DOCSLIB.ORG

Refinitiv China IB Review

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

China Investment Banking Review Full Year 2019 中国投资银行业报告 2019年度 Refinitiv Deals Intelligence 路孚特 交易商情 1 报告 概览 投资银行费用 中国投资银行费用在2019年度共计142亿美元，相比去年增长19.8%，创下自2000年以来的最高值。债券承销费用占投资银行费用总额的 60.2%，总计85亿美元，较上年同期增长49.1%，创下新的记录。证券承销费用较2018年增长11.8%，总额达34亿美元。在并购领域，已完成 交易的顾问费用降至五年来最低点，达到8.7亿美元，同比下降28.1%。银团贷款费用总额为13亿美元，比2018年下降27.1%。中国银行以总 额11亿美元的估值费用（占总费用的7.9%）位居中国投资银行费用排行榜首位。 兼并与收购 由于监管缩紧、地缘政治局势紧张和保护主义情绪持续，中国并购市场自2015年创下历史新高以来，已连续第四年出现下滑。中国参与的并 购交易总额达4,471亿美元，较2018年下降19.2%，为2013年（2,771亿美元）以来的最低值。中国对外并购总额达413亿美元，同比下降 49.5%，为2009年（400亿美元）以来的最低水平。中国在2019年的跨境并购交易总额排名中跌至第八位。此前在2016年，中国曾是最大海外 资产收购国之一。 2019年，中国在“一带一路”参与国家中并购总额达126亿美元，较2018年下降30.0%，占中国境外并购总额的30.5%。就交易金额而言，秘鲁 在“一带一路”参与国家的并购中占据了28.5%的市场份额。新加坡的并购交易数量最多，共25笔已公布交易，总值28亿美元，占有22.2%的市 场份额。 外国企业收购中国企业在2019年总交易额达423亿美元，同比下降25.8%，但自2006年以来首次超过中国境外并购交易额。 工业在中国并购交易中占市场份额19.0%，总额达849亿美元，比去年下降5.3%。金融业位居第二，市场份额为18.4%，共计823亿美元。高 科技行业位列第三，市场份额为545亿美元，占市场份额12.2%。中信在同期公布的并购排行榜中，以12.7%的市场份额和567亿美元的交易额 领跑中国。中国国际金融有限公司以7.7%的市场份额位居第二，华泰证券以5.2%的市场份额位居第三。 2 报告 概览 股权资本市场 2019年，中国股权和股权挂钩交易收益达到1,466亿美元，比去年增长10.8%。包括首次上市在内的中国企业首次公开发行（IPO）总额创下 五年来新高，募集资金达659亿美元，较2018年增长2.4%。A股IPO融资319亿美元，同比增长61.4%。上海科创板于2019年7月启动，累计募 集资金96亿美元。中国在香港的首次公开募股（主板和创业板）同比下降16.7%，跌至293亿美元；在美国证交所的融资额同比下降62.8%， 至34亿美元。阿里巴巴集团在香港上市募集资金129亿美元，成为2019年亚太地区规模最大的发行。也是继沙特阿美（Saudi Aramco）创纪 录的256亿美元IPO之后的全球第二大上市发行。阿里巴巴集团去年在纽约发行的IPO融资达250亿美元。其股票增发降至7年低点，募集资金 314亿美元，同比下降27.2%。中国可转换债券（或股票挂钩发行）创下历史新高，筹资492亿美元，较去年增长98.8%。上海浦东发展银行发 行的可转换债券共募集资金71亿美元，是亚太地区有史以来发行的规模最大的可转换债券。中资银行通过发行可转换债券共筹集了199亿美 元。 来自其它行业的中债发行企业，如高科技、工业和能源，已开始涉足可转换债券市场。 中信证券目前在中国股权资本市场承销业务中排名第一，以153亿美元的收益占据了10.4%的市场份额。中国国际金融公司以9.3%的市场份额 紧随其后，高盛以5.8%的市场份额位居第三。 债券资本市场 中国的一级市场债券发行势头持续增强，创下历史新高。2019年筹资1.8万亿美元，同比增长52.2%，超过2016年创下的1.6万亿美元之纪录。 中国投资级公司债券发行总额9,860亿美元，同比增长34.0%。高收益公司债券共发行520亿美元，同比增长103.4%。中国国债发行额占募集 资金的41.5%，达7,403亿美元，同比增长105.8%。 值得注意的是，中国各家银行在补充资本金需求时，还发行了840亿美元的永久债券。中 国市场永久债券发行总额达1,394亿美元，同比增长168.9%，创历史最高水平。 3 REPORT SUMMARY Investment Banking Fees China investment banking activity generated US$14.2 billion in fees during 2019, a 19.8% increase from last year, making it the highest-ever annual period since records began in 2000. DCM underwriting fees, which captured 60.2% of the total investment banking fees, reached record levels worth US$8.5 billion, up 49.1% from a year ago. ECM underwriting fees grew 11.8% from 2018 and totaled US$3.4 billion. Advisory fees for completed M&A deals fell to a five-year low and reached US$870.7 million, down 28.1% year-on-year. Syndicated lending fees totaled US$1.3 billion, down 27.1% from 2018. Bank of China Ltd topped China’s investment banking fee league table with a total of US$1.1 billion in estimated fees or 7.9% share of the total fee pool. Mergers & Acquisitions Mergers & acquisitions (M&A) involving China witnessed its fourth consecutive annual decline since it reached a record high in 2015, as regulatory hurdles, geopolitical tensions and protectionist sentiments continue. Overall China involvement M&A deals totaled US$447.1 billion in 2019, down 19.2% in value from a year ago, and the lowest annual period since 2013 (US$277.1 billion). Chinese outbound acquisitions totaled US$41.3 billion, down 49.5% compared to last year, making it the lowest annual period since 2009 (US$40.0 billion). China fell to eighth place on the top