm Power, a gas-fired power business, to Shikoku Electric Power <9507> |
| 09/18 | Capital Alliance | Taiwan | Healthcare | NANO Holdings <4571> forms a capital and business alliance with Taiwan’s Orient Europharma, a manufacturer and seller of pharmaceuticals, cosmetics and nutritional supplements |
| 09/18 | Acquisition | Thailand | Other Manufacturing | Rengo <3941>’s Thai joint venture TCG acquires 90% of Thailand’s Jinjongfa Paper Industrial, a corrugated board manufacturer and seller |
| 09/18 | Acquisition | South Korea | Information & Communications | NE <441A>’s South Korean subsidiary NE Korea acquires the “Next Engine” order management system business for e-commerce operators from Korea’s Hamee Global |
| 09/24 | Investment | Singapore | Transportation Equipment | Orient Corporation <8585> invests in Singapore’s Trusty Cars, an online car trading platform in Asia-Pacific |
| 09/24 | Investment | Taiwan | Information & Communications | GMO Cybersecurity by Ierae invests in Taiwan’s TRAPA Security, a cybersecurity company |
| 09/24 | Investment | Philippines | Real Estate | Mitsubishi Corporation <8058> acquires additional shares of Ayala Corporation, a major Philippine conglomerate, raising its stake to 20% |
| 09/24 | Sale | China | Wholesale & Retail | Yamada Holdings <9831> transfers its entire interest in its Chinese subsidiary Yamada Denki (Shenyang) Commercial to Guxiang No. 20 Scenic Area Tourist Services (Shenyang), a Chinese hospitality company |
| 09/24 | Acquisition | South Korea | Electronics | Tachibana Eletech <8159> to acquire the semiconductor-related business of Koshida Tec’s Korean entity |
| 09/24 | Other | China | Real Estate | Intrance <3237> announces a change in major shareholders; the stake held by China Hede Investment falls to 9.99% |
| 09/24 | Investment | China | Information & Communications | Toyota Tsusho <8015> group’s Nexty Electronics invests in China’s xTour Technology, an automotive software developer |
| 09/24 | Investment | Singapore | Financial Services | SBI Holdings <8473> invests in Singapore’s dtcpay, a stablecoin payment services provider |
| 09/24 | Sale | Indonesia | Chemicals & Materials | Toray <3402> transfers all its shares in Indonesia’s PETNESIA RESINDO, a PET resin manufacturer and seller, to Indonesia’s Pioneer Polyindo Complex |
| 09/25 | Sale | Thailand | Financial Services | GMO Internet <4784> transfers all shares of a Thai sub-subsidiary to a local company |
| 09/25 | Acquisition | Malaysia | Chemicals & Materials | Shin-Etsu Polymer <7970> acquires Malaysia’s PRESTIGE DYNAMICS INDUSTRIES, a manufacturer and seller of precision plastic products, through its Singapore subsidiary |
| 09/28 | Reorganization | China | Chemicals & Materials | Achilles <5142> ends production at its Chinese subsidiary Achilles (Foshan) New Materials and consolidates its vehicle materials manufacturing into Achilles and other sites |
| 09/28 | Investment | Vietnam | Fund Investments | Kawaijuku group’s KJ Holdings invests in “Do Ventures Fund II, LP,” a Vietnamese venture capital fund |
| 09/28 | Reorganization | India | Machinery | Optorun <6235> invests in its Indian subsidiary Optorun India, a manufacturer and seller of optical thin-film coating equipment |
| 09/29 | Acquisition | India | Logistics | SBS Holdings <2384>’s Indian subsidiary Ocean Pearl Logistics acquires the 3PL (IBOB) business of SF Logistics, the Indian subsidiary of Hong Kong’s SF Express (Overseas) |
| 09/29 | Capital Alliance | Singapore | Information & Communications | Asset Management One forms a capital and business alliance with Singapore’s Blue Fire AI, a provider of AI-based company analysis and investment decision support |
| 09/29 | Acquisition | India | Electronics | Macnica Holdings <3132>’s subsidiary Macnica acquires 66.6% of India’s Elektronika Sales, a semiconductor and electronic components distributor |
| 09/29 | Reorganization | Australia | Professional Services | MS-Japan <6539> makes its Australian subsidiary FourQuarters Recruitment a wholly owned subsidiary |
| 09/30 | Capital Alliance | South Korea | Consumer Products | YH JAPAN, which operates the Korean golf apparel brand “UTAA,” forms a capital and business alliance with Prolab HD, a manufacturer of inner beauty products |
Definitions of Terms
- Acquisition: Acquisition of a majority controlling interest in a target company or business
- Investment: Acquisition of a minority voting or equity interest (excluding deals classified as capital alliances or joint ventures)
- Capital Alliance: Acquisition of a minority interest accompanied by a business alliance, announced as a capital and business alliance or under a similar name
- Sale: Transfer of a majority controlling interest
- Partial Transfer: Transfer of a minority interest
- Joint Venture: Joint establishment of a new company, or acquisition of joint control over an existing company
- Merger: Combination of multiple companies into a single legal entity
- Fundraising: Raising of funds by a target company from third parties
- Reorganization: Structural changes within a corporate group, including holding company conversions, integration or separation of business divisions, intra-group transfers, additional acquisitions of or buyouts of minority shareholders in existing subsidiaries, and capital increases or debt-equity swaps for subsidiaries
- Other: Deals not falling under any of the above (business alliances, changes in major shareholders, dissolution of capital and business alliances, establishment of subsidiaries, etc.)
