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1、2023年前三季度中国海外投资概览安永中国海外投资业务部安永中国海外投资业务部2023年11月27日Click for EnglishOverview of China outbound investment of the first three quarters of 2023中国对外直接投资持续增长,海外并购金额有所反弹但数量继续萎缩,市场复苏仍待观察2023年前三季度中国海外投资概览第2页今年前三季度,尽管面对复杂严峻的国际环境,中国国内生产总值仍实现同比增长5.2%1,国民经济持续恢复向好。11月初,因表现强于预期,IMF上调了今年中国经济增长0.4个百分点至5.4%。三季度以来,中国
2、坚持高水平对外开放,充分借助金砖国家领导人会议、上海合作组织成员国政府首脑会议、第三届“一带一路”国际合作高峰论坛、APEC会议等国际合作平台支持建设开放型世界经济,为中企的国际化发展提供更有利的政策协调环境,我们期待未来中企海外投资动能进一步释放。周昭媚周昭媚中国海外投资业务部全球主管中国海外投资业务部全球主管第2页资料来源:1.中国国家统计局2023年前三季度中国海外投资概览第3页本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外对外承包工程承包工程安永推荐阅读安永推荐阅读本期摘要资料来源:1.中国商务部;2.Refinitiv、Mergermarket,包括香港、澳门和台湾的对
3、外并购交易,数据包括已宣布但尚未完成的交易,于2023年11月2日下载;安永分析中国全行业对外直接投资1,139.7亿美元,同比增长6.7%;非金融类对外直接投资959.6亿美元,同比增长11.8%,其中对“一带一路”共建国家非金融类直接投资234.8亿美元,占同期总额近四分之一。对外直接投资对外直接投资1中企宣布的海外并购总额为245.3亿美元,同比增长11.6%,并购金额连续两季度环比实现增长。前三季度宣布的并购数量为340宗,同比下降15.8%,创近十年同期新低。从行业角度,按金额计前三大热门行业为TMT*,先进制造与运输业以及房地产、酒店与建造;按并购数量,前三大热门行业为TMT、先进
4、制造与运输和金融服务业。本期并购金额和数量增长最多的行业均为电力与公用事业,医疗与生命科学行业近两年海外并购则迅速降温。从区域来看,北美洲、拉丁美洲和大洋洲宣布的并购金额大幅增长;但从并购数量看,所有大洲中仅有北美洲录得增长,交易活跃度仍待复苏。海外并购海外并购2对外承包工程新签合同额1,406亿美元,同比下降4.4%;完成营业额1,090.3亿美元,同比增长1.9%。“一带一路”共建国家占比分别超八成。对外承包工程对外承包工程1*TMT行业包括科技、媒体和娱乐以及通信业数据显示,2023年前三季度:2023年前三季度中国海外投资概览第4页对外直接投资(ODI)本期摘要本期摘要对外直接投资对外
5、直接投资海外并购海外并购对外对外承包工程承包工程安永推荐阅读安永推荐阅读对外直接投资持续增长,“一带一路”共建国家占非金融类投资近四分之一对外直接投资持续增长,“一带一路”共建国家占非金融类投资近四分之一中国全行业对外直接投资额(亿美元)中国全行业对外直接投资额(亿美元)数据显示,2023年前三季度:中国全行业全行业对外直接投资1,139.7亿美元亿美元,同比增长6.7%。非金融类非金融类对外直接投资959.6亿美元亿美元,同比增长11.8%。对“一带一路”共建国家非金融类对“一带一路”共建国家非金融类直接投资234.8亿美元亿美元,占同期总额近四分之一。注:图表数据统一保留至整数位,并由于四
6、舍五入的缘故,其合计数未必与总计数相等资料来源:中国商务部月度简明统计数据4051,4651,4521,3291,171264 257 318 343 405 310 292 396 345 349 296 458 358 380 386 301 322 381 397 05001,0001,500200222023一季度二季度三季度四季度1,1402023年前三季度中国海外投资概览第5页海外并购(M&A)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读宣布的海外并购金额同比实现增长,但交易数量持续萎缩宣布的海外并购
7、金额同比实现增长,但交易数量持续萎缩2023年前三季度:中企宣布的海外并购总额宣布的海外并购总额为245.3亿美元亿美元,同比增长11.6%。今年以来,中企海外并购额已连续两个季度实现环比增长,三季度单季宣布的并购金额环比增长47.4%。中企宣布的交易数量宣布的交易数量为340宗,同比下降15.8%,创近十年同期新低,市场复苏仍待观察。从收购方的地区来看,今年前三季度中国大陆地区宣布的中企海外并购金额和数量占比均维持在50%左右,为近年来较低水平。注:图表数据统一保留至整数位,并由于四舍五入的缘故,其合计数未必与总计数相等资料来源:Refinitiv、Mergermarket,包括香港、澳门和
8、台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2023年11月2日下载;安永分析中企宣布的海外并购金额中企宣布的海外并购金额(亿美元)(亿美元)中企宣布的海外并购宗数中企宣布的海外并购宗数6485345355824674743769379788228590 160 139 113 0200400600800200222023一季度二季度三季度四季度333245141 123 140 127143156 153 122 13894171 118 138 139103180 140 135 144 0200400600800
9、200222023一季度二季度三季度四季度5483402023年前三季度中国海外投资概览第6页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读2023年前三季度:按交易金额计,前三大热门行业为TMT,先进制造与先进制造与运输业运输业以及房地产、酒店与建造房地产、酒店与建造,共占总交易额的58%。按交易数量计,前三大热门行业为TMT、先进制造与先进制造与运输业运输业和金融服务业金融服务业,共占总交易额的58%。TMT继续为第一大热门行业,宣布了109笔交易,占总交易量超三成,远超其他行业。本期仅
10、有TMT以及电力与电力与公用事业公用事业的并购数量同比录得增长。本期并购金额和数量增长最多的行业均为电力与公用电力与公用事业事业。医疗与生命科学医疗与生命科学行业近两年海外并购则迅速降温,今年前三季度宣布的海外并购数量仅为2021年同期的约三分之一,金额不足五分之一。资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2023年11月2日下载;安永分析按交易金额按交易金额按交易数量按交易数量行业行业分析分析TMT30%先进制造与运输15%房地产、酒店与建造13%电力与公用事业13%消费品11%采矿与金属6%金融服务5%医
11、疗与生命科学5%其他2%前五大行业前五大行业宗数宗数同比同比增长率增长率1 TMT109+5%2 先进制造与运输50-2%3 金融服务39-13%4 消费品34-13%5 医疗与生命科学26-50%TMT32%先进制造与运输15%金融服务11%消费品10%医疗与生命科学8%房地产、酒店与建造6%采矿与金属6%电力与公用事业6%其他6%前五大行业前五大行业金额金额(亿美元)(亿美元)同比同比增长率增长率1 TMT74.3-12%2 先进制造与运输35.8+67%3 房地产、酒店与建造32.0+104%4 电力与公用事业30.9+434%5 消费品27.4+106%2023年前三季度中国海外投资概
