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China Investment Banking Review First Three Quarters 2020 中国投资银行业报告 2020前三季度 Refinitiv Deals Intelligence 路孚特 交易商情 1 报告 概览 投资银行费用 2020年前三季度，中国投行业务费用达147亿美元，比去年同期增长了32.5%，这是自2000年有记录以来同期最高值。债券市场承销费占全部投资银行 费用的56.3%，达83亿美元，以14.4%的涨幅打破去年同期创造的记录。股权资本市场承销费也再创新高，实现今年最大增长，承销费较去年同期增长 116.0%，总额达49亿美元。 已完成的并购交易咨询费较去年同期增长23.9%，达8.7亿美元。银团贷款费用总额为7.1亿美元，比去年同期下降22.5%。 中信以10亿美元的预估费用位居中国投行费用榜首，占费用总额的7.0%。 兼并与收购 2020年前三季度，由于境内并购趋于活跃，涉及中国的并购总额达4,072亿美元，同比增长33.8%。因受到监管障碍、地缘政治紧张局势、保护主义情绪 到最近的全球冠状病毒大流行影响，已公布的交易数量同比减少7.7%。 在第三季度里，中国并购活动总体跃升至2,184亿美元，较上一季度增长95.0%， 为2015年第四季度（2,823亿美元）以来第二高季度。中国企业“走出去”海外并购总额227亿美元，同比减少21.1%，为2007年（131亿美元）以来的三季 度最低。在全球跨境活动最活跃的收购国中，中国排名下滑至第九位。 今年，中国在“一带一路”沿线国家收购交易达81笔，达34亿美元，比一年前下降 了51.3%，占中国海外收购总额的15.0%。今年前三季度，外国公司收购中国企业达339亿美元，同比增长9.1%。然而，入境并购交易数量比一年前下降 了13.9%，是近十多年来的低谷期。尽管交易数量下降了4.8%，但境内活动达到五年高点，总计3,404亿美元，同比增长46.5%。 涉及中国的交易活动以能源与电力行业为主，占市场份额24.5%，总市场份额为998亿美元，同比增长366.0%。国家石油天然气管网集团有限公司以约 491亿美元收购了中国石油天然气股份有限公司的管道资产。这笔交易目前是亚太地区有史以来规模最大的一笔交易，超过了此前的纪录保持者——长江 实业在2015年以454亿美元收购和记黄埔。它还超过了中国历史上最大的并购交易——2016年440亿美元的中国化工收购瑞士先正达。同时，随着中国整 合油气管道，国家石油天然气管网集团有限公司还从中石化收购了其管道资产，共4笔交易，价值256亿美元。这使得国家石油天然气管网集团有限公司 收购中石油和中石化的油气管道资产合计达到 748 亿美元。高科技业以13.5%的市场份额紧随其后，金额达550亿美元，同比增长29.7%。在此期间，中 国国际金融股份有限公司以26.8%的市场份额和1,089亿美元的相关交易价值，领跑中国并购交易榜单。 2 报告 概览 股权资本市场 中国股权和股权挂钩收益创下历史新高，2020年前三季度融资达1,729亿美元，同比增长94.2%。股票发行数量同比增长92.4%。 包括二次上市在内的首 次公开发行（IPO）总额继续增长势头，共发行851亿美元，同比增长148.1%，超过去年26.3%。首次公开发行数量同比增长101.5%。 A股IPO和二次上 市融资达466亿美元，同比增长126.6%，其中A股发行数量增长137.0%。不包括二次上市，京沪高速铁路今年1月通过IPO融资44亿美元，成为今年迄今 为止全球规模最大的IPO。 上海证券交易所2019年7月推出的科创板，占A股IPO收益的47.0%，总销售额为219亿美元，同比增长267.3%。 中国在香港 （主板和创业板）的IPO和二次上市数量同比增长177.0%，达到272亿美元，其中IPO数量增长39.2%。今年6月京东和网易在香港上市，融资总额达70 亿美元。 中国在美国发行的IPO总额为76亿美元，同比增长196.5%。 增发发行达到四年高点，收益599亿美元，同比增长184.4%。 中国可转换债券及 股票挂钩发行总计278亿美元，比去年创纪录高点下降17.3%，但可转换债券数量在今年较为活跃。 从各行业看，股票发行同比增长，其中高科技行业领头，市场份额占比18.8%，募集资金达325亿美元，同比增长83.5%。中芯国际集成电路制造有限公 司在上海科创板以76亿美元二次上市，是今年迄今为止中国最大的IPO。医疗保健业的市场份额为16.2%，筹集了280亿美元，是一年前筹集的三倍多。 工业和金融业分别占12.6%和12.2%的市场份额。中信目前在中国股权和股权挂钩交易承销业务中排名第一，以166亿美元的承销金额获得9.6%的市场份 额。中国国际金融股份有限公司以9.0%的市场份额紧随其后，承销金额为155亿美元，摩根士丹利华信证券以8.8%的市场份额位位排名第三。 债券资本市场 中资发行人在一级市场的发行仍然强劲且继续打破记录，2020年前三季度筹集了1.8万亿美元，与去年同期相比增长了20.6%，债券发行数量使得2020年 前三季度成为历史迄今最繁忙前三季度。政府和相关机构发行以8,321亿美元占中国债券发行额的45.8%，较去年同期增长22.5%，成为有记录以来最繁 忙发行的前三季度。金融债券发行占据了31.4%的市场份额，总计5,708亿美元，较2019年同期增长22.5%，这得益于三笔大规模发行：中国农业银行价 值120亿美元的在岸永久债券、中国邮政储蓄银行价值114亿美元的永久债券以及中国银行价值111亿美元的二级债券。中国的银行出于资金补充的需求， 共筹集2,774亿美元，较去年同期上涨20.5%。 中国银行目前以1,369.7亿美元相关发行总额或7.5%的市场份额领跑中国债券承销榜单，中国工商银行以7.1%的市场份额（1,293.5亿美元发行额）位居 第二，中信则以6.6%的市场份额（1,193.4亿美元）跻身前三。 3 REPORT SUMMARY Investment Banking Fees China investment banking activity generated US$14.7 billion in fees during the first three quarters of 2020 and grew 32.5% year-on-year, making it the highest-ever first three- quarter period since records began in 2000. DCM underwriting fees, which captured 56.3% of the total investment banking fees, reached US$8.3 billion and surpassed last year’s record high by 14.4%. ECM underwriting fees also hit an all-time high with the biggest growth this year, up 116.0% from the same period last year and totaled US$4.9 billion. Advisory fees for completed M&A deals saw a 23.9% growth from a year ago and totaled US$874.7 million. Syndicated lending fees amounted to US$713.3 million, a 22.5% decline from the same period last year. CITIC topped China’s investment banking fee league table with a total of US$1.0 billion in estimated fees or 7.0% share of the total fee pool. Mergers & Acquisitions Mergers & acquisitions (M&A) involving China totaled US$407.2 billion in the first three quarters of 2020, a 33.8% increase from a year ago, driven by domestic consolidations. Number of