- Investment-oriented: Total of acquisitions, investments and capital alliances
- Divestment-oriented: Total of sales and partial transfers
Notes
- In this review, Asia-Pacific (APAC) refers to East Asia, South Asia, Southeast Asia and Oceania.
- The tally covers M&A and capital alliances involving Asia-Pacific companies and businesses in which a Japanese company (including overseas subsidiaries and Japanese funds) is involved, and excludes transactions between third countries. It also includes investments in and acquisitions of Japanese companies by Asia-Pacific companies and investors (inbound deals). Inbound deals in which a Japanese company or Japanese shareholder transfers a company, business or interest are recorded as a “Sale” or “Partial Transfer” under the buyer’s country or region.
- All figures are on a deal-count basis; transaction values are not tallied. Because the tally is on an observation-date basis, dates may differ from announcement or effective dates.
- A deal spanning multiple countries or regions is, as a rule, recorded as 1 deal under the location of the target company. When multiple entities are acquired together, the deal is recorded under the location of the parent company of that group. However, when the entities in each country have no parent-subsidiary relationship and their operations are spread across countries, the deal is recorded once per country or region (for example, PLUS’s transfer of its overseas stationery business is recorded as 2 deals, one each for the Vietnamese and Taiwanese subsidiaries).
- Because of rounding, shares may not add up to 100.0%.
- By industry, Consumer Products refers to the planning and manufacturing of products for end consumers (food and beverages, cosmetics and household goods, apparel, sporting goods, stationery, etc.); Wholesale & Retail refers to stores, e-commerce, restaurants, and the wholesale and import distribution of consumer products; Financial Services refers to banks, insurers, securities firms, leasing companies, asset managers, fintech companies and similar businesses; and Fund Investments refers to commitments to funds, fund formations and closings, the joint establishment of general partners, and alliances toward forming funds. Investments in operating companies through funds or CVCs are classified under the investee’s industry. Figures for 2024 and 2025 have been re-tallied on the same basis.
- Figures for 2024 and 2025 are based on our deal database for each year. Because buyouts of minority shareholders in existing subsidiaries and similar deals were previously classified as “Acquisition” or “Investment,” the investment-oriented and reorganization counts in this review reclassify them as reorganizations to align with this year’s basis (investment-oriented deals: 187 in full-year 2024, 233 in full-year 2025 and 161 in January–September 2025). January–June 2026 has also been re-tallied retroactively on this year’s basis, and the treatment of deals spanning multiple countries has been revised as described in Note 4. As a result, the figures in this review (87 deals in Q1 and 92 in Q2) differ in part from those published in the Q2 review.
- Headlines in the deal list are English translations based on the wording of the original sources.
- JETRO survey results are from the Japan External Trade Organization (JETRO) reports “Survey on Business Conditions of Japanese Companies in China (1)” (April 15, 2026) and “The Chinese Market and Competitive Responses as Seen by Japanese Companies in China” (August 24, 2026). Statements on the Japan-India summit are based on the Ministry of Foreign Affairs of Japan, “Japan-India Summit Meeting and Luncheon” and “Japan-India Joint Declaration on Economic Security Cooperation”.