路孚特：中國投資銀行業報告（2021前三季度）（22頁）.pdf

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1、1China Investment Banking Review First Three Quarters 2021中國投資銀行業報告2021 前三季度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年前三季度達億美元，比去年同期增長，這是自年有記錄以來前三季度最高值。今年前三季度股票市場承銷費記錄再創歷史新高，總計億美元，比去年同期增長。債券市場承銷費占中國投資銀行費用的，達億美元，在年前三季度達到頂點之后下降。已完成的并購交易咨詢費降至 年來的最低水平，達到約億美元，比去年同期下降。銀團貸款費用總額約為億美元，比去年同期增長。中

2、信以約億美元的預估費用位居中國投行費用榜首，占總費用池的。并購中國企業參與的并購活動達近三年來的最高水平，交易總額達億美元，較上年同期增長，交易數量創下自年同期有記錄以來最高值。標的為中國企業的并購活動達到六年來的最高水平，總額達億美元，同比增長。國內并購交易總額達到億美元，與去年同期相比幾乎保持不變，增長了，為年同期以來的最高水平。今年前三季度，中國入境并購（即境外公司收購中國企業）達到三年來的最高水平，總額達到億美元，比年同期增長，交易數量同比增長。中國在海外收購額達到億美元，同比增長，為年同期（億美元）以來的最高值。中國今年在全球跨境并購最活躍的國家中排名第位，在年中國曾是海外資產的最大

3、收購國。 今年，中國沿“一帶一路”國家共達成筆交易，累計交易額達億美元，同比增長，占中國對外收購總額的。 中國私人股本支持的交易創下新高，達到億美元，較上年同期增長，占亞洲私人股本支持交易的。 六家中國公司通過合并上市，總金額達億美元，占亞太地區總市值的。涉及中國的交易活動主要集中在高科技行業，占據了的市場份額，總金額達億美元，比去年同期增長，交易數量增長了，成為前三季度價值和交易數量最高的行業。工業板塊緊隨其后，市場份額為，總額達億美元，同比增長。原材料占的市場份額，交易價值較上年同期翻了一番。在此期間，中國國際金融股份有限公司（中金公司）以的市場份額和億美元的相關交易價值，在中國已公布并購

4、排行榜上處于領先地位。an LSEG business3報告概覽an LSEG business股票資本市場中國股票和股權掛鉤交易在今年前三季度創歷史新高，融資額為億美元，較去年同期增長。股票發行數量同比增長了，成為中國股票資本市場有史以來最繁忙的前三個季度。首次公開發行（，包括二次上市發行）在前三季度表現最為強勁，融資億美元，較上年同期增長。 股包括二次上市發行 也創下十多年來新高，發行額達億美元，較上年同期增長，同期 股發行數量增長。 中國企業在香港主板和創業板發行的和二次上市發行也創下了歷史新高，今年迄今融資億美元，同比增長。此前，中國電信在上海以億美元二次上市，隨后快手科技在香港上市，

5、融資額為億美元。年第三季度，中國在美國的僅出現一次。此前，滴滴以億美元在紐約上市，這使得中國今年迄今在美國的總額達到億美元，同比增長。 增發發行額在前三季度創下歷史新高，募集資金億美元，同比增長。中國可轉換債券（即股票掛鉤發行）較上年同期增長，達到億美元，創下同期歷史新高。高科技產業占中國股票資本市場份額的，募集資金億美元，同比增長，創歷史新高。工業總額為億美元，比上年增長，市場份額為。醫療保健業以的市場份額（募集總額為億美元）躋身前三大行業，較上年同期下降。中信證券目前在中國股票和股權掛鉤交易承銷領域排名領先，以億美元的相關收益占據了的市場份額。債券資本市場中資發行人年前三季度通過債券發行共

