China Investment Banking Review First Quarter 2021 中国投资银行业报告 2021年一季度 Refinitiv Deals Intelligence 路孚特 交易商情 1 报告 概览 投资银行费用 中国投行业务费用在2021年一季度达47亿美元，同比增长16.6%，这是自2000年有记录以来一季度最高值。股票市场承销费再创新高，总发行额达 20亿美元，同比 增长153.0%。债券市场承销费占中国投资银行费用的44.6%，达21亿美元，在2020年一季度达到顶点之后下降21.0%。已完成的并购交易咨询费降至7年来的最低水 平，达到约1.5亿美元，同比下降51.2%。银团贷款费用总额约为4.6亿美元，比去年同期增长64.1%。中信以约3.5亿美元的预估费用位居中国投行费用榜首，占总费 用池的7.5%。 兼并与收购 在2021年第一季度，中国参与的并购活动总体表现强劲。已公布的并购交易总金额达1,334亿美元，较去年同期增长80.1%。这是自2016年以来第一季度的1,974亿美 元的最高值。按交易数量计算，同比增长58.4%，达到1,804宗，创历史新高。 中国对外收购额达到161亿美元，同比增长206.5%，为2018年以来同期最高水平。中国目前在全球跨境活动国家中排名第六，中国此前在2016年曾是最大的海外资产 收购国之一。 中国对“一带一路”沿线国家进行了17笔并购，在今年一季度累计交易额达11亿美元，同比增长239.2%，占中国对外收购总额的6.7%。 外国公司收购中国公司在第一季度达84亿美元，比去年同期增长6.0%，入境交易数量同比增长9.5%。 国内并购活动达到创纪录的1,087亿美元，比去年同期增长 93.5%，交易数量比去年同期增长72.3%。 涉及中国的交易活动主要集中在高科技行业，占据了22.5%的市场份额，总金额达300亿美元，较去年同期增长277.2%，交易数量增加了一倍多。原材料行业紧随其 后，市场份额为21.2%，金额达283亿美元，同比增长155.8%。工业占16.8%的市场份额，为223亿美元，同比增长126.4%。 中信以16.4%的市场份额和218亿美元的相关交易价值位居2021年一季度中国并购排行榜榜首。中国国际金融股份有限公司以15.7%的市场份额位居第二。 2 an LSEG business 报告 概览 股票资本市场 在2021年第一季度，中国股票和股票相关交易创历史新高，融资达722亿美元，比去年同期增长142.8%。股票发行数量增长了75.7%，成为同期有史以来最繁忙的一个季度。 包括二次上市在内的首次公开发行（IPO）在今年强势展开，因为中国企业以创纪录的速度发行了新股，融资额达337亿美元，较2020年第一季度的112亿美元增长了三倍。 A股IPO 达到115亿美元，创下十年来新高，较上一年同期增长25.2%，同时A股发行数量增长120.8%。中国在香港的IPO和二次上市（主板和创业板）也创下了历史新高，2021年第一季度 融资180亿美元，较去年一季度的16亿美元大幅增长。这是由快手科技在香港62亿美元的首次公开募股（IPO）牵头的，使其成为2021年第一季度全球规模最大的IPO。 增发总收益为242亿美元，同比增长126.9%。中国可转换债券（或股票挂钩发行）较去年同期增长81.7%，总额达144亿美元，为2019年同期的210亿美元以来的最高点。 高科技行业占中国股票市场活动的30.7%，募集资金221亿美元，同比增长621.9%。工业发行金额达到135亿美元，比2020年第一季度增长132.9%，占据18.8%的市场份额。医疗保 健行业以15.4%的市场份额位居前三位，募集金额为111亿美元，较上年同期增长121.9%。 中国国际金融股份公司目前在中国股票市场承销业务中处于领先地位，以76亿美元的相关交易额占据了10.5%的市场份额。 债券资本市场 中资发行人于2021年一季度债券发行共筹集4,667亿美元，较去年创纪录的5,124亿美元同比减少8.9%，债券发行数量同比下降21.3%。 金融债券发行占中国债券发行额的37.5%，为1,751亿美元，比去年同期增长4.5%。政府与机构发行占据了34.1%的市场份额，总计1,593亿美元，较2020年第一季度下降26.6%。工 业占11.0%的市场份额，发行额为513亿美元，同比增长42.0%。 中信目前以373亿美元相关发行总额或8.0%的市场份额领跑中国债券承销榜单。 3 an LSEG business REPORT SUMMARY Investment Banking Fees China investment banking activity generated US$4.7 billion in fees during the first quarter of 2021, up 16.6% from a year ago, and saw the highest start since records began in 2000. ECM underwriting fees witnessed a record start and totaled US$2.0 billion, a 153.0% increase from the first quarter of last year. DCM underwriting fees, which captured 44.6% of China’s investment banking fees, amounted to US$2.1 billion, down 21.0% after a strong period in the first quarter of 2020. Advisory fees for completed M&A deals fell to a seven-year low and reached US$150.3 million, down 51.2% year-on-year. Syndicated lending fees totaled US$462.0 million, up 64.1% from the same period last year. CITIC topped China’s investment banking fee league table with a total of US$350.5 million in estimated fees or 7.5% wallet share of the total fee pool. Mergers & Acquisitions The overall China-involvement M&A activity started strong this year with announced deals amounting to US$133.4 billion in the first quarter of 2021, an 80.1% increase compared to a low first quarter period last year. This is the highest first quarter period since 2016 (US$197.4 billion) in terms of value and a record start by number of announced deals which grew 58.4% year-on-year to 1,804. Chinese outbound