行业研究报告-PDF版

全球适应中心（GCA）：2020年第一季度互联网与数字媒体行业报告（英文版）（38页）.pdf

互联网和数字媒体是一个高度活跃的类别，在20年第一季度，并购交易额约为153亿美元，融资额约为117亿美元，在20年第一季度结束的17笔并购交易中，包括宾州/巴索尔（互联网内容）、纳杰菲公司/泰格纳（多元化营销）和福克斯/图比（OTT流媒体）；这些交易中，约18%是由私募股权公司通过杠杆收购完成的。从种子到杠杆收购的所有阶段共有656笔融资，较19年第1季度下降约8%。备受瞩目的互联网内容并购交易凸显了20年第1季度的活动，战略买家希望扩大其产品，保持竞争力，使自己从新兴竞争中脱颖而出，同时也希望增加重要的品牌和受众；纽康集团收购Meet Group（纳斯达克：Meet）和圣维森特集团收购Grindr在20年第一季度的交易价值约为11亿美元，说明了移动约会应用业务的进一步整合和活动涉及突出数字品牌的交易，包括Ringer、Barstool Sports和Athletic，突出了内容创作者和新数字平台的活跃性；这与我们多年来观察到的趋势在主题上是一致的；仅这三宗交易就代表了20年第一季度数字媒体交易总价值约12亿美元。从融资角度来看，20年第一季度，许多成熟的私募股权公司投资于广受欢迎的、不断增长的消费类公司，旨在加强其业务行业立足点从交易角度看，市场公司领先于上市公司，平均交易额为4.8倍EV/20E收入和17.1倍EV/20E息税折旧摊销前利润；由于COVID-19对公开市场的影响，数字媒体子行业公司的交易倍数下降。

2020-12-01 38页 5星级

全球适应中心（GCA）：地产科技市场2020年上半年报告（英文版）（45页）.pdf

COVID-19和相关的经济关闭对房地产和地产科技市场具有广泛的影响。市场环境给地产科技带来了机遇和错位，虽然一些公司和细分市场将受到负面影响，但许多公司将受益于危机带来的技术顺风：地产科技是一个巨大的市场根据终端市场重点、进入市场策略、分销渠道和收入模式的不同，以不同方式受到影响的次垂直市场的市场类别。次垂直事项：住宅RE、CRE办公室、CRE多户型、抵押贷款技术、酒店技术、建筑技术、设施管理、数据/分析业务等都有非常不同的终端市场动态，影响业绩。商业模式很重要：企业与B2C；经常性订阅收入与交易模式；固定资产成本与可变成本推动收入和单位经济的保持。规模问题：与点式解决方案相比，规模平台解决方案有助于增强抵御经济放缓的能力，并成为未来的领导者和整合者。尽管面临宏观不利因素，并购和成长型投资交易仍在进行中。尽管COVID-19和第二季度投资资本同比增长了97%，但2020年上半年地产科技h市场的融资活动仅同比下降了约6%这是由对类别领先企业Vacasa、AirBnb和Sonder的大量投资推动的。截至2020年6月，共有136宗交易在美国地产科技领域筹集了44亿美元的增长资本。截至2020年6月，共有36宗美国地产科技并购交易，包括两宗重要交易，First American收购DocuTech和CoStar收购RentPath。

2020-12-01 45页 5星级

Raconteur：2020药物行业的未来（英文版）（11页）.pdf

这一发现得到了第二次支持，阿斯利康宣布其疫苗在科研人员费德里卡卡布奇尼(Federica Cappuccini)和肖恩埃利亚斯(Sean Elias)之间获得了高分，而牛津大学参与这一联合发现的是资深.

2020-12-01 11页 5星级

全球适应中心（GCA）：2020年第二季度保险技术行业报告（英文版）（21页）.pdf

COVID-19和相关的经济关闭对保险业和保险技术市场产生了广泛的影响市场环境加速了保险业数字化的现有趋势：在线自主购买保险（如柠檬水）、增加使用数字分销渠道（如SelectQuote和GoHealth、保险技术新贵从经纪人/MGA模式更广泛地转变为获得许可的全套保险公司和具有约束力的保单（如Hippo、Pie保险、Next保险、Clearcover）。尽管存在宏观不利因素，并购和增长投资交易仍在进行中2020年第二季度的融资额（59）较2019年同期（72）有所下降，但总融资额同比小幅增长约5%。截至2020年6月，保险科技领域迄今为止共有140宗交易筹集了25亿美元的增长资本。第二季度的并购活动较为活跃在2020年第1季度之前，GCA在本季度宣布了21笔交易，它认为保险业在当前环境下仍具有广泛的弹性，行业的数字化转型只是由于COVID-19的出现而加快。