announced deals fell 7.7% year-on-year as headwinds continued to deter deal making activity - from regulatory hurdles, geopolitical tensions, protectionist sentiments to the recent global coronavirus pandemic. During the third quarter of 2020, overall China M&A activity jumped to US$218.4 billion, witnessing a 95.0% growth from the second quarter of 2020, making it the second highest quarterly period since fourth quarter of 2015 (US$282.3 billion). Chinese outbound acquisitions totaled US$22.7 billion, down 21.1% compared to a year ago, making it the lowest first three-quarter period since 2007 (US$13.1 billion). China slipped down the ranking to ninth 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 nations saw 81 deals worth US$3.4 billion this year, down 51.3% from a year ago, and accounted for 15.0% of the total Chinese outbound acquisitions. Foreign firms acquiring Chinese companies amounted to US$33.9 billion in the first three quarters of this year, a 9.1% increase from the same period in 2019. However, the number of inbound deals fell 13.9% from a year ago and saw its slowest period in more than a decade. Domestic activity reached a five-year high and totaled US$340.4 billion, a 46.5% increase from the same period last year, despite a 4.8% drop in deal count. Deal making activity involving China targeted the Energy & Power sector which captured 24.5% market share and totaled US$99.8 billion, up 366.0% from the same period 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 previous record holder - Cheung Kong’s US$45.4 billion acquisition of Hutchison Whampoa in 2015. It also topped China’s 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 pipeline assets from Sinopec with a total of 4 deals worth US$25.6 billion. This brings PipeChina’s acquisition of PetroChina and Sinopec’s oil & gas pipeline assets to an aggregate total of US$74.8 billion. High Technology followed in second place with 13.5% market share worth US$55.0 billion, a 29.7% increase from a year ago. China International Capital Co (CICC) leads the any China involvement announced M&A league table during this period, with 26.8% market share and US$108.9 billion in related deal value. 4 REPORT SUMMARY Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds witnessed record issuances, raising US$172.9 billion in the first three quarters of 2020, up 94.2% from the same period last year. Number of equity issuances also saw the busiest first three-quarter period and grew 92.4% year-on-year. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies continued to gain momentum and raised a total of US$85.1 billion, up 148.1% from a year ago, surpassing annual ECM proceeds last year by 26.3%. Number of IPOs jumped 101.5% from a year ago. A-Share IPO and secondary listings raised US$46.6 billion, up 126.6% from a year ago, with a 137.0% increase in number of A-Share issuances. Excluding secondary listings, Beijing-Shanghai High Speed Railway raised US$4.4 billion via IPO in January, making it the biggest IPO globally so far this year. Shanghai Stock Exchange’s STAR Market, launched in July 2019, accounted for 47.0% of the A-Share IPO proceeds and totaled US$21.9 billion, up 267.3% year- on-year. Chinese IPOs and secondary listings in Hong Kong (Mainboard and GEM) grew 177.0% from last year to US$27.2 billion, with a 39.2% 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. Chinese IPOs in the United States saw US$7.6 billion in proceeds, a 196.5% increase from a year ago. Follow-on offerings hit a four-year high and raised US$59.9 billion in proceeds, up 184.4% year-on-year. Chinese convertibles, or equity-linked issuance, totaled US$27.8 billion, a 