路孚特：2020年度中國投資銀行報告（20頁）.pdf

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1、1 China Investment Banking Review Full Year 2020 中國投資銀行業報告 2020年度 Refinitiv Deals Intelligence 路孚特交易商情 2 報告 概覽 投資銀行費用 中國投行業務費用在2020年達201億美元，相比去年全年增長了36.1%，這是自2000年有記錄以來年度最高值。債券市場承銷費占全部投資銀行費用的53.2%，達107 億美元，以17.3%的漲幅打破去年同期創造的記錄。股權資本市場承銷費也再創新高，實現今年最大增長，承銷費較去年同期增長102.4%，總額達71億美元。 已完 成的并購交易咨詢費較去年同期增長23.

2、0%，達12億美元。銀團貸款費用總額為11億美元，比去年同期下降6.9%。中信以15億美元的預估費用位居中國投行費用榜 首，占費用總額的7.4%。 兼并與收購 在中國境內并購交易活動的推動下，涉及中國的并購交易在2020年達到近三年高位，交易總額達5,813億美元，同比增長30.1%。因為受監管、地緣政治緊張局勢、 保護主義情緒和到最近的全球冠狀病毒大流行的影響，已公布交易的數量同比減少1.1%。2020年第四季度交易總額達1,676億美元，較上一季度減少26.4%，但相比 2019年第四季度增長17.3%。 中國海外并購自2016年歷史新高以后第四年連續下滑，交易金額總計371億美元，同比減

3、少15.1%，為2007年301億美元以來的最低水平。中國在全球跨境活動最活 躍的收購國中排名下滑至第八位。中國今年在“一帶一路”沿線國家的并購交易共計113筆，價值83億美元，同比減少33.7%，占中國海外并購總額的22.3%。外國公司 收購中國企業達448億美元，比2019年增長4.3%。然而，交易數量比一年前下降了12.0%，達十多年來最低水平。境內并購活動達到近五年高點，總計4,785億美元， 同比增長38.8%，交易數量增長2.9%。 涉及中國的并購交易活動主要集中在能源與電力行業，占市場份額的20.8%，總額為1,206億美元，同比增長182.0%。國家石油天然氣管網集團有限公司（

4、國家管 網）同意以491億美元現金收購中國石油天然氣股份有限公司的管道資產。該交易目前是亞太地區有史以來規模最大的一筆交易，超過了此前的紀錄保持者長江 實業在2015年以454億美元收購和記黃埔交易。它還超過了中國歷史上最大的并購交易2016年440億美元的中國化工收購先正達交易。同時，隨著中國整合油氣 管道，國家管網還從中石化收購了管道資產，共計4筆交易，總額達256億美元。這使得國家管網收購中石油和中石化的油氣管道資產合計達到 748 億美元。在2020 年12月，國家管網還同意從昆侖能源有限公司收購中石油大連液化天然氣有限公司75%的股權和中石油北京天然氣管道有限公司60%的股權，總金額

5、為62億美元。高 科技行業以16.8%的市場份額位居第二，總額達974億美元，同比增長83.8%。 中國國際金融股份有限公司在2020年已公布并購交易榜單中排名第一，市場份額為26.5%，相關交易金額達1,539億美元。 3 報告 概覽 股權資本市場 中國股權及股權掛鉤交易總額創下歷史新高，2020年融資達2,816億美元，同比增長90.4%。發行數量為最活躍的一年，同比增長73.0%。首次公開發行（IPO）總額創歷史新高， 達1,254億美元，同比增長86.1%。IPO數量創下歷史新高，同比增長66.3%。 A股IPO在2020年達到近十年高點，總募集金額達593億美元，同比增長78.7%，

6、A股新股上市數量增長96.0%。除二次上市發行，京滬高速鐵路今年1月通過IPO融資44億美元，成為 今年迄今為止全球規模最大的IPO。上海證券交易所2019年7月推出的科創板，占A股IPO募集金額的44.2%，總額達262億美元，同比增長140.8%。 中國在香港（主板和創業板）的IPO較去年增長了69.9%，達到499億美元， IPO數量增長了17.4%。在2020年6月， 京東和網易在香港首次上市，融資總額達70億美元，突顯出美 國上市的中國企業尋求二次上市的趨勢。備受期待的螞蟻集團IPO就在其計劃在上海和香港兩地上市前幾天因監管問題而暫停。中國企業在美國發行的IPO共籌集了117億美元，

