Asia-Pacific M&A Monthly Review – June 2025 (Case Study Analysis Involving Japanese Companies)
1. Summary (Overview of M&A Activities Involving Japanese Companies)
In June 2025, Japanese companies were involved in 35 M&A transactions across the Asia-Pacific (APAC) region. The breakdown by transaction type is as follows:
- Acquisitions: 11
- Investments: 12
- Divestitures: 3
- Partial Transfers: 3
- Others: 6
By country, China recorded the highest number of deals (6), reflecting continued Japanese engagement in the region despite geopolitical and economic complexities. However, it is notable that half of these deals were divestitures or partial transfers, indicating a strategic rebalancing of Japanese corporate portfolios in China.
A major transaction was announced by Tsumura Co., Ltd., whose Chinese subsidiary Tsumura China acquired a 51% stake in Hongqiao Yinpian, a pharmaceutical production and wholesale company, for CNY 1.1628 billion (approx. JPY 23.27 billion). This acquisition supports Tsumura’s long-term vision to provide evidence-based Kampo and traditional Chinese medicine products tailored to individual needs, contributing to public well-being. The deal strengthens Tsumura’s “herbal medicine platform” in China by combining Hongqiao’s sales capabilities with Tsumura’s expertise in traceability, research, and personalized formulation technologies.
2. Notable Case Studies and Perspectives
1) Toyota Tsusho Strengthens Global Copper Foil Supply Chain for EV Batteries
Toyota Tsusho signed a share transfer agreement with SK nexilis Co., Ltd. and its Malaysian subsidiary SK nexilis Malaysia Sdn. Bhd., investing USD 110 million (approx. JPY 16 billion). SKNX is a global leader in copper foil manufacturing for lithium-ion batteries. This investment ensures stable supply of high-quality copper foil essential for electric vehicle (EV) batteries and supports Toyota Tsusho’s strategy to build a robust global supply chain for next-generation mobility solutions.
2) Japan–Taiwan Collaboration in Semiconductor Facility Engineering
Sumisho Machinery X (SMX), a Sumitomo Corporation group company, signed a joint venture agreement with Marketech International Corporation (MIC) to establish a new company focused on semiconductor facility engineering and equipment supply in Japan. MIC operates across Taiwan, China, ASEAN, the U.S., and Europe, offering integrated engineering and technical services. The JV aims to combine MIC’s engineering capabilities with SMX’s domestic supply chain and partner network, addressing growing demand for semiconductor self-sufficiency and high-performance chips globally.
3) SoftBank Robotics Expands Global AI Security Solutions
SoftBank Robotics Group and its Singapore subsidiary announced a strategic partnership with icetana AI Limited, an Australian AI security solutions provider. SoftBank Robotics Singapore invested AUD 1.87 million (approx. JPY 170 million) and acquired exclusive distribution rights for icetana’s solutions in Japan. The partnership includes joint R&D over three years, focusing on AI-based anomaly detection, robot integration, and system interoperability. As labor shortages intensify, AI-driven security and automation solutions are expected to gain traction.
3. List of Cases Involving Japanese Companies
The report includes a detailed list of 35 transactions categorized by date, type, country, and industry. Selected examples include:
- D&D Holdings acquired New Zealand mobility firm Snap Rentals
- Genesia Ventures invested in Indian pharma quick-commerce startup Farmako
- Honda Trading sold its Chinese subsidiary to Musashi Mold Industry
- NS-OG Energy Solutions (Thailand) acquired 49% of Osaka Gas (Thailand)
- TOPPAN Holdings acquired Thai smart card firm dzcard Group
- Fuyo General Lease acquired Thai forklift rental firm Matehan Group
- SoftBank Robotics invested in Singaporean AI security firm icetana AI
- Nippon Sheet Glass transferred 65% of its Vietnamese glass subsidiary
- Fujitsu General sold its power module business to India’s L&T Semiconductor
- DG Daiwa Ventures invested in Singaporean travel tech firm Truely
- Yoshimura Food Holdings acquired kitchen equipment firms in Singapore and Malaysia
- Global Brain invested in Korean retail DX startup Deeping Source
- NTT Finance invested in Singaporean optical wireless firm Transcelestial Technologies
- Tsumura China acquired 51% of Chinese pharmaceutical firm Hongqiao Yinpian
Note: In this article, “APAC” refers to countries and regions in East Asia, South Asia, Southeast Asia (including ASEAN and others), and Oceania. The list of transactions is based on observed data.