DOCSLIB.ORG

China Equity Capital Markets Review

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

China Equity Capital Markets Review FIRST HALF 2019 | MANAGING UNDERWRITERS & LEGAL ADVISORS China Equity Capital Markets Review First Half 2019 | Overall Review Deals Intelligence China Equity Capital Markets Issuance - Issue Type Composition $120.0 450 CHINA EQUITY CAPITAL MARKET FALLS 14.3% FROM THE FIRST HALF OF 2018 Chinese equity and equity-related (ECM) proceeds this during the first half of 2019 reached US$66.8 billion, a 14.3% decrease from the same period last year. Total initial public offerings (IPOs) issued by China-domiciled companies raised an aggregate amount of US$19.6 400 billion, a 30.4% decline in proceeds compared to the first half of 2018, and the lowest first half period since 2016 (US$12.1 billion). $100.0 Chinese convertibles, or equity-related issuance, witnessed a record first half period and raised US$30.9 billion so far this year, up 350 110.3% from the same period in 2018. This is the highest ever semi-annual period for Chinese convertibles, in terms of proceeds, surpassing the record high set in the second half of 2017 (US$18.2 billion). Companies in the Financial sector accounted for 30.0% of $80.0 300 China's ECM issuance during the first half of 2019, up 91.0% in proceeds from a year ago. CHINESE A-SHARE ECM HITS FIVE-YEAR LOW 250 Chinese A-share ECM proceeds reached US$37.8 billion in the first half of 2019, down 3.8% compared to the same period last year. This $60.0 is the lowest first half period since 2014 (US$25.0 billion). IPOs issued in A-share market raised a total amount of US$9.0 billion, down 200 30.3% compared to the same period in 2018 (US$12.9 billion). A-Share convertibles reached an all-time high, raising a total of US$22.6 billion in proceeds, a 132.6% increase from the first half of 2018 (US$9.7 billion). ECM offerings from the Financial sector registered a $40.0 150 152.8% increase compared to a year ago and accounted for 39.0% of overall A-share activity during the first half of 2019. 100 CHINESE OVERSEAS ECM FALLS 24.9% Chinese overseas ECM proceeds totaled US$29.0 billion during the first half of 2019, a 24.9% decline compared to the first half of 2018 $20.0 (US$38.6 billion). IPOs rasied through overseas markets totaled US$10.6 billion, down 30.4% from the same period in 2018 (US$15.3 50 billion). Convertibles proceeds reached US$8.3 billion, a 66.6% increase from the same period last year. Companies from the High Technology sector raised US$6.5 billion, declined 59.4% compared to a year ago (US$16.1 billion). $0.0 0 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues Top China Equity & Equity-Related Deals China Equity Capital Markets - Macro Industry Composition Securities Listing Proceeds Issue Date Issuer Name Issue Type Macro Sector Stock Exchange (US$mil) 02/27/2019 China CITIC Bank Corp Ltd Shanghai 4,422.4 Convertible Financials 04/02/2019 China Three Gorges Corp None 2,677.7 Convertible Energy and Power $14.8 25 01/16/2019 Ping An Bank Co Ltd Shenzhen Main 2,654.5 Convertible Financials $20.0 03/11/2019 Bank of Jiangsu Co Ltd Shanghai 2,139.8 Convertible Financials