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GlobalChinaCapital (GCC) Co-Investment Fund -Potential Investment Deal Flow
(Supporting Document)
BY KC YOON & M BRANDTBY KC YOON & M BRANDTBY KC YOON & M BRANDTBY KC YOON & M BRANDTGLOBALCHINACAPITALGLOBALCHINACAPITALGLOBALCHINACAPITALGLOBALCHINACAPITALSHENZHEN, CHINASHENZHEN, CHINASHENZHEN, CHINASHENZHEN, CHINA
June 2012
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Our Deal Sourcing ProcessOur Deal Sourcing ProcessOur Deal Sourcing ProcessOur Deal Sourcing Process----
Research & DeliberateResearch & DeliberateResearch & DeliberateResearch & DeliberateIdentification of PotentialIdentification of PotentialIdentification of PotentialIdentification of PotentialTargetsTargetsTargetsTargets
2
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DomesticBrand
CompetitivenessI
dentify High Growth Chinese ConsumerSegments
I
dentify High Growth Chinese ConsumerSegments
Screen to Select Segments that would Benefit-most from Global Brand/Tech/Service
Screen to Select Segments that would Benefit-most from Global Brand/Tech/Service
Match Segments with Best Possible RegionalSource of Deal flow
Match Segments with Best Possible RegionalSource of Deal flow
Screen for Potential Target Companies from
Region (work with partners where relevant)
Screen for Potential Target Companies from
Region (work with partners where relevant)
Work with Partners in Platform to reach-out to keystakeholders in Target Company
Work with Partners in Platform to reach-out to keystakeholders in Target Company
Build Relationship Sharing China MarketInsights & Providing Advisory
Build Relationship Sharing China MarketInsights & Providing Advisory
Secure Preliminary Interest from TargetCompany for Chinese Investment
Secure Preliminary Interest from TargetCompany for Chinese Investment
Market +Industry
Knowledge
Pre-ExistingRelationship
Lack of
Competition
Match RightStrategicPartners
Drivers of Deal Success GCCs Deal Sourcing Process
Leverage our domestic market &industry insights
Combine global & domestic industry
knowledge
Identify Globally Competitive regionsfor targeted segments eg. EU forFashion
Screen companies with best potentialfor China market + understanding
company expansion strategy
Reachout to top management orsignificant shareholders
Build trust & develop deeper insightsinto company
As part of the deal prelim DDprocess- considerations of
potential China market entrystrategy; domestic partners &exit options are also factored
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Identifying AttractiveIdentifying AttractiveIdentifying AttractiveIdentifying Attractive
Consumer Segments toConsumer Segments toConsumer Segments toConsumer Segments toTargetTargetTargetTarget---- PremiumPremiumPremiumPremiumPositioning due to Brand,Positioning due to Brand,Positioning due to Brand,Positioning due to Brand,Technology or Unique ServiceTechnology or Unique ServiceTechnology or Unique ServiceTechnology or Unique Service
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>US$800 Bn Outbound Investments by 2016;Increasing No. Consumer-related Deals
Global ConsumerBrands
Consumer Technology
Consumer ServiceCapability
Industry Talent
Increasing Firepower of Outbound M&A(Corporates + PE Funds)
Government Support
Meet Domestic Demand
Cash-Rich Chinese Co.
