Acquisitions in Hong Kong

Smart Kreate Group Limited (SKG) announced its establishment following a combination of Smart Minds Holdings Limited, Times Express Limited (TEX), and H2N Limited through transactions completed in August 2025. SKG, backed by Oceanus Family Office and Caelus Global Strategy Fund SPC, aims to scale its AI-powered cloud logistics and SaaS solutions globally and has stated an intention to pursue a Nasdaq listing.

Diginex, a London-headquartered sustainability RegTech provider, completed its acquisition of The Remedy Project Limited, a Hong Kong-based advisory and research organization focused on labor and human rights in global supply chains. The consideration includes 1 million Diginex ordinary shares issued to The Remedy Project’s sole shareholder, with up to an additional 1 million shares issuable based on operating and earnout targets over the next three years. The deal expands Diginex’s human-rights due diligence, grievance, and remediation capabilities alongside its supply chain and ESG technology platforms.

Rich Sparkle Holdings (ANPA.US) announced it has completed the acquisition of Step Distinctive Limited, described as a core company associated with TikTok creator Khaby Lame. As part of the broader strategic cooperation, Khaby Lame is expected to become a controlling shareholder, and commercialization efforts will be supported via a 36-month exclusive global full-chain operations arrangement involving Anhui Xiaoheiyang Network Technology Co., Ltd.

Worldly, a sustainability data and analytics platform for the consumer goods industry, has acquired GoBlu International Ltd., creator of the BHive chemical inventory management and compliance platform. The deal brings GoBlu’s technology and team into Worldly, with GoBlu operating as a business unit, to unify chemical compliance data with broader verified environmental performance data across global supply chains.

Cango Inc. completed the sale of all of its PRC-based operations to Ursalpha Digital Limited for approximately US$351.94 million in cash as part of its strategic shift toward global Bitcoin mining. Separately, Cango also agreed to issue shares to a seller group led by Golden TechGen Limited to acquire an additional 18 EH/s of crypto mining capacity, and its co-founders agreed to sell Class B shares to Enduring Wealth Capital Limited.

Trimco Group acquired Nexgen Packaging, a provider of apparel brand identification and packaging solutions serving specialty retail, apparel, and footwear brands globally. The deal marks Trimco’s third acquisition since Brookfield took over Trimco in 2022 and is intended to expand Trimco’s North American presence and integrate global sales/manufacturing networks, including extending Trimco’s ProductDNA ESG and label compliance data management platform to more U.S. brands.

SP Manufacturing (SPM), an electronics manufacturing services (EMS) provider headquartered in Singapore, acquired the Asian operations of Ideal Jacobs (Ideal Jacobs Corporation), a Hong Kong-based provider of printed electronics and human-machine interface (HMI) solutions. The acquisition expands SPM’s capabilities in HMI, printed electronics, and die-cut solutions, strengthening engineering capacity and broadening access to medical, industrial, semiconductor, and telecommunications customers, with added operational scale in Asia including a strategic facility in Penang, Malaysia.

RS Company Ltd., an affiliate of Oasis Management Company Ltd., transferred all shares of Rays Company (Hong Kong) Limited to Hulic Co., Ltd. Rays held 63.88% of the shares of Raysum Co., Ltd., and RS also transferred related loan receivables and dividend payment claims against Rays to Hulic for cash consideration.

Weave Living secured a further equity investment from existing shareholder Warburg Pincus, alongside participation from founder Sachin Doshi. The new capital will support Weave’s expansion across Asia-Pacific rental housing markets and the growth of its institutional rental-housing asset management business.

TradeBeyond acquired Pivot88, a SaaS provider of quality, compliance, and traceability solutions for global brands and retailers. The deal expands TradeBeyond’s extended supply chain management platform by adding Pivot88’s AI-powered capabilities to improve product visibility, risk mitigation, and supply chain transparency.

Bain Capital Private Equity completed a significant equity investment in EcoCeres, Inc., an Asia-based advanced biorefinery platform converting waste-based biomass into biofuels, biochemicals, and biomaterials. EcoCeres, which was previously backed by a Series A investment from Kerogen Capital and incubated by Hong Kong & China Gas Limited (Towngas), plans to use Bain Capital’s support to scale internationally and advance renewable energy technologies.

Global Infrastructure Solutions Inc. (GISI) signed agreements to acquire Arcadis N.V.’s Hong Kong design & engineering business and its Singapore consulting affiliate, in two all-cash transactions aimed at expanding GISI’s infrastructure and buildings capabilities in Asia. The Hong Kong acquisition closed at signing, while the Singapore transaction was described as imminent/expected to close shortly thereafter and both businesses are being rebranded under “Asia Infrastructure Solutions.”

EQT AB (publ) agreed to acquire and combine with Baring Private Equity Asia (BPEA), a leading Pan-Asian private markets investment firm, to create a scaled active ownership platform in Asia under the rebrand BPEA EQT. The transaction value was announced at EUR 6.8 billion, primarily paid via 191.2 million new EQT ordinary shares plus cash consideration (reported as EUR 1.5 billion at signing and EUR 1.6 billion at completion). The deal was announced on 16 March 2022 and completed on 18 October 2022, with EQT acquiring 100% of BPEA’s management company and certain GP/carried interest rights.

Galton Voysey, a global eCommerce company, has acquired Under Lucky Stars, a direct-to-consumer brand that sells personalized star maps commemorating special events. Under Lucky Stars will join Galton Voysey’s portfolio of DTC brands as the buyer applies its operating learnings to scale the business.

Vantage Data Centers, backed by lead investor DigitalBridge, completed the acquisition of PCCW Ltd.'s data center business (PCCW DC) as part of its strategic expansion into the Asia-Pacific region. The deal adds approximately 100MW of existing and expansion data center capacity across multiple facilities in Hong Kong and Kuala Lumpur, supporting Vantage’s broader APAC buildout alongside its previously announced acquisition of Agile Data Centers.

Funds affiliated with Baring Private Equity Asia (BPEA) agreed to acquire Tricor Group from Permira. The deal is expected to close in the first half of 2022 subject to regulatory approvals and values Tricor at an enterprise value of $2.76 billion.