Financials 55 02/08/2019 Pinduoduo Inc Nasdaq 1,581.3 Follow-On High Technology 111 High Technology 02/27/2019 China CITIC Bank Corp Ltd Shanghai 1,550.7 Convertible Financials Energy and Power 06/14/2019 Huatai Securities Co Ltd London 1,384.0 Follow-On Financials $5.7 Industrials Healthcare 03/25/2019 iQIYI Inc Nasdaq 1,200.0 Convertible High Technology Others 18 01/16/2019 Ping An Bank Co Ltd Shenzhen Main 1,184.1 Convertible Financials 04/26/2019 Ningxia Baofeng Energy Group Co Ltd Shanghai 1,090.9 IPO Energy and Power $6.7 29 42 04/04/2019 China Vanke Co Ltd Hong Kong 994.5 Follow-On Real Estate $11.3 04/10/2019 China National Nuclear Power Co Ltd Shanghai 920.3 Convertible Energy and Power $8.3 Outer Ring: Proceeds (US$bil) 03/11/2019 Bank of Jiangsu Co Ltd Shanghai 802.5 Convertible Financials Inner Ring: # of Issues www.refinitiv.com/dealsintelligence China Equity Capital Markets Review First Half 2019 | Chinese A-Share & Overseas Chinese A-Share Equity & Equity-Related Volume Chinese A-Share Equity Capital Markets by Industry Top Chinese A-Share IPO Deals $60 350 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Ningxia Baofeng Energy 300 04/26/19 Shanghai $1,090.9 IPO Energy and Power $50 $6.0 Group Co Ltd CNOOC Energy 9 06/12/19 Shanghai $495.1 IPO Energy and Power Technology & Services Ltd 250 Shenzhen $40 50 06/25/19 Bank of Suzhou Co Ltd $266.6 IPO Financials 33 SME $2.8 Financials $14.7 200 Qingdao Rural Commercial Shenzhen Industrials 02/18/19 $227.6 IPO Financials $30 Bank Corp SME Energy and Power 150 01/21/19 Bank of Xi'an Co Ltd Shanghai $275.6 IPO Financials High Technology $20 Materials 14 Qingdao Port International Follow- $4.7 01/08/19 Shanghai $275.1 Industrials 100 Others Co Ltd On Zhejiang Sanmei Chemical 03/19/19 Shanghai $259.8 IPO Materials $10 27 Industry Co Ltd 50 Shenzhen 35 05/08/19 Hitevision Co Ltd $238.6 IPO High Technology SME $0 0 $4.8 Shenzhen $4.8 04/15/19 Lakala Payment Co Ltd $178.7 IPO Financials 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 ChiNext Outer Ring: Proceeds (US$bil) Ming Yang Smart Energy IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues 01/09/19 Shanghai $173.2 IPO Industrials Inner Ring: # of Issues Group Ltd Chinese Overseas Equity & Equity-Related Volume Chinese Overseas Equity Capital Markets by Industry Top Chinese Overseas IPO Deals $50 120 Issue Issuer IPO Listing Proceeds Issue Macro Date Name Exchange (US$mil) Type Sector Follow- $45 06/14/19 Huatai Securities Co Ltd London $1,384.0 Financials 100 On $40 $6.5 Shenwan Hongyuan Group Follow- $7.4 04/18/19 Hong Kong $798.0 Financials 20 Co Ltd On $35 Hansoh Pharmaceutical 80 High Technology 06/05/19 Hong Kong $587.9 IPO Healthcare Group Co Ltd $30 41 Financials 05/16/19 Luckin Coffee Inc Nasdaq $645.2 IPO Retail $25 60 Healthcare China East Education Consumer 16 06/04/19 Hong Kong $47.6 IPO $20 Holdings Ltd Products and Energy and Power 40 05/21/19 Xinyi Energy Holdings Ltd Hong Kong $336.3 IPO Energy and Power $15 $2.2 Consumer Products and Services $5.3 $10 Others 06/19/19 Jinxin Fertility Group Ltd Hong Kong $155.9 IPO Healthcare 20 14 $5 18 4 02/20/19 CStone Pharmaceuticals Hong Kong $204.2 IPO Healthcare $3.5 