Asia-Pacific Cross-Border M&A by Japanese Companies – July 2025 | Trends & Analysis

1. Summary (Overview of M&A Activities Involving Japanese Companies)

In July 2025, we observed 16 cross-border M&A and strategic capital transactions by Japanese companies across the Asia-Pacific (APAC) region. Breakdown by transaction type:

Acquisitions: 3
Investments (minority): 7
Divestitures: 1
Partial Transfers: 2
Joint Ventures: 2
Others: 1

By country/region, China and Thailand each recorded 4 transactions (highest), followed by India (3), Vietnam (2), Indonesia (1), and Hong Kong (1).

Four concurrent currents defined the month:

Circular economy / materials recycling (e.g., tire pyrolysis oil, copper foil adjacency);
Rewiring of electrification & battery supply chains;
Portfolio reshaping of China businesses (exits, JV unwinds, stake optimization);
Venture investments in India’s deep-tech × sustainability (protein, water, fiber-based packaging).

Within these, Thailand’s deal chain stood out—Hanwa and Daiichi Jitsugyo executed coordinated capital steps around PYRO ENERGIE, while ID Holdings advanced a structural upgrade of its Thai software base. In China, companies simultaneously exited, rationalized, and selectively doubled down—Bridgestone (exit), Mitsubishi Motors (JV unwind), Otsuka Holdings (partial divestment), and Nidec (acquisition)—signaling a “second act of portfolio realignment” that puts profitability, capital efficiency, and supply assurance ahead of sheer footprint.

In Vietnam, activity concentrated on construction materials / foundational infrastructure (TENOX) and dental distribution (Ci Medical), mapping to structural demand from urbanization and a rising middle class. Hong Kong saw a hardware × Web3 JV launched for crypto mining equipment—an illustration of using the city as a niche technical supply hub where hardware, local regulation, and trade finance intersect.

2. Notable Case Studies and Perspectives

1) Circular Materials & Tire Pyrolysis: Hanwa / Daiichi Jitsugyo × PYRO ENERGIE (Thailand)

Two consecutive investments centered on PYRO ENERGIE bookended the month’s recycling theme.

Jul 10: Hanwa Co., Ltd. (TSE: 8078) invested in PYRO ENERGIE, a tire pyrolysis recycler.
Jul 16: Daiichi Jitsugyo Co., Ltd. (TSE: 8059) co-invested with VERASUWAN into a distillation venture established by PYRO ENERGIE to upgrade waste tire–derived pyrolysis oil.

This is the practical build-out of a circular supply chain anchored in Thailand. Regulatory compliance, consistent quality, and traceability are the decisive moats. The model—Japanese trading houses × Thai partner—bundles supply, trade finance, and customer access, drawing a raw-materials-to-product (recycled oil) line under one coordinated umbrella. As auto/transport decarbonization accelerates and material inputs rotate, the ability to assure stable, auditable, and bankable feedstock-to-finished-oil flows is a competitive differentiator.

2) “Select & Focus” in China: Bridgestone exit / Mitsubishi Motors JV unwind / Otsuka partial divestment / Nidec acquisition

Jul 14: Bridgestone (TSE: 5108) exited its truck & bus tire business in China, transferring all equity in Bridgestone (Shenyang) Tire Co., Ltd.
Jul 23: Mitsubishi Motors (TSE: 7211) announced the dissolution of its JV Shenyang Aerospace Mitsubishi.
Jul 28: Otsuka Holdings (TSE: 4578) sold part of its stake in MicroPort Scientific Corporation to three local buyers, lifting capital efficiency.
Jul 9: Nidec (TSE: 6594) (via its China subsidiary) acquired Changzhou Xecom Energy Technologies, a scroll compressor manufacturer, tightening vertical integration in HVAC / heat pump core units.

China portfolios are undergoing dual-track moves—withdraw/streamline where profitability or regulatory fit has deteriorated, while acquiring to win where technology and margin pools align. The theme is unmistakable: “Allocate more capital to the domains where you can win.”

3) India’s Deep-Tech × Sustainability: ENRISSION INDIA CAPITAL keeps deploying

Across three weeks, ENRISSION INDIA CAPITAL advanced a coherent sustainable-tech thesis:

Jul 3: Loopworm (alternative protein for aquaculture/poultry feed)
Jul 10: Uravu Labs (atmospheric water–derived drinking water)
Jul 17: Bambrew Plant Fiber Technology (fiber-based sustainable packaging)

The common denominator is the resource-efficiency frontier—new materials/processes that ease supply constraints while curbing environmental load in food, water, and packaging. With massive domestic demand and policy tailwinds, India offers rapid commercialization pathways. For Japanese strategics and CVCs, this is a timely option value to embed in mid-term growth portfolios.