6、籌集萬億美元，較創紀錄的去年前三季度增長。政府與機構發行占中國債券發行額的，總發行額億美元，較去年同期幾乎沒有變化，僅增長，成為自年有記錄以來最強勁的前三季度。金融債券發行占據了的市場份額，總計億美元，較去年同期增長。工業發行占據的市場份額，發行額為億美元，比去年同期增長。中信目前以億美元相關發行額或的市場份額領跑中國債券承銷榜單。4REPORTSUMMARYInvestment Banking FeesChina investment banking activity generated US$16.0 billion in fees during the first three quart

7、ers of 2021, up 0.6% from a year ago, making it the highest first three-quarter period since records began in 2000. ECM underwriting fees witnessed a record first three quarters period and totaled US$5.8 billion, a 16.0% increase from the same period last year. DCM underwriting fees, which captured

8、51.9% of Chinas investment banking fees, amounted to US$8.3 billion, down 7.7% after a strong period in the first three quarters of 2020. Advisory fees for completed M&A deals fell to a seven-year low and reached US$630.8 million, down 40.6% year-on-year. Syndicated lending fees totaled US$1.3 billi

9、on, up 50.3% from the same period last year. CITIC topped Chinas investment banking fee league table with a total of US$1.3 billion in estimated fees or 8.3% wallet share of the total fee pool. Mergers & AcquisitionsThe overall China-involvement M&A activity reached a three-year high as deal making

10、activity totaled US$413.6 billion, up 4.9% from a year ago, as number of deals saw the busiest-ever first three-quarter period since records began in 1980. Target China M&A activity reached a six-year high and totaled US$369.9 billion, up 2.7% year-on-year, as number of deals saw the busiest-ever fi

11、rst three-quarter period. Domestic activity reached US$329.9 billion, almost unchanged with a 0.7% increase in value compared to a year ago, making it the highest first three-quarter period since 2015. Chinas inbound M&A activity, or foreign firms acquiring Chinese companies, hit a three-year high a

12、nd totaled US$40.0 billion during the first three quarters of this year, a 21.7% increase from the same period in 2020, while the number of inbound deals grew 15.8% from a year ago. Chinese outbound acquisitions reached US$30.8 billion, up 43.5% compared to a year ago, making it the highest first th

13、ree-quarter period since 2018 (US$61.6 billion). China ranked thirteenth place as most acquisitive nations 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 nations saw 56 deals with

14、 a cumulative total of US$4.6 billion this year, a 30.3% increase in value from a year ago and accounted for 15.0% of the total Chinese outbound acquisitions. Private Equity-backed deals in China witnessed an all-time high and reached US$68.5 billion, up 27.6% from a year ago, capturing 46.0% of Asi

15、as private equity-backed deals. Six Chinese companies agreed to go public via SPAC merger which totaled of US$11.2 billion, taking up 19% of the SPAC combinations in Asia by value. Deal making activity involving China saw High Technology as the most targeted sector which captured 20.6% market share

16、and totaled US$85.1 billion, up 54.6% compared to the same period last year as number of deals grew 56.3%, making it the highest first three-quarter period by value and deal count. The Industrials sector followed behind with 14.7% market share worth US$60.9 billion in value, a 19.0% growth year-on-y

17、ear. Materials accounted for 13.5% market share as deal value doubled from a year ago. China International Capital Co (CICC) leads the any China involvement announced M&A league table during this period, with 12.0% market share and US$49.4 billion in related deal value. an LSEG business5REPORTSUMMAR

18、YEquity Capital MarketsChinese equity and equity-linked (ECM) proceeds saw the highest first three-quarter period raising US$235.5 billion in proceeds, up 31.4% compared to the same period last year. Number of equity offerings grew 13.6% from the comparative period last year, making it the busiest-e

19、ver first three-quarter period for Chinese ECM activity. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies has had its strongest-ever first three-quarter period, raising US$99.1 billion, up 14.8% from a year ago, as companies issued new listings