12、览第7页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析金额宗数大洲大洲亚洲51.3亿美元130宗欧洲63.9亿美元96宗北美洲63.9亿美元68宗大洋洲26.4亿美元25宗非洲7.3亿美元8宗拉丁美洲32.5亿美元13宗资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2023年11月2日下载;安永分析2023年前三季度中国海外投资概览第8页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对
13、外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析资料来源:1.世界经济展望报告,国际货币基金组织(IMF),2023年10月按并购金额计,主要投向TMT行业(占比77%)和医疗与生命科学行业(占比15%)。加拿大为本期最受欢迎的并购目的地,主要由于一笔某中企收购加拿大某电子元器件分销商(约38亿美元)的大型交易。近日,中美在旧金山举行元首会晤达成一系列共识和成果,主要包括双方决定加强高层交往,推进并启动在商业、经济、金融、出口管制等各领域的机制性磋商,同意启动续签中美科技合作协定磋商,同意建立人工智能政府间对话机制,启动中美“强化气候行动工作组”等。IMF报告显示,近期美国经济增
14、长前景改善,其消费和投资展现出了韧性,因此将其2023年增速上调0.3个百分点至2.1%1。同比增长 78.5%63.9 亿美元亿美元同比增长 1.5%68 宗宗北美洲北美洲按并购金额计,主要热门行业为TMT,房地产、酒店与建造业以及先进制造与运输业。主要目的地为英国、波兰和德国,合计并购金额占中企在欧洲宣布的并购总额的78%。本期中企在欧洲宣布的最大并购交易为某中企收购波兰某电子游戏厂商多数股权(约14.9亿美元)。目前,欧洲经济持续疲软,IMF进一步下调2023年欧元区的经济增长预期0.2个百分点至0.7%,西班牙经济增长将优于欧元区平均水平,增长2.5%,而德国经济面临0.5%的负增长。
15、预计明年欧元区经济将温和反弹至1.2%1。同比增长 3.5%63.9 亿美元亿美元同比下降 25.6%96 宗宗欧欧洲洲同比下降43.8%51.3 亿美元亿美元同比下降 8.5%130 宗宗亚洲亚洲按并购金额计,本期中企在亚洲并购的主要行业为先进制造与运输业,消费品以及房地产、酒店与建造业。但按并购数量计,TMT仍为第一大热门行业,占亚洲总并购数量的35%。亚洲主要并购目的地为新加坡和韩国,合计占总并购金额的64%。近年来,中国与亚洲国家经贸往来逐渐深入,近九成的亚洲国家为“一带一路”共建国家。10月中旬举办的第三届“一带一路”国际合作高峰论坛成果丰硕,预计将进一步促进亚洲区域经济协调发展。此
16、外,中国与东盟国家的自贸区3.0版谈判,与上海合作组织各成员国的合作关系也取得积极进展,重点聚焦于数字经济、绿色经济、供应链互联互通以及贸易和投资便利化等领域。IMF预计2023年亚洲发展中经济体的经济增速将达到5.2%,远高于全球3.0%的平均水平。其中,印度和东盟五国预计将分别实现6.3%和4.2%增长1。2023年前三季度中国海外投资概览第9页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析主要投向先进制造与运输业和金融服务业,主要并购目的地为埃及、南非和利比里亚。IMF预计今年非洲主要国家中
17、,埃塞俄比亚、肯尼亚和埃及经济将分别增长6.1%、5.0%和4.2%,领先于其他非洲国家1。主要投向澳大利亚的消费品,采矿与金属业,房地产、酒店与建造行业。11月初,澳大利亚总理七年来首次访华,为双方关系稳定发展迈出了积极一步。在访华期间,澳大利亚总理表示愿积极推进两国经贸往来,加强在清洁能源、气候变化等领域合作,并推进实施区域全面经济伙伴关系协定。IMF预计今年澳大利亚和新西兰经济将分别增长1.8%和1.1%,弱于全球整体增速1。同比增长 127.8%26.4 亿亿美元美元同比下降 26.5%25 宗宗大洋洲大洋洲同比下降 9.2%7.3 亿亿美元美元8 宗宗非洲非洲同比下降 20%资料来源
18、:1.世界经济展望报告,国际货币基金组织(IMF),2023年10月主要投向秘鲁的电力行业及巴西的先进制造业。目前,中国持续保持拉丁美洲第二大贸易伙伴国地位,拉丁美洲正逐步成为中企重要的经贸合作伙伴。11月初,第16届中国拉美企业家高峰会在北京成功举办,300多家中企和100多家拉美企业在电子信息、跨境电商、农业食品、医药健康、文化旅游、物流运输、新能源光伏、汽车等领域达成一批初步合作意向,中拉未来合作前景广阔。IMF预计今年拉美地区整体经济增长为2.3%,其中墨西哥、巴西经济将分别增长3.2%和3.1%,领先其他拉美国家,阿根廷经济预计将衰退2.5%1。同比增长 185.9%3.3 亿亿美元
19、美元同比下降 40.9%13 宗宗拉丁美洲拉丁美洲2023年前三季度中国海外投资概览第10页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析2023年前三季度中企宣布的海外并购前十大目的地年前三季度中企宣布的海外并购前十大目的地(按交易金额,亿美元)(按交易金额,亿美元)2023年前三季度中企宣布的海外并购前十大目的地年前三季度中企宣布的海外并购前十大目的地(按交易数量,宗数)(按交易数量,宗数)资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣
20、布但尚未完成的交易,于2023年11月2日下载;安永分析目的地目的地2023年年前三季度前三季度2022年年前三季度前三季度同比同比增长率增长率1加拿大38.2 0.7+5,412%2秘鲁30.3/3澳大利亚26.4 11.5+130%4美国25.7 35.1-27%5新加坡21.5 38.1-44%6英国21.3 12.8+66%7波兰15.0/8德国13.3 4.2+218%9韩国11.2 12.0-6%10荷兰6.8 23.5-71%目的地目的地2023年年前三季度前三季度2022年年前三季度前三季度同比同比增长率增长率1美国5759-3%2新加坡4535+29%3德国2422+9%4澳
21、大利亚2232-31%5日本2130-30%6英国1735-51%7韩国1625-36%8意大利138+63%9越南123+300%10加拿大118+38%2023年前三季度中国海外投资概览第11页对外承包工程(EPC)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读对外承包工程新签合同额同比微降,“一带一路”共建国家占比超八成对外承包工程新签合同额同比微降,“一带一路”共建国家占比超八成2023年前三季度,中企对外承包工程中企对外承包工程新签合同额1,406亿美元亿美元,同比下降4.4%。在“一带一路”共建国家和地区,新签合同额1,16
22、7.2亿美元亿美元,同比下降3.3%,占同期总额的83%。完成营业额1,090.3亿美元亿美元,同比增长1.9%。在“一带一路”共建国家和地区,完成营业额896亿美元亿美元,同比增长3.7%,占同期总额的82%。第三季度中企在海外新签EPC大项目1包括:1.安哥拉炼油厂项目(总投资额约60亿美元)2.塞尔维亚铜金矿开发项目(合同金额约38.1亿美元)3.科威特新城基础设施建设项目(合同金额约11亿美元)4.玻利维亚碳酸锂工厂项目(投资额约8.6亿美元)中国承包商在国际市场的竞争力也在不断提高,工程新闻纪录(ENR)最新发布的“全球最大 250 家国际承包商”排名显示,2023年有81家中国企业
23、进入榜单,占比超三成三成,较2022年增加两家2。中国上榜企业数量与业务规模在各国企业中均中国上榜企业数量与业务规模在各国企业中均持续位居首位持续位居首位,展现了中国对承包工程行业发展的强大竞争力。注:图表数据统一保留至整数位,并由于四舍五入的缘故,其合计数未必与总计数相等资料来源:中国商务部月度简明统计数据2023年前三季度中国对外承包工程新签合同额(亿美元)年前三季度中国对外承包工程新签合同额(亿美元)资料来源:1.公开信息整理;2.2023年度“250家国际承包商”榜单,工程新闻纪录(ENR),2023年8月2023年年前三季度前三季度中国对外承包工程完成中国对外承包工程完成营业营业额(
