1. Summary: Overview of M&A Activity
In September 2025, Japanese companies recorded 50 cross-border M&A and capital alliance transactions across APAC—a sharp increase from 12 deals in August. By type: Acquisitions (14), Minority investments (24), Divestitures (8), Partial transfers (1), Fundraising (1), Corporate restructuring (2). By region: Singapore (16), China (7), Thailand (6), Vietnam (6), South Korea (6), Philippines (2), Hong Kong (3), Taiwan (3), India (2), Malaysia (2), Australia (2), Indonesia (1), Sri Lanka (1).
Key Trends Observed:
- Diversification in ASEAN: Digital, logistics, and food sectors lead the way.
- China portfolio optimization: Coexistence of strategic exits and aggressive investments.
- Acceleration of decarbonization and renewable energy investments.
- New frontiers in Korea and Australia: Cultural and environmental technologies gaining traction.
2. Notable Deals and Strategic Insights
1) Landmark Deal: LINE Yahoo Consolidates LINE MAN in Thailand
The most symbolic transaction in September was LINE Yahoo’s move to make LINE MAN a consolidated subsidiary. On September 11, LINE Yahoo announced plans to increase its stake in LINE MAN—Thailand’s leading on-demand delivery service—from 41.8% to 61.1% by December, investing USD 322 million (approx. JPY 50 billion).
By the end of September, voting rights reached 49.9%, with full consolidation targeted at 61.1%, making LINE MAN a significant subsidiary (over 10% of LINE Yahoo’s capital).
LINE MAN operates food and grocery delivery and ride-hailing services in Thailand, aiming to strengthen integration with LINE’s messaging and payment ecosystem. For FY2024, LINE MAN posted JPY 71.3 billion in revenue (+31% YoY) and a JPY 3.2 billion net loss, signaling an ongoing growth investment phase. This deal underscores the strategic push toward digital ecosystem integration in Southeast Asia.
2) Decarbonization and Renewable Energy Investments Accelerate
- Osaka Gas invested in a methane reduction project in the Philippines (Sep 1).
- Kanematsu joined an Indonesian renewable energy firm (Sep 25).
- Sumitomo Osaka Cement invested in a Philippine cement business (Sep 18).
Carbon credit generation and renewable supply chain development are now critical for securing competitive advantage in ASEAN markets.
3) Singapore as a Hub for Digital, Logistics, and Food Diversification
Singapore dominated with 16 deals, including:
- AnyMind Group acquiring a Vietnamese social commerce support firm (Sep 4).
- Tominaga Holdings integrating Freshmart Singapore (Sep 10).
- Acquisition of Synergix Technologies, a cloud ERP vendor (Sep 22).
- Investment in Sourcy, an AI-driven supplier discovery platform (Sep 11).
These moves reflect a strong trend toward digital-real convergence in regional strategies.
4) China: Portfolio Restructuring and Selective Expansion
- Tamura Manufacturing divested an electronics-related JV (Sep 1).
- Asahi Matsushita Foods sold its Chinese subsidiary (Sep 3).
- Fuji Seiko exited a transport equipment subsidiary (Sep 5).
Conversely, RS Technologies acquired Jiangxi Shengtai Precision Optics (Sep 29), entering automotive and medical camera module manufacturing. The mantra is clear:
“Go deep where you stay, exit fast where you don’t.”
5) Korea and Australia: New Market Frontiers
- Korea: Investments in K-POP learning platforms, LG Chem JV, and fandom business ventures.
- Australia: Hakutsuru Sake acquired wine importer Farmston (Sep 24), while deepC Store raised funds for CO₂ capture and storage (Sep 30).
These moves highlight a three-pronged approach: culture, materials, and environmental technology.
