Deal List (Observation-Date Basis, April–June 2026)
This list records the most recent quarter (Q2, 91 deals) on which this review centered its case references. The first-half cumulative tally (182 deals) includes Q1 (January–March, 91 deals); for a comprehensive coverage of cases, please refer to the Q1 Review.
| Date | Type | Country/Region | Industry | Headline |
|---|---|---|---|---|
| 04/01 | Sale | Taiwan | Chemicals & Materials | Mitsubishi Chemical transfers all its holdings in Taiwan’s Kaohsiung Monomer Company (MMA-monomer manufacturing/sales) to JV partner China Petrochemical Development Corporation |
| 04/02 | Merger | Vietnam | Consumer & Retail | Kato Sangyo <9869> merges its Vietnamese subsidiaries Toan Gia Hiep Phuoc Trading and Nam Khai Phu Service Trading Production |
| 04/02 | Investment | Singapore | Consumer & Retail | Singapore’s sovereign fund GIC invests in Sazaby League, an operator of food, apparel and lifestyle brands |
| 04/02 | Investment | Singapore | Financials | Cool Japan Fund invests in Singapore’s Polisea, which operates an online-insurance-sales business across Southeast Asia |
| 04/03 | Other | China | Real Estate | Intrance <3237> announces a change in major shareholders; China Hede Investment’s stake rises to 11.58% |
| 04/03 | Acquisition | Singapore | Media & Entertainment | Investment-management firm Patience Capital Group (Singapore), together with Nomura Real Estate Investment Advisors, succeeds to the hotel-operation business of “InterContinental Yokohama Pier 8” |
| 04/07 | Acquisition | Indonesia | Transportation Equipment | Toyota Boshoku <3116> subsidiary Toyota Boshoku Asia makes Indonesian subsidiary PT. Toyota Boshoku Device Indonesia a wholly owned subsidiary |
| 04/08 | Merger | Indonesia | Industrial Services | ALSOK <2331> merges its Indonesian subsidiaries PT Shield On Service and PT ALSOK BASS Indonesia Security Services |
| 04/08 | Investment | Singapore | Financials | Nippon Thompson <6480> makes an LP investment in “Cross Capital I Limited Partnership,” a fund-of-funds operated by Singapore’s Cross Capital |
| 04/09 | Joint Venture | Hong Kong | Electronics | AVIX <7836> establishes joint-venture company “aua” with LED maker Zhouming (Hong Kong) |
| 04/09 | Fundraising | South Korea | Professional Services | South Korea’s INEDIT, provider of the creator-marketing platform “Brandazine,” raises a Series A round from DNX Ventures and others |
| 04/09 | Joint Venture | Singapore | Information & Communications | Accrete <4395> establishes joint-venture company “CustIntCo Japan” with Singapore’s CustIntCo |
| 04/10 | Sale | China | Electronics | Ricoh <7752> transfers the entire stake in its sub-subsidiary Ricoh Asia Industry (Shenzhen), China, to a local company |
| 04/10 | Acquisition | Singapore | Industrial Services | Itochu <8001>, jointly with Sankyu <9065>, acquires Singapore’s SWTS Asia, which operates a plant-equipment maintenance business |
| 04/10 | Investment | India | Public Infrastructure | JFE Engineering acquires a 25% stake in two companies of India’s Antony Waste Handling Cell group (waste-treatment business) |
| 04/13 | Investment | Taiwan | Media & Entertainment | Animation International (animation-film distribution and publishing) invests in Taiwan’s uniicreative, an IP-operation business |
| 04/17 | Partial Transfer | China | Transportation Equipment | Akebono Brake Industry <7238> transfers part of its stake in Chinese subsidiary Guangzhou Akebono Brake to JV partner Fuji-Wa Machinery Industry (Kunshan) |
| 04/20 | Investment | South Korea | Media & Entertainment | DG Daiwa Ventures invests, in a Series A round, in South Korea’s Peex, an AI-driven next-generation-content and web-novel studio |
| 04/20 | Sale | India | Electronics | Sharp <6753> transfers shares in Indian subsidiary Sharp India to a local company |
| 04/21 | Investment | Philippines | Healthcare | Aska Pharmaceutical HD <4886> additionally acquires shares in equity-method affiliate FTS Ambrose Holdings (Philippines), raising its stake to 30% |
| 04/21 | Capital Alliance | South Korea | Healthcare | Logic and Design (image-enhancement technology developer) enters a capital/business alliance with South Korea’s LivsMed, a provider of surgical solutions |
| 04/21 | Acquisition | Singapore | Industrial Services | Daisan <4750> acquires Singapore’s Penguin Engineering & Construction, an engineering firm handling piping installation for petrochemical plants |