Haitong UniTrust $0 0 05/26/19 Hong Kong $179.3 IPO Financials 1H'10 1H'11 1H'12 1H'13 1H'14 1H'15 1H'16 1H'17 1H'18 1H'19 $4.0 International Leasing Co Outer Ring: Proceeds (US$bil) Consumer IPO (US$bil) Follow-On (US$bil) Convertible (US$bil) # of Issues 02/01/19 Maoyan Entertainment Hong Kong $194.7 IPO Inner Ring: # of Issues Products and Note: Both top Chinese A-share and overseas IPO deals rankings include original IPOs and first-time listings which are technically classified as follow-on offers in Refinitiv database. www.refinitiv.com/dealsintelligence ChiChina EEquity it CCapital it l MMarkets k t RReview i First Half 2019 | Managing Underwriters Chinese A-Share Equity & Equity- Chinese Overseas Equity & Equity- All Chinese Equity & Equity-Related YoY Change ($) -14% QoQ Change ($) -10% Related YoY Change ($) -4% QoQ Change ($) -54% Related YoY Change ($) -25% QoQ Change ($) 110% Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Rank Rank Proceeds Market Mkt. # of Bookrunner Bookrunner Bookrunner 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals 2019 2018 US$mil Share Sh. Chg Deals CITIC 1 4 7,703.5 11.5 4.5 31 CITIC 1 3 6,729.7 17.8 5.822 Morgan Stanley Huaxin Securities 1 1 3,691.6 12.7 -3.8 29 Goldman Sachs & Co 2 1 6,158.5 9.2 -0.1 22 China International Capital Co 2 1 3,674.3 9.7 -6.512 Goldman Sachs & Co 2 2 3,629.2 12.5 -1.3 17 China International Capital Co 3 2 5,434.9 8.1 -0.6 31 China Securities Co Ltd 3 2 3,198.4 8.5 -3.821 Credit Suisse 3 6 2,126.7 7.3 2.9 19 Morgan Stanley Huaxin Securities 4 3 3,848.3 5.8 -2.5 30 Bank of China Ltd 4 18 2,544.6 6.7 5.55 China International Capital Co 4 19 1,760.6 6.1 5.0 19 China Securities Co Ltd 5 5 3,839.7 5.8 -0.9 28 Goldman Sachs & Co 5 6 2,529.3 6.7 1.85 JP Morgan 5 5 1,467.9 5.1 0.1 10 Bank of China Ltd 6 18 2,733.3 4.1 2.7 12 China Merchants Securities Co 6 9 1,640.9 4.3 1.3 9 Haitong Securities Co Ltd 611 1,466.6 5.1 3.1 24 UBS 7 11 2,715.3 4.1 1.6 16 Guotai Junan Securities 7 5 1,436.0 3.8 -1.5 8 Citi 7 4 1,380.1 4.8 -6.0 20 Haitong Securities Co Ltd 8 15 2,344.3 3.5 1.9 29 UBS 8 24 1,383.2 3.7 3.0 3 UBS 8 7 1,332.0 4.6 0.3 13 Citi 9 6 2,276.1 3.4 -2.8 23 Citi 9 16 896.0 2.4 0.8 3 Bank of America Merrill Lynch 9 3 1,023.7 3.5 -8.4 6 Credit Suisse 10 14 2,126.7 3.2 0.9 19 Huatai Securities Co Ltd 10 4 887.4 2.4 -4.3 4 Huatai Securities Co Ltd 10 24 986.1 3.4 2.6 5 China Merchants Securities Co 11 13 1,948.8 2.9 0.5 13 Haitong Securities Co Ltd 11 17 877.7 2.3 1.16 CITIC 1112 973.8 3.4 1.4 9 Guotai Junan Securities 12 9 1,933.1 2.9 -0.5 18 Dongxing Securities 12 11 836.0 2.2 -0.310 HSBC Holdings PLC 12 9 944.1 3.3 1.0 7 Huatai Securities Co Ltd 13 8 1,873.5 2.8 -1.0 9 GF Securities 13 12 789.2 2.1 0.19 China Securities Co Ltd 13 21 641.3 2.2 1.2 7 JP Morgan 14 10 1,523.1 2.3 -0.3 11 Guosen Securities Co Ltd 14 8 767.9 2.0 -1.23 China Merchants Bank 14 8 555.1 1.9 -0.5 9 Ping An Securities Ltd 15 33 1,145.2 1.7 1.2 3 Changjiang Securities Co Ltd 15 26 763.4 2.0 1.4 5 Deutsche Bank 15 14 539.7 1.9 0.2 8 Bank of America Merrill Lynch 16 7 1,023.7 1.5 -4.4 6 Ping An Securities Ltd 16 25 641.7 1.7 1.0 1 Ping An Securities Ltd 16 34
Recommended publications
  • China – 2009 Ipo