most acquisitive nations for global cross-border activity in 2019, after being one of the largest acquirers of overseas assets during its peak in 2016. Chinese acquisitions along Belt & Road nations reached US$12.6 billion this year, down 30.0% from a year ago, and accounted for 30.5% of the total Chinese outbound acquisitions. Peru captured 28.5% market share of Chinese acquisitions along Belt & Road nations in terms of value, while Singapore saw the greatest number of acquisitions with 25 announced deals worth US$2.8 billion, or 22.2% market share. Foreign firms acquiring Chinese companies amounted to US$42.3 billion in 2019, a 25.8% decline from the last year, but exceeding the value of Chinese outbound M&A activity for the first time since 2006. Deal making activity involving China targeted the Industrials sector which captured 19.0% market share and totaled US$84.9 billion, down 5.3% from last year. Financials sector took second place, with 18.4% market share and US$82.3 billion in value. High Technology rounded out the top three and accounted for 12.2% market share worth US$54.5 billion. CITIC leads the any China involvement announced M&A league table rankings this period, with 12.7% market share and US$56.7 billion in related deal value. China International Capital Co (CICC) follows in second place with 7.7% market share, while Huatai Securities Co Ltd takes third spot with 5.2% market share. 4 REPORT SUMMARY Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds in 2019 reached US$146.6 billion, a 10.8% increase compared to last year. Total initial public offerings (IPOs), including first time listings, issued by China-domiciled companies reached a five-year high and raised an aggregate amount of US$65.9 billion, up 2.4% in proceeds from 2018. A-Share IPOs raised US$31.9 billion, up 61.4% from a year ago. Shanghai Stock Exchange’s STAR Market launched in July 2019 and raised US$9.6 billion in proceeds. Chinese IPOs and new listings in Hong Kong (Mainboard and GEM) dropped 16.7% from a strong period last year to US$29.3 billion, while proceeds raised in the United States stock exchanges dropped 62.8% from year ago to US$3.4 billion. Alibaba Group’s listing in Hong Kong raised US$12.9 billion in proceeds, making it the largest equity offering in Asia Pacific for 2019, and the second largest equity offering globally after Saudi Aramco’s record-breaking IPO worth US$25.6 billion. Previously, Alibaba Group raised US$25.0 billion from its original IPO in New York last 2014. Follow-on offerings fell to a seven-year low, raising US$31.4 billion in proceeds, down 27.2% year-on-year. Chinese convertibles, or equity-linked issuance, hit an all-time high and raised US$49.2 billion, up 98.8% from last year. A record convertible bond from Shanghai Pudong Development Bank raised US$7.1 billion in proceeds, making it the biggest-ever Asia Pacific convertible issuance. Chinese banks raised a total of US$19.9 billion from convertible offerings. Chinese borrowers from other sectors, such as High Technology, Industrials and Energy & Power, have emerged to tap the convertible bonds market. CITIC currently leads the rankings this year for China ECM underwriting, capturing 10.4% of the market share with US$15.3 billion in related proceeds. China International Capital Co (CICC) followed behind in second place with 9.3% market share