When I worked in Japan, we funded a lot of the M&A deals with EuroDebt with Equity warrants. It was free money, as long as the Japanese market kept spiraling up. When the market collapsed, the money dried up. Look for a similar arbitrage out of China, driven by 1) tax subsidies in support of Chinese companies making acquisitions offshore, and 2) Chinese companies in highly regulated industries buying foreign operations in order to increase their agility.