7、同 比增長241.6%，是自2014年290億美元以來的最高水平。 增發發行總額達1,058億美元，同比增長238.7%，超過2016年952億美元創下的紀錄。中國可轉換債券（及股權票掛鉤發行）總計505億美元，比去年創紀錄高點增長2.4%。 高科技行業以15.9%的市場份額領先其他行業，總募集金額達447億美元，是2019年的兩倍多。中芯國際集成電路制造有限公司在2020年7月通過IPO融資75億美元，成為2020年中 國發行最大的IPO。工業占15.3%的市場份額，籌集431億美元，同比增長201.4%。醫療保健業和金融業的市場份額分別為13.2%和11.7%。 中信在中國股權和股權掛鉤承

8、銷業務中居于2020年榜單首位，以273億美元的發行金額獲得9.7%的市場份額。中國國際金融股份有限公司以8.0%的市場份額緊隨其后，發行金額為 224億美元，摩根士丹利華鑫證券以7.3%的市場份額位至第三。 債券資本市場 中資發行人在一級市場的發行仍然強勁且繼續打破記錄，2020年度籌集了2.3萬億美元，與去年同期相比增長了24.7%，債券發行數量使得2020年成為歷史迄今最繁忙年度。政府和 相關機構發行以1.0萬億美元占中國債券發行額的44.2%，較去年同期增長34.1%，成為有記錄以來最繁忙發行年度。金融債券發行占據了32.4%的市場份額，總計7,528億美元，較 2019年同期增長23

9、.3%，這得益于三筆大規模發行：中國農業銀行價值120億美元的在岸永久債券、中國郵政儲蓄銀行價值114億美元的永久債券以及中國銀行價值111億美元的二級 債券。中國的銀行出于資金補充的需求，共籌集3,659億美元，較去年同期上漲29.2%。 中國銀行目前以1,657億美元相關發行總額或7.1%的市場份額領跑中國債券承銷榜單，中國工商銀行以6.6%的市場份額（1,543億美元發行額）位居第二，中信則以6.6%的市場份額 （1,532億美元）躋身前三。 4 REPORT SUMMARY Investment Banking Fees China investment banking activit

10、y generated US$20.1 billion in fees during 2020 and a 36.1% increase year-on-year, making it the highest-ever annual period since records began in 2000. DCM underwriting fees, which captured 53.2% of the total investment banking fees, reached US$10.7 billion and surpassed last years record high by 1

11、7.3%. ECM underwriting fees also hit an all-time high with the biggest growth this year, up 102.4% from last year and totaled US$7.1 billion. Advisory fees from completed M&A deals saw a 23.0% increase from a year ago and totaled US$1.2 billion. Syndicated lending fees amounted to US$1.1 billion, a

12、6.9% decline from 2019. CITIC topped Chinas investment banking fee league table with a total of US$1.5 billion in estimated fees or 7.4% share of the total fee pool. Mergers & Acquisitions Mergers & acquisitions (M&A) involving China hit a three-year high and totaled US$581.3 billion in 2020, a 30.1

13、% increase from a year ago, driven by domestic consolidations. Number of announced deals fell 1.1% year-on-year as headwinds continued to deter deal making activity - from regulatory hurdles, geopolitical tensions, protectionist sentiments to the recent global coronavirus pandemic. Fourth quarter ac

14、tivity totaled US$167.6 billion, down 26.4% from a strong third quarter in 2020, but a 17.3% increase from fourth quarter of 2019. Chinese outbound acquisitions saw its fourth annual decline since the record high in 2016 and totaled US$37.1 billion, down 15.1% compared to a year ago, making it the l

15、owest annual period since 2007 (US$30.1 billion). China slipped down the ranking to eighth place as most active acquiror nation for global cross-border activity this year, after being one of the largest acquirers of overseas assets during its peak in 2016. Chinese acquisitions along Belt & Road nati