while Goldman Sachs took third place with 5.8% market share. Debt Capital Markets Primary bond offerings from China-domiciled issuers continues to gain momentum and hits all-time high, raising US$1.8 trillion in 2019, up 52.2% from a year ago, after surpassing the record set in 2016 (US$1.6 trillion). Chinese investment grade corporate bond issuance totaled US$986.0 billion, up 34.0% from last year, while high yield corporate bond issuance raised US$52.0 billion, a 103.4% increase from 2018. Chinese government bond issuance accounted for 41.5% of the proceeds, raising US$740.3 billion, a 105.8% increase year-on-year. Notably, Chinese banks turned to issuing perpetual bonds raising US$84.0 billion in 2019, as they replenished capital requirements. In total, Chinese perpetual bond offerings amounted to US$139.4 billion, up 168.9% from a year ago, making it the highest-ever period. Bank of China currently leads China bonds underwriting with US$157.2 billion in related proceeds or 8.8% market share. Industrial & Commercial Bank of China (ICBC) follows in second place with 7.8% market share and China Construction Bank rounded out the top three with 6.7% market share. 5 季度摘要 中国投资银行业务 摘要 并购费用 下降 -28% 并购财务顾问 今年迄今第一名 股权资本市场费用 增涨 12% 中信 债券资本市场费用 增涨 49% 股权资本发行承销商 今年迄今第一名 中信 贷款费用 下降 -27% 债券资本发行承销商 今年迄今第一名 中国参与并购 下降 -19% 中国银行 中国标的并购 下降 -12% 并购标的行业 第一名 股票资本发行金额 增涨 11% 工业 债券资本发行金额 增涨 52% 债券行业 股票行业 第一名 第一名 点击箭头图标查看详细分析 政府和相关机构 金融 6 QUARTERLY HIGHLIGHTS CHINA INVESTMENT BANKING ACTIVITY HIGHLIGHTS M&A FEES DOWN -28% M&A TOP FINANCIAL ADVISOR YTD CITIC ECM FEES UP 12% ECM TOP BOOK RUNNER YTD DCM FEES UP 49% CITIC LOAN FEES DOWN -27% DCM TOP BOOK RUNNER YTD ANY INV. M&A DOWN -19% Bank of China Ltd TARGET M&A DOWN -12% M&A TOP TARGETED INDUSTRY Industrials ECM PROCEEDS UP 11% DCM TOP ISSUING ECM TOP ISSUING DCM PROCEEDS UP 52% INDUSTRY INDUSTRY Click on any of the above arrows to go Government and straight to the analysis. Financials Agencies 7 BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING FEES PAGE INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES (by Market Share) Annual Fees 16,000 • Outer Rim: YTD 14,000 • Inner Rim: YTDLY 12,000 10,000 23% 8,000 25% 6,000 US$ Million 4,000 26% 25% 2,000 0 09 10 11 12 13 14 15 16 17 18 19 7% INVESTMENT BANKING FEES BY ASSET CLASS 10% 16% BONDS EQUITY LOANS MA 12% 16,000 11% 11% 14,000 23% 12,000 10,000 11% 8,000 6,000 US$ Million 4,000 Financials Government and Agencies 2,000 Real Estate Industrials 0 09 10 11 12 13 14 15 16 17 18 19 High Technology Other 8 BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES (Any Involvement) Annual Volumes #Deals 900 8,000 • Outer Rim: YTD 800 7,000 • Inner Rim: YTDLY 700 6,000 600 5,000 500 19% 4,000 400 3,000 29% US$ Billion 300 16% 200 2,000 30% 100 1,000 0 - 09 10 11 12 13 14 15 16 17 18 19 15% TARGET M&A VOLUMES & NUMBER OF DEALS 19% Annual Volumes #Deals 11% 15% 700 7,000 10% 13% 600 6,000 500 5,000 11% 12% 400 4,000 300 3,000 US$ Billion 200 2,000 Industrials Financials High Technology 100 1,000 Real Estate Materials Other 0 - 09 10 11 12 13 14 15 16 17 18 19 9 BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A fell 25.8% from YTD last year, Domestic M&A declined 10.1% from YTD last year, Outbound M&A is down 49.5% from YTD last year, amounting to US$42.3 billion so far this year.
Recommended publications
  • 2020 Annual Report