24、亿美元)额(亿美元)506554535 474 432 553 518 569 562 515 408430492 435 459 1,060 01,0002,0003,000200222023一季度二季度三季度四季度2,6031,4062,5312,5552,585331 280 301 290 317 372326378416391 338370864747548005001,0001,5002,000200222023一季度二季度三季度四季度1,0901,5501,5491,7291,5602023
25、年前三季度中国海外投资概览第12页安永中国海外投资业务部:全球网络安永中国海外投资业务部(COIN)在美洲、EMEIA(欧洲、中东、印度及非洲)和亚太各大区现有的中国业务团队的基础上,将全球的安永专业人员连接在一起,在海外投资的各个阶段,从投资计划到执行和投后整合,为中国客户提供一站式服务。国际化背景和本土化专业人才国际化背景和本土化专业人才多种语言的无缝专业服务多种语言的无缝专业服务丰富的跨国服务经验和全面的服务领域丰富的跨国服务经验和全面的服务领域全球服务网络覆盖的国家和地区协助开展海外业务的中企数量执行的中企海外服务项目数量*以上为过去三年的数据协助在“一带一路”共建国家开展业务的中企数
26、量在“一带一路”共建国家执行的中企服务项目数量服务网络覆盖的“一带一路”国家和地区70+3,500+80,000+90%1,700+38,000+美洲区美洲区加拿大美国加勒比地区以色列玻利维亚厄瓜多尔牙买加墨西哥秘鲁委内瑞拉阿根廷巴西智利澳大利亚新西兰日本韩国文莱柬埔寨印度尼西亚老挝马来西亚缅甸菲律宾新加坡斯里兰卡泰国越南亚太区亚太区奥地利比利时捷克丹麦芬兰法国德国希腊匈牙利意大利哈萨克斯坦吉尔吉斯斯坦卢森堡荷兰挪威巴基斯坦波兰葡萄牙罗马尼亚西班牙瑞典瑞士土耳其英国乌兹别克斯坦巴林埃及科威特沙特阿拉伯阿联酋印度阿尔及利亚安哥拉喀麦隆刚果民主共和国埃塞俄比亚利比亚莫桑比克尼日利亚南非南苏丹乌干达
27、赞比亚津巴布韦欧洲、中东、印度及非洲区欧洲、中东、印度及非洲区2023年前三季度中国海外投资概览第13页我们的全球COIN网络如欲取得更多有关中国海外投资业务部的信息,请浏览我们的网站 2629 香港吕晨吕晨中国海外投资业务部全球税务主管+86 21 2228 2798 上海苏丽苏丽大中华区战略与交易咨询服务主管+86 21 2228 上海朱亚明朱亚明大中华区能源资源行业联席主管大中华区基础设施咨询主管+86 10 5815 3891 北京郝进军郝进军中国企业海外投资税务中心联合主管+86 10 5815 北京刘国华刘国华大中华区财务会计咨询服务主管+86 21 2228 上海 美洲区美洲区张
28、晓青张晓青中国海外投资业务部美洲区主管+1 617 375 美国波士顿徐清华徐清华中国海外投资业务部EMEIA区主管+33 1 4693 4363qinghua.xu-法国巴黎孙轶孙轶中国海外投资业务部欧洲西部主管+49 211 9352 德国杜塞尔多夫李素雯李素雯中国海外投资业务部英国、爱尔兰主管+44 20 7951 英国伦敦亚太区亚太区曾友强曾友强中国海外投资业务部东盟区主管+65 6309 6564yew-新加坡李强李强中国海外投资业务部大洋洲区主管+61 2 9248 5008 澳大利亚悉尼海外海外区域区域张毅强张毅强华北区审计服务市场主管+86 10 5815 北京 欧洲、中东、印
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31、 China outbound investment of the first three quarters of 2023EY China Overseas Investment Network 27 Nov 2023点击浏览中文版2023年前三季度中国海外投资概览Chinas ODI sustained growth,while overseas M&A value rebounded amid volume contraction,the market recovery remains uncertainOverview of China outbound investment of t
32、he first three quarters of 2023In the first three quarters of this year,despite a challenging global environment,Chinas GDP achieved a growth of 5.2%YOY1,indicating a positive development trend for Chinas economy.In early November,due to the better-than-expected performance,the IMF raised Chinas 202
33、3 economic growth forecast by 0.4 percentage points to 5.4%.Chinas commitment to high-level openness and utilization of international platforms such as the BRICS Summit,Shanghai Cooperation Organization(SCO)Summit,the Third Belt and Road Forum for International Cooperation,and Asia-Pacific Economic
34、Cooperation(APEC)meetings supported the creation of an open world economy.This has provided a more favorable policy coordination environment for the internationalization of Chinese enterprises.We look forward to the continued release of momentum in China outbound investment in the future.Loletta Cho
35、wGlobal Leader of EY China Overseas Investment NetworkPage 2Source:1.National Bureau of Statistics of ChinaOverview of China outbound investment of the first three quarters of 2023SummarySummaryODIOverseas M&AsOverseas EPCSources:1.China MOFCOM.2.Refinitiv,Mergermarket,including data from Hong Kong,
36、Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 2 November 2023;EY analysisODI1Chinas overall outward direct investment(ODI)amounted to US$114 billion,up 6.7%year-on-year(YOY).Non-financial ODI reached US$96 billion,up 11.8%YOY.Non-financial ODI in Be
