简体中文

Popular search

Recently visited pages

    Insights

    China's New Outbound Investment Rules Put Consumer M&A Under Full-Lifecycle Scrutiny
    Insights | 07 July, 2026

    China's New Outbound Investment Rules Put Consumer M&A Under Full-Lifecycle Scrutiny

    Executive Summary State Council Decree No. 837 (effective July 1, 2026) establishes a security-focused legal framework that reshapes outbound M&A. It does not ban consumer sector deals, but it changes how they must be structured, approved, and integrated. Expansion of Regulatory Scope: Individual Investors and Indirect Structures Brought into the Compliance Scope Resident individuals are, […]
    Heavy AI Spending, Slow Returns: Why Organizational Redesign Comes First
    Insights | 25 June, 2026

    Heavy AI Spending, Slow Returns: Why Organizational Redesign Comes First

    Overview Corporate AI has settled into a familiar pattern: broad use, thin value. Close to 90% of companies now use AI routinely in at least one business function, yet only a handful have turned that into value at enterprise scale. The bottleneck is not the technology. It is the organization. At its core, AI transformation […]
    How Strong Governance and Communication Keep a New Listing Trading Well
    Insights | 23 June, 2026

    How Strong Governance and Communication Keep a New Listing Trading Well

    Most companies approach an IPO as a milestone. In reality, it is a reset. The valuation is set, the story is told, and the stock begins trading. From that point onward, the market is no longer pricing potential. It is pricing delivery. The most critical period is often the six to eighteen months that follow, […]
    How SPACs Are Being Used as Execution Solutions Rather Than Shortcuts
    Insights | 09 June, 2026

    How SPACs Are Being Used as Execution Solutions Rather Than Shortcuts

    Executive Summary A special purpose acquisition company (SPAC) is a publicly listed shell that raises capital and subsequently merges with an operating company through a De-SPAC transaction to take it public. In practice, the De-SPAC represents the effective listing event for the target: this is when the operating business becomes a public reporting company and […]
    How CSRC Rules Are Reshaping Overseas Listing Strategies
    Insights | 02 June, 2026

    How CSRC Rules Are Reshaping Overseas Listing Strategies

    Introduction Access to international capital markets for China-related companies has not disappeared. It has been restructured. As of May 22, 2026, the CSRC has publicly disclosed 50 filing applications relating to U.S. listings. Given that companies may file on a confidential basis, the actual number of applications is likely higher. Based on CSRC filing notices, […]
    What Separates Successful SPAC Transactions from the Rest
    Insights | 28 May, 2026

    What Separates Successful SPAC Transactions from the Rest

    Introduction The SPAC market is reaccelerating, and the data is clear. Q1 2026 recorded 62(1) SPAC IPOs priced, followed by another 34(1), (2) transactions so far in Q2, representing approximately 67% of total activity seen during full-year 2025. On the de-SPAC side, 15 transactions have closed year-to-date for a combined pro-forma equity value of roughly […]
    Beauty Globalization 2.0: From Ruoyuchen’s Acquisition of Erno Laszlo to see the Next Phase of China’s Beauty Expansion
    Insights | 18 May, 2026

    Beauty Globalization 2.0: From Ruoyuchen’s Acquisition of Erno Laszlo to see the Next Phase of China’s Beauty Expansion

    I. A Representative Deal: Ruoyuchen Acquires Erno Laszlo On April 10, 2026, Ruoyuchen announced that, through its wholly owned offshore subsidiary Ruoyuchen International Limited, it agreed to acquire 100% equity interests in certain holding entities and their subsidiaries under Bespoke Global LP for a total consideration of approximately US$43.82 million (c. RMB 299 million). The […]
    Beyond U.S. Listings: Chinese Companies Shift Toward Structural Reconfiguration in Cross-Border Capital Strategies
    Insights | 27 April, 2026

    Beyond U.S. Listings: Chinese Companies Shift Toward Structural Reconfiguration in Cross-Border Capital Strategies

    Amid shifting regulatory dynamics, Chinese companies are moving away from single-market U.S. listings toward more flexible, multi-market capital structures, a shift that ARC Group managing partner Crystal Zhang describes as “structural reconfiguration, not just geographic relocation,” with Southeast Asia playing an increasingly strategic role. Kuala Lumpur’s financial district is expected to be particularly active in […]
    The Development and Transformation of China's Hypermarket Industry
    Insights | 01 April, 2026