Friendly Target
Countries
Outbound Drivers M&A Objectives
EUR 1 Bn
US$ 900M
US$ 2 BnUS$2.4 Bn
US$ 500M
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Marketsize
DomesticBrand
Competitiveness
ForeignBrandValue-added
M arketGrowth
Potential
MarketSegment vsScreenCriterion
FashionApparel
PersonalCare
Food &Beverage
PersonalDevice
ConsumerAppliance
Edu &Knowledge
Service
FoodService
HospitalityService
Mobile &Web
Service
Healthcare
service
Market Size 4 3 4 3 4 4 3 4 4 4
GrowthPotential
4 3 3 4 3 4 3 3 4 3
OpportunityW DomesticCompetition
4 3 4 3 3 4 4 4 2 4
ForeignBrandValue-add
5 5 5 5 3 4 5 5 3 5
17 14 16 15 13 16 15 16 13 16
Assessment Rating : 1 to 5 (5 being strongest)
Most Attractive
Segments
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MassMassMassMass AffluentAffluentAffluentAffluentConsumptionConsumptionConsumptionConsumption
SegmentSegmentSegmentSegment
RationaleRationaleRationaleRationale PotentialPotentialPotentialPotentialMarketMarketMarketMarket
DomesticDomesticDomesticDomesticIndustryIndustryIndustryIndustry
Value of ForeignVa lue of ForeignValue of ForeignVa lue of Foreign
BrandsBrandsBrandsBrands
RemarksRemarksRemarksRemarks
Fashion Apparel,Accessories &SportswearBrands & Retail
Trade up strong Willingness to try new brands Large share of spend
Increased casual time; nicheactivities
RMB 1.3 trillion(2020e)
Fragmentedmarket No clear leader;
Few luxury-statusdomestic brands
Estab lished Globalluxury brands Global distribution
AttractiveSegment forforeign b rands
Personal Care &Cosmetics
3rd largest & growing market Trade-up strong Chinese men also big
consumers of personal care
RMB 255 billion(2015e)
Limited localbrands
TCM-based
products
upcoming
Strong marketing R&D & Hi-tech in
products
High safety
standards
Regulatoryhurdles keyobstacle to
mark et entry
ProcessedFoods, (snacks,diary, healthfood & drinks,organic food),Vitamins &Nutraceutical
Increased concerns about foodquality &safety makes foreignbrands attractive
Wealthy consumers willingnessto spend on healthy well-being
Snacking is increasing
Largest globalmarket fordietarysupplements(2020e)
Fragmentedindus try- manysmall food
processing co. Food safety
issues
Advancedprocessing tech
High QC & safety
standards Premium branding
eg, wines, healthsupplements
Chinese Govtencouragingforeign co help
upgradedomestic
industry
PersonalDevices recreational,entertainment,communications
Display of personal wealth &status
Younger generation tech savvy
Music, online gaming, onlineentertainment integral part of
Chines e social live
Fast cheap copy-cats
Increas ing
innovativenesse.g. mobile phone
Global b rand status Worldwide service
support
Leading edgetechnology
Applesiphone/ipadgood case of
foreign b randwinner
Consumerappliances
Urban living- seek convenience Strong domesticbrands exist forgeneral appliance
New technology Cutting edge
appliance design
Consumer Goods & Products
List is not meant to be exhaustive but represents major opportunities
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MassMassMassMass AffluentAffluentAffluentAffluentConsumptionConsumptionConsumptionConsumption
SegmentSegmentSegmentSegment
RationaleRationaleRationaleRationale PotentialPotentialPotentialPotentialMarketMarketMarketMarket
DomesticDomesticDomesticDomesticIndustryIndustryIndustryIndustry
Va lue of ForeignValue of ForeignVa lue of ForeignValue of Foreign
BrandsBrandsBrandsBrands
RemarksRemarksRemarksRemarks
Education &KnowledgeServices
Chinese traditional focus &willingness to pay foreducation
Significant spend size
RMB 900+billion (2015e) Fragmented &open market Strength in
distribution andoperations
Educationtechnology Innovative
teaching methods
Chinese Govtkeen on
improving
education
standards
Food Services& QSR Brands
Urbanisation trend 750Mmiddle-class consumers2020 dining-out rate still
low vs. global Clean dining & safe food
Fast Foodmarket RMB400 billion