37、lt and Road(B&R)partner countries amounted to US$23.5 billion,constituting nearly a quarter of the total for the same period.Overseas M&As2Chinese enterprises announced a total overseas merger and acquisition(M&A)value of US$24.5 billion,growing by 11.6%YOY.M&A value has also achieved an increase qu
38、arter-over-quarter(QOQ)for two consecutive quarters this year.However,the number of deals totaled 340 in the first three quarters,declining by 15.8%YOY,hitting a near-decade low.Sector-wise by deal value,the top three sectors were TMT*,advanced manufacturing&mobility,and real estate,hospitality&cons
39、truction.In terms of deal volume,the leading sectors were TMT,advanced manufacturing&mobility,and financial services.The power&utilities sector saw the highest growth in both M&A value and volume.In contrast,the health care&life sciences sector has experienced a rapid decline in overseas M&As in rec
40、ent two years.Regionally,the announced M&A value has significantly increased in North America,Latin America,and Oceania.However,among all continents,only North America has recorded an increase in terms of deal volume,indicating that M&A activity is still in need of recovery.Overseas EPC1The value of
41、 newly-signed China overseas engineering,procurement and construction(EPC)projects amounted to US$140.6 billion,down 4.4%YOY.The completed turnover reached US$109.03 billion,up 1.9%YOY.B&R partner countries contribute more than 80%for both.*The TMT sector refers to technology,media&entertainment and
42、 telecommunicationsPage 3Data reveals that in the first three quarters of 2023,Overview of China outbound investment of the first three quarters of 2023ODISummaryODIOverseas M&AsOverseas EPCODI continued to grow,with B&R partner countries accounting for nearly a quarter of the non-financial ODIChina
43、 overall ODI(US$billion)Data reveals that in the first three quarters of 2023:China overall ODI reached US$114b,up6.7%YOY.China non-financial ODI reached US$96b,up 11.8%YOY.Non-financial ODI in B&R partner countries reached US$23.5b,accounting for nearly a quarter of the total.Note:The round-up stat
44、istics in this article may not add to the actual totals.Source:Monthly Statistics in Brief,China MOFCOM117.1132.9145.2146.5Page 426.425.731.834.340.531.029.239.634.534.929.645.835.838.038.630.132.238.139.7050020202120222023Q1Q2Q3Q4114.0Overview of China outbound investment of the first th
45、ree quarters of 2023SummaryODIOverseas M&AsOverseas EPCOverseas M&AsAnnounced M&A values achieved YOY growth,while deal volume continued to declineIn the first three quarters of 2023:Chinese enterprises announced a total overseas M&A value of US$24.5b,up 11.6%YOY.This year,China overseas M&A has see
46、n consecutive quarterly growth,with a 47.4%QOQ increase in deal value in the third quarter(Q3).However,the total number of announced deals dropped 15.8%YOY to a near-decade low of 340.Market recovery is still under observation.From the perspective of the acquirers region,Mainland China maintained a
47、50%share in both overseas M&A value and volume,at arelatively low level in recent years.Value of announced China overseas M&As(US$billion)Note:The round-up statistics in this article may not add to the actual totals.Sources:Refinitiv,Mergermarket,including data from Hong Kong,Macau and Taiwan,and de
48、als that have been announced but not yet completed,data was downloaded on 2 November 2023;EY analysisPage 516.97.316.74.74.37.69.37.97.88.228.59.019.79.412.025.216.013.911.3020406080200222023Q1Q2Q3Q472000400600200222023Q1Q2