    The Development and Transformation of China's Hypermarket Industry

    Executive Summary Since its inception in the 1990s, China’s hypermarket industry has experienced foreign investment, rapid expansion, the impact of e-commerce, and industry reshuffling. It is currently in a critical stage of deep transformation and business restructuring. In 1992, the retail industry was opened to foreign investment. In 1995, Carrefour pioneered the “one-stop shopping” hypermarket […]
    Interpretation of the EU Industrial Acceleration Act: Strategic Guide for Chinese Automakers
    Insights | 18 March, 2026

    Interpretation of the EU Industrial Acceleration Act: Strategic Guide for Chinese Automakers

    The legislative draft of the EU Industrial Acceleration Act (IAA), released on March 4, 2026, consolidates local manufacturing requirements, low-carbon standards, and investment conditions into a unified regulatory framework for the first time. For Chinese enterprises looking to expand their footprint in Europe, this marks a structural shift: the traditional “export first, localize later” model […]
    Southeast Asia Data Centre M&A in 2026: Why AI Is Driving the Next Wave of Mega-Deals
    Insights | 16 March, 2026

    Southeast Asia Data Centre M&A in 2026: Why AI Is Driving the Next Wave of Mega-Deals

    Executive Summary Southeast Asia’s data centre market is at an inflection point. AI workloads, sovereign cloud mandates, and hyperscaler expansion are driving demand at an unprecedented pace — while supply remains constrained by power limitations, permitting delays, and tightening regulatory requirements. This dislocation is catalysing a new wave of M&A, with 2026 marking a significant […]
    How Chinese Companies Can Expand into Europe: Lessons from JD.com’s €2.2 Billion Acquisition of Ceconomy
    Insights | 16 March, 2026

    How Chinese Companies Can Expand into Europe: Lessons from JD.com’s €2.2 Billion Acquisition of Ceconomy

    Recently, JD.com (HKEX: 9618) announced that after the additional acceptance period of its tender offer ended, its wholly owned subsidiary JINGDONG Holding Germany GmbH had secured approximately 59.8% of the share capital and voting rights of Ceconomy AG. Including shares held by its partners, the combined stake now reaches 85.2%, effectively giving JD.com absolute control […]
    From Emerging Market to Innovation Engine: China’s Growing Weight in Global Pipelines
    Insights | 09 March, 2026

    From Emerging Market to Innovation Engine: China’s Growing Weight in Global Pipelines

    “Recently, many global and regional pharma companies are reaching out to us to source innovative assets in China – not only as bolt-on opportunities, but as an anchor to strengthen internal R&D capabilities and rebuild asset pipelines. What’s driving this interest is not a single “hot area,” but an ecosystem-level shift: China is producing more […]
    How Strong Deal Coordination Separates Smooth Listings From Stalled Ones
    Insights | 02 March, 2026

    How Strong Deal Coordination Separates Smooth Listings From Stalled Ones

    Global markets are witnessing a cautious revival in public listings, from traditional Initial Public Offerings (IPOs) to SPAC mergers and dual exchange listings. But as founders and investors gear up for these opportunities, high-profile stumbles have shown that the gap between a blockbuster debut and a derailed offering often comes down to execution. In practice, […]
    Analyzing China’s Overseas M&A Through the Lens of Anta’s Move on PUMA
    Insights | 24 February, 2026

    Analyzing China’s Overseas M&A Through the Lens of Anta’s Move on PUMA

    Executive Summary China’s outbound M&A is re-entering the market conversation, but under a discipline that looks structurally different from the last peak cycle. Disclosed outbound deal value rebounded in 2025 while deal count increased only modestly with an early-cycle profile that typically reflects selective re-activation driven by a smaller number of larger, financeable situations rather […]
    The Current Situation and Prospects of Chinese Enterprises' Overseas M&A
    Insights | 17 February, 2026

    The Current Situation and Prospects of Chinese Enterprises' Overseas M&A

    Execution Summary: In recent years, with the deepening of global economic integration, Chinese companies have been increasingly active in overseas mergers and acquisitions, becoming an undeniable force in the global capital market. This trend reflects not only a phased bottleneck in the development of the Chinese market but also a strategic choice for Chinese companies […]
    How Timing and Market Windows Influence U.S. Listings
    Insights | 11 February, 2026