2020-12-01 21页 5星级

全球适应中心（GCA）：地产科技市场2020年终回顾报告（英文版）（65页）.pdf

尽管较2019年创纪录的融资水平有所下降，对美国地产科技市场的投资仍然非常活跃，在2020年，近300宗此类交易中筹集了约73亿美元的股权和债务，58宗交易的股权投资额超过2000万美元，28宗交易的股权投资额超过5000万美元；地产科技和投资者支持的所有子类别都出现了规模领先者品类领头羊。2020年对Vacasa、Sonder、Better、Hippo、Katerra、Procore和许多其他公司进行了1亿美元以上的投资。并购市场保持高度活跃，2020年约有100宗美国地产科技并购交易，大多数并购活动由战略买家推动，但私募股权活动不断增加。市场上的估值倍数继续保持强劲，尤其是软件业务，纳斯达克指数在2020年上涨了约44%（1）SPAC（特殊目的收购公司）的崛起，重点关注地产科技的Opendoor、Proch、Open Lending、，Vivint和United Wholesal Mortgage都宣布了与多家以地产科技为重点的SPAC的合并，这些SPAC都在寻找目标成功的和即将进行的IPO反映了公众市场对地产科技公司持续的巨大需求。GCA担任Lone Wolf Technologies的财务顾问，负责Stone Point Capital的战略投资。10月23日，Lone Wolf Technologies宣布，Stone Point Capital管理的基金将成为Lone Wolf的主要机构投资者。Lone Wolf Technologies是北美住宅房地产软件领域的领导者，该公司为代理商、经纪人、特许经营公司、MLS和协会提供建立业务所需的工具经营和提高利润。

2020-12-01 65页 5星级

Raconteur：2020保险行业的未来（英文版）（13页）.pdf

新的冠状病毒已经颠覆了包括保险业在内的日常生活的方方面面。由于假期被取消，公司被迫关闭，成千上万的客户要求投保。保险公司从未如此忙碌过。但是，除了财政保证之外，也出现了负面的头条新闻。最近，金融行为管.

2020-12-01 13页 5星级

全球适应中心（GCA）：2020年第二季度软件行业报告（英文版）（38页）.pdf

全球软件行业交易表现保持稳定，但COVID-19的影响缓和了并购活动。20年第二季度融资交易价值约160亿美元，并购交易价值约50亿美元。许多公司尚未公布第二季度财报，这是COVID-19的第一个完整季度，因此我们预计第三季度将出现一些调整。第二季度的重大并购活动包括基础设施领域的收购：Verizon以4亿美元收购BlueJeans，KeySight Technologies以3.3亿美元收购Eggplant，NetApp以3.25亿美元收购了Spot。Financial Software是20年第二季度最大的融资交易之一，其中Stripe的融资额为8.5亿美元，Paidy的融资额为2.51亿美元；基础设施行业的融资额也很高。软件行业在第二季度表现良好，IGV技术软件指数跑赢标普500指数23.6%截至2020年第2季度的LTM。技术应用软件公司2020E年收入和息税折旧摊销前利润分别为10.4倍和30.5倍，位列软件行业最高水平。尽管仍存在不确定性，但软件行业的总体增长前景依然健康，大多数行业都出现了显著增长。