| 04/23 | Investment | South Korea | Logistics | KURONEKO Innovation Fund No. 2 invests in South Korea’s Watt, a provider of indoor-delivery-automation solutions |
| 04/23 | Fundraising | China | Electronics | Ferrotec <6890> announces a third-party allotment capital increase by a Chinese subsidiary; its stake declines to 25.85% |
| 04/24 | Acquisition | India | Logistics | Kyusyu Rendashi System <9369> acquires Coldrush Logistics, a provider of temperature-controlled storage and transport services in India, taking a 51.6% stake |
| 04/24 | Capital Alliance | South Korea | Media & Entertainment | comseed <3739> enters a capital/business alliance with South Korea’s BAMBOO NETWORK, a short-drama producer |
| 04/27 | Acquisition | Vietnam | Chemicals & Materials | Asia Pile HD <5288> additionally acquires shares in equity-method affiliate Thu Duc Long An Centrifugal Concrete Joint Stock Company (Vietnam), making it a sub-subsidiary |
| 04/27 | Investment | Vietnam | Real Estate | Nishi-Nippon Railroad <9031> acquires a 49% stake in Vietnam’s Nam Long Apartment Development Company, an affordable- and social-housing developer |
| 04/27 | Acquisition | Malaysia | Professional Services | BeeCruise <9216> acquires Malaysia’s Radiant Communication, a provider of contact-center AI-agent solutions, taking an 85% stake |
| 04/27 | Acquisition | Philippines | Consumer & Retail | JINS HD <3046> subsidiary JINS Philippines takes over an eyewear-sales business from the Philippines’ Suyen Corporation |
| 04/27 | Sale | China | Machinery | Meiji Machine <6334> transfers the entire stake in its Chinese subsidiary Meiji Machine (Dezhou) to a local company |
| 04/27 | Sale | Thailand | Industrial Services | IMV subsidiary Thai Emic transfers its inspection, repair, calibration and contract-testing business for vibration and environmental test equipment to Thailand’s CentiForce Test Services |
| 04/30 | Joint Venture | China | Chemicals & Materials | Asahi Kasei <3407> transfers its Chinese stretch-fiber “Roica” business to a joint venture with China’s Hangzhou Qingyun |
| 04/30 | Acquisition | China | Professional Services | Ureru Net Advertising Group <9235> acquires Adways’ <2489> Chinese subsidiary Adways Advertising (Shanghai) and its Hong Kong subsidiary ADWAYS ASIA HOLDINGS |
| 04/30 | Acquisition | Hong Kong | Professional Services | Ureru Net Advertising Group <9235> acquires Adways’ <2489> Chinese subsidiary Adways Advertising (Shanghai) and its Hong Kong subsidiary ADWAYS ASIA HOLDINGS |
| 04/30 | Other | Taiwan | Information & Communications | Morisawa (font business, etc.) integrates the Taiwan operations of its local entity and Taiwanese subsidiary Arphic Technology |
| 04/30 | Acquisition | Singapore | Information & Communications | INFORICH <9338> acquires T-GAIA ASIA PACIFIC, which franchises its mobile-battery-sharing service in Singapore |
| 05/01 | Acquisition | Indonesia | Logistics | Nichirei <2871> acquires Indonesia’s PT Mega Indo Logistik and PT Mega Internasional Sejahtera (cold-chain logistics), taking a 51% stake in each |
| 05/07 | Acquisition | China | Consumer & Retail | Sanming International (wholesale of cosmetics and health foods) acquires a cross-border cosmetics-sales business on Hainan Island, China, taking a majority stake |
| 05/08 | Investment | Singapore | Information & Communications | Real Tech Global Fund No. 2 invests in Singapore’s FORMAS.AI, which is rebuilding the architectural-design process |
| 05/08 | Investment | Hong Kong | Consumer & Retail | Itochu <8001> invests in a Hong Kong subsidiary of Nissin Foods HD <2897> |
| 05/11 | Sale | Malaysia | Consumer & Retail | J-Oil Mills <2613> transfers all shares in Malaysian subsidiary Premium Fats to local affiliate Premium Vegetable Oils |
| 05/11 | Sale | China | Electronics | Tamura <6768> transfers the entire stake in its Chinese sub-subsidiary Tamura Automotive Electronics (Foshan) to a local company |
| 05/11 | Acquisition | South Korea | Energy & Resources | Environment Friendly HD <3777> acquires three special-purpose companies in South Korea’s solar-power-generation business |
| 05/11 | Investment | Australia | Logistics | The KKR-backed Logisteed HD group to take a partial stake in a subsidiary of Australia’s Toll Holdings, part of the Japan Post group |
| 05/12 | Sale | China | Electronics | ROHM <6963> transfers the entire stake in its Chinese subsidiary ROHM Electronics Dalian to Dalian Chengyue Precision Parts Industry of the Dalian Pengcheng group |