    China – 2009 Ipo

    CHINA – 2009 IPO Data do IPO Companhia Preço (US$) Volume (US$ MM) Subscrição 30-dez Shanghai Xinpeng Industrial Co Ltd 2,84 212,873 Qilu Securities Co Ltd 30-dez Shenzhen Fuanna Bedding and Furnishing Co Ltd 4,39 114,236 PingAn Securities Co Ltd 29-dez China CNR Corp Ltd 0,81 2.035,590 CICC, HUARON, HUATAI 25-dez Beijing Cisri-Gaona Materials & Technology Co Ltd 2,86 85,806 Guosen Securities Co Ltd 25-dez Beijing SuperMap Software Co Ltd 2,87 54,539 PingAn Securities Co Ltd 25-dez Guangzhou Improve Medical Instrument Co Ltd 3,66 68,100 Guosen Securities Co Ltd 25-dez Hexin Flush Information Network Co Ltd 7,73 129,908 Shenyin & Wanguo Securities Co Ltd 25-dez Hunan Zhongke Electric Co Ltd 5,27 81,720 PingAn Securities Co Ltd 25-dez Jiangsu Huasheng Tianlong Photoelectric Co Ltd 2,66 133,124 Everbright Securities Co 25-dez Jinlong Machinery & Electronic Co Ltd 2,78 99,338 Guosen Securities Co Ltd 25-dez Shenzhen Gas Corp Ltd 1,02 132,331 Guosen Securities Co Ltd 25-dez Wuxi Boton Belt Co Ltd 5,57 69,565 Qilu Securities Co Ltd 22-dez Shenzhen Hongtao Decoration Co Ltd 3,95 118,636 Guosen Securities Co Ltd 22-dez Zhejiang Yongtai Technology Co Ltd 2,93 98,131 Rising Securities Co Ltd 18-dez Jiangsu Zhonglian Electric Co Ltd 4,39 92,252 Goldstate Securities 18-dez Ningbo Lugong Online Monitoring Technology Co Ltd 5,86 97,817 CITIC Securities Co Ltd 18-dez Shanghai Pret Composites Co Ltd 3,29 115,315 China Merchants Securities Co Ltd 16-dez China Shipbuilding Industry Co Ltd 1,08 2.156,600 China International Capital Corp 16-dez Hainan Strait
  • ANNUAL REPORT 2020 Important

    ANNUAL REPORT 2020 Important

    stock code : 000063.SZ 763.HK ANNUAL REPORT 2020 Important The Board of Directors, Supervisory Committee and the Directors, Supervisors and senior management of the Company warrant that the contents of this report are true, accurate and complete without any false information, misleading statements or material omissions, and collectively and individually accept legal responsibility therefor. There are no Directors, Supervisors or senior management who do not warrant or who dispute the truthfulness, accuracy and completeness of the contents of this report. This report has been considered and approved at the Thirty-third Meeting of the Eighth Session of the Board of Directors of the Company. The respective financial statements of the Group for the year ended 31 December 2020 were prepared in accordance with PRC Accounting Standards for Business Enterprises and with Hong Kong Financial Reporting Standards respectively, and had been audited by Ernst & Young Hua Ming LLP and Ernst & Young, and an unqualified auditors’ report has been issued by each of them. During the year, there was no significant deficiency in internal control in relation to financial reporting of the Company, nor was any significant deficiency in internal control in relation to non-financial reporting identified. Mr. Li Zixue, Chairman of the Company, Ms. Li Ying, Chief Financial Officer of the Company and Mr. Xu Jianrui, Head of Finance Division of the Company, hereby declare that they warrant the truthfulness, accuracy and completeness of the financial reports contained in this report. In view of the state of affairs of the Company, the proposal for profit distribution for 2020 is as follows: distribution of RMB2 in cash (before tax) for every 10 shares to all shareholders based on the total share capital (including A shares and H shares) as at the record date for profit distribution and dividend payment.
  • Press Release

    Press Release

    China Everbright Water Limited (Incorporated in Bermuda with limited liability) (Stock Codes: U9E.SG, 1857.HK) Press Release Everbright Water Issues Second Tranche of Medium Term Notes Singapore and Hong Kong, 15 January 2021 – China Everbright Water Limited (“Everbright Water” or the “Company”, stock codes: U9E.SG and 1857.HK) (中国光大水务有限公司), an environmental protection company focusing on water environment management, is pleased to announce that the Company has completed the issuance of the second tranche of medium term notes (“MTNs”) to institutional investors in the inter-bank bond market in the mainland China (“Institutional Investors”) with a principal amount of RMB1 billion (“Second Tranche MTNs”). The Second Tranche MTNs were fully subscribed for by the Institutional Investors, with a maturity period of 3 years, an interest rate of 3.75% and a subscription rate of 1.97 times. The proceeds from the Second Tranche MTNs issuance will be used to replenish working capital of the Company’s subsidiaries. The Second Tranche MTNs and the Company (as the issuer of the Second Tranche MTNs) had each been given a credit rating of “AAA” by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Bank of China Limited and Guosen Securities Co., Ltd. acted as the underwriters of the Second Tranche MTNs issuance. In April 2020, Everbright Water received the notice of registration acceptance from the National Association of Financial Market Institutional Investors of the People’s Republic of China, to issue MTNs in single or multiple tranches to the Institutional Investors. The MTNs have a registered principal amount of RMB3 billion, with a validity period of two years from 24 April 2020.
  • Orient Securities Co. (3958.HK)