(2015e)
Fragmentedmarket; fewnationwide
domestic QSRchains
Brand & Marketing Consistency Strong QC &
managementsystem
Foreign QSR
i.e. KFC are
leading brands
Hospitality,Leisure & TravelServices (Hotels,AmusementParks, Carrentals, sportingevents, etc)
China top tourismdestination by 2020
Chinese spending moretime on leisure activities
2X Number ofhotel rooms(2020e)
Service quality &standards not yetglobal par
Fragmented,dominated bynon-branded 2-3star operators
Establishedhospitality brands
Strong serviceculture, talent &
management
system
Potential for
mid-scale brand
Mobile & Web-based Services(inc.eCommerce)
Internet-savvy population eCommerce market rising
exponentially Online gaming
eCommerceRMB 1.5trillion (2013e)
Dominated bydomestic industryleaders
Access to globalsupply chain &
source of goods
Combination of
foreign network
with domestic
operations
ConsumerHealthcare
Upgrade of healthcaresystem
Increasing elderly
population
Upgrade ofservice inprogress
Advancedhealthcare mgt
Hi-tech
Consumer Services
List is not meant to be exhaustive but represents major opportunities
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Establishing Platform toEstablishing Platform toEstablishing Platform toEstablishing Platform to
Access DealsAccess DealsAccess DealsAccess Deals---- PartneringPartneringPartneringPartneringwith Right Parties inwith Right Parties inwith Right Parties inwith Right Parties inRespective SegmentsRespective SegmentsRespective SegmentsRespective Segments
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Combination of Relationships with Global PEFunds, Investment Firms, Senior Advisor Network
Senior Advisor 1
Senior Advisor 2
EU-Deals; Fashion + F&BBrands
US-Deals; Education + QSRBrands+ Hospitality Services
Asia-Deals; Healthcare Services
Senior Advisor 1
Brazil-Deals; Agro-Food Deals
Senior Advisor 2
Asia-Deals; F&B Brands; Agro-Food + Leisure Deals
*
**
*Senior Advisor- ex-Macau Banker sits on Boards of Portuguese-leading banks withdeep connections through Portuguese-speaking**Senior Corporate Leader with wide connections across Asia esp. HK, Singapore,
Thailand & Indonesia- Potential to be Senior GP in Fund( Both are KCYs ex-bosses from HK- Multi Family Office Fund)
Our Platform will bring from each region/partner deal flows ofproprietary & globally competitive brands, technology & services
most suitable for Chinese domestic market
Global Consumer-focused PE Funds
Global PE
Global PE
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Identified Potential Brands within Global PEFunds Portfolio with Potential for China
Leverage onGlobal Fund
StrongerDomestic
Market
Knowledge
BringsGlobal
Consumer
Expertise &Network to
China
Partial ExitOpportunitythrough sale
of Partialequity to
Chinese
Fund
Opportunityfor StrongGrowth &
ValueCreation
with ChinaMarket Entry
WIN for Global Fund WIN for GCC Fund
We will also seek to partner with activesector-focused Corporate Investors
(1) Pearson Education(2) (2) Parkway -Healthcare
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Pipelineof Potential Deal flowPipelineof Potential Deal flowPipelineof Potential Deal flowPipelineof Potential Deal flow
---- Leveraging Our GlobalLeveraging Our GlobalLeveraging Our GlobalLeveraging Our GlobalPlatformPlatformPlatformPlatform
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Co-Investment Fund Potentially can Investbetween US$500-800M
Education, HospitalityBrands
Fashion, F&B Brands
F&B, Hospitality,Healthcare Services
Strong pipeline of Fashion
deals from the EU
F&B Deals focused on healthfood & supplements
Singapore-based HealthcareServices Attractive for China
Global QSR Brand Strongpotential for China
Consumer Products &QSR Brands
Assumption: Chinese PE Funds take a Significant Minority stake in TargetCompanies i.e. 30% and Co-Investment Fund has Option to Invest upto 1/3 of the
total amount invested on average.