2020-12-01 38页 5星级

Motion Picture Association：2020年戏剧和家庭移动娱乐市场环境的综合分析和调查（英文版）（63页）.pdf

过去的一年对全球经济，对我们日常生活的几乎每一个方面都是具有挑战性的：令人震惊的生命损失，一线工人的伤亡，毁灭性和广泛的工作和商业损失，以及许多行业几乎完全关闭。我们的员工也未能幸免：失业，制片被缩减或关闭，全球各地的电影院关门。尽管经历了巨大的挫折，我们的行业再次证明了它的适应性和创新性，因为它是有弹性的。我们与国内和世界各地的工会和政府合作，率先为我们的工人制定了有效的安全协议，以便我们能够安全、负责任和可持续地返回工作岗位。我们以超过其他行业的速度使我们的大部分劳动力恢复过来。也许最重要的是，在戏剧展览和我们整个行业受到惩罚的一年里，家庭娱乐和策划娱乐蓬勃发展。由于我们工作室集体图书馆的深度和质量，以及他们在2020年制作的充满活力的内容，世界各地的人们无论身在何处，无论选择何种设备，都能保持联系和娱乐。你可以通过电影协会2020年主题报告中的数字来了解这个故事。但好消息不仅仅局限于家庭、笔记本电脑和其他个人设备。正如最近的故事所显示的那样，观众们从未丧失过享受戏剧体验的欲望，自驾影院也获得了几十年来的最高回报。在这个艰难的时期，各地的观众重申了他们对伟大的复出故事的胃口，从洛奇到鲁迪，从肖申克的救赎到贫民窟的百万富翁。近几个月来，仅举我们会员工作室的几个例子，观众为电影和电视剧带来了大量观众，如Netflix的女王的游戏，讲述了一个天才孤儿战胜巨大的困难成为世界象棋冠军的故事;在沃尔特迪斯尼/皮克斯的灵魂中，一位中年音乐教师不畏艰险，梦想成为一名职业爵士乐音乐家，他发现了一个比在烟雾缭绕的酒吧里演奏更深刻的精神目标。当然，我们都希望现实生活能够重回正轨回归常态，回归我们已经错过了一年的生活、工作和人际关系，回归强劲的经济复苏。没有人确切知道什么时候会发生这种情况，但我们大多数人预计，情况不太可能很快恢复到“正常”状态。

2020-12-01 63页 5星级

全球适应中心（GCA）：2020年第二季度互联网与数字媒体行业报告（英文版）（34页）.pdf

互联网和数字媒体在公共和私人市场都继续是一个高度活跃的类别。该行业见证了华纳音乐集团（Warner Music Group，6月3日融资19亿美元）、Vroom（Vroom，6月9日融资4.65亿美元）和Agora（Agora，6月26日融资3.5亿美元）的成功IPO。在私人市场，2020年第二季度宣布或结束的并购总额为143亿美元，融资总额为142亿美元。与2019年同期相比，并购活动有所上升，本季度宣布了13宗交易。2020年第2季度的融资额较2019年第2季度下降8%，而总金额下降6%第2季度并购活动出现了数宗数十亿美元的交易，许多交易的成交金额在1亿至2.5亿美元之间；私人股本约占买家的31%。Zynga收购Peak和General Atlantic、华平和Ocean Link收购(纽交所：吴巴)2020年第二季度的交易价值约为105亿美元-其他值得注意的交易包括：亚马逊/Zoox（自动驾驶技术），Stagwell Group/MDC Partners（广告技术）和Forge Capital/SharesPost（移动电话）。在第二季度进行了几轮大型融资，在所有阶段共进行了721次融资。规模较大的融资包括：Airbnb（10亿美元）、Stripe（8.5亿美元）、DoorDash（4亿美元）和Robinhood（2.8亿美元）。

2020-12-01 34页 5星级

【公司研究】2020年共创草坪企业人造草坪全球市占率第一深度研究报告（24页）.pdf

公司首次覆盖报告公司首次覆盖报告 请务必参阅正文后面的信息披露和法律声明 2 / 27 目目 录录 1、 共创草坪：业绩稳定增长的全球人造草坪龙头 . 4 1.1、 发展历程：深耕人造草坪行业十余载，.

2020-11-23 24页 5星级

【研报】医药行业2021年度投资策略：聚焦三大属性制造[成本与创新]、市场[全球]、价格[议价能力]-20201115（39页）.pdf

制造属性：以成本优势为基础，创新追求迭代性（对应破坏式创新，如耗材的创新来自于临床术式的演进具备连续迭代性，创新药的创新来自科研进步，新机制具备颠覆性）。市场属性：面向全球市场，中国市场短期受制于医保.

2020-11-17 39页 5星级

【研报】医药行业：全球创新药物市场行业研究-200531（27页）.pdf

关于医药行业，全球创新药物市场行业研究分析。全球医药市场由化学药和生物药两大板块组成。2019年全球医药市场总量为13,245亿美元，预计到2024年将达到16,395亿美元，年复合增长率为4.4%。.

2020-11-13 27页 5星级

Natixis：2020全球机构投资者调查报告：机构投资者关注的十大市场趋势（英文版）（17页）.pdf

尽管2019年股市和债券大涨，但机构投资者担心的是，贸易谈判停滞不前、全球经济增长放缓和低收益率可能会损害2020年的投资组合表现。关键问题不在于哪种风险会造成损害，而在于何时发生。很少有.

