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• Adamas Investments is a financial advisory firm affiliated to Adamas Law Firm
• Building on our vast network among Chinese investors (300+ contacts) and the ChineseGovernment (MofCom, MFA, PBoC), and leveraging our experience in China-Europe businessrelations (15+ years) , we devise and execute tailored and innovative solutions :
• Mergers and acquisitions - buy side / sell side
• Equity fund raising
• Strategic advisory
• Adamas Investments is a generalist boutique with the capacity to bring its expertise and know-how in any industry. We excel in sectors such as AI, healthcare, fintech, media, education andsmart factory.
What we do
A new cross-border M&A boutique between China and Europe
Florent Mangin – Managing partner
After a first experience in Merrill Lynch investing banking division in London, Florent joined the French civil service. He held various position related to European affairs and was in charge in particular of French positions regarding the Euro debt crisis, fiscal policy and financial regulation. Florent also worked for the French Treasury in China, first as financial counsellor, and later as Head of Business France Investments and counsellor for international investments. In this position, he covered more than 120 Chinese investments in France, including BYD, Wanda, Chemchina and Fosun
Florent Mangin graduated from HEC, Sciences Po Paris and ENA in France. He also has master degree in law from and a bachelor degree in philosophy from Sorbonne University.
Dr Nan DI – Associate
Nan started her career at Siemens China where she was in charge of identifying disruptive technologies and solutions to expand business units’ products’ portfolio/ markets. She became an associate in Next47, Siemens venture company in Shanghai. She joined then Steph Holdings, a leading VC in china focusing on semiconductors and advanced manufacturing.
Nan DI holds a PhD in physics from Ecole Polytechnique in Paris. She studied sciences in Tongji university in Shanghai, at Paristech and Pierre et Marie Curie university in Paris, as well as in MIT, Massachusetts.
Who we are – key people
A diverse team with sound experience in Europe and China
We believe China opens new M&A opportunities for Europe
China outbound M&A trend is dynamic, presenting strategic opportunities for European companies
0
5
10
15
20
25
30
35
40
2013 2014 2015 2016 2017
Mainland China outbound deals in Europe
217
21994
123
70
85
Nb of mainland china outbound deals by
industry - 2017
Industrials
TMT
Financials
Consumer
Healthcare
Others
Chinese M&A market is growing fast, with unexploited potential for European investors
0
100
200
300
400
500
2013 2014 2015 2016 2017
Strategic buyer deals
Foreign
Domestic
0
50
100
150
200
250
300
2013 2014 2015 2016 2017
Financial buyers deals
Private equity
VC
USD bn
USD bnUSD bn
Source: PwC, ThomsonReuters, ChinaVenture, Zero2IPO
China is the 2nd “heart” pumping in global economy
19
3
8
84
113
57
12
8
5
31
62
49
GDP,
trillion USD
Colleges
Graduates,
million
VC Deals,
thousands
$ of VC Deals,
bn USD
# of Unicorns,
hundred
# of Intl Patent
Applications,
thousand
US China
Economy Demography Tech market
323
229 / 71%
221 / 68%
1,405
1,300 / 93%
751 / 53%
Population,
mn
Smartphone Users
mn/Penetration Rate
Internet User
mn/Penetration Rate
US China
858
61
46
244
45
274
53
10
31,215
939
IT spending,
bn USD
PC Shipment Volume,
mn
Cloud Computing Mkt Size,
bn USD
Mobile Payment Volume,
bn USD
Retail E-commerce Volume,
bn USD
US China
2.1
0.3 0.2
1.0
0.5 0.4
Facebook Snapchat Amazon Wechat Taobao Weibo
# of Users of Top Products of China & US
bn
Time to reach
100mn users:
Time to reach $1bn
valuation:
4.5 yrs 1.2 yrs 4.5 yrs 2.3 yrs
$36.4bn
Rev in
2017
$38.45n
Rev in
2017
Source: 2017 data, National Bureau of Statistics of China /US, Credit Suisse, Sohu, Zero2IPO Group, NVCA, All Weather TMT, CB Insights, WIPO, Counterpoint Research, IMRB International, Zenith, Tencent, 36Kr, IDC, Company Website
VC Market overview
China has a fertile ground for innovation, dominated by local investors
6.2
5.2
4.2
2.3
2.0
1.4
1.4
1.1
1.0
0.9
Internet
Healthcare