49、Q3Q478.241.658.233.324.5648534535548340Volume of announced China overseas M&As Overview of China outbound investment of the first three quarters of 2023Sector analysisIn the first three quarters of 2023:The top three sectors were TMT,advanced manufacturing&mobility,and real estate,hospitality&constr
50、uction,collectively representing 58%of the total M&A value.In terms of deal volume,the top three sectors were TMT,advanced manufacturing&mobility,and financial services,representing 58%of the total.TMT continued to be the leading sector,with 109 announced deals,accounting for over 30%of the total,su
51、rpassing other sectors significantly.In this period,only TMT and power&utilities sectors recorded a YOY increase in deal volume.The power&utilities sector saw the highest growth in both M&A value and volume.In contrast,the health care&life sciences sector has experienced a rapid decline in overseas
52、M&As in recent two years;the number of announced deals,in the first three quarters of this year,is only about one-third compared to the same period in 2021,with the amount being less than one-fifth.Overseas M&As(contd)SummaryODIOverseas M&AsOverseas EPCPage 6By deal valueBy deal volumeTop 5 sectors*
53、Value US$bYOY%1 TMT7.4-12%2 AM&M3.6+67%3 RHC3.2+104%4 P&U3.1+434%5 CP2.7+106%Top 5 sectors*VolumeYOY%1 TMT109+5%2 AM&M50-2%3 FS39-13%4 CP34-13%5 HCLS26-50%*AM&M refers to advanced manufacturing&mobility;RHC refers to real estate,hospitality&construction;HCLS refers to health care&life sciences;FS re
54、fers to financial services;CP refers to consumer products;P&U refers to power&utilities;M&M refers to mining&metals.Sources:Refinitiv,Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 2 November 2023;EY analysi
55、sTMT30%AM&M15%RHC13%P&U13%CP11%M&M6%FS5%HCLS5%Others2%TMT32%AM&M15%FS11%CP10%HCLS8%RHC6%M&N6%P&U6%Others6%Overview of China outbound investment of the first three quarters of 2023Overseas M&As(contd)Regional analysisSources:Refinitiv,Mergermarket,including data from Hong Kong,Macau and Taiwan,and de
56、als that have been announced but not yet completed,data was downloaded on 2 November 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 7AsiaUS$5.1130EuropeUS$6.496North AmericaUS$6.468OceaniaUS$2.625AfricaUS$0.78Latin AmericaUS$3.313ContinentDeal value Deal volumeOverview of China outbound inv
57、estment of the first three quarters of 2023EuropeBy deal value,the main sectors were TMT,real estate,hospitality&construction,and advanced manufacturing&mobility.The primary destinations were the United Kingdom(UK),Poland,and Germany,accounting for 78%of the total deal value.The top Chinese M&A in E
58、urope in this period is an acquisition of majority stake in a Polish gaming company for around US$1.5 billion.Currently,the European economy continues to face challenges,leading the IMF to revise down the 2023 economic growth forecast for the Eurozone by 0.2 percentage points to 0.7%.Spain is projec
59、ted to outperform the Eurozone with a 2.5%growth,whereas Germany is expected to undergo a 0.5%contraction.A modest rebound to 1.2%is anticipated for the Eurozone next year1.Overseas M&As(contd)up 3.5%YOYUS$6.4bdown 25.6%YOY96 dealsRegional analysisSummaryODIOverseas M&AsOverseas EPCPage 8Sources:1.W