2020-11-09 17页 5星级

2020全球海运市场展望 - DHL（英文版）（18页）.pdf

这是一个令人惊讶的转变，虽然有COVID-19疫情影响，但全球海运市场产能需求达到峰值。回顾过去，许多国家的封锁严重影响了消费、工业生产以及世界贸易。由于预期运量将出现停滞和下降，航空公司发布了利润预.

2020-11-06 18页 5星级

【公司研究】天合光能-全球光伏组件龙头210提升市场竞争力-20201103（37页）.pdf

1 1 上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 电气设备 2020 年 11 月 03 日 天合光能 (688599) 全球光伏组件龙头，210 提升市场竞争力 报.

2020-11-04 37页 5星级

2020年金融与市场全球洞察力报告 - 欧华律师事务所（英文版）（32页）.pdf

ISSUE 18/APRIL 2020 Finance and Markets Global Insight COVID-19 and European Collateralized Loan Obligations challengesandopportunities COVID-19 and primary markets considerations for issuers ofsecurities Bank of England Covid corporate financing facility COVID-19 and Fund Finance considerations forFundManagers COVID-19 and its impact on the financial services sector COVID-19 Liability management and key considerations for debt issuers 2 FINANCE AND MARKETS GLOBAL INSIGHT Contents Foreword 3 COVID-19 and European Collateralized Loan Obligations challenges andopportunities 4 COVID-19 and primary markets considerations for issuers ofsecurities 6 Bank of England Covid corporate financing facility 8 COVID-19 and Fund Finance considerations for Fund Managers 10 COVID-19 and its impact on the financial services sector 12 COVID-19 liability management and key considerations for debt issuers 14 The road ahead for digital finance 16 Tackling the NPL mountain 20 Investment fund liquidity plugging the leaks 22 France introduces an innovative legal framework for digital assets 24 The demise of LIBOR: Is it an issue for Islamic banking? 26 FCA feedback statement on climate change and green finance 28 3 WWW.DLAPIPER.COM Foreword Martin Bartlam Partner, International Head of Finance, Projects makealleffortstomeettheirregulatoryand other obligations in a timely manner, despite any operational obstacles they may be facing even thoughcertaindelayswithregardstofinancial reporting will be permitted; and seek advice and/or speak to their regulator where they deem they are unable to comply with their obligations. ESMA recommendations On 11 March, the European Securities and Markets Authority (ESMA) published its statement outlining how market participants should act in light of the coronavirus outbreak. Among other things, ESMA recommends that issuers should do the following: Market disclosure issuers should disclose as soon aspossibleanysignificantinformationconcerning COVID-19thatmayaffecttheirfundamentals, prospectsorfinancialsituation,inaccordancewith their transparency obligations under the Market Abuse Regulation (MAR). Financial reporting issuers should disclose in their2019year-endfinancialreportsorifthese havealreadybeenfinalisedintheirinterimfinancial reporting disclosures, actual and potential impacts of COVID-19ontheirbusiness,financialsituationand economic performance. However, ESMA recognises thatissuersmayfacedifficultiesinsubmitting theirfinancialreportsontime.Tothisend,inits subsequent statement of 27 March 2020, ESMA recommended that national competent authorities should not take supervisory action against issuers who are unable to meet the upcoming reporting deadlines under the Transparency Directive, for a periodoftwomonthsforannualfinancialreports andofonemonthforhalf-yearlyfinancialreports. However, ESMA expects issuers to inform their national competent authority and the markets of the delay, the reasons for such delay and the estimated publication date to the extent it is feasible. Inaddition,toassistfinancialreporting,ESMAhas issued guidance on the accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with the International Financial Reporting Standard 9 (IFRS 9). FCA guidance On 17 March, the UK Financial Conduct Authority (FCA) published the 27th edition of its Primary Market Bulletin, which includes a commentary for issuers of securities and coronavirus. The main points are the following: Ongoing disclosure under MAR The FCA expects issuerstomakeeveryefforttoremaincompliantwith their regulatory obligations under MAR and the FCA rules. Given the circumstances, however, it may be challenging for disclosure committees to convene and operate as usual. The FCA is conscious that, at least at the beginning, there may be slight delays as new processes are being implemented, but in general expects issuers to meet their obligation in a timely fashion. According to the FCA, issuers operational response to COVID-19 may itself meet the disclosure requirements under MAR. In brief. As the coronavirus COVID-19 outbreak develops intoafull-scalepandemic,financialmarkets participantsmayfinditchallengingtomeettheir regulatory and other obligations in a timely fashion. Inanefforttomitigatetheimpactofcoronaviruson theorderlyfunctioningofcapitalmarkets,financial services regulators in the UK and the EU have issued relevant guidance for issuers of securities. 