IT
Telecom
Finance
Entertainment
Auto
Machine…
Retailing
Electronic
2017 Top 10 China VC Investment
Industries, bn USD
-13% 159% 25% 1% 54%
# of 2017
Deals
Average $ of
2017 Deals Fund Scale
$ 23.9mn $ 9.2bn
$ 30.0mn $ 32.0bn
$ 7.4mn $ 1.0bn
$ 69.6mn $ 3.1bn
$ 129.9mn Over $ 1.5bn
11
0
90
16
0
12
7
13
0
Top 5 China VC
Invested Startups Overview
29% (1,393)
$11.0bn
16% (785)
$4.8bn11% (554)
$2.5bn
43%
2017 Invested Startups Region Distribution
N=4822, bn USD
Beijing
Shanghai
Shenzhen
Others
Name Sector Evaluation
Ant Financial Internet Finance $ 75bn
DiDi Transportation $ 56bn
MiIntelligent
Hardware$ 46bn
Alibaba Cloud Cloud Service $ 39bn
Meituan E-commerce $ 30bn
Invested Startups Overview2017 China Top 5 Unicorns
Name Sector Evaluation
Uber Transportation $ 67bn
Airbnb Housing $ 23.3bn
SpaceX Rocket $ 21.5bn
Palantir Data $ 20bn
WeWork Office $ 20bn
2017 US Top 5 Unicorns
6.2
16.019.9 20.2
31.2
0
10
20
30
40
2013 2014 2015 2016 2017
China VC Investment Amount,
bn USD
+50%
Source: Zero2IPO, 36 Kr, IT Juzi
28.534.8
42.7
55.463.3
2016 2017 2018E 2019E 2020E
• AI has been setup as a top national strategy by Chinesegovt with detailed workplan and aiming to achieve $1.5Trrelevant market by 2030
• The key drivers of the faster growth of China AI marketare:
1. The advantageous policy environment
2. The broad data accumulation due to the largepopulation base of China and improvement ofinfrastructure platforms
3. Booming industrial and VC investment
4. Fast growth of AI talent quality
• Chinese players have accelerated development of AItechnologies, broad accumulation of data and thecontinuous exploration of AI application scenarios.
• Further expansion of China AI market can be achievedwith the development of AI chip industry, especiallyspecialized AI chip such as FPGA and ASIC. Local GPUcompanies are also rising.
By 2020, China will occupy ~17% of global AI market
Global AI market size,
Bn USD
China AI market size,
Bn USD
+22%
2.54.0
5.8
7.9
11.0
2016 2017 2018E 2019E 2020E
+45%
9% 11% 14% 14% 17%China market
proportion
Key highlights
Source: IMedia Research, Statista
China has acquired ~50% of global AI investment now
China AI Startups Investment Market Overview
48%
38%
14%
US AI
companies
$5.8bn
Others China AI
companies
$7.3bn
2017 AI Startup investment
geo distributionTotal=15.2bn, USD
0.7 7.3
15%
48%
0%
10%
20%
30%
40%
50%
0
2
4
6
8
2016 2017
Investment Amount % of Global Investment
China AI Startups Investment Valuebn, USD
0.1
0.4
1.6
0.2
0.7
1.5
0.3
0.8
2.1
0.0
0.5
1.0
1.5
2.0
2.5
2015 2016 2017
Basic Tech Application
China AI Startups Investment
Breakdowm by value chainbn, USD
15%
85%
% of Deals
51%49%
% of Funding Amount
USD
Fund
CNY
Fund
2012-2017 China AI Startups
Investment Funding Source
32
22
22
20
14
ZhenFund
Sinovation Ventures
Sequoia Capital China
IDG
Banyan Capital
2012-2017 Top 5 VCs in China AI
investment# of deals
Source: CB Insight, Yiou Intelligence
Intelligence
• We base our recommendationson detailed knowledge and in-depth analysis of the businessenvironment in China and Europe
• We provide simple and innovativeframework for solving complexsituations and understanding thedynamics those situationsproduce
Vision
• We help our clients craft acomprehensive value creationstrategy that aligns both businessand financial strategy
• We think it critical to understandhow global macro andtechnological trends shapebusiness
Reliability
• We move fast and strive toprovide the best outcome andservice quality
• We have direct access to a vastnetwork in China and Europeamong MNCs, startups, financialinstitutions and government
• In uncertain and potentiallyadverse environment, creatingvalue goes along with protectingyour interests
Our core values
We worked on their transactions
Our offices
Based in Beijing and Shanghai, we have offices in China and Europe to serve our clients
Paris officesquare Louvois
75003 Paris
Lyons office55, boulevard des
Brotteaux69006 Lyon
Beijing officeSuite 2108, Zhongyu
Plaza, A6 Gongti north Road,
Chaoyang District 100027 Beijing / 北京市朝阳区工体北路甲6号中宇大厦2108室
Shanghai office1468 Nanjing West Road,
Jing An District 200040 Shanghai /上海市静安区南京西路1468号中欣大厦3301室