20、 at a record pace. A-Share IPOs (including secondary listings) also saw the highest first three-quarter period in more than a decade with US$50.9 billion, up 9.3% from a year ago, alongside a 24.9% increase in number of A-Share issuances. Chinese IPOs and secondary listings in Hong Kong (Mainboard a

21、nd GEM) also witnessed record levels, raising US$35.8 billion so far this year, a 26.5% increase compared to the first three quarters of 2020. This was led by China Telecoms US$8.4 billion secondary listing in Shanghai followed by Kuaishou Technologys US$6.2 billion IPO in Hong Kong. Chinese IPO lis

22、tings in the United States only saw a single issuance during the third quarter of 2021, after witnessing the busiest-ever first half period this year, bolstered by Didi Globals US$4.4 billion IPO in New York. This brings total Chinese IPOs in the U.S. to US$12.5 billion so far this year, up 64.7% ye

23、ar-on-year. Follow-on offerings hit a record first three-quarter period raising US$97.5 billion in proceeds, up 52.2% year-on-year. Chinese convertibles, or equity-linked issuance, grew 34.9% from a year ago and amounted to a record year-to-date high of US$38.8 billion.High Technology accounted for

24、27.6% of the China ECM activity, raising a record amount worth US$64.9 billion in proceeds, up 96.5% from a year ago. Industrials totaled US$43.3 billion in ECM proceeds, up 85.4% compared to last year, capturing 18.4% market share. Healthcare rounded out the top three sectors with 11.7% market shar

25、e worth US$27.5 billion in proceeds, a 5.8% decline from a year ago. CITIC currently leads the rankings this year for China ECM underwriting, capturing 11.6% of the market share with US$27.3 billion in related proceeds. Debt Capital MarketsPrimary bond offerings from China-domiciled issuers raised U

26、S$2.0 trillion during the first three quarters of 2021, surpassing last years record first three-quarter period by 1.3% growth. Government & Agencies captured 48.1% of the market share and totaled US$959.2 billion, almost unchanged with a minimal 0.8% increase in proceeds from a year ago, and the st

27、rongest first three-quarter period since records began in 1980. Bond issuances from the Financials accounted for 30.1% of Chinas bond proceeds with US$599.8 billion, up 2.8% in proceeds from the same period last year. Industrials represented 7.9% market share with US$158.0 billion in proceeds, up 2.

28、3% from the comparative period last year. CITIC currently leads China bonds underwriting with US$147.7 billion in related proceeds which accounted for 7.4% market share. an LSEG business6季度摘要中國投資銀行業務摘要債券資本發行金額 增漲 1%股票資本發行金額 增漲 31%中國標的并購 增漲 3%中國參與并購 增漲 5%貸款費用 增漲 50%債券資本市場費用 下降 -8%股權資本市場費用 增漲 16%并購費用

29、下降 -41%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 第一名高科技債券資本發行承銷商 今年迄今第一名中信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an LSEG business7QUARTERLY HIGHLIGHTSCHINA INVESTMENT BANKING ACTIVITYHIGHLIGHTSDCM PROCEEDS UP 1%ECM PROCEEDS UP 31%TARGET M&A UP 3%ANY INV. M&A UP 5%LOAN FEES UP 50%DCM FEES DOWN -8%ECM FE

30、ES UP 16%M&A FEES DOWN -41%Click on any of the above arrows to go straight to the analysis.Government and AgenciesDCM TOP ISSUING INDUSTRYHigh TechnologyM&A TOP TARGETED INDUSTRYCITICDCM TOP BOOK RUNNER YTDCITICECM TOP BOOK RUNNER YTDM&A TOP FINANCIAL ADVISOR YTD China International Capital CoHigh T

31、echnologyECM TOP ISSUING INDUSTRYan LSEG business826%22%11%9%8%24%25%20%13%11%7%24%Government and AgenciesFinancialsIndustrialsHigh TechnologyReal EstateOtherCHINAINVESTMENT BANKING FEESINVESTMENT BANKING FEES VOLUMES INVESTMENT BANKING FEES BY ASSET CLASS TOP FEE PAYING INDUSTRIES (by Market Share)