    2020 Annual Report

    JULY 31, 2021 2021 Annual Report iShares Trust • iShares China Large-Cap ETF | FXI | NYSE Arca • iShares MSCI China A ETF | CNYA | Cboe BZX The Markets in Review Dear Shareholder, The 12-month reporting period as of July 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, eventually regaining the output lost from the pandemic. Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages Rob Kapito further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting President, BlackRock, Inc. period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets rebounded substantially. Total Returns as of July 31, 2021 The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the 6-Month 12-Month beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and U.S.
  • ICBC, Alibaba, and Ant Financial Enter Comprehensive

    ICBC, Alibaba, and Ant Financial Enter Comprehensive

    ICBC, Alibaba and Ant Financial Form Comprehensive Strategic Partnership Bringing enhanced fintech and financial services to users Beijing, China, December 16th, 2019 – Industrial and Commercial Bank of China (“ICBC”), Alibaba Group (“Alibaba”), and Ant Financial Services Group (“Ant Financial”) today entered a comprehensive strategic partnership to enhance the services available to users by deepening their level of cooperation in the key areas of fintech and financial services. Under the partnership agreement, parties will work together more closely, improving the quality of fintech offerings by using smart technologies and product innovation. To take financial services forward, the partners will use their collective experience and expertise to focus on areas that include electronic payment settlement, cross-border finance, and scenario-based financial services. “Complementing each other’s strength, ICBC and the Alibaba digital economy have been working together to build a range of products. Our cooperation expands beyond payment and e-commerce to more areas including global corporate finance, scenario-based finance and financial innovation. We hope to generate more chemistry to promote innovations in Chinese finance industry and further improve the quality of finance services in the coming future,” said Chen Siqing, Chairman of ICBC. The collaboration started as early as March 2005 when Alipay and ICBC joined hands to offer online payment services to users. ICBC was the first bank in China to partner with Alipay to deliver online payments, demonstrating the bank’s innovation and inclusivity. “Alibaba Group and Ant Financial highly value our long-standing relationship with ICBC. Their commitment to building a better future has helped fuel the rapid growth of Alipay as well the broader digital economy in China,” said Daniel Zhang, Chairman and CEO of Alibaba Group.
  • The Data Behind Netflix's Q3 Beat Earnings