16、ons saw 113 deals worth US$8.3 billion this year, down 33.7% from a year ago, and accounted for 22.3% of the total Chinese outbound acquisitions. Foreign firms acquiring Chinese companies amounted to US$44.8 billion this year, a 4.3% increase from 2019. However, the number of inbound deals fell 12.0

17、% from a year ago and saw its slowest period in more than a decade. Domestic activity reached a five- year high and totaled US$478.5 billion, a 38.8% increase from last year, as deal count grew 2.9%. Deal making activity involving China targeted the Energy & Power sector which captured 20.8% market

18、share and totaled US$120.6 billion, up 182.0% from last year. Chinese state-owned China Oil & Gas Pipeline Network Corp (PipeChina) acquired the pipeline assets of PetroChina Co Ltd for an estimated US$49.1 billion. The deal is currently the largest on record involving Asia Pacific, surpassing the p

19、revious record holder - Cheung Kongs US$45.4 billion acquisition of Hutchison Whampoa in 2015. It also topped Chinas biggest M&A deal in history - the US$44.0 billion ChemChina- Syngenta transaction in 2016. Concurrently, as China consolidates its oil and gas pipeline, PipeChina also acquired pipeli

20、ne assets from Sinopec with a total of 4 deals worth US$25.6 billion. This brings PipeChinas acquisition of PetroChina and Sinopecs oil & gas pipeline assets to an aggregate total of US$74.8 billion. In December, PipeChina also agreed to acquire a 75% interest in PetroChina Dalian LNG Co Ltd and 60%

21、 interest in PetroChina Beijing Natural Gas Pipeline Co Ltd from Kunlun Energy Co Ltd, for a combined value of US$6.2 billion. High Technology followed in second place with 16.8% market share worth US$97.4 billion, an 83.8% increase from a year ago. China International Capital Co (CICC) leads the an

22、y China involvement announced M&A league table in 2020, with 26.5% market share and US$153.9 billion in related deal value. 5 REPORT SUMMARY Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds witnessed record issuances, raising US$281.6 billion in 2020, up 90.4% from last year. N

23、umber of equity issuances also saw the busiest annual period and grew 73.0% year-on-year. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies hit an all-time high and reached US$125.4 billion, up 86.1% from a year ago. Number of IPOs hit record le

24、vels and jumped 66.3% from a year ago. A-Share IPO and secondary listings reached a decade high in 2020 with US$59.3 billion in proceeds, up 78.7% from a year ago, as number of A-Share new listings grew 96.0%. Excluding secondary listings, Beijing-Shanghai High Speed Railway raised US$4.4 billion vi

25、a IPO in January, making it the biggest IPO globally so far this year. Shanghai Stock Exchanges STAR Market, launched in July 2019, accounted for 44.2% of the A-Share IPO proceeds and totaled US$26.2 billion, up 140.8% year-on-year. Chinese IPOs and secondary listings in Hong Kong (Mainboard and GEM

26、) grew 69.9% from last year to US$49.9 billion, with a 17.4% growth in number of IPOs. In June, JD.com and NetEase debuted their secondary listings in Hong Kong, raising a total of US$7.0 billion, underlining a trend of US-listed Chinese companies pursuing secondary listings closer to home. Highly a

27、nticipated Ant Groups blockbuster IPO was suspended due to regulatory concerns, days before its planned dual listing in Shanghai and Hong Kong. Chinese IPOs in the United States raised US$11.7 billion, a 241.6% increase from a year ago, and the highest annual total since 2014 (US$29.0 billion). Foll

28、ow-on offerings totaled US$105.8 billion, up 238.7% year-on-year, surpassing the record set in 2016 (US$95.2 billion). Chinese convertibles, or equity-linked issuance, totaled US$50.5 billion, a 2.4% growth after last years record high, as number of convertible offerings saw the busiest period this

29、year. Equity offerings across major sectors saw year-on-year growth with High Technology taking the lead with 15.9% market share worth US$44.7 billion, more than double the proceeds seen in 2019. Semiconductor Manufacturing International Corps (SMIC) US$7.5 billion secondary listing in Shanghais STA