32、 BACK TO HIGHLIGHTS PAGE02,0004,0006,0008,00010,00012,00014,00016,00018,00012131415161718192021US$ MillionYTD Fees02,0004,0006,0008,00010,00012,00014,00016,00018,00012131415161718192021US$ MillionBONDSEQUITYLOANSMA Outer Rim: YTD Inner Rim: YTDLYan LSEG business9 - 1,000 2,000 3,000 4,000 5,000 6,00

33、0 7,00005010015020025030035040045012131415161718192021US$ BillionYTD Volumes#DealsCHINA MERGERS & ACQUISITIONSBACK TO HIGHLIGHTS PAGEANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TARGET M&A VOLUMES & NUMBER OF DEALSTOP TARGETED INDUSTRIES (Any Involvement) - 1,000 2,000 3,000 4,000 5,000 6,000 7,000

34、010020030040050060012131415161718192021US$ BillionYTD Volumes#Deals14%13%7%25%9%32%21%15%13%10%8%33%High TechnologyIndustrialsMaterialsEnergy and PowerReal EstateOther Outer Rim: YTD Inner Rim: YTDLYan LSEG business10CHINA MERGERS & ACQUISITIONSBACK TO HIGHLIGHTS PAGEINBOUND M&ADOMESTIC M&AOUTBOUND

35、M&AINBOUND M&A VOLUMESTOP ACQUIRING NATIONS / REGIONSOUTBOUND M&A VOLUMESTOP TARGETED NATIONS / REGIONS 380 400 420 440 460 480 500 520 54005101520253035404512131415161718192021US$ BillionYTD Volumes#Deals - 100 200 300 400 500 600 700 80002040608010012014016018012131415161718192021US$ BillionYTD Vo

36、lumes#Deals - 1,000 2,000 3,000 4,000 5,000 6,00005010015020025030035040012131415161718192021US$ BillionYTD Volumes#Deals20.77.13.01.21.015.64.85.40.32.30510152025Hong KongUnited StatesSingaporeSwitzerlandGermanyUS$ Billion8.74.53.61.81.19.20.15.50.00.00246810Hong KongNetherlandsUnited StatesUnited

37、KingdomDenmarkUS$ BillionInbound M&A up 21.7% from YTD last year, amounting to US$40.0 billion so far this year.Domestic M&A up 0.7% from YTD last year, reaching US$329.9 billion so far this year.Outbound M&A is up 43.5% from YTD last year, totaling US$30.8 billion so far this year.14%7%14%30%2%33%2

38、1%16%14%12%7%30%High TechnologyMaterialsIndustrialsEnergy and PowerConsumer StaplesOther Outer Rim: YTD Inner Rim: YTDLYDOMESTIC M&A VOLUMESTOP TARGETED SECTORSan LSEG business11CHINA BELT & ROAD ACQUISITIONSBACK TO HIGHLIGHTS PAGECHINA OUTBOUND ACQUISITIONSCHINESE ACQUISITIONS ALONG BELT & ROAD NAT

39、IONS*TOP TARGETED INDUSTRIES Outer Rim: YTD Inner Rim: YTDLY - 50 100 150 200 25005,00010,00015,00020,00025,00030,00035,0001415161718192021US$ MillionYTD Volumes#Deals42.5%21.3%7.0%32.2%24.2%25.8%16.5%15.0%0%5%10%15%20%25%30%35%40%45%020,00040,00060,00080,000100,000120,000140,000160,000180,000141516

40、1718192021US$ MillionTotal China Outbound% of BRI to China OutboundTOP TARGETED NATIONS / REGIONS3%22%1%43%22%19%17%17%9%16%Energy and PowerFinancialsMaterialsHealthcareHigh TechnologyOther8506415614924736935005002004006008001,000LuxembourgItalyPeruVietnamUnited Arab EmiratesUS$ Million*BRI countrie