17.3% decline after last year’s record high, but number of convertible offerings saw the busiest period this year. Equity offerings across major sectors saw year-on-year growth with High Technology taking the lead with 18.8% of the China ECM proceeds worth US$32.5 billion, up 83.5% compared to the first three quarters of 2019. Semiconductor Manufacturing International Corp’s (SMIC) US$7.6 billion secondary listing in Shanghai’s STAR Market is the largest Chinese equity offering so far this year. Healthcare captured 16.2% market share and raised US$28.0 billion, more than triple the amount raised a year ago. Industrials and Financials represented 12.6% and 12.2% market share, respectively. CITIC currently leads the rankings this year for China ECM underwriting, capturing 9.6% market share with US$16.6 billion in related proceeds. China International Capital Co (CICC) followed in second place with 9.0% market share worth US$15.5 billion in proceeds while Morgan Stanley took third place with 8.8% market share. Debt Capital Markets Primary bond offerings from China-domiciled issuers remained strong and continued to break records, raising US$1.8 trillion during the first three quarters of 2020, a 20.6% increase from the same period last year, as number of bond offerings saw its busiest-ever first three-quarter period in 2020. Government & Agencies accounted for 45.8% of China’s bond proceeds with US$832.1 billion, up 22.5% from the same period last year and making it the best-ever first three-quarter period on record. Financials captured 31.4% market share and raised US$570.8 billion, up 22.5% year-on-year. This was driven by three jumbo issuances: Agricultural Bank of China’s onshore perpetual bond issuance worth US$12.0 billion, Postal Savings Bank’s US$11.4 billion perpetual bond and Bank of China’s US$11.1 billion Tier 2 bonds. Chinese banks raised US$277.4 billion, up 20.5% from a year ago as they replenished capital requirements.
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    Periodic Research on Important Developments and Trends in EM PE April 2012 EMPEA Brief The Evolution of PE in China This EMPEA Brief is a primer on the history and development of China’s domestic private equity industry, and provides an overview of local currency (RMB) fund managers—both foreign and domestic—operating in the country. It is a reprint of “The Evolution and Future of Private Equity in China,” authored by EMPEA CEO Sarah Alexander and Senior Associate Mike Casey, which ran in the March 2012 issue of the Emerging Markets Private Equity Review. Introduction Clarification of the types of private equity funds active in China, including delineation of institutional quality fund There may be no better symbol of the evolution of private managers, will facilitate further capital flows—domestic equity in China than Chinese fund manager Hony Capital’s and foreign—into the market. The article closes by explor- announcement in January 2012 that it successfully raised ing three trends likely to shape the future of private equity US$4 billion in capital for two new funds—US$2.4 billion in China: growing demand for the asset class; increasing for its fifth USD-denominated fund and RMB10 billion levels of local LP participation; and, professionalization (US$1.6 billion) for its second local currency (RMB) fund. paving the way for local Chinese investors to pursue cross- Hony Capital illustrates the profound transformations that border and international opportunities. have taken place in China in the last decade, including the rise of professional domestic fund managers, the growth of Background RMB funds and the development of China’s LP base.