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BrandBrandBrandBrand OriginOriginOriginOrigin CompetitiveCompetitiveCompetitiveCompetitive
StrengthsStrengthsStrengthsStrengths
ValueValueValueValue totototoChinese MarketChinese MarketChinese MarketChinese Market
OwnershipOwnershipOwnershipOwnershipStatusStatusStatusStatus
CoCoCoCo----InvestInvestInvestInvestAmt. Est.*Amt. Est.*Amt. Est.*Amt. Est.*
DesireDesireDesireDesire forforforfor
ChineseChineseChineseChineseInvestmentInvestmentInvestmentInvestment
Superdry UK Dynamic youth-
target premiumbrand with UK-
Japaneseheritage
Carve premium
brand niche
SGP: LSE
US$355M
US$40M Seeking China
Market Entry Share price at
low- need growthmarkets
Etam France Establishedbrand &
distributionchannels inChina
Etam brandestablished in
China market
CAC US$150M
US$30M Under-valuedBUYOUT
Re-lis ting onHKSE
Barbour UK/Global
HistoricalOutdoor clothingbrand
Brand withsignificant his tory
Private US$150M
US$20M No presence inChina
Needs cash
infusion to grow
Fashion Consumer Segment
List is not meant to be exhaustive but represents major opportunities
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BrandBrandBrandBrand OriginOriginOriginOrigin CompetitiveCompetitiveCompetitiveCompetitive
StrengthsStrengthsStrengthsStrengths
ValueValueValueValue totototoChinese MarketChinese MarketChinese MarketChinese Market
OwnershipOwnershipOwnershipOwnershipStatusStatusStatusStatus
CoCoCoCo----InvestInvestInvestInvestAmt. Est.*Amt. Est.*Amt. Est.*Amt. Est.*
DesireDesireDesireDesire forforforfor
ChineseChineseChineseChineseInvestmentInvestmentInvestmentInvestment
Kenra/Sexy
Hair
US Professional
Hair Salon brand
Premium
haircare brand
PE-owned
TSGConsumer
US$200M(E)
US$20M Potential to
developconsumer-
premium brand
CoverFX US Global cosmeticbrand &
distributionnetwork
Safe globalcosmetic brand
PE-owned Catterton PE
US$300M(E)
US$40M No presence inChina
Cosmetic growthat 40-50%CAGR in China
Consumer-care Products Segment
List is not meant to be exhaustive but represents major opportunities
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BrandBrandBrandBrand OriginOriginOriginOrigin CompetitiveCompetitiveCompetitiveCompetitive
StrengthsStrengthsStrengthsStrengths
ValueValueValueValue totototoChinese MarketChinese MarketChinese MarketChinese Market
OwnershipOwnershipOwnershipOwnershipStatusStatusStatusStatus
CoCoCoCo----InvestInvestInvestInvestAmt. Est.*Amt. Est.*Amt. Est.*Amt. Est.*
DesireDesireDesireDesire forforforfor
ChineseChineseChineseChineseInvestmentInvestmentInvestmentInvestment
Cerebos SG/
SE Asia
Strong
Brands-Brands
Essence
SE Asia/Aust+NZ
Distributionnetwork
SGX:
US$1.2BN
US$150M No significant
success in Chinamarket
Low P/E 8-9X
Glanbia Ireland Global healthsupplement
brand
Etam brandestablished in
China market
CAC US$150M
US$30M Under-valuedBUYOUT
Re-lis ting onHKSE
TexasChicken
US/Global
Global Brand Lack of leadingChinese QSRbrand
Learn from bestglobal QSR
know-how
PE Owned Friedm an,Fleischer & Lowe
Est.US$2BN(P/S 1.0 Ind)
US$200M China entry onstrategicexpansion plans
after successesin SE Asia
F&B/QSR Consumer Segments
List is not meant to be exhaustive but represents major opportunities
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BrandBrandBrandBrand OriginOriginOriginOrigin CompetitiveCompetitiveCompetitiveCompetitive
StrengthsStrengthsStrengthsStrengths
ValueValueValueValue totototoChinese MarketChinese MarketChinese MarketChinese Market
OwnershipOwnershipOwnershipOwnershipStatusStatusStatusStatus
CoCoCoCo----InvestInvestInvestInvestAmt. Est.*Amt. Est.*Amt. Est.*Amt. Est.*
DesireDesireDesireDesire forforforfor
ChineseChineseChineseChineseInvestmentInvestmentInvestmentInvestment
Banyan Tree SG/
SE Asia
Premium
Asian ResortBrand
Strong growth in
premium resort &spa services
Improvehospitality
servicestandards
SGX:
US$300M
US$50M No
Hospitality Consumer Segments
List is not meant to be exhaustive but represents major opportunities