41、s (excl. China) based on country list from YidaiYilu - https:/ MERGERS & ACQUISITIONSBACK TO HIGHLIGHTS PAGEANY INVOLVEMENT M&A TOP DEALS YTDRank Value (US$Mil)Status Rank DateTarget NameTarget Nation/RegionTarget IndustryAcquiror NameAcquiror Nation/RegionAcquiror Ultimate Parent NameAcquiror Ultim

42、ate Parent Nation/Region 11,203.8 Pending4/30/2021Peking University Founder Group Co Ltd-AssetsChinaHigh TechnologyInvestor GroupChinaInvestor GroupChina 9,281.5 Pending6/5/2021Beijing Yiqing Asset Operation & Management Co LtdChinaConsumer Staples Beijing DaHao Technology Co LtdChinaBeijing DaHao T

43、ech Co LtdChina 7,938.0 Completed 3/2/2021South Cement Co LtdChinaMaterialsXinjiang Tianshan Cement Co LtdChinaXinjiang Tianshan Cement CoChina 7,354.0 Pending5/17/2021Giga Energy IncChinaEnergy and Power Yunhong InternationalChinaYunhong InternationalChina 6,576.0 Pending4/21/2021Runze Technology D

44、evelopment Co LtdChinaHigh TechnologyShanghai Precise Packaging Co LtdChinaShanghai Precise Pkg Co LtdChina4,431.0 Pending6/28/2021Shanghai Hua Qing Real Estate Management Co LtdChinaReal EstatePing An Life Insurance Co of China LtdChinaPing An Ins (Grp) Co of ChinaChina4,370.4 Completed 3/25/2021Ko

45、ninklijke Philips Nv-Domestic Appliances BusinessNetherlandsRetailHillhouse Capital GroupChinaHillhouse Capital GroupChina3,608.1 Pending6/6/2021Urbaser SASpainIndustrialsGlobal Moledo SLUSpainPlatinum Equity LLCUnited States3,589.0 Completed 3/2/2021China United Cement Group Corp LtdChinaMaterialsX

46、injiang Tianshan Cement Co LtdChinaXinjiang Tianshan Cement CoChina3,492.9 Pending1/23/2021Tus Environmental Science & Technology Development Co LtdChinaEnergy and PowerCity Development Environment Co LtdChinaHenan Investment Group Co LtdChinaan LSEG business13CHINA EQUITY CAPITAL MARKETSBACK TO HIG

47、HLIGHTS PAGEECM PROCEEDSECM PROCEEDS BY ISSUE TYPETOP ISSUING INDUSTRIES0100200300400500600700800900100005010015020025012131415161718192021US$ BillionYTD ProceedsNo. of Issues05010015020025012131415161718192021US$ BillionIPO*Follow-OnConvertible97%85%-6%4%15%5%-20%0%20%40%60%80%100%120%010,00020,000

48、30,00040,00050,00060,00070,000HighTechnologyIndustrialsHealthcareFinancialsMaterialsOtherUS$ MillionYTD ProceedsYTDLY ProceedsYoY Proceeds Change (%)IPO* - includes both original IPOs and secondary listings in another stock exchange by companies that already listed elsewhere. Technically, secondary

49、listings are considered as follow-on offerings in Refinitiv database but have been included in the list to capture companies issuing primary shares in other stock exchanges, such as China Telecoms US$8.4 billion secondary listing in Shanghai in August 2021.14DCM PROCEEDSDCM PROCEEDS BY ISSUE TYPETOP

50、 ISSUING INDUSTRIESCHINA DEBT CAPITAL MARKETSBACK TO HIGHLIGHTS PAGE - 1,000 2,000 3,000 4,000 5,000 6,000 7,00005001,0001,5002,0002,50012131415161718192021US$ BillionYTD ProceedsNo. of Issues05001,0001,5002,0002,50012131415161718192021US$ BillionAgency, Supranational, SovereignInvestment Grade Corp