By the Numbers
AVCJ RESEARCH
LOCATION, LOCATION, LOCATION
The prospects for Chinese tech IPOs in the US are uncertain following the introduction of security reviews for companies that hold a lot of consumer data. Two points worth noting. First, perceived valuation premiums are a big draw. US bourses seldom contribute the bulk of PE-backed IPO proceeds on a quarterly basis. However, in the tech sector alone, they routinely account for at least half, rising above 90% in the second quarter of 2021. Second, Hong Kong has yet to pose a consistent competitive threat - although regulatory action may ultimately strengthen its hand. The market attracts intermittent, large-cap IPOs by companies with brand-name recognition - such as Meituan and Kuaishou - rather than a steady stream of mid-cap offerings.
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Efforts to rein in China’s technology giants have dampened investor sentiment, with India and Southeast Asia stepping into the void. China remains active for fundraising, but there are fears that US IPO activity could take a hit.
Unison Capital hones its game and holds tight to its heritage as one of the pioneers of private equity in Japan, even as its tentacles begin to span the breadth of Asia. 
Chinese restaurant chain Hefu Noodle caters to a lunchtime office worker client base from a network of central kitchens. Meridian Capital is one of several investors sold on the expansion opportunity.
TE Asia Healthcare Partners, a Southeast Asia-focused investor backed by TPG Capital, has launched a long-term plan to add much-needed cardiology hospitals to Indonesia’s healthcare mix. 