60、orld Economic Outlook,IMF,Oct 2023By deal value,mainly invested to the TMT(77%share)and health care&life sciences(15%share)sectors.Canada emerged as the most popular destination for M&A in this period,driven by a US$3.8 billion acquisition of a Canadian electronics distributor.Recently,the summit be
61、tween China and the United States(US)in San Francisco resulted in various agreements to enhance high-level exchanges and initiate consultations in fields such as business,economy,finance,and export controls.In addition,both parties agreed to renew negotiations on the China-US Science and Technology
62、Cooperation Agreement,establish a government dialogue on artificial intelligence,and launch the China-US Enhanced Climate Action Working Group.The recent IMF report indicates an improved outlook for economic growth in the US,with resilience observed in both consumption and investment.As a result,its
63、 growth forecast for 2023 has been revised upward by 0.3 percentage points to 2.1%1.up 78.5%YOYUS$6.4b68 dealsNorth Americaup 1.5%YOYdown 43.8%YOYUS$5.1b130 dealsAsiaBy deal value,top sectors were advanced manufacturing&mobility,consumer products,and real estate,hospitality&construction.However,in t
64、erms of deal volume,TMT remains the leading sector,comprising 35%of the total.The top M&A destinations were Singapore and South Korea,accounting for 64%of the total deal value of the same period.In recent years,Chinas economic and trade ties with Asian countries have deepened,with nearly 90%of Asian
65、 countries participating the Belt and Road Initiative.The Third Belt and Road International Cooperation Summit Forum held in mid-October yielded fruitful results,expected to further boost regional economic coordination.Additionally,negotiations for the upgraded version of the China-ASEAN Free Trade
66、Area 3.0 and cooperation with Shanghai Cooperation Organization member countries have progressed positively,mainly focusing on digital and green economies,supply chain connectivity,and trade and investment facilitation.The IMF predicts a robust 5.2%economic growth for Asias developing economies in 2
67、023,well above the global average of 3.0%.India and the ASEAN-5 are anticipated to achieve growth rates of 6.3%and 4.2%,respectively1.down 8.5%YOYOverview of China outbound investment of the first three quarters of 2023Overseas M&As(contd)Regional analysisMain investments targeted the advanced manuf
68、acturing&mobility and financial services sectors.Key M&A destinations include Egypt,South Africa and Liberia.The IMF predicts that Ethiopia,Kenya,and Egypt will lead economic growth among major African countries,with projections of 6.1%,5.0%,and 4.2%,respectively1.down 9.2%YOYUS$730mdown 20%YOY8 dea
69、lsOceaniaup 127.8%YOYUS$2.6b25 dealsAfricaMain investments are directed towards the consumer products,mining&metal,and real estate,hospitality&construction sectors in Australia.In early November,the Prime Minister of Australia paid the first visit to China in seven years,taking a positive step for s
70、table bilateral relations.During the visit,the Australian Prime Minister expressed willingness to actively promote bilateral economic and trade exchanges,strengthen cooperation in clean energy,climate change,and further advance the implementation of the Regional Comprehensive Economic Partnership(RC
71、EP).The IMF forecasts Australia and New Zealands economies to grow by 1.8%and 1.1%in 2023,respectively,below the global average1.SummaryODIOverseas M&AsOverseas EPCPage 9down 26.5%YOYSources:1.World Economic Outlook,IMF,Oct 2023Main investments are directed towards the power sector in Peru and the a