    How Timing and Market Windows Influence U.S. Listings

    Companies pursuing a U.S. listing, whether through an IPO, direct listing, or alternative pathways such as SPAC mergers or reverse takeovers, face one constant strategic variable: timing. While valuation, business fundamentals, and investor readiness remain central, the market window ultimately determines whether a listing achieves its objectives or stalls. Understanding how timing interacts with liquidity […]
    DACH Industrial Reshuffle in 2026: Why Carve-Outs and Minority Stakes Investments Are Back
    Insights | 06 February, 2026

    DACH Industrial Reshuffle in 2026: Why Carve-Outs and Minority Stakes Investments Are Back

    Executive Summary: Despite a volatile macroeconomic backdrop and a more selective global capital market, restructuring activity across the DACH industrial sector is accelerating. ARC’s conversations with industrial corporates, strategic investors, and financial sponsors active across Europe point to a clear shift in transaction dynamics: portfolio reshaping is increasingly being executed through carve-outs, minority investments, and […]
    What Great Companies Do in Their First 90 Days as a Public Issuer
    Insights | 02 February, 2026

    What Great Companies Do in Their First 90 Days as a Public Issuer

    In capital markets, listing day is not the finish line, it is the starting point of a new operating model. The market may reward a compelling story at pricing, but it will only sustain that support when the issuer demonstrates discipline, predictability, and strong governance from the outset. The first 90 days as a public […]
    Why the Best Issuers Start Building Investor Trust Long Before They File
    Insights | 26 January, 2026

    Why the Best Issuers Start Building Investor Trust Long Before They File

    For companies considering an initial public offering (IPO), one of the most decisive assets they can build is investor trust. Contrary to what many assume, this trust is not created during the IPO roadshow. It is established long before the company files with regulators. The most successful public listings share a common characteristic: early, deliberate […]
    Choosing the Right Path to the Public Markets
    Insights | 21 January, 2026

    Choosing the Right Path to the Public Markets

    1. Companies Today Face Multiple Pathways to Access the Public Markets Going public is no longer a standard journey. For management teams, the decision is no longer whether to go public, but how to do so in a way that balances capital, timing, and execution risk. Companies  now have several options to access capital markets, whether through a traditional Initial Public Offering (IPO), […]
    How Top Issuers Keep Audit, Legal & Investor Workstreams Aligned
    Insights | 12 January, 2026

    How Top Issuers Keep Audit, Legal & Investor Workstreams Aligned

    Capital markets have never been more demanding. Regulatory scrutiny is rising, investor expectations are sharper, and market windows open and close faster than ever. Against this backdrop, companies seeking to raise capital or maintain public-market access must excel at one critical capability: keeping their audit, legal, and investor workstreams aligned. When these functions move in […]
    Global Reconfiguration of Manufacturing: A Strategic Window for Chinese Companies to Deploy Cross-Border Production Capacity
    Insights | 08 January, 2026

    Global Reconfiguration of Manufacturing: A Strategic Window for Chinese Companies to Deploy Cross-Border Production Capacity

    The “Multi-Node Production System” Is Taking Shape, and Cross-Border M&A Is Becoming a Key Lever in Reshaping Global Supply Chains Executive Summary Global manufacturing is undergoing a once-in-a-decade strategic restructuring. Over the past three years, the United States’ “industrial reshoring,” the European Union’s pursuit of “supply chain autonomy,” industrial relocation to Southeast Asia, India’s policy-driven […]
    Small Operational Mistakes that Delay Big Listings: Part 3
    Insights | 15 December, 2025

    Small Operational Mistakes that Delay Big Listings: Part 3

    Part 1 | Part 2 | Part 3 As the transaction enters the final stages, the nature of execution risk changes. Late stage delays are more sensitive because any disruption in exchange reviews, closing deliverables, funds verification, or investor engagement can jeopardize timing and market windows. The final set of pitfalls highlights the operational dependencies […]
    SEC Pushes to Revive IPO Market by Easing Rules for Small Firms
    Insights | 10 December, 2025