acquisitions reached US$16.1 billion, up 206.5% compared to a year ago, making it the highest first quarter period since 2018 (US$22.5 billion). China is currently ranked sixth 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 17 deals with a cumulative total of US$1.1 billion this year, up 239.2% in value from a year ago, and accounted for 6.7% of the total Chinese outbound acquisitions. Foreign firms acquiring Chinese companies amounted to US$8.4 billion in the first quarter of this year, a 6.0% increase from the same period in 2020, while the number of inbound deals grew 9.5% from a year ago. Domestic activity witnessed record activity with US$108.7 billion, up 93.5% in value from a year ago, as number of deals increased 72.3% compared to the same period last year. Deal making activity involving China saw High Technology as the most targeted sector which captured 22.5% market share and totaled US$30.0 billion, up 277.2% compared to the same period last year as number of deals more than doubled. Materials sector followed close behind with 21.2% market share and US$28.3 billion in value, a 155.8% growth year-on-year. Industrials accounted for 16.8% market share with US$22.3 billion, up 126.4% from a year ago. CITIC leads the any China involvement announced M&A league table during this period, with 16.4% market share and US$21.8 billion in related deal value. China International Capital Co (CICC) follows at second place with 15.7% market share. 4 an LSEG business REPORT SUMMARY Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds witnessed a record start and raised US$72.2 billion in the first quarter of 2021, a 142.8% increase compared to the same period last year. Number of equity offerings grew 75.7% from the comparative period last year, making it the busiest-ever first quarter period. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies has had its strongest-ever start to a year, and raised US$33.7 billion, a three-fold increase in proceeds from the first quarter of 2020 (US$11.2 billion), as companies issued new listings at a record pace. A-Share IPOs hit a decade-high with US$11.5 billion, up 25.2% from a year ago, alongside a 120.8% increase in number of A-Share issuances. Chinese IPOs and secondary listings in Hong Kong (Mainboard and GEM) also witnessed a record start, raising US$18.0 billion in the first quarter of 2021, a significant increase compared to US$1.6 billion during the first quarter of last year. This was led by Kuaishou Technology’s US$6.2 billion IPO in Hong Kong, making it biggest equity offering globally during the first quarter of 2021. Follow-on offerings totaled US$24.2 billion in proceeds, up 126.9% year-on-year. Chinese convertibles, or equity-linked issuance, grew 81.7% from a year ago and amounted to US$14.4 billion, the highest start since 2019 (US$21.0 billion). High Technology accounted for 30.7% of the China ECM activity, raising US$22.1 billion in proceeds, a significant 621.9% increase from a year ago. Industrials reached US$13.5 billion in ECM proceeds, up 132.9% from the first quarter of 2020, capturing 18.8% market share. Healthcare rounded out the top three sectors with 15.4% market share worth US$11.1 billion in proceeds, a 