After nine years of negotiation, the EU and Indonesia have struck a landmark trade deal that will reshape how Europe engages with Southeast Asia’s largest economy. The Indonesia–EU Comprehensive Economic Partnership Agreement (IEU-CEPA), signed on 23 September 2025 in Bali, removes the bulk of tariffs, eases non-tariff barriers, and expands market access across goods, services, […]

In line with the outlook we outlined in our late August publication, “Jackson Hole 2025: Powell Hinting at Rate Cuts?”, the Federal Reserve delivered its first interest rate cut of 2025 on September 17, reducing the federal funds target range by 25 basis points to 4.00%–4.25%. The move, widely anticipated by markets, marks a notable […]

Introduction The Securities and Exchange Commission (SEC) oversees the trading of securities to ensure transparency and investor protection. Rule 144, under the Securities Act of 1933, sets the rules for selling restricted and insider-owned shares to the public without going through full SEC registration. This article offers a comprehensive examination of Rule 144, detailing its […]

In the face of global supply chain restructuring, Chinese private enterprises are actively pursuing strategic acquisitions in Southeast Asia to secure their future competitiveness. 2025 has witnessed a significant surge in cross-border mergers and acquisitions (M&A) by Chinese private enterprises, particularly across Southeast Asia. This trend represents a strategic pivot towards supply chain resilience and […]

Download Click here to download this article as a .pdf document. Introduction – A Shift in Perspective For decades, supply chain was defined by efficiency: cost control, on-time delivery, and smooth execution. Product innovation, by contrast, was owned by R&D, often headquartered in Europe or the U.S. and viewed as the “creative engine” of the […]

On September 3rd 2025, Nasdaq proposed changes to its initial and continued listing standards as described below: Proposed Changes New Rule: Increase the minimum market value of publicly held shares (“public float”) to $15 million for initial listings under the net income standard. Existing Nasdaq Rule: New listings under the net income standard must have […]

During this year’s Jackson Hole Economic Policy Symposium, Chair Jerome Powell described a U.S. economy that remains resilient, with inflation slightly elevated but notably below its post‑pandemic peak. The Fed reviewed its policy framework, scaling back parts of the 2020 consensus statement and reaffirming a straightforward 2% inflation target within a more flexible policy approach. […]

Executive Summary: Global Consolidation Meets Cultural Innovation The global fragrance industry is no longer just about luxury—it’s about identity, emotion, and investment. What began as ritual and royalty in ancient Egypt and Renaissance Europe has evolved into a deeply personal and commercially potent category that blends art, science, and storytelling. Today, as consumers embrace scent […]

Rebounding from a Capital Winter: The Financing Chain Is Being Rebuilt Following the monetary tightening and geopolitical volatility of 2023–2024, the U.S. capital markets showed clear signs of recovery in early 2025, and Chinese companies moved quickly to seize the window of opportunity. According to Dealogic, Chinese issuers raised $690 million via U.S. IPOs in […]

Introduction The first half of 2025 has set the tone for a pivotal year in technology M&A. Following a volatile 2023 and cautious recovery in 2024, dealmakers enter this year with renewed optimism, driven by a surge in generative AI applications, strategic semiconductor consolidation, and the integration of hardware and AI into the very core […]

Implications and Trends in the Capital Market – August 2025 Southeast Asia’s presence in the U.S. capital markets is gaining momentum as several companies listed on Nasdaq and NYSE deliver strong results, exceed growth expectations, and demonstrate resilience in a challenging macro environment. These successes reflect not just company-specific wins, but also a broader shift: […]

I. Executive Summary Cross-border M&A are a strategic priority for China LISTCOs pursuing global expansion, technological advancement, and portfolio diversification. However, these transactions involve significant complexity—ranging from regulatory hurdles and capital controls to valuation challenges and post-merger integration (PMI). Effectively navigating these complexities while maximizing deal outcomes requires experienced and specialized advisory support. This report […]

As global tech players diversify away from single-market dependencies, Southeast Asia has emerged as a core pillar of digital infrastructure development. Among its dynamic economies, Malaysia, Indonesia, and Vietnam are rapidly asserting distinct roles in the next wave of data center expansion. The question for forward-looking businesses is no longer whether to enter the region, […]

In Southeast Asia, third-party logistics (3PL) is evolving from a back-end support service into a core lever of industrial competitiveness. As governments promote local manufacturing (e.g., Thailand 4.0, Vietnam’s industrial parks), and global players diversify away from China, the region is emerging as a critical hub for industrial production and distribution. The 3PL market in […]

As the global pharmaceutical landscape undergoes profound restructuring, China’s innovative drug industry has reached its “DeepSeek Moment.” Once seen primarily as imitators, Chinese biopharmaceutical companies are now emerging as core players on the global stage, driven by original innovation and globalization capabilities. Since 2025, the pace of international expansion has accelerated significantly. In the first […]

In today’s China, logistics is no longer just a support function. For consumer brands navigating a landscape of high-growth demand, digital-first retail, and cross-border complexity, logistics is central to strategy. China’s third-party logistics (3PL) market is projected to reach over 414 billion (USD) by 2030, driven by the rise of e-commerce, supply chain diversification, and […]

The US Announces 36% Tariffs on All Imports from Thailand and Cambodia On July 7, 2025, the US announced it would apply a 36% tariff on all goods imported from Thailand and Cambodia, effective August 1. The decision follows earlier warnings and months of talks, during which both countries tried to avoid the measure by […]

Effective as of March 31, 2023, the China Securities Regulatory Commission (CSRC) implemented the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the “Trial Measures”), a new set of regulations to establish a filing-based system for PRC domestic companies seeking to list securities overseas, including in the United States. As of […]

A review of M&A transactions over the past three months reveals a clear trend of deepening industry chain consolidation and an increasingly technology-oriented approach in China’s advanced manufacturing sector. These deals underscore buyers’ strategic motivations to adapt to evolving competitive dynamics, strengthen core competencies, and drive transformative growth. ​​I. Accelerated Consolidation in the EV and […]

Executive Insight While calls for decoupling have grown louder in recent years, the structural interdependence between China and the global economy remains undeniable. China continues to lead global trade in volume, sustain vast industrial capacity, and advance rapidly in innovation. For most international businesses, a full exit from China is neither practical nor desirable. The […]

Recent Chinese IPO Activity in the U.S. The trend of Chinese companies listing on major U.S. exchanges has been steadily increasing, reflecting a strong resurgence in investor appetite and market interest following the peak in 2021. After a slow start in 2022, the number of IPOs surged significantly in 2023, particularly in the first quarter, […]

Executive Insight China’s industrial ecosystem, once a symbol of limitless scale and speed, now faces one of its most entrenched structural challenges: overcapacity. Sectors like electric vehicles, solar energy, semiconductors, and new materials are grappling with excessive supply built for yesterday’s demand. As margins shrink and supply chains destabilize, global businesses must reassess their exposure […]