| 05/13 | Investment | Singapore | Consumer & Retail | Cool Japan Fund invests in Singapore’s KONVY, which operates an omni-channel distribution/sales business for healthcare and beauty products |
| 05/13 | Investment | Indonesia | Public Infrastructure | Obayashi <1802> acquires a 48.8% stake in Indonesia’s PT JTD JAYA PRATAMA, an expressway-concession operator, making it an affiliate |
| 05/15 | Capital Alliance | South Korea | Consumer & Retail | Inbound Platform <5587> enters a capital/business alliance with South Korea’s The Service Platform, operator of the online duty-free service “Funch REWARD” |
| 05/15 | Acquisition | Australia | Consumer & Retail | XEBIO HD <8281> to acquire Australia’s Drummond Golf, which operates a golf-equipment retail business |
| 05/19 | Acquisition | Singapore | Industrial Services | Asanuma Corporation <1852> acquires Singapore’s T3 International, a firm engaged in exterior- and interior-wall painting |
| 05/19 | Acquisition | Singapore | Professional Services | Dirbato (technology-consulting business) brings Singapore’s Icon Consulting Holdings, a SAP-focused staffing and IT-consulting firm, into its group |
| 05/19 | Acquisition | Malaysia | Electronics | TDK <6762> acquires Malaysia’s Linergy Power, a lithium-ion secondary-battery maker |
| 05/20 | Acquisition | Philippines | Professional Services | Suke-dachi (operator of a construction-talent matching platform) brings Offshore CAD and the Philippines’ Offshore CAD and Management, providers of architectural-drawing and contract services, into its group |
| 05/20 | Acquisition | South Korea | Information & Communications | South Korea’s Yogiyo Company acquires Loco Partners, operator of the accommodation-booking service “Relux” |
| 05/20 | Capital Alliance | India | Professional Services | CPA Excellent Partners (operator of the CPA accounting school “CPA Kaikei Gakuin”) enters a capital alliance with India’s BLUEOCTOPUS EDUTECH, a qualification-support business |
| 05/22 | Investment | Indonesia | Transportation Equipment | Topy Industries <7231> acquires a 10% stake in Indonesia’s PT. PAKOAKUINA, an aluminum-wheel maker |
| 05/22 | Acquisition | Taiwan | Information & Communications | Vpon Holdings, a cross-border DX company, brings Taiwan’s Tagtoo, an AI ad-technology firm, into its group |
| 05/25 | Acquisition | Taiwan | Consumer & Retail | SMBC Capital Partners, jointly with portfolio company Tamago & Company, acquires the holding company of Taiwan’s Shangpin Wang Foods (egg production and sales) |
| 05/26 | Acquisition | Singapore | Consumer & Retail | Intermestic <262A> acquires Zoff I Singapore, which franchises the “Zoff”-brand eyewear stores in Singapore |
| 05/26 | Acquisition | Philippines | Financials | Premium Group <7199> subsidiary Premier additionally acquires shares in equity-method affiliate Etomo Financing Corporation (Philippines), raising its stake to 90.8% |
| 05/26 | Sale | Hong Kong | Information & Communications | Septeni HD <4293> transfers all shares in its Hong Kong subsidiary LION DIGITAL GLOBAL |
| 05/26 | Sale | India | Healthcare | T Capital Partners transfers all its holdings in Nippon Microbiopharma (pharmaceutical R&D, production and sales) to India’s Gujarat Themis Biosyn |
| 05/28 | Investment | India | Real Estate | Development Bank of Japan invests in the “H-DREAM Fund,” a housing-development fund operated by India’s HDFC Capital Advisors |
| 06/01 | Sale | South Korea | Chemicals & Materials | Toray <3402> and Mitsui & Co. <8031> transfer all shares in Soda Aromatic to a subsidiary of South Korea’s Samyang Corporation |
| 06/01 | Acquisition | South Korea | Consumer & Retail | ABC-Mart <2670> subsidiary ABC-Mart Korea takes over the “FOLDER” shoe select-shop business from South Korea’s E-Land World |
| 06/02 | Acquisition | Singapore | Information & Communications | Ricoh <7752> acquires Singapore’s Global Vision Multimedia Group, a provider of multimedia-distribution solutions |
| 06/02 | Investment | Vietnam | Information & Communications | Elevator Communications <353A> invests in the Vietnam entity of Uprise <134A> |
| 06/02 | Acquisition | Vietnam | Information & Communications | KDDI Agile Development Center makes Vietnam’s Vietlink Solutions, a software-development business, a subsidiary |