    The Data Behind Netflix's Q3 Beat Earnings

    The Data Behind Netflix’s Q3 Beat Earnings What Happened -- Earnings per share: $1.47 vs. $1.04 expected -- International paid subscriber additions: 6.26 million vs. 6.05 million expected -- Stock price surged more than 8% in extended trading Grow your mobile business 2 Apptopia’s data was a strong leading indicator of new growth -- Netflix increased new installs of its mobile app 8.4% YOY and 13.5% QOQ. -- New international installs of Netflix are up 11.3% YOY and 17.3% QOQ. -- New domestic installs of Netflix are down 3.6% YOY and 8.3% QOQ. Grow your mobile business 3 Other Indicators of Netflix’s Q3 2019 performance Netflix Domestic Growth YoY Netflix Global Growth YoY Q3 2018 - 19 Q3 2018 - 19 Netflix +6.4% Netflix +21.4% Reported: Paid Reported: Paid Subscribers Subscribers Apptopia +7.2% Apptopia +15.1% Estimate: Time Estimate: Time Spent In App Spent In App Apptopia +7.7% Apptopia +16% Estimate: Mobile Estimate: Mobile App Sessions App Sessions Grow your mobile business Other Indicators of Netflix’s Q3 2019 performance -- Netflix reported adding 517k domestic paid subscriber vs. 802k expected -- Its growth this quarter clearly came from international markets -- More specifically, according to Apptopia, it came from Vietnam, Indonesia, Saudi Arabia and Japan Grow your mobile business We’ve Got You Covered Coverage includes 10+ global stock exchanges and more than 3,000 tickers. Restaurants & Food Travel Internet & Media Retail CHIPOTLE MEXICAN CRACKER BARREL ALASKA AIR GROUP AMERICAN AIRLINES COMCAST DISH NETWORK ALIBABA GROUP AMBEST BUY
  • Chinese Makers Roll out Wave of Apple Watch Lookalikes 12 March 2015, Byjoe Mcdonald

    Chinese Makers Roll out Wave of Apple Watch Lookalikes 12 March 2015, Byjoe Mcdonald

    Chinese makers roll out wave of Apple watch lookalikes 12 March 2015, byJoe Mcdonald taking steps to reduce the problem. The flood of "me too" smartwatches reflects China's mix of skilled electronics manufacturers and a growing consumer market for bargain-price style. Most of the world's personal computers and mobile phones are assembled in China. But this country's own companies are only starting to develop design skills and the ability to create breakthrough products. That has led to the rise of an industry known as "shanzhai," or "mountain forts"—hundreds of small, anonymous manufacturers that quickly copy the An e-commerce website with a vendor selling the "Apple design or features of popular foreign mobile phones Smart Watch Bluetooth Bracelet" starting from 288 yuan or other products at a fraction of the price. (US$45) is displayed on a computer screen in Beijing Thursday, March 12, 2015. A month before Apple Inc.'s At least eight vendors on Taobao advertised smartwatch hits the market, China's thriving copycat watches as "Apple Watch" or "Apple Watch manufacturers are selling lookalikes, some openly lookalike." Most said they were compatible with advertised as Apple copies. (AP Photo/Ng Han Guan) Apple's iOS or Google Inc.'s rival Android operating system. A month before Apple Inc.'s smartwatch hits the market, China's thriving copycat manufacturers are selling lookalikes, some openly advertised as Apple copies. "Apple Smart Watch with Bluetooth Bracelet," says one vendor on Alibaba Group's popular Taobao e- commerce website. Photos on the vendor's page appear to be the real Apple Watch.
  • 2017Annual Report CONTENTS