72、dvanced manufacturing&mobility sector in Brazil.Currently,China remains Latin Americas second-largest trading partner,and the region is gradually becoming a crucial economic and trade partner for Chinese enterprises.In early November,the 16th China-Latin America Business Summit was successfully held
73、 in Beijing.Over 300 Chinese and 100 Latin American companies reached preliminary cooperation intentions in fields such as electronics,cross-border e-commerce,agriculture,healthcare,culture and tourism,logistics,solar energy,and automotive,signaling broad prospects for future collaboration between t
74、he two regions.The IMF predicts a 2.3%overall economic growth in the Latin American region this year,led by Mexico(3.2%)and Brazil(3.1%),while Argentinas economy is expected to contract by 2.5%1.Latin Americaup 185.9%YOYUS$3.3bdown 40.9%YOY13 dealsOverview of China outbound investment of the first t
75、hree quarters of 2023Overseas M&As(contd)Regional analysisTop 10 destinations of China overseas M&As in the first three quarters of 2023(By deal value:US$billion)Top 10 destinations of China overseas M&As in the first three quarters of 2023(By deal volume)Sources:Refinitiv,Mergermarket,including dat
76、a from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 2 November 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 10DestinationQ1-Q3 2023Q1-Q3 2022YOY%1US5759-3%2Singapore4535+29%3Germany2422+9%4Australia2232-31%5Japan2130-30%6UK1735
77、-51%7South Korea1625-36%8Italy138+63%8Vietnam123+300%10Canada118+38%DestinationQ1-Q3 2023Q1-13 2022YOY%1Canada3.8 0.1+5,412%2Peru3.0/3Australia2.6 1.1+130%4US2.6 3.5-27%5Singapore2.2 3.8-44%6UK2.1 1.3+66%7Poland1.5/8Germany1.3 0.4+218%9South Korea1.1 1.2-6%10Netherlands0.72.3-71%Overview of China ou
78、tbound investment of the first three quarters of 2023EPCThe value of newly-signed EPC projects slightly decreased YOY,with over 80%attributed to B&R partner countriesIn the first three quarters of 2023:The value of newly-signed China overseas EPC projects reached US$140.6b,down 4.4%YOY.New contracts
79、 in B&R partner countries totaled US$116.7b,down 3.3%YOY,comprising 83%of the total.The completed turnover of China overseas EPC projects was US$109b,up 1.9%YOY.The completed turnover in B&R partner countries reached US$89.6b,up 3.7%YOY,comprising 82%of the total.In Q3,significant China overseas EPC
80、 projects included1:1.Angola refinery project(total investment value:around US$6 billion)2.Serbia copper-gold mine development project(contract value:around US$3.8 billion)3.Kuwait new city infrastructure construction(contract value:around US$1.1 billion)4.Bolivia lithium carbonate plant project(inv
81、estment value:around US$860 million)Furthermore,Chinese contractors are steadily advancing their competitiveness on the global stage.According to the latest ranking of the Top 250 International Contractors by Engineering News-Record(ENR),81 Chinese companies made the list in 2023,representing over 3
82、0%,a gain of two from 20222.China continues to lead in both the number and scale of listed enterprises,demonstrating strong competitiveness in the international contracting markets.Value of newly-signed China overseas EPC contracts(US$billion)260.3255.5258.5253.1Value of completed turnover of China