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BrandBrandBrandBrand OriginOriginOriginOrigin CompetitiveCompetitiveCompetitiveCompetitive
StrengthsStrengthsStrengthsStrengths
ValueValueValueValue totototoChinese MarketChinese MarketChinese MarketChinese Market
OwnershipOwnershipOwnershipOwnershipStatusStatusStatusStatus
CoCoCoCo----InvestInvestInvestInvestAmt. Est.*Amt. Est.*Amt. Est.*Amt. Est.*
DesireDesireDesireDesire forforforfor
ChineseChineseChineseChineseInvestmentInvestmentInvestmentInvestment
Eu Yan
Sang
SG/Asia Leading Asia-
TCM Brand
SE Asia/Aust+NZ
Distributionnetwork
SGX:
US$220M
US$30M Chinese market
demand for high-quality
healthfoods
SingaporeMedical
Group
SG Specialtyclinics
Demand for high-quality
healthcare
SGX US$120M
US$20M Expansion inChinese market
HealthwayMedicalGroup
SG Singaporeslargest retailclinic chain
Clinicdevelopmentnext segment of
China healthcareindus try growth
SGX US$150M
US$30M China marketexpansion
Healthcare Products & ServicesConsumer Segments
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BrandBrandBrandBrand OriginOriginOriginOrigin CompetitiveCompetitiveCompetitiveCompetitive
StrengthsStrengthsStrengthsStrengths
ValueValueValueValue totototoChinese MarketChinese MarketChinese MarketChinese Market
OwnershipOwnershipOwnershipOwnershipStatusStatusStatusStatus
CoCoCoCo----InvestInvestInvestInvestAmt. Est.*Amt. Est.*Amt. Est.*Amt. Est.*
DesireDesireDesireDesire forforforfor
ChineseChineseChineseChineseInvestmentInvestmentInvestmentInvestment
Blackboard US/
Global
Leading
Global highereducation
technology &systems
provider
Platform for
improvingUniversity
educationinfrastructure
Higher educationin China needsupgrade in
learninginfrastructure
PE-owned
Providence US$1.6BN
US$150M Blackboard
already presentin China with
close to 250+Universities on
its platform-includingprominent
Universities likePeking U.; Sun
Yat-sen U;
Rep in China
Cerbibo
Education Segments
List is not meant to be exhaustive but represents major opportunities
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Additional DatapointsAdditional DatapointsAdditional DatapointsAdditional Datapoints
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O Fashion houses start to build & own portfolio ofbrands
O Closer interaction and collaboration between brands
within Chinas domestic fashion industry
O Chinas fashion industry slowly integrates into
global fashion ecosystem as original brands
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Fashion Apparel,Fashion Apparel,Fashion Apparel,Fashion Apparel,
Accessories & SportswearAccessories & SportswearAccessories & SportswearAccessories & Sportswear
Attractiveness & Value of ForeignBrands Market Opportunity
Impact on Domestic Market
BCGs Analysis of brands with niche market potential
Brand story & history (esp. European brands)
Strong design and material technology content
Bring brand management skills
Established fashion design & output cyclelinked to global fashion trends
Established global marketing & distributionnetwork
Strong links to global media and entertainment
industry
1
Global brands continue to enter theChinese market- Recent cases- GAP(2011), A&F (2012), IZOD (Licensed)
Brand
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Female lingerie Female/male office wear
Female/male premium casualwear
Sports performance brands Board, surf and street wear brands Fast Fashion Premium Mass-premium accessories- Fashion jewellery
22
Fashion Apparel,Fashion Apparel,Fashion Apparel,Fashion Apparel,
Accessories & SportswearAccessories & SportswearAccessories & SportswearAccessories & Sportswear
Target Market Segments
2
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Market Opportunity
Deloitte market analysis 2010
1Food & Food IndustryFood & Food IndustryFood & Food IndustryFood & Food Industry----
related Productsrelated Productsrelated Productsrelated Products
O Consolidation of domestic food processing industryO Demise of weak brands
O Upgrade in overall food industry technology, QC &Food safety standards