  • Worldwide Investments in CLUSTER MUNITIONS a Shared Responsibility

    Worldwide Investments in CLUSTER MUNITIONS a Shared Responsibility

    November 2014 update Worldwide investments in CLUSTER MUNITIONS a shared responsibility November 2014 Utrecht, November 2014 PAX has strived to achieve the highest level of accuracy in our reporting. However, at this point, there is still a marked lack of official information available in the public domain about the use, production, transfer, and stockpiling of cluster munitions, as well as about investments in companies that produce cluster munitions. The information in this report therefore reflects official information available in the public domain known to PAX. We welcome comments, clarifications, and corrections from governments, companies, financial institutions and others, in the spirit of dialogue, and in the common search for accurate and reliable information on an important subject. If you believe you have found an inaccuracy in our report or if you can provide additional information, please contact us. Authors Roos Boer (PAX) Anne Cukier (Profundo) Anniek Herder (Profundo) Suzanne Oosterwijk (PAX) Michel Riemersma (Profundo) Research by Roos Boer (PAX) Anne Cukier (Profundo) Anniek Herder (Profundo) Barbara Kuepper (Profundo) Suzanne Oosterwijk (PAX) Michel Riemersma (Profundo) Frank Slijper (PAX) Joeri de Wilde (Profundo) With thanks to Werner Anderson, Laura Boillot, Stan Brabant, Ningyu Cao, Cyrielle Chibaeff, Michelle Fahy, Eva Maria Fisher, Jan Willem van Gelder, Camille Gosselin, Paul Hannon, Barbara Happe, Katherine Harrison, Mark Hiznay, Erin Hunt, Ole Kirkelund, Thomas Küchenmeister, Martin Lagneau, Marion Libertucci, Amy Little, Richard MacCormac, Gro Nystuen, Lucy Pinches, Giuseppe Schiavello, Christophe Schreire, Petra Schroeter, Sigrid Rausing Trust, Susi Snyder, Miriam Struyk, Stijn Suijs, Lorel Thomas, Junko Utsumi, Esther Vanderbroucke, Hildegarde Vansintjan, Mary Wareham, Luc Weyn, Wilbert van der Zeijden, and all the representatives of the financial institutions who provided answers to our questions about their policy.
  • Annual Report 2018

    Annual Report 2018

    COVT ER S ORY O PPORTUNITIES IN DISRUPTION The financial markets in 2018 were dynamic with challenges and game-changing moments like a volleyball match. Steady performance, professional skills and a cohesive team are the basics and core competencies of the greatest teams as well as leading financial institutions. But to win and stand out among their peers, the team has to be responsive to changes on the court and be decisive, mastering tactics and adjusting strategies according to the environment. Building on the DNA of being STABLE and STRONG yet AGILE and INNOVATIVE, Everbright has demonstrated its capability to Master the Playbook and Embrace Opportunities in Disruption. With sound fundamentals and its out-the-box thinking, Everbright has consistently delivered winning plays. TABLE OF CONTENTS 8 Company Overview 10 2018 Business Development Highlights 14 2018 Review 26 Chairman’s Statement 28 Management Discussion and Analysis 46 Environmental, Social and Governance Report 76 Corporate Governance Report 100 Risk Management Report 108 Directors’ Report 122 Directors and Senior Management FINANCIAL SECTION 127 Independent Auditor’s Report 133 Consolidated Statement of Profit or Loss 134 Consolidated Statement of Comprehensive Income 135 Consolidated Statement of Financial Position 137 139 Consolidated Statement of Changes in Equity Notes to the Financial Statements 138 222 Consolidated Statement of Cash Flows Financial Summary 223 Particulars of Major Properties 224 Corporate Information SOLIDSOLID FUNDAMENTALS In 2018, the global economy experienced a tumultuous year with increased market uncertainties and depressed sentiment. Even in the face of a sector-wide downturn in private equity, however, China Everbright Limited’s core businesses delivered a solid performance, showcasing its core competencies in cross-border investment and asset management.