83、overseas EPC contracts(US$billion)172.9156.0154.9155.0SummaryODIOverseas M&AsOverseas EPCPage 11Note:The round-up statistics in this article may not add to the actual totals.Source:Monthly Statistics in Brief,China MOFCOM50.655.453.547.443.255.351.856.956.251.540.843.049.243.545.9113.6105.298.9106.0
84、00222023Q1Q2Q3Q4140.633.128.030.129.031.737.232.637.841.639.131.830.739.536.438.370.864.747.548.00020202120222023Q1Q2Q3Q4109.0Sources:1.Public domain information.2.2023 Top 250 Global Contractors,Engineering News-Record(ENR),Aug 2023Overview of China outbound investm
85、ent of the first three quarters of 2023COIN links EY professionals around the globe,building on the existing China Business Group in the Americas,EMEIA and Asia-Pacificareas,and provides Chinese clients with one-stop services,covering all stages of overseas investment,from planning to executionand p
86、ost-deal integration.Global reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and full coverage of services70+Countries and territories in the EY global service network3,500+Chinese clients assisted overseas80,000+Overseas service projects*Data
87、 from the last 3 years90%1,700+Chinese clients assisted in B&R partners countries 38,000+Service projects assisted in B&R partners countries Countries and regions along the B&REMEIA AreaAmericas AreaCanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChile
88、AustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of
89、CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabweAustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnamAsia-Pacific AreaChina Overseas Investment Network(COIN)Global networkPage 12Overview of China outbo
90、und investment of the first three quarters of 2023China Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:Page 13ChinaAmericasAsia-Pacific EMEIAQinghua Xu-pionchonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-Paris,FranceYi Su
91、nEurope West COIN Leader+49 211 9352 Dusseldorf,GermanySuwin LeeThe United Kingdom and Ireland COIN Leader+44 20 7951 London,UKJohn LiOceania COIN Leader+61 2 9248 Sydney,AustraliaShau ZhangAmericas Area COIN Leader+1 617 375 Boston,USAFernanda ChangLATAM COIN Deputy Leader+55 11 9625 San Paulo,Braz
92、ilYew Kiang ChanASEAN COIN Leader+65 6309 6564yew-Singapore Loletta ChowGlobal COIN Leader+852 2629 Hong KongErica SuStrategy and Transaction Services Leader,Greater China+86 21 2228 ShanghaiJesse LvGlobal COIN Tax Leader+86 21 2228 2798 ShanghaiAlex Zhu Energy&Resources co-leaderInfrastructure Advi
93、sory leaderGreater China+86 10 5815 BeijingJulie HaoCo-LeaderChina Tax Outbound Center+86 10 5815 2805 BeijingLawrence Lau Financial Accounting Advisory Services Leader,Greater China+86 21 2228 ShanghaiWood ZhangAssurance Services Markets Leader,China North+86 10 5815 BeijingJack ChanChairman,ChinaR
94、egional Managing Partner,Greater ChinaMember of The Global Executive+86 10 5815 BeijingSoon Yen ChongInternational Tax and Transaction Services PartnerErnst&Young(China)Advisory Limited+86 21 ShanghaiAreas/RegionsAndrew ChoyInternational Tax and Transaction Services Leader,Greater ChinaTax Services
95、Leader,China North+86 10 5815 BeijingEric Chia Greater China Consulting Markets Leader+86 21 2228 3388 ShanghaiJanice Stein VidalLATAM COIN Leader+56 22 676 Santiago,ChileAlex JiangGlobal COIN FSO Leader+86 21 2228 ShanghaiEYCOINFollow us on WeChatScan the QR code and stay up-to-date with the latest
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