1. Regulation (EU) 596/2014 2. Directive 2013/50/EU 7 WWW.DLAPIPER.COM Transaction notifications Persons discharging managerial responsibilities (PDMR) and closely associated persons are also expected to comply with theirnotificationrequirementsunderMARwithinthe required timeframes. Shareholder meetings Issuers must ensure that shareholders can exercise their rights, for instance in the Annual General Meeting, using virtual methods. Corporate transactions The FCA will continue to review documentation for corporate transactions in accordance with its established principles. If a transaction is urgent, issuers are advised to engage,inthefirstinstance,withtheirrelevant sponsorfirmoradviser. With regards to corporate reporting, the FCA will grant a temporary relief by giving listed companies an additionaltwomonthstopublishtheirauditedfinancial statements. This means that issuers may publish theirfinancialstatementswithinsixmonthsoftheir year-end, instead of four months, as required under the Transparency Directive. At the same time, the FCA strongly recommends that listed companies revise all elementsoftheirtimetablesforpublicationoffinancial information to ensure accurate and carefully prepared disclosures. However, this temporary relief does not affectissuersdisclosureobligations(andtimingfor these) under MAR. The Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have also issued useful guidanceforcompaniespreparingfinancial statements in the current circumstances. Authors Marina Troullinou Associate T 44 20 7153 7797 Ronan Mellon Partner T 44 20 7796 6770 8 FINANCE AND MARKETS GLOBAL INSIGHT Bank of England Covid corporate financing facility It is striking that large sub-investment grade businesses were not directly provided for in this package with no meaningful provision for businesses that would typically access the high yield or sub-investment grade capital markets, leaving them to rely on continued support from equity holders and commercial lenders. What is the Covid Corporate Financing Facility? Liquidity support for large investment grade businesses will be provided by the Covid Corporate Financing Facility Limited (CCFF) operated by the Bank of England (BOE) on behalf of HM Treasury. TheCCFFwillprovidefinancetobusinessesacrossa range of sectors by purchasing Commercial Paper with an initial term of up to 12 months. The CCFF scheme itself will operate for at least 12 months and “for as long asstepsareneededtorelievecashflowpressures”. The BOE will provide 6 months notice of the withdrawal of the CCFF. The Fund will purchase Commercial Paper in sterling duringadefinedperiodeachbusinessday.TheFund will purchase, at a spread based on pre-Covid spreads over the current sterling overnight index swap rate , newly issued Commercial Paper in the primary market and after issuance from eligible counterparties in the secondary market. Further details on the Bank of Englands Covid Corporate FinancingFundforinvestmentgradenon-financial issuers were announced on Monday 23 March. The banks that were approved to act as dealers are the following: Barclays, HSBC, Lloyds Banking Group, Natwest, Bank of America, Citi, Goldman Sachs, JP Morgan, Morgan Stanley and Standard Chartered. Contacts have been provided for all except, at the time of writing this, Standard Chartered and are available here. Who can apply? The funding will be available to: 1.non-financialcompanieswhomakeamaterial contribution to the UK economy; and 2.thathad,priortobeingaffectedbyCOVID-19,ashort orlongtermratingofinvestmentgrade,orfinancial health equivalent to an investment grade rating. It is therefore a requirement that companies accessing the CCFF make a material contribution to the UK economy. This test is explained as follows: “In practice, firms that meet this requirement would normally be: UK incorporated companies, including those with foreign-incorporated parents and with a genuine business in the UK; companies with significant employment in the UK; firms with their headquarters in the UK. We will also consider whether the company generates significant revenues in the UK, serves a large number of customers in the UK or has a number of operating sites in the UK.” Companies that do not currently issue Commercial Paper but are capable of doing so will in principle be eligible to utilise the facility provided that they meet the eligible securities criteria. Issuers must have a minimum short term credit rating of A-3/P-3/F-3/R3 or above or a long-term rating of BBB-/Baa3/BBB-/BBB low or above from at least one of Standard theCovidCorporateFinancingFacility for larger investment grade businesses; and the Coronavirus Business Interruption Loan Scheme for smaller businesses with turnover under GBP45 million per annum. It also included business rates relief for retail, hospitality and leisure businesses and grants for small business and businesses in the retail, hospitality and leisure sector. 