30、R Market is the largest Chinese equity offering so far this year. Industrials captured 15.3% market share and raised US$43.1 billion, up 201.4% from a year ago. Healthcare and Financials represented 13.2% and 11.7% market share, respectively. CITIC currently leads the rankings this year for China EC

31、M underwriting, capturing 9.7% market share with US$27.3 billion in related proceeds. China International Capital Co (CICC) followed in second place with 8.0% market share worth US$22.4 billion in proceeds while Morgan Stanley took third place with 7.3% market share. Debt Capital Markets Primary bon

32、d offerings from China-domiciled issuers remained strong and continued to break records, raising US$2.3 trillion in 2020, a 24.7% increase from last year, as number of bond offerings saw its busiest-ever annual period in 2020. Government & Agencies accounted for 44.2% of Chinas bond proceeds worth U

33、S$1.0 trillion, up 34.1% from a year ago, making it the best-ever annual period on record. Financials captured 32.4% market share and raised US$752.8 billion, up 23.3% year-on-year. This was driven by three jumbo issuances: Agricultural Bank of Chinas onshore perpetual bond issuance worth US$12.0 bi

34、llion, Postal Savings Banks US$11.4 billion perpetual bond and Bank of Chinas US$11.1 billion Tier 2 bonds. Chinese banks raised US$365.9 billion, up 29.2% from a year ago as they replenished capital requirements. Bank of China currently leads China bonds underwriting with US$165.7 billion in relate

35、d proceeds or 7.1% market share. Industrial & Commercial Bank of China (ICBC) follows in second place with 6.6% market share or US$154.3 billion in proceeds. CITIC rounded out the top three with 6.6% market share worth US$153.2 billion. 6 季度摘要 中國投資銀行業務 摘要 債券資本發行金額 增漲 25% 股票資本發行金額 增漲 90% 中國標的并購 增漲 35

36、% 中國參與并購 增漲 30% 貸款費用 下降 -7% 債券資本市場費用 增漲 17% 股權資本市場費用 增漲 102% 并購費用 增漲 23% 點擊箭頭圖標查看詳細分析 股票行業 第一名 高科技 債券行業 第一名 政府和機構 并購標的行業 第一名 能源和電力 債券資本發行承銷商 今年迄今第一名 中國銀行 股權資本發行承銷商 今年迄今第一名 中信 中金公司 并購財務顧問 今年迄今第一名 7 QUARTERLY HIGHLIGHTS CHINA INVESTMENT BANKING ACTIVITY HIGHLIGHTS DCM PROCEEDS UP 25% ECM PROCEEDS UP 9

37、0% TARGET M&A UP 35% ANY INV. M&A UP 30% LOAN FEES DOWN -7% DCM FEES UP 17% ECM FEES UP 102% M&A FEES UP 23% Click on any of the above arrows to go straight to the analysis. Government and Agencies DCM TOP ISSUING INDUSTRY Energy and Power M&A TOP TARGETED INDUSTRY Bank of China Ltd DCM TOP BOOK RUN

38、NER YTD CITIC ECM TOP BOOK RUNNER YTD M&A TOP FINANCIAL ADVISOR YTD China International Capital Co High Technology ECM TOP ISSUING INDUSTRY 8 27% 24% 10% 6% 11% 22% 23% 23% 11% 9% 8% 26% FinancialsGovernment and Agencies IndustrialsHigh Technology Real EstateOther CHINA INVESTMENT BANKING FEES INVES

39、TMENT BANKING FEES VOLUMES INVESTMENT BANKING FEES BY ASSET CLASS TOP FEE PAYING INDUSTRIES (by Market Share) BACK TO HIGHLIGHTS PAGE 0 5,000 10,000 15,000 20,000 25,000 11121314151617181920 US$ Million Annual Fees 0 5,000 10,000 15,000 20,000 25,000 11121314151617181920 US$ Million BONDSEQUITYLOANS

40、MA Outer Rim: YTD Inner Rim: YTDLY 9 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 100 200 300 400 500 600 700 11121314151617181920 US$ Billion YTD Volumes#Deals CHINA MERGERS & ACQUISITIONS BACK TO HIGHLIGHTS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TARGET M&A VOLUMES & NUMBER OF DEALS TO