121.9% growth from a year ago. China International Capital Co (CICC) currently leads the rankings this year for China ECM underwriting, capturing 10.5% of the market share with US$7.6 billion in related proceeds. Debt Capital Markets Primary bond offerings from China-domiciled issuers raised US$466.7 billion during the first quarter of 2021, an 8.9% decline from the last year’s record start (US$512.4 billion), as number of bond offerings slowed down 21.3% year-on-year. Bond issuances from the Financials accounted for 37.5% of China’s bond proceeds with US$175.1 billion, up 4.5% from the same period last year. Government & Agencies captured 34.1% of the market share and totaled US$159.3 billion, down 26.6% in proceeds from the first quarter of 2020. Industrials represented 11.0% market share with US$51.3 billion in proceeds, up 42.0% from the comparative period last year. CITIC currently leads China bonds underwriting with US$37.3 billion in related proceeds or 8.0% market share. 5 an LSEG business 季度摘要 中国投资银行业务 摘要 并购费用 下降 -51% 并购财务顾问 今年迄今第一名 股权资本市场费用 增涨 153% 中信 债券资本市场费用 下降 -21% 股权资本发行承销商 今年迄今第一名 中金公司 贷款费用 增涨 64% 债券资本发行承销商 今年迄今第一名 中国参与并购 增涨 80% 中信 中国标的并购 增涨 83% 并购标的行业 第一名 股票资本发行金额 增涨 143% 高科技 债券资本发行金额 下降 -9% 债券行业 股票行业 第一名 第一名 点击箭头图标查看详细分析 金融 高科技 6 an LSEG business QUARTERLY HIGHLIGHTS CHINA INVESTMENT BANKING ACTIVITY HIGHLIGHTS M&A FEES DOWN -51% M&A TOP FINANCIAL ADVISOR YTD CITIC ECM FEES UP 153% ECM TOP BOOK RUNNER YTD DCM FEES DOWN -21% China International Capital Co LOAN FEES UP 64% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 80% CITIC TARGET M&A UP 83% M&A TOP TARGETED INDUSTRY High Technology ECM PROCEEDS UP 143% DCM TOP ISSUING ECM TOP ISSUING DCM PROCEEDS DOWN -9% INDUSTRY INDUSTRY Click on any of the above arrows to go straight to the analysis. Financials High Technology 7 an LSEG business BACK TO CHINA HIGHLIGHTS INVESTMENT BANKING FEES PAGE INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES (by Market Share) YTD Fees 5,000 • Outer Rim: YTD 4,500 • Inner Rim: YTDLY 4,000 3,500 3,000 2,500 21% 26% 2,000 US$ Million US$ 1,500 22% 1,000 27% 500 0 12 13 14 15 16 17 18 19 20 21 10% INVESTMENT BANKING FEES BY ASSET CLASS 17% 9% 5% BONDS EQUITY LOANS MA 25% 5,000 11% 4,500 4,000 13% 3,500 14% 3,000 2,500 2,000 US$ Million US$ 1,500 Financials Government and Agencies 1,000 Industrials High Technology 500 0 Real Estate Other 12 13 14 15 16 17 18 19 20 21 8 an LSEG business BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES (Any Involvement) YTD Volumes #Deals 250 2,000 • Outer Rim: YTD 1,800 • Inner Rim: YTDLY 200 1,600 1,400 150 1,200 1,000 24% 22% 100 800 US$ Billion US$ 600 11% 50 400 200 15% 0 - 12 13 14 15 16 17 18 19 20 21 51% TARGET M&A VOLUMES & NUMBER OF DEALS 8% 13% YTD Volumes #Deals 21% 140 1,800 7% 8% 3% 120 1,600 1,400 100 1,200 17% 80 1,000 60 800 US$ Billion US$ 600 40 400 High Technology Materials Industrials 20 200 0 - Energy and Power Retail Other 12 13 14 15 16 17 18 19 20 21 9 an LSEG business BACK TO CHINA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A up 6.0% from YTD last year, amounting to Domestic M&A up 93.5% from YTD last year, reaching Outbound M&A is up 206.5% from YTD last year, totaling US$8.4 billion so far this year.