9 WWW.DLAPIPER.COM of whether the BoE can assess that the issuer is of equivalentfinancialstrength.Thisratingorequivalent requirement means that access to the facility will not be available to sub-investment grade issuers and hence not available to leveraged loan and high yield issuers. Such companies must be “fundamentally strong” but be experiencing short-term funding pressures caused by the current economic conditions. As yet, there is no guidance on how this can be demonstrated as part of the application process. However, we would suggest that companies interested in the CCFF get a clear view (as far as possible) on liquidity requirements so that they are able to make an appropriate and measured request for funding. On the eligibility criteria for companies that do not have a credit rating, the guidance is to contact one of the major credit rating agencies to seek an assessment of credit quality in a form that can be shared with the Bank of England and HM Treasury, noting that the company is doing so to use the CCFF. Here they envisage, in addition to public credit ratings, accepting the following (for those approachingcreditratingagenciesforthefirsttime): from Moodys Investor Services: (Private) Indicative ratings at a recent point-in-time from Standard and to maintain the stock of sterling non- financialinvestment-gradecorporatebondpurchases at GBP10 billion and the stock of UK government bond purchases at GBP435 billion. Last, the Financial Conduct Authority announced on 17 March its plans to postpone certain regulatory activity, to extend the date for responses to its open consultation papers and calls for input until 1 October 2020, and to reschedule most other planned work. In particular, the FCA will relax its programme of routine business interactions, and it will be focusing on business- criticalrequestsbyfirms.TheFCAhaspublishedmore informationonitswebsiteonitsexpectationsoffirms during the coronavirus crisis, including how they should treat their customers. Authors Michael McKee Partner T 44 (0)20 7153 7468 M 44 (0)7968 559 208 Marina Troullinou Associate T 44 20 7153 7797 14 FINANCE AND MARKETS GLOBAL INSIGHT COVID-19 liability management and key considerations for debt issuers Liability management can be employed to manage or mitigate risks where, for example, covenants in existing bond conditions are or will come under stress or where the possibility of future breaches could lead to events of default under the terms of bonds which in turn could result in cross-defaults across an issuers debt structure. Various types of liability management techniques Liability management methods include tender offers,exchangeoffers,consentsolicitationsoropen market repurchases. Any of these methods or a combination of such methods could be employed for a successful liability management exercise, especially in a distressed debt environment. Liability Management Techniques Intermediated exchange offers Open market repurchasesExchange offers Tender offers Consent solicitations Tender offer: Anofferbyanissuertopurchaseits bondsbylaunchingapublicofferforthedebt. Exchange offer:Anofferbytheissuertotheholdersof outstanding bonds to exchange those bonds (in whole or in part) for an amount of newly-issued bonds. Consent solicitations, mandatory exchanges and exit consents: A proposal to the bondholders to consider an amendment to the terms of outstanding bonds. A consent solicitation may be carried out to avoid a potential breach of a particular covenant, to cure or waive breaches or events of default that In brief. The global markets are a facing a challenge unlike any they have faced in peacetime history. A vast cross section oftheeconomyisexpectedtofacefinancialdistressin the coming months given the upheaval caused by the widespread outbreak of COVID-19. Corporates and/or other issuers who had accessed the relatively robust fixedincomemarketswhichexistedupuntilthebeginning of the outbreak, may now want to assess their options especiallygiventhefinancialdistresswhichcertain sectors are facing or expected to face in the near to medium term. This may be an opportunity to reassess their capital structure and engage with creditors (including bondholders) early in order to avert or address impending or existing defaults or insolvency situations or, more proactively, seek to optimise their balance sheet position. 15 WWW.DLAPIPER.COM have already occurred, or to introduce new terms to thetermsandconditionsofbonds.Thetenderoffers andexchangeoffersmayalsobecombinedwitha bond holder meeting where such bond holders are invited to consider a resolution giving the issuer the right to call the bonds. This is often referred to as “exit consent”. An exit consent and/or a mandatory exchange are techniques for an issuer to consider where it is necessary for an entire class of bonds to be retired. Open market repurchases: An issuer may consider repurchasing a portion of its bonds by inviting and/oracceptingbidsoroffersfromparticipants in the secondary market. When undertaking a liability management exercise, thequestionthatwillcomeupfirstiswhatarethelaws and regulations which are relevant for this exercise. Some of these laws and regulations which would be relevant are: the rules and regulations of the relevant clearing system; the law governing th