O Consumers gain access to wider choice of packaged
& processed food
Attractiveness & Value of ForeignBrands
Impact on Domestic Market
Global branding brings consumer confidencein China
Advanced food processing technology
Higher quality control & food safetymanagement standards
Access to foreign food production resources
Established global marketing & distributionnetwork
Chinese companies have beenactively investing in agro-productionresources, food brands esp. in the
diary sector
Food 2020 Report
Brand
Technology
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Dairy products esp Milk Powder Organic food
Nutraceutical food supplements
Health, Energy Drinks & Juices Snacks- chocolate; nut-related snacks Wine & Premium Beers
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Target Market Segments
2Food & Food IndustryFood & Food IndustryFood & Food IndustryFood & Food Industry----
related Productsrelated Productsrelated Productsrelated Products
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Kindergarten-pre-school + K-12 Tutoring Service-industry focused higher & professional
education
Creative Media & IT training Business Management Education & Seminars Education Tools & technology + e-learning
platforms
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Target Market Segments
2Educational & KnowledgeEducational & KnowledgeEducational & KnowledgeEducational & Knowledge
ServicesServicesServicesServices
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O Consolidate non-branded fragmented players intolarger nationwide branded chains
O Upgrade overall industry service standards
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Hospitality & LeisureHospitality & LeisureHospitality & LeisureHospitality & Leisure
ServicesServicesServicesServices
Attractiveness & Value of ForeignBrands Market Opportunity
Impact on Domestic Market
Global hotel management knowhow &technology
Strong service & talent grooming culture
Global marketing & distribution network
Brand familiar to foreign visitors/tourists to
China
1
Recent several cases of acquisitionsof foreign hotels & resort brands by
domestic companies
Hospitality , RecreationalHospitality , RecreationalHospitality , RecreationalHospitality , Recreational& Leisure Services& Leisure Services& Leisure Services& Leisure Services
Thayar Lodging Group Report 2010
ServiceExpertise
Brand
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Mid-scale Hotel Brands Themed Resort Chains
Theme Parks
Beauty & Spa Brands Service providers/Media platform in the global
travel ecosystem Fitness Clubs & Sports Academy
28
Target Market Segments
2Hospitality, Recreational &Hospitality, Recreational &Hospitality, Recreational &Hospitality, Recreational &
Leisure ServicesLeisure ServicesLeisure ServicesLeisure Services
S
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O Improve overall standard and accessibility tohealthcare
O Bring mobility to healthcare
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Consumer HealthcareConsumer HealthcareConsumer HealthcareConsumer Healthcare
Attractiveness & Value of ForeignBrands Market Opportunity
Impact on Domestic Market
Hi-tech Innovative technology
Significant R&D invested
Well-designed & ergonomically superior
High quality and reliability
Better service level provider
Global after-sales support
1
Investment interests from foreignplayers in Chinese healthcare
industry
ServiceExpertise
Technology
Target is that by 2020 Universal healthcare will
be available to all Chinese citizens
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DIY Healthcare personal devices In-home Monitoring/Homecare Network
Online healthcare services
Lifestyle health services i.e. cosmetic surgery, TCMacupuncture, massage therapy, dental
OTC Drug retail Mobile healthcare eg. iphone-based apps
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Target Market Segments
2Consumer HealthcareConsumer HealthcareConsumer HealthcareConsumer Healthcare
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