| 06/02 | Fundraising | Hong Kong | Logistics | Hong Kong’s Return Helper, which operates a cross-border e-commerce returns solution, raises a Series A round from MLC Ventures and others |
| 06/02 | Sale | Taiwan | Energy & Resources | Marubeni <8002> transfers all its holdings in Taiwan’s Chang Sheng Power (LNG-fired combined-cycle power generation) to the Jack Wang Motors group |
| 06/04 | Acquisition | Vietnam | Chemicals & Materials | Sumisho Agro International makes equity-method subsidiary Hop Tri Summit (Vietnam) a wholly owned subsidiary |
| 06/04 | Acquisition | Taiwan | Financials | Funds (operator of the direct-finance platform “Funds”) acquires Taiwan’s Asia Money Fintech Company, a financial-services provider, taking an 88.11% stake |
| 06/05 | Investment | Thailand | Energy & Resources | Mitsuuroko Group HD <8131> additionally acquires shares in Thailand’s Siamgas and Petrochemicals, making it an equity-method affiliate |
| 06/08 | Investment | India | Financials | ENRISSION INDIA CAPITAL invests in India’s Founderlink Technologies, which operates an AI-driven debt-finance matching platform |
| 06/09 | Fundraising | Singapore | Energy & Resources | Environment Friendly HD <3777> approves the transfer of share-subscription rights held by “Jesus Child Limited Liability Partnership”; Singapore’s ORCHID PLUS underwrites them |
| 06/10 | Investment | Singapore | Real Estate | Sumitomo Mitsui Trust Bank invests in “Keppel Education Asset Fund II, LP,” an education-facility investment fund operated by Singapore’s Keppel |
| 06/11 | Investment | Singapore | Financials | Bitbank Ventures invests in a crypto-asset-focused systematic quant fund advised by Singapore’s SPEQTRA |
| 06/11 | Fundraising | Singapore | Information & Communications | Meowster Innovations, provider of an AI-cat app, raises an angel round led by Singapore’s ByteTrade |
| 06/12 | Investment | India | Energy & Resources | Chubu Electric Power <9502> invests roughly ¥23 billion in India’s Continuum Green Energy (wind and solar power generation and retail) |
| 06/22 | Acquisition | Malaysia | Consumer & Retail | Ajinomoto <2802> makes a proposal to take Malaysian subsidiary Ajinomoto (Malaysia) fully into ownership |
| 06/22 | Reorganization | Indonesia | Transportation Equipment | Fukoku <5185> transfers the automotive-hose manufacturing/sales business of Indonesian subsidiary Trimula Rubber to Indonesian subsidiary Fukoku Tokai Rubber Indonesia |
| 06/23 | Investment | Singapore | Information & Communications | Ricksoft <4429> acquires a 39% stake in Singapore’s Information Officer, an IT-consulting provider |
| 06/23 | Merger | Malaysia | Machinery | Yamazen <8051> absorbs subsidiary AtoG1, which holds Malaysia’s CK Mac Global under its umbrella |
| 06/24 | Investment | Malaysia | Real Estate | Century 21 Japan <8898> invests in Malaysia’s CTC Asia Pacific Management, which holds “Century 21” franchise rights across Asia, taking a 10% stake |
| 06/26 | Investment | Singapore | Financials | Fuyo General Lease <8424> invests in “TNB Aura Fund III VCC,” operated by Singapore’s TNB Aura |
| 06/26 | Partial Transfer | China | Chemicals & Materials | Yodogawa Steel Works <5451> transfers part of its stake in Chinese subsidiary Yodogawa Shengyu (Hefei) High-Tech Steel Plate to a local company |
| 06/29 | Acquisition | Malaysia | Consumer & Retail | Umios <1333> acquires Malaysia’s Pet World International, a pet-food maker, taking a 51% stake |
| 06/29 | Investment | South Korea | Information & Communications | NAVER D2SF, the VC fund of South Korea’s NAVER group, invests in SAZO, operator of an AI cross-border e-commerce platform |
| 06/30 | Investment | India | Financials | Mizuho Leasing <8425> additionally acquires a 6.2% stake in Indian subsidiary Mizuho RA Leasing, raising its stake to 93.8% |
| 06/30 | Sale | China | Electronics | ASTI <6899> transfers the entire stake in its Chinese subsidiary Zhejiang Yashidi Electronics to a domestic Chinese company |
Definitions of Terms
- Acquisition: Acquisition of a majority controlling stake in the target company (business)
- Investment: Acquisition of a minority (less than majority) stake in the target company (business)
- Sale: Transfer of a majority controlling stake in the target company (business)
- Partial Transfer: Transfer of a partial controlling interest in the target company (business)
- Fundraising: The target company raising funds from third parties (share issuance, convertible bonds, investment from funds, etc.)