    Orient Securities Co. (3958.HK)

    August 29, 2016 EARNINGS REVIEW Orient Securities Co. (3958.HK) Neutral Equity Research In line with expectations: Sequential recovery led by trading, IB improved What surprised us Investment Profile DFZQ reported 2Q16 NPAT of Rmb860mn, 28%/17% of GSe/Bloomberg Low High consensus for 2016E NPAT. 1H profits are consistent with preliminary Growth Growth disclosure in August. 2Q16 profit declined -78% yoy, but sequentially grew Returns * Returns * 103% qoq, led by trading. ROE/ROA recovered to 10.3%/1.8% annualized in Multiple Multiple Volatility Volatility 2Q. Key positives: 1) IB income up 28% yoy to Rmb290bn, led by growth Percentile 20th 40th 60th 80th 100th in both ECM and DCM underwriting. Coupled with a strong 1Q, first-half IB Orient Securities Co. (3958.HK) income has been the strongest in the past few years. 2) Trading income Asia Pacific Banks Peer Group Average up 90% qoq from a very low base in 1Q16 on recovering investment yield, * Returns = Return on Capital For a complete description of the investment profile measures please refer to the even though still down 85% yoy. Revenue contribution from trading disclosure section of this document. decreased to 27% in 1H16, vs. 65% on average for FY13 to FY15. Principal investment book was flat at Rmb 49bn hoh with equity down to Rmb 6.2bn Key data Current Price (HK$) 8.21 and bond investment up; 3) Stock pledged lending balance rose 20% hoh 12 month price target (HK$) 9.20 Market cap (HK$ mn / US$ mn) 35,153.1 / 4,532.4 to Rmb 29bn despite weaker margin finance as the company shifts its Foreign ownership (%) -- focus to corporate client financing.
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
  • Aviva Investors Société D'investissement À Capital

    Aviva Investors Société D'investissement À Capital

    AVIVA INVESTORS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE (SICAV) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS R.C.S. Luxembourg B 32.640 31 December 2020 avivainvestors.com For the following sub-funds of Aviva Investors no notification for distribution in the Federal Republic of Germany has been submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment code. As a consequence, the following sub-funds are NOT available to investors in Germany: Aviva Investors – Asian Equity Income Fund Aviva Investors – Emerging Markets Equity Income Fund Aviva Investors – European Corporate Bond Fund Aviva Investors – European Equity Fund Aviva Investors – European Equity Income Fund Aviva Investors – European Real Estate Securities Fund Aviva Investors – Global Emerging Markets Index Fund Aviva Investors – Global Sovereign Bond Fund (name change as of 17 February 2020 from previous Global Aggregate Bond Fund) Aviva Investors – UK Listed Equity High Alpha Fund Aviva Investors Société d’investissement à capital variable (SICAV) Contents Director’s Report 3 Manager’s Market Review 6 Management and Administration 7 Audit Report 8 Notes on the portfolio of investments disclosure 11 Aviva Investors - Asian Equity Income Fund 12 Aviva Investors - Climate Transition Global Equity Fund 14 Aviva Investors - Climate Transition European Equity Fund 16 Aviva Investors - Emerging Markets Bond Fund 18 Aviva Investors - Emerging Markets Corporate Bond Fund 23 Aviva Investors - Emerging Markets Equity Income
  • Haitong International Investment Managers Limited

    Haitong International Investment Managers Limited

    HAITONG MIDDLE KINGDOM FUND C1 EXPLANATORY MEMORANDUM January 2020 C21 Issuer: Haitong International Investment Managers Limited - i - Table of Contents Page Management and Administration ............................................................................................... 1 Introduction .............................................................................................................................. 2 Preliminary Information ............................................................................................................ 3 Definitions ................................................................................................................................ 6 Table of Key Features ............................................................................................................. 10 Policy and Objectives of the Fund ........................................................................................... 12 Risk Factors ............................................................................................................................ 13 Management ........................................................................................................................... 17 Trustee and Registrar’s Agent ................................................................................................. 20 Application for Units ............................................................................................................... 22 Redemption of Units ..............................................................................................................
  • Companies That Made a Full-Time O Er to One Or More MSOR/IE Students

