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.