    2017Annual Report CONTENTS

    (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2017 Annual2017 Report 2017Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 9 Section 2 Material Risk Factors ............. 10 Section 3 Company Information ............. 11 Section 4 Financial Summary ............... 26 Section 5 Management Discussion and Analysis .................... 32 Section 6 Report of Directors ............... 84 Section 7 Other Significant Events ........... 96 Section 8 Changes in Shares and Information on Substantial Shareholders .......... 108 Section 9 Directors, Supervisors, Senior Management and Employees ....... 114 Section 10 Corporate Governance Report ...... 150 Section 11 Environmental, Social and Governance Report ............... 177 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 205 Annual Report 2017 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” the ordinary shares with a nominal value of RMB1.00 each proposed to be issued by the Company under the A Share Offering, to be listed on the Shanghai Stock Exchange and traded in RMB “A Share Offering” the proposed initial public offering of not more than 400,000,000 A Shares in the PRC by the Company “Articles of Association” or “Articles” the articles of association of CSC Financial
  • 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 ..............................................................................................................
  • 1 Skydance Media and Alibaba Pictures Join Forces To

    1 Skydance Media and Alibaba Pictures Join Forces To

    SKYDANCE MEDIA AND ALIBABA PICTURES JOIN FORCES TO FINANCE AND PRODUCE FLYING TIGERS FEATURE FILM Oscar-Nominated Writer Randall Wallace to Script _____________________________________________________________________________ Santa Monica, CA and Beijing, China – April 6, 2016 – Skydance, a diversified media company that creates elevated, event-level entertainment for global audiences, and Alibaba Pictures, Alibaba Group’s entertainment affiliate, today announced that they will join forces to finance and produce a Flying Tigers feature film for global release. It has been designated by Skydance Media and Alibaba Pictures as a high-priority development project. The screenplay will be written by Oscar-nominated writer Randall Wallace (Braveheart) and the film will be produced by David Ellison and Dana Goldberg of Skydance together with a team from Alibaba Pictures. The Flying Tigers – formally known as the 1st American Volunteer Group of the Chinese Air Force – was a group of volunteer pilots from the U.S. Air Force, Navy and Marine Corps. Led by Captain Claire Lee Chennault, the group fought alongside the Chinese during World War II. The Flying Tigers project will tell the story of the unique brotherhood formed by these intrepid soldiers. “This production partnership with Alibaba Pictures on Flying Tigers marks an important next step in our strategy to expand the reach of the Skydance brand on a global basis,” said David Ellison, Chief Executive Officer of Skydance Media. “We could not be more excited to work with the incomparable Randall Wallace to bring to life the extraordinary, untold story of the great commitment and sacrifices made by this courageous group of pilots.” “Flying Tigers carries with it a rich legacy and a movie about this subject matter has been highly anticipated for a very long time,” added Zhang Wei, President of Alibaba Pictures.
  • STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016

    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016

    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
  • FAANG+ UCITS Fund Is a Sub-Fund Within AQA Broad Representation of the Market, the Due to Their High Growth Potential

    FAANG+ UCITS Fund Is a Sub-Fund Within AQA Broad Representation of the Market, the Due to Their High Growth Potential

    + www.castlestonemanagementllc.com Fund Objective The investment objective of the Sub-Fund is to generate capital growth mainly through exposure to the development, advancement and use of technology. The Sub-Fund will be invested in global technology equities some of which are familiarised by the acronym “FAANG” defining the most well-known technology equities. Apart from the FAANG equities, the Sub-Fund will also invest in other large technology stocks. Up to 100% of the assets of the Sub-Fund may be invested in equities. Why invest in FAANG+ UCITS Growth Market Leaders in Inflows from Passive Broad Exposure to Global Story Different Sectors Investors Technology Companies FAANG+ offers exposure UCITS diversified portfolio The S&P 500 is a market FAANG+ holds names to companies that of the leading technology capitalisation weighted Index. diversified across the dominate the stocks in the S&P 500 The market cap of the Information Technology, technology sector and Index and MSCI World FAANG+ stocks represent Communication Services, have a history of strong Index. Exposure to some approximately 23% of the Financial and Consumer growth over the long- of the largest tech S&P 500 Index. This means Discretionary sectors, spread term. companies in the US, that for every $100 being throughout four global China, Taiwan, Korea, invested into the S&P 500 geographic locations. Europe. Index, approximately $23 is being invested into FAANG stocks and Microsoft. Sectors and Weightings (%) SECTORS & WEIGHTINGS (%)* TOP 10 HOLDINGS (%)* INFORMATION TECHNOLOGY
  • 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.
  • LEAGUE TABLES H1 2018 Preliminary As of 25 June 2018 H1 2018 PRELIMINARY AS of 25 JUNE 2018 MANAGER RANKINGS ASIA PACIFIC CAPITAL MARKETS