    Companies That Made a Full-Time O Er to One Or More MSOR/IE Students

    Companies that made a full-time oer to one or more MSOR/IE students who graduated in October 2019 or February 2020 26% Data Science & Business Analytics Firms include: Amazon, Wayfair, 360i, AccrueMe LLC, Amadeus, American Express, Amherst Holdings, Aretove Technologies, Barclays, BNP Paribas, Capgemini, Cubesmart, DIA Associates, Expedia, Goldenberry, LLC, Intellinum Analytics Inc, Jellysmack, Kalo Inc, LGO Markets, Ly, Mediacom, NBCUniversal Media, LLC, Neuberger Berman, PepsiCo, Amazon, Robinhood, Shareablee, State Administration of Foreign Exchange, Swiss Re, Two Sigma, Whiterock AI Titles include: Big Data Analyst, Business Analyst, Business Intelligence Analyst, Credit Risk Analyst, Data Analyst, Data Engineer, Data Scientist, Insight Analyst, Investment Analytics Analyst, Quant Researcher/Developer, Quantitative Analytics Associate, Research Analyst and Solutions Engineer 20% Quantitative Research Firms include: Citi, Goldman Sachs, Aflac Global Investments, American Express, Arrowstreet Capital, CME Group, Credit Agricole, Credit Suisse, Deutsche Bank, Global A.I., Jp Morgan Chase, Krane Funds Advisors, New York International Capital, PingAn Technology Inc., Puissance Capital, Rayens Capital, SG Americas Securities LLC, Shanghai Kingstar Soware Technology Co., Ltd., Vidrio FInancial, Wolfe Research Titles include: Analyst, Applied Quantitative Research & Development, Associate Vice President, CFR Senior Analyst, Consumer & Investment Management Senior Analyst, Data Modeling Analyst, FICC Strategic Analyst, Investment Analyst, Markets Quantitative Analyst, Post Trade & Optimization Services Quant Risk Manager, Quantitative Analyst, Quantitative Associate, Quantitative Strategist, Quantitative Strategist Associate, Quantitative Strategy & Modeling, Risk Appetite Model & Methodology Analyst, Securitization Quant, Sell Side M&A Investment Banking Analyst and Treasury/CIO Senior Associate 19% Engineering & Technology Firms include: Alibaba, Amazon, Anheuser-Busch InBev, AntX LLC, Baco SA,Beijing Huahui Shengshi Energy Technology Co.
  • Huatai Securities

    Huatai Securities

    (A joint stock company incorporated in the People’s Republic of China with limited liability under the Chinese corporate name 华泰证券股份有限公司 and carrying on business in Hong Kong as HTSC) HUATAI SECURITIES CORPORATE SOCIAL RESPONSIBILITY REPORT Striving to Become a First-Class Integrated Financial Group with Both Domestic Advantages and Global Influence Striving to Become a First-Class Integrated Financial Group with Both Domestic Advantages and Global Influence TABLE OF CONTENTS 01 03 05 Statement by the ESG Committee 01 Holding Fast to Risk Prevention and Control 19 ESG Management and Performance 55 Highlights in 2019 CSR of Huatai Securities 02 Fintech Empowerment 22 Independent Verification Statement 77 Responses to UN SDGs 03 Service for Real Economy 27 Report Index 80 Commitment to Sustainable Finance 32 Definitions 88 Explanations for Preparation of This Report 89 02 04 About Huatai Securities 05 Support for Public Welfare 35 Social Responsibility Principles and Management 14 Promotion of Targeted Poverty Alleviation 41 Support for Employee Development 47 TABLE OF CONTENTS 01 03 05 Statement by the ESG Committee 01 Holding Fast to Risk Prevention and Control 19 ESG Management and Performance 55 Highlights in 2019 CSR of Huatai Securities 02 Fintech Empowerment 22 Independent Verification Statement 77 Responses to UN SDGs 03 Service for Real Economy 27 Report Index 80 Commitment to Sustainable Finance 32 Definitions 88 Explanations for Preparation of This Report 89 02 04 About Huatai Securities 05 Support for Public Welfare 35 Social Responsibility Principles and Management 14 Promotion of Targeted Poverty Alleviation 41 Support for Employee Development 47 Statement by the ESG Committee / HUATAI SECURITIES / 2019 CSR Statement by the ESG Commi ee In 2019, a new round of deepening reform of China’s capital market Meanwhile, the Company a ached great importance to impacts of has offi cially started and the process of opening up has accelerated.
  • LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS of 25 MARCH 2020

    LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS of 25 MARCH 2020

    GLOBAL EQUITY CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 1. Global market review 500 financial advisors and 500 legal advisors. 2. US market review LEAG<GO> for a full range of league tables 3. Canada market review IPO<GO> for Bloomberg’s equity offerings product 4. Latin America market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between 5. EMEA market review this release and data found on the Bloomberg Professional Service. 6. Asia market review 7. Table criteria DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Larisa Bykova +1 646 324 2355 [email protected] EMEA Dimitri Quemard +44 20 3525 0253 [email protected] Asia-Pacific Zhen Hao Toh +65 6499 2931 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Global Equity | Q1 2020 Global Equity, Equity Linked & Rights: Industry Breakdown Global Equity Review 8% Financials 22% Q1 2020 credited Global Equity, Equity Linked & Rights volume decreased 3.11% to USD 128.6 Bln while deal count 5% 22% Health Care 18% decreased 8.94% to 906 offerings year-on-year. Global Equity IPO volume increased 73.37% year-on-year to USD 32.2 Bln 6% Consumer Discretionary 16% while the deal count decreased 0.40% to 247.
  • Including League Tables of Financial Advisors

    Including League Tables of Financial Advisors

    An Acuris Company Finding the opportunities in mergers and acquisitions Global & Regional M&A Report 2019 Including League Tables of Financial Advisors mergermarket.com An Acuris Company Content Overview 03 Global 04 Global Private Equity 09 Europe 14 US 19 Latin America 24 Asia Pacific (excl. Japan) 29 Japan 34 Middle East & Africa 39 M&A and PE League Tables 44 Criteria & Contacts 81 mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 2019 Global Overview Regional M&A Comparison North America USD 1.69tn 1.5% vs. 2018 Inbound USD 295.8bn 24.4% Outbound USD 335.3bn -2.9% PMB USD 264.4bn 2.2x Latin America USD 85.9bn 12.5% vs. 2018 Inbound USD 56.9bn 61.5% Outbound USD 8.9bn 46.9% EMU USD 30.6bn 37.4% 23.1% Europe USD 770.5bn -21.9% vs. 2018 50.8% 2.3% Inbound USD 316.5bn -30.3% Outbound USD 272.1bn 28.3% PMB USD 163.6bn 8.9% MEA USD 141.2bn 102% vs. 2018 Inbound USD 49.2bn 29% Outbound USD 22.3bn -15.3% Ind. & Chem. USD 72.5bn 5.2x 4.2% 17% 2.6% APAC (ex. Japan) USD 565.3bn -22.5% vs. 2018 Inbound USD 105.7bn -14.8% Outbound USD 98.9bn -24.5% Ind. & Chem. USD 111.9bn -5.3% Japan USD 75.4bn 59.5% vs. 2018 Inbound USD 12.4bn 88.7% Global M&A USD 3.33tn -6.9% vs. 2018 Outbound USD 98.8bn -43.6% Technology USD 21.5bn 2.8x Cross-border USD 1.27tn -6.2% vs.
  • Schedule of Investments (Unaudited) Ishares MSCI Total International Index Fund (Percentages Shown Are Based on Net Assets) September 30, 2020

    Schedule of Investments (Unaudited) Ishares MSCI Total International Index Fund (Percentages Shown Are Based on Net Assets) September 30, 2020

    Schedule of Investments (unaudited) iShares MSCI Total International Index Fund (Percentages shown are based on Net Assets) September 30, 2020 Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio $ 1,034,086,323 Total Investments — 100.4% (Cost: $929,170,670) 1,034,086,323 Liabilities in Excess of Other Assets — (0.4)% (3,643,126) Net Assets — 100.0% $ 1,030,443,197 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,034,086,323 and 99.9%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access • Level 2 – Other observable inputs (including, but not limited to, quoted prices