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.