4) Thailand as a Functional Hub: Takasago Thermal Engineering (Facilities) / ID Holdings (IT)

Jul 2: Takasago Thermal Engineering Co., Ltd. (TSE: 1969) moved to acquire shares in THS INNOVATIONS and two related Thai entities, optimizing HVAC & plant engineering across the subregion.
Jul 31: ID Holdings (TSE: 4709) made Innova Software Co., Ltd. (Thailand) an equity-method affiliate, consolidating development and operations for neighboring markets.

Beyond “China + 1”, corporates are instituting multi-layered dispersion of development, production, and maintenance across India–ASEAN. Thailand’s infrastructure depth, workforce, and regional accessibility support its re-emergence as a hub.

5) Vietnam: Foundational Infrastructure × Dental Distribution

Jul 30: TENOX (TSE: 1905) moved to acquire a concrete pile manufacturing plant in Vietnam—positioning for ground improvement & foundation works as urbanization and logistics build-out continue.
Jul 30: Ci Medical (TSE: 3540) invested in NVDENT JOINT STOCK COMPANY, a dental distributor in Vietnam. With rising demand in aesthetics, prevention, and premium materials, and in-clinic digitalization, Ci seeks a cash-generative regional position by fusing local sales coverage with Japan-side procurement and product development.

6) Hong Kong as a “Niche Tech” Node: Shikibo (crypto mining hardware) JV

Jul 31: Shikibo Ltd. (TSE: 3409) established a joint venture with THASH (Hong Kong) to design, manufacture, and sell crypto mining equipment.

While not a mass market, the JV underscores hardware + local regulation + trade finance integration in Hong Kong to keep supply agility in a high-volatility category—leveraging the city as a specialized supply base for niche technology.

3. List of Cases Involving Japanese Companies (Observed)

Date	Type	Country/Region	Sector	Summary
Jul 1	Partial Transfer	India	Energy	ORIX (TSE: 8591) sold part of its stake in Greenko Energy Holdings, a major Indian renewable energy platform.
Jul 2	Acquisition	Thailand	Facilities	Takasago Thermal Engineering (TSE: 1969) to acquire shares in THS INNOVATIONS and two related Thai companies.
Jul 3	Investment	India	Chemicals	ENRISSION INDIA CAPITAL invested in Loopworm (alternative protein for aquaculture/poultry feed).
Jul 9	Acquisition	China	Machinery	Nidec (TSE: 6594) (China sub) acquired Changzhou Xecom Energy Technologies, a scroll compressor maker.
Jul 10	Investment	Thailand	Chemicals	Hanwa (TSE: 8078) invested in PYRO ENERGIE (tire pyrolysis recycling).
Jul 10	Investment	India	Food/Water	ENRISSION INDIA CAPITAL invested in Uravu Labs (atmospheric water–derived drinking water).
Jul 14	Divestiture	China	Transportation Equipment	Bridgestone (TSE: 5108) transferred all equity in Bridgestone (Shenyang) Tire, exiting truck & bus tires in China.
Jul 15	Joint Venture	Indonesia	Healthcare	Stemcell Institute (TSE: 7096) signed a JV agreement with the Sinarmas founding family’s family office.
Jul 16	Investment	Thailand	Machinery/Process	Daiichi Jitsugyo (TSE: 8059) co-invested with VERASUWAN in PYRO ENERGIE’s distillation venture for waste tire–derived pyrolysis oil.
Jul 17	Investment	India	Containers & Packaging	ENRISSION INDIA CAPITAL invested in Bambrew Plant Fiber Technology (fiber-based sustainable packaging).
Jul 23	Other	China	Transportation Equipment	Mitsubishi Motors (TSE: 7211) to dissolve the JV Shenyang Aerospace Mitsubishi.
Jul 28	Partial Transfer	China	Healthcare	Otsuka Holdings (TSE: 4578) sold part of its stake in MicroPort Scientific Corporation to three local buyers.
Jul 30	Acquisition	Vietnam	Construction	TENOX (TSE: 1905) to acquire a concrete pile manufacturing plant in Vietnam.
Jul 30	Investment	Vietnam	Healthcare	Ci Medical (TSE: 3540) invested in NVDENT JOINT STOCK COMPANY (dental products/materials distribution).
Jul 31	Investment	Thailand	Information & Communications	ID Holdings (TSE: 4709) made Innova Software Co., Ltd. (Thailand) an equity-method affiliate.
Jul 31	Joint Venture	Hong Kong	Information & Communications	Shikibo (TSE: 3409) formed a JV with THASH (Hong Kong) for crypto mining equipment (design/manufacturing/sales).