3. Full Deal List (by observation date)
| Date | Transaction Type | Region | Industry | Headline |
|---|---|---|---|---|
| 9/1 | Investment | Philippines | Energy & Resources | Osaka Gas invests in Green Carbon’s methane emission reduction project in the Philippines |
| 9/1 | Investment | Singapore | Financial Services | SBI Holdings invests in Bang Jamin, an omni-channel insurance distribution platform in Singapore |
| 9/1 | Acquisition | Singapore | Healthcare | Advantage Partners acquires ITS Science and Medical Group, a distributor of scientific and medical devices |
| 9/1 | Divestiture | China | Electronics | Tamura Manufacturing transfers all shares of Hefei Tamura JV to partner Zhongdian Bowei Electronics |
| 9/3 | Divestiture | China | Consumer Goods & Retail | Asahi Matsushita Foods sells 70.5% stake in Qingdao subsidiary to local co-investor |
| 9/3 | Fundraising | Hong Kong | Consumer Goods & Retail | Star Seas raises funds from Long Corridor Asset Management and others |
| 9/3 | Restructuring | Korea | Real Estate | Lotte Holdings and Hotel Lotte establish LOTTE HOTELS JAPAN |
| 9/3 | Investment | Korea | Professional Services | Global Brain invests in Counter Culture Company, a K-POP learning platform |
| 9/4 | Acquisition | Vietnam | ICT | AnyMind Group acquires Vibula Group, a social commerce support company |
| 9/4 | Investment | Hong Kong | Financial Services | Daiwa Securities invests in Digital Climate Group, an investment bank |
| 9/4 | Acquisition | Taiwan | ICT | Medix acquires STAR TO ASIA, supporting D2C expansion in Taiwan |
| 9/5 | Investment | Singapore | ICT | Accrete forms capital alliance with CustIntCo, an IT integration and cloud solutions provider |
| 9/5 | Divestiture | China | Transport Equipment | Fuji Seiko sells Guangzhou subsidiary to local recycling company |
| 9/8 | Investment | India | Financial Services | Norinchukin Capital invests in Seeds Fincap, a micro-SME lending platform |
| 9/8 | Other | Korea | Professional Services | TimeTree forms strategic alliance with SK Telecom |
| 9/9 | Divestiture | Thailand | Energy & Resources | JERA sells all shares in Thai gas-fired IPP project to two local firms |
| 9/9 | Investment | Singapore | Financial Services | Norinchukin Capital invests in Tazapay, a cross-border payment platform |
| 9/9 | Investment | Korea | Chemicals & Materials | Toyota Tsusho acquires 25% stake in LG-HY BCM, a JV of LG Chem and Huayou Cobalt |
| 9/10 | Acquisition | Singapore | Transport Equipment | Sanyo Trading acquires EMAS SUPPLIES & SERVICES, an auto air-conditioning parts distributor |
| 9/10 | Acquisition | Singapore | Consumer Goods & Retail | Tominaga Holdings integrates Freshmart Singapore, a fruit importer |
| 9/10 | Investment | Taiwan | Chemicals & Materials | Toyota Tsusho invests in Ta Chen Stainless Pipe, a stainless/aluminum manufacturer |
| 9/11 | Acquisition | Singapore | ICT | PKSHA Algorithm Fund invests in Sourcy, an AI-driven supplier discovery platform |
| 9/11 | Investment | Singapore | Energy & Resources | Real Tech Global Fund and Yamada Shokai invest in Blue Whale Energy, a virtual power plant operator |
| 9/11 | Investment | Singapore | ICT | LINE Yahoo consolidates LINE MAN Corporation, an on-demand delivery service provider |
| 9/16 | Divestiture | Malaysia | ICT | Interspace transfers affiliate business in Malaysia and Singapore to Thai and Indonesian subsidiaries |
| 9/16 | Partial Transfer | Vietnam | ICT | Social Wire transfers part of capital in MK1 Technology Vietnam to founder |
| 9/16 | Acquisition | India | Logistics | Kamigumi acquires Saurashtra Freight, a container handling and storage company |
| 9/16 | Restructuring | China | Professional Services | Yoren reorganizes, making Japan entity a holding company |
| 9/16 | Investment | Korea | Real Estate | Mitsubishi Estate CVC invests in bemyfriends, a global fandom business |