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Blockchain Market - GloBal Forecast to 2023 1 INTRODUCTION 1.1 OBJECTIVES OF THE STUDY To define, describe, and forecast the blockchain market by provider, application, organization size, industry vertical, and region To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the blockchain market To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market To analyze market opportunities for stakeholders by identifying the high-growth segments of the blockchain market To forecast the market size of the segments with respect to 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America To profile the key players in the blockchain market and comprehensively analyze their market size and core competencies To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global blockchain market BY PROVIDER, APPLICATION (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), ORGANIZATION SIZE, INDUSTRY VERTICAL, AND REGION BLOCKCHAIN MARKET GLOBAL FORECAST TO 2023 TC 4638 INFORMATION white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. Secondary research was mainly used to obtain key information about the industrys supply chain, total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives, all of which were further validated by primary sources. 2.1.2 PRIMARY DATA In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply-side included various industry experts, including Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology, blockchain experts, and innovation directors, and related key executives from various key companies and organizations operating in the blockchain market. After completing the market engineering process (including calculations for market statistics, market breakups, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information, and verify and validate the critical numbers arrived at. The primary research was also conducted to identify the segmentation types, industry trends, competitive landscape of blockchain technology vendors, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key players strategies. In the complete market engineering process, top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform the market estimation and market forecasting for the overall markets segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report. Blockchain Market - GloBal Forecast to 2023 7 RESEARCH METHODOLOGY 2.1.2.1 BREAKUP OF PRIMARIES 45% 35% 20% BY COMPANY TYPE Tier 1Tier 2Tier 3 35% 25% 40% BY DESIGNATION D-LevelC-LevelOthers* 45% 20% 30% 5% BY REGION North AmericaEuropeAPACRoW Note: Tier 1 companies annual revenues are more than USD 10 billion; tier 2 companies revenues range in between USD 1 and 10 billion of the overall revenues; and tier 3 companies revenues range in between USD 1 billion and 500 million of the overall revenues *Others include sales managers, marketing managers, and product managers 2.1.2.2 KEY INDUSTRY INSIGHTS “ The growing trend of blockchain-based smartphones in the telecom industry is one of the major driving factors for the blockchain market. -VP Marketing, Leading Blockchain Technology Firm APAC is expected to gain maximum traction in the coming years in the blockchain market, owing to the increase in the number of blockchain startups. -CMO, Leading Blockchain Technology Vendor Increased adoption of blockchain solutions for cross-border money transfer, supply chain management, crowd funding, eCommerce, crypto asset exchange, and gaming applications are expected to provide growth opportunities for the blockchain technology vendors. -Founding Director, Leading Blockchain Application Provider Company North America, followed by Europe, is estimated to account for the lion share of the global blockchain market in 2018. -VP, Leading Blockchain Technology Company “ Source: Industry Experts Blockchain Market - GloBal Forecast to 2023 8 RESEARCH METHODOLOGY FIGURe 2 MaRKeT bReaKUP aND DaTa TRIaNGUlaTION Enterprise Ethereum Alliance (EEA) R3CEV Consortium Hyperledger Foundation Wall Street Blockchain Alliance (WSBA) CU Ledger Chamber of Digital Commerce Global Blockchain Business Council Blockchain Collaborative Consortium Annual Reports White Papers Presentations Websites and Press Releases of Top Players News Articles, Journals, and Paid Databases INTERVIEWS WITH: DEMAND SIDE INTERVIEWS WITH: SUPPLY SIDE INFORMATION SOURCED Drivers/RestraintsGeographic AnalysisForecasting *MnM KNOW stands for MarketsandMarkets “Knowledge Asset Management” framework. In this context, it stands for the existing market research knowledge repository of over 5,000 granular markets, our flagship competitive intelligence and market research platform “Knowledge Store, subject matter experts, and independent consultants. MnM KNOW acts as an independent source that helps us validate information gathered from the primary and secondary sources. MnM KNOW* PRIMARY SOURCE SECONDARY SOURCE DATA TRIANGULATION SECONDARY SOURCESPRIMARY SOURCES Chief Technical Officers Chief Information Officers Blockchain Technologists Purchase Managers CEOs VPs