    SEC Pushes to Revive IPO Market by Easing Rules for Small Firms

    The U.S. Securities and Exchange Commission (SEC) is preparing a significant shift aimed to revive initial public offerings (IPO), particularly among small and emerging companies whose access to public markets has been increasingly hindered during the last decades. Introduction Over the past three decades, the number of publicly listed U.S. companies has fallen by nearly […]
    Resurgence of PE-Backed Carve-Outs in China (2024–2025)
    Insights | 09 December, 2025

    Resurgence of PE-Backed Carve-Outs in China (2024–2025)

    Private equity-backed carve-out deals are making a comeback in China. In 2025 year-to-date, PE-backed carve-out deals have totaled USD39bn in combined value, accounting for 8.8% of M&A deals in China. These deals span consumer and retail businesses (e.g. Starbucks’ USD4bn China joint venture, with USD2.4bn invested by Boyu Capital), logistics and real estate assets (e.g. […]
    Global Supply Chains and M&A: Opportunities in Industrials and Mobility
    Insights | 04 December, 2025

    Global Supply Chains and M&A: Opportunities in Industrials and Mobility

    I. Overview of the Mobility Sector Value Chain The automotive mobility sector encompasses a long and complex value chain – from raw materials all the way to end-of-life recycling. At the upstream end, Tier 3 material suppliers provide basic raw materials (metals, polymers, battery minerals, etc.), and Tier 2 component manufacturers produce parts and sub-assemblies. […]
    What Chinese Companies Miss When Expanding Supply Chains into Southeast Asia
    Insights | 03 December, 2025

    What Chinese Companies Miss When Expanding Supply Chains into Southeast Asia

    Chinese companies are expanding their investment footprint in Southeast Asia (SEA) as they search for lower costs, market diversification, and new growth engines beyond a slowing domestic market. The region has become central to the emerging “China+N” strategy, where firms build multiple overseas bases to spread geopolitical and supply chain risk. SEA’s young demographics, rising […]
    Small Operational Mistakes that Delay Big Listings: Part 2
    Insights | 02 December, 2025

    Small Operational Mistakes that Delay Big Listings: Part 2

    Part 1 | Part 2 | Part 3 Early planning, accounting readiness, and audit currency create the foundation for a clean listing process, but the real execution test starts once drafting begins. Mid stage delays often emerge when coordination becomes more complex and multiple workstreams must move in parallel. The next set of pitfalls focuses […]
    Small Operational Mistakes that Delay Big Listings: Part 1
    Insights | 24 November, 2025

    Small Operational Mistakes that Delay Big Listings: Part 1

    Part 1 | Part 2 | Part 3 In capital markets, success is built on discipline, not luck. Markets will reward a strong story and healthy demand but only if the execution workstreams run clean. In practice, deals rarely slip because of valuation or investor appetite. They slip because of operational errors that appear small […]
    Structuring Mid-Market Transactions: Practical Insights for Founders and Investors
    Insights | 17 November, 2025

    Structuring Mid-Market Transactions: Practical Insights for Founders and Investors

    Mid-market mergers and acquisitions, typically involving enterprises valued between USD 50 million and 500 million, constitute one of the most active yet least standardized segments of global deal-making. These businesses occupy a unique position in the corporate landscape: they are no longer small owner-managed enterprises, but they are also not fully mature corporates with the […]
    Japanese Buyers becoming Active in Global M&A
    Insights | 12 November, 2025

    Japanese Buyers becoming Active in Global M&A

    After decades of caution, Japanese corporations are once again asserting themselves on the global mergers and acquisitions stage. In 2025, Japan’s total M&A value surged to an all-time high of US$232 billion (Reuters, 2025), accounting for a significant portion of Asia’s deal-making rebound. The renewed momentum reflects a combination of domestic reforms, corporate governance pressures, and […]
    The Resurgence of SPACs in 2025
    Insights | 04 November, 2025

    The Resurgence of SPACs in 2025

    After a few years of slowdown, 2025 has marked a clear resurgence for special purpose acquisition companies (SPACs). New issuance volumes and proceeds have risen sharply from the subdued levels of 2023–24, reflecting renewed investor confidence, stronger governance, and a more disciplined sponsor landscape. Unlike the speculative boom of 2020–21, this resurgence is driven by […]