| 9/18 | Acquisition | Thailand | Manufacturing | Muro Corporation increases stake in MURO ASIA PACIFIC to 95.8% |
| 9/18 | Investment | Vietnam | ICT | AGENT SUCCESS CEO invests in AIVOS, a Vietnamese AI startup |
| 9/18 | Investment | Philippines | Chemicals & Materials | Sumitomo Osaka Cement invests in Philcement, a cement importer and manufacturer |
| 9/18 | Investment | Singapore | ICT | Cool Japan Fund invests in Trusty Cars, an online automotive ecosystem |
| 9/19 | Investment | Singapore | Consumer Goods & Retail | Ozax acquires additional 40% stake in JOSIN, making it a wholly-owned subsidiary |
| 9/19 | Divestiture | Hong Kong | Financial Services | GMO Financial HD sells GMO-Z.com Forex HK to Remi Holding Group |
| 9/22 | Acquisition | Singapore | ICT | Miroku Information Service acquires Synergix Technologies, a cloud ERP vendor |
| 9/24 | Investment | Vietnam | Logistics | MOL Logistics invests in Toan Phat Logistics via local subsidiary |
| 9/24 | Acquisition | Singapore | Consumer Goods & Retail | Starzen acquires ADiRECT, a meat processing company |
| 9/24 | Restructuring | Sri Lanka | Logistics | SG Holdings Global makes EXPOLANKA HOLDINGS a wholly-owned subsidiary |
| 9/24 | Acquisition | Australia | Consumer Goods & Retail | Hakutsuru Sake acquires Farmston, an Australian wine importer |
| 9/25 | Investment | Indonesia | Energy & Resources | Kanematsu invests in Alam Energy Indonesia, a renewable energy company |
| 9/25 | Acquisition | Malaysia | Manufacturing | STG acquires E-Cast Industries, an aluminum die-casting manufacturer |
| 9/26 | Acquisition | Thailand | Consumer Goods & Retail | Fujicco Group acquires FB Food Service (2017), a frozen food manufacturer |
| 9/26 | Investment | Taiwan | Chemicals & Materials | Daishin Chemical increases stake in Taiwan Daikin Chemical to 10% |
| 9/29 | Acquisition | Thailand | Chemicals & Materials | Kuraray increases stake in Kuraray GC Advanced Materials to 73.4% |
| 9/29 | Acquisition | China | Electronics | RS Technologies acquires Jiangxi Shengtai Precision Optics, entering camera module manufacturing |
| 9/30 | Investment | Vietnam | Healthcare | Alfresa HD invests in Japan-Vietnam Medical Bridge for pharmaceutical imports |
| 9/30 | Other | Singapore | Healthcare | Alfresa HD begins talks for strategic alliance with AI KEN PHARMA ASIA PACIFIC HOLDINGS |
| 9/30 | Investment | Australia | Industrial Services | deepC Store raises funds from Incubate Fund for CO₂ capture and storage business |
Glossary of Terms
- Acquisition: Obtaining majority control of the target company or business.
- Investment: Obtaining less than majority control of the target company or business.
- Divestiture: Transferring majority control of the target company or business.
- Partial Transfer: Transferring partial control of the target company or business.
- Fundraising: The target company raises capital from third parties (e.g., share issuance, convertible bonds, fund investment).
- Restructuring: Structural changes within a corporate group (e.g., holding company formation, business unit integration, spin‑off, merger).
- Joint Venture: Establishing a new company jointly or converting an existing company into shared control (multiple companies co‑invest and share management rights).
- Capital Alliance: Business partnership involving equity ties without aiming for management control (typically small shareholding).
- Merger: Multiple companies integrate into a single legal entity (including absorption‑type and new establishment mergers).
- Other: Business collaborations not covered above, such as licensing agreements, strategic partnerships, or co‑development.
Notes:
- APAC refers to East Asia, South Asia, Southeast Asia (including ASEAN), and Oceania.
- The deal list is compiled by observation date and may differ from official disclosure timelines and effectiveness dates.