Marketing Directors Technology and Innovation Directors, and Related Key Executives from Various Key Organizations Operating in the Blockchain Market Key PlayersCompetitive Landscape Opportunities/ Challenges Market Size (2018) Source: MarketsandMarkets Analysis Blockchain Market - GloBal Forecast to 2023 9 RESEARCH METHODOLOGY 2.2 MARKET SIZE ESTIMATION Top-down and bottom-up approaches were used to estimate and validate the size of the global blockchain market and other dependent subsegments in the overall blockchain market. The research methodology used to estimate the market size included the following details: key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, and extensive interviews for key insights from industry leaders, such as CEOs, VPs, directors, blockchain experts, and marketing executives. All percentage splits and breakups were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets. 2.2.1 BOTTOM-UP APPROACH FIGURe 3 blOCKCHaIN MaRKeT: bOTTOM-UP aPPROaCH Total Market Size (USD Billion) Percentage contribution of each individual segment to the overall market size Market size, by type, application, form, end use Market size for each region/country under each segment BOTTOM-UP APPROACH BASED ON INDUSTRY VERTICALS Total Market Size (USD Million) Arrive at the Overall Market Size Geographic Split Market by Provider, Application, Organization Size, Industry Vertical, and Region Percentage Split of the Market Segments Source: MarketsandMarkets Analysis Blockchain Market - GloBal Forecast to 2023 10 RESEARCH METHODOLOGY 2.2.2 TOP-DOWN APPROACH FIGURe 4 blOCKCHaIN MaRKeT: TOP-DOWN aPPROaCH Total Market Size (USD Million) Percentage Contribution of Each Individual Segment to the Overall Market Size Market Size by Provider, Application, Organization Size, Industry Vertical, and Region Market Size for Each Region/Country under Each Segment TOP-DOWN APPROACH BASED ON APPLICATIONS Source: MarketsandMarkets Analysis The bottom-up procedure was employed to arrive at the overall market size of the blockchain market. The overall market size was used in the top-down procedure to estimate the size of the individual markets via percentage splits. The individual markets included the key market subsegments, such as providers, applications, organization size, industry verticals, and regions. For calculating the market size of each market segment, the most appropriate immediate parent market size was used for implementing the top-down procedure. The bottom-up procedure was also implemented for the data extracted from the secondary research to validate the market segment revenues obtained. With the data triangulation procedure and validation of data through primaries, the exact values of the overall parent market size and each individual market size were determined and confirmed using this study. Blockchain Market - GloBal Forecast to 2023 11 RESEARCH METHODOLOGY 2.3 ASSUMPTIONS FOR THE STUDY The following assumptions were taken into consideration for the blockchain market report: PARAMETERDESCRIPTION Market size estimates are expected to be conservative/realistic as opposed to optimistic/aggressive. BLOCKCHAIN MARKET SIZE Dollar fluctuations are not expected to be serious enough to affect the forecasts to a significant extent. Fall in the value of dollar is expected to enhance the revenue growth opportunities for the US multinationals, whereas stability in the value of dollar is expected to stabilize the price of imports and exports. EXCHANGE RATE The global economy is assumed to be stable, exhibiting strong positive growth. This growth would pertain among economies of countries. GLOBAL ECONOMIC CONDITION All the revenue data and financial insights (related developments) are extracted from company websites or annual reports, and the financials considered for the market estimation are calculated as per the financial year, which are true to the best of MarketsandMarkets knowledge. FINANCIAL STATISTICS Source: MarketsandMarkets Analysis 2.3.1 RESEARCH LIMITATIONS The scope of this research study does not include the revenue from the hardware required for installing blockchain solutions. The report only covers the scope of blockchain technology and not any cryptocurrency, such as Bitcoin or Ether. The study does not include the revenue generated from the services segment. Blockchain Market - GloBal Forecast to 2023 12 TABLE OF CONTENTS 1 INTRODUCTION .19 1.1 OBJECTIVES OF THE STUDY .19 1.2 MARKET DEFINITION .20 1.3 MARKET SEGMENTATION .20 1.4 REGIONS COVERED .21 1.5 YEARS CONSIDERED FOR THE STUDY .21 1.6 CURRENCY .21 1.7 STAKEHOLDERS .22 2 RESEARCH METHODOLOGY.23 2.1 RESEARCH DATA .23 2.1.1 SECONDARY DATA .24 2.1.2 PRIMARY DATA .25 2.1.2.1 BREAKUP OF PRIMARIES .25 2.1.2.2 KEY INDUSTRY INSIGHTS .26 2.2 MARKET SIZE ESTIMATION .27 2.2.1 BOTTOM-UP APPROACH .28 2.2.2 TOP-DOWN APPROACH .28 2.3 ASSUMPTIONS FOR THE STUDY .29 2.3.1 RESEARCH LIMITATIONS .30 3 EXECUTIVE SUMMARY .31 4 PREMIUM INSIGHTS .35 4.1 ATTRACTIVE MARKET OPPORTUNITIES IN THE BLOCKCHAIN MARKET .35 4.2 B

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