    LEAGUE TABLES H1 2018 Preliminary As of 25 June 2018 H1 2018 PRELIMINARY AS of 25 JUNE 2018 MANAGER RANKINGS ASIA PACIFIC CAPITAL MARKETS

    ASIA PACIFIC CAPITAL MARKETS LEAGUE TABLES H1 2018 Preliminary As of 25 June 2018 H1 2018 PRELIMINARY AS OF 25 JUNE 2018 MANAGER RANKINGS ASIA PACIFIC CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Equities Zhen Hao Toh +65 6499 2931 [email protected] Fixed Income Jennifer Passos +65 6231 9677 [email protected] Loans Colin Tang +65 6499 2949 [email protected] APAC League Xin Yu Chen +65 6212 1123 [email protected] © 2018 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary APAC Capital Markets | H1 2018 Asia ex-Japan G3 Currency Bonds: Industry Breakdown Asia Pacific Fixed Income 13% 6% 6% Asia ex-Japan G3 Currency Bonds 7% 55% H1 2018 H1 2017 12% Mkt Volume (USD Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) HSBC 1 7.327 10,159 126 1 9.020 -1.693 Citi 2 5.929 8,219 85 3 6.455 -0.526 Financials 55% Bank of China 3 5.352 7,421 115 4 5.037 0.315 Government 12% Standard Chartered Bank 4
  • Pacer CSOP FTSE China A50 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 98.0% Agriculture - 1.6% Muyuan Foodstuff Co Ltd

    Pacer CSOP FTSE China A50 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 98.0% Agriculture - 1.6% Muyuan Foodstuff Co Ltd

    Page 1 of 4 Pacer CSOP FTSE China A50 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 98.0% Agriculture - 1.6% Muyuan Foodstuff Co Ltd. - Class A 9,230 $ 120,977 Wens Foodstuffs Group Co Ltd. - Class A 4,660 15,857 136,834 Auto Manufacturers - 0.7% SAIC Motor Corp Ltd. - Class A 24,600 64,077 Banks - 23.7% Agricultural Bank of China Ltd. - Class H 352,300 163,039 Bank of China Ltd. - Class H 193,900 92,512 Bank of Communications Co Ltd. - Class A 184,100 125,556 China CITIC Bank Corp Ltd. - Class H 24,700 18,261 China Construction Bank Corp. - Class H 81,500 71,464 China Everbright Bank Co Ltd. - Class H 126,400 68,456 China Merchants Bank Co Ltd. - Class A 108,200 539,489 China Minsheng Banking Corp Ltd. - Class A 254,300 201,851 Industrial & Commercial Bank of China Ltd. - Class A 198,400 140,993 Industrial Bank Co Ltd. - Class A 127,400 285,849 Ping An Bank Co Ltd. - Class A 75,000 143,348 Shanghai Pudong Development Bank Co Ltd. - Class A 132,300 196,379 2,047,197 Beverages - 17.9% Jiangsu Yanghe Brewery Joint-Stock Co Ltd. - Class A 4,000 77,398 Kweichow Moutai Co Ltd. - Class A 4,000 961,777 Wuliangye Yibin Co Ltd. - Class A 16,200 504,835 1,544,010 Building Materials - 1.6% Anhui Conch Cement Co Ltd. - Class H 15,900 139,921 Coal - 0.5% China Shenhua Energy Co Ltd.