- Reorganization: Structural changes within a corporate group, such as holding-company conversion, integration or split of business divisions, or absorption-type mergers
- Joint Venture: Co-establishment of a new company or conversion of an existing company into joint control (joint ownership with shared management rights through co-investment by multiple companies)
- Capital Alliance: A business alliance accompanied by a capital relationship (with a small investment ratio, not aimed at acquiring management control)
- Merger: The integration of multiple companies into a single legal entity (including absorption-type and consolidation-type mergers)
- Other: Business alliances, license agreements, the start of collaboration, strategic alliances, etc., not falling under the above
In this review, the above transaction types are further organized into two aggregated groupings for analytical purposes.
- Investment-oriented: Transactions that deploy capital to acquire or expand interests. Refers to acquisitions, minority investments and capital alliances (this review’s “investment-oriented transactions account for roughly 70%” is calculated from 66 acquisitions, 49 minority investments and 9 capital alliances = 124 deals over a denominator of 182 deals).
- Divestment-oriented: Transactions that let go of interests held. Refers to sales and partial transfers (33 deals in the first half). Joint ventures, mergers, fundraising, reorganizations and other are excluded from the aggregation as intermediate types belonging to neither grouping.
Notes
- “APAC” in this review refers to the countries and regions of East Asia, South Asia, Southeast Asia (ASEAN and others), and Oceania.
- The aggregation scope covers cross-border M&A and capital-alliance transactions within APAC in which Japanese companies are involved as the investing party (buyer, investor or seller). Intra-regional deals in which no Japanese company appears (third-country transactions) are excluded from the tally. Note that some inbound investments by overseas capital into Japan are included, but these are not counted toward the thrust of the main text, which discusses the outbound-investment trends of Japanese companies.
- All tallies and analysis in this review are on a deal-count basis and do not include transaction values (deal value). Accordingly, expressions such as “the center of gravity of investment” and “capital reallocation” all refer to changes in count composition, not to the magnitude of the capital deployed. Evaluating a shift in the center of gravity in monetary terms would require separate value data.
- The aggregation periods are January 1 to June 30, 2026 for the first-half cumulative tally (on an observation-date basis, 182 deals), and April 1 to June 30, 2026 for the most recent quarter (Q2, on an observation-date basis, 91 deals). Count and trend analysis is conducted primarily on the first-half cumulative tally, with case references centered mainly on Q2. The deal list is recorded on an observation basis (and may include discrepancies between announcement and effective dates, differences in each company’s disclosure standards, etc.).
- The breakdown figures for Q1 (January–March, 91 deals) are based on the tally in our “Asia-Pacific Cross-Border M&A Review — Q1 2026“.
Related Links
- Asia-Pacific Cross-Border M&A Review — Q1 2026: India’s Qualitative Acceleration and the Diversification of “China-Plus-One” Destinations
- Annual Review: Asia-Pacific (APAC) Cross-Border M&A — 2025 Trends by Industry and Country, and Implications for 2026
- December 2025: Asia-Pacific Cross-Border M&A Review — Latest Trends in Southeast Asia, ASEAN and India