41、P TARGETED INDUSTRIES (Any Involvement) - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 100 200 300 400 500 600 700 800 900 11121314151617181920 US$ Billion YTD Volumes#Deals 10% 12% 18% 19% 11% 30% 21% 17% 15% 10% 8% 29% Energy and PowerHigh TechnologyIndustrials FinancialsReal EstateOther Oute

42、r Rim: YTD Inner Rim: YTDLY 10 CHINA MERGERS & ACQUISITIONS BACK TO HIGHLIGHTS PAGE INBOUND M&ADOMESTIC M&AOUTBOUND M&A INBOUND M&A VOLUMES TOP ACQUIRING NATIONS / REGIONS OUTBOUND M&A VOLUMES TOP TARGETED NATIONS / REGIONS - 100 200 300 400 500 600 700 800 900 0 10 20 30 40 50 60 70 111213141516171

43、81920 US$ Billion YTD Volumes#Deals - 200 400 600 800 1,000 0 50 100 150 200 250 11121314151617181920 US$ Billion YTD Volumes#Deals - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 100 200 300 400 500 600 700 11121314151617181920 US$ Billion YTD Volumes#Deals 21.5 6.2 5.8 2.3 2.3 21.9 6.5 7.3 0.3 0.2 0

44、510152025 Hong Kong United States Singapore South Korea Germany US$ Billion 15.2 8.2 3.0 1.9 1.3 13.2 1.9 2.4 0.5 2.6 05101520 Hong Kong United States Chile Australia Singapore US$ Billion Inbound M&A up 4.3% from YTD last year, amounting to US$44.8 billion so far this year. Domestic M&A up 38.8% fr

45、om YTD last year, reaching US$478.5 billion so far this year. Outbound M&A is down 15.1% from YTD last year, totaling US$37.1 billion so far this year. 10% 20% 12% 21% 11% 26% 24% 17% 16% 10% 8% 25% Energy and PowerIndustrialsHigh Technology FinancialsMaterialsOther Outer Rim: YTD Inner Rim: YTDLY D

46、OMESTIC M&A VOLUMES TOP TARGETED SECTORS 11 CHINA BELT & ROAD ACQUISITIONS BACK TO HIGHLIGHTS PAGE CHINA OUTBOUND ACQUISITIONS CHINESE ACQUISITIONS ALONG BELT & ROAD NATIONS* TOP TARGETED INDUSTRIES Outer Rim: YTD Inner Rim: YTDLY - 50 100 150 200 250 0 5,000 10,000 15,000 20,000 25,000 30,000 35,00

47、0 40,000 1314151617181920 US$ Million YTD Volumes#Deals 36.8% 37.3% 19.9% 7.9% 29.3% 20.5% 28.5% 22.3% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 50,000 100,000 150,000 200,000 250,000 1314151617181920 US$ Million Total China Outbound% of BRI to China Outbound TOP TARGETED NATIONS / REGIONS 15% 8% 1% 50% 4

48、2% 16% 11% 10% 9% 12% Energy and Power Consumer Products and Services Industrials Materials Healthcare Other 3,034 1,261 913 550 460 2,388 2,582 93 0 172 05001,0001,5002,0002,5003,0003,500 Chile Singapore South Korea Republic of Congo Italy US$ Million *BRI countries (excl. China) based on country l

49、ist from YidaiYilu (as of 30 July 2019) https:/ 12 CHINA MERGERS & ACQUISITIONS BACK TO HIGHLIGHTS PAGE ANY INVOLVEMENT M&A TOP DEALS YTD Rank Value (US$Mil) Status Rank Date Target Name Target Nation/Region Target IndustryAcquiror Name Acquiror Nation/Region Acquiror Ultimate Parent Name Acquiror U

50、ltimate Parent Nation/Region 49,143.7 Completed 7/23/2020PetroChina Co Ltd-Pipeline assetsChinaEnergy and Power China Oil & Gas Pipeline Network Corp ChinaChina Oil & Gas PipelineChina 14,440.6 Pending10/27/2020 China Gezhouba Group Co LtdChinaIndustrialsChina Energy Engineering Corp LtdChinaChina E