  • FAST FACTS (Stock Code: 165.HK) a Leading Cross-Border Asset Management and Investment Company in China

    FAST FACTS (Stock Code: 165.HK) a Leading Cross-Border Asset Management and Investment Company in China

    CORPORATE FAST FACTS (Stock Code: 165.HK) A leading cross-border asset management and investment company in China China Everbright Limited (Everbright, stock code: 165.HK) was established in Hong Kong in 1997 with over 20 years’ experience in cross-border asset management and PE investments. It is the only listed company in Hong Kong with alternative asset management as its core business, backed by its parent company China Everbright Group. Through the private equity funds, venture capital funds, industry funds, mezzanine funds, fund of funds, fixed income and equity funds it manages, Everbright cultivates a number of high- growth-potential enterprises together with its investors. While closely following the development requirements of Chinese companies, it also introduces the best overseas technologies into the Chinese market, providing multifaceted services to Chinese and overseas clients. Moreover, via its principal investment, Everbright is cultivating CALC, the largest independent aircraft leasing operator in China; incubating Terminus, a unicorn enterprise specialising in AI and Internet of Things; and also integrating high-end elderly care platforms in China to build a proprietary and quality Everbright senior care brand. Global Vision, 20+ Years 200+ Sector Expertise Cross-border Asset Seasoned • Real Estate • TMT China Insight • Medical & Healthcare Management / PE Investment Talents • Infrastructure Cross-border Investment Experience • High-end Manufacturing Investment Platforms • Advanced Technology 69 188 HK$ 157.0 billion
  • Annual Report 2018 Stock Code: 3988 / 4601

    Annual Report 2018 Stock Code: 3988 / 4601

    No. 1 Fuxingmen Nei Dajie, Beijing, China, 100818 Tel: (86) 10-6659 6688 Fax: (86) 10-6601 6871 Customer Service and Complaint Hotline: (86) Area Code-95566 http://www.boc.cn 會 夥 Annual Report 2018 Stock Code: 3988 / 4601 2018 Annual Report Ordinary H-Share Stock Code: 3988 Offshore Preference Share Stock Code: 4601 STOCKHOLM MANCHESTER DUSSELDORF GLASGOW HAMBURG MOSCOW DUBLIN BERLIN BIRMINGHAM ROTTERDAM WARSAW LONDON PRAGUE CALGARY FRANKFURT AKTOBE BRUSSELS PARIS KHABAROVSK VANCOUVER VIENNA ALMATY ULAANBAATAR LUXEMBOURG BUDAPEST MUNICH MONTREAL LYON TORONTO MILAN BELGRADE VLADIVOSTOK ROME ISTANBUL CHICAGO NEW YORK LISBON STUTTGART BEIJING KOBE SEOUL TOKYO ANSAN LOS ANGELES CASABLANCA DAEGU YOKOHAMA OSAKA NAGOYA DOHA BAHRAIN DUBAI KARACHI TAIPEI MACAO HONG KONG ABU DHABI CHIANG MAI MEXICO CITY MUMBAI VIENTIANE GRAND CAYMAN YANGON KHON KAEN BANGKOK NAKHON RATCHASIMA RAYONG SIEM REAP MANILA PHNOM PENH HO CHI MINH CITY COLON HAT YAI SIHANOUKVILLE COLOMBO PENANG KUALA LUMPUR PANAMA CITY MEDAN MUAR BANDAR SERI BEGAWAN KLANG KUCHING NAIROBI PUCHONG MELAKA SINGAPORE JOHOR BAHRU LUANDA DAR ES SALAAM JAKARTA SURABAYA LIMA KITWE LUSAKA PORT LOUIS RIO DE JANEIRO SAO PAULO JOHANNESBURG BRISBANE DURBAN PERTH ADELAIDE SYDNEY SANTIAGO AUCKLAND MELBOURNE BOC Head Office BOCHK Singapore Branch STOCKHOLMSTOCKHOLM MANCHESTERMANCHESTER DUSSELDORFDUSSELDORF GLASGOWGLASGOW HAMBURGHAMBURG MOSCOWMOSCOW DUBLINDUBLIN BERLINBERLIN BIRMINGHAMBIRMINGHAMROTTERDAMROTTERDAM WARSAWWARSAW LONDONLONDON PRAGUEPRAGUE CALGARYCALGARY FRANKFURTFRANKFURT AKTOBEAKTOBE BRUSSELSBRUSSELSPARISPARIS