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1、1China Investment Banking Review First Three Quarters 2021中国投资银行业报告2021 前三季度Refinitiv Deals Intelligence路孚特交易商情2报告概览投资银行费用中国投行业务费用在年前三季度达亿美元，比去年同期增长，这是自年有记录以来前三季度最高值。今年前三季度股票市场承销费记录再创历史新高，总计亿美元，比去年同期增长。债券市场承销费占中国投资银行费用的，达亿美元，在年前三季度达到顶点之后下降。已完成的并购交易咨询费降至 年来的最低水平，达到约亿美元，比去年同期下降。银团贷款费用总额约为亿美元，比去年同期增长。中

2、信以约亿美元的预估费用位居中国投行费用榜首，占总费用池的。并购中国企业参与的并购活动达近三年来的最高水平，交易总额达亿美元，较上年同期增长，交易数量创下自年同期有记录以来最高值。标的为中国企业的并购活动达到六年来的最高水平，总额达亿美元，同比增长。国内并购交易总额达到亿美元，与去年同期相比几乎保持不变，增长了，为年同期以来的最高水平。今年前三季度，中国入境并购（即境外公司收购中国企业）达到三年来的最高水平，总额达到亿美元，比年同期增长，交易数量同比增长。中国在海外收购额达到亿美元，同比增长，为年同期（亿美元）以来的最高值。中国今年在全球跨境并购最活跃的国家中排名第位，在年中国曾是海外资产的最大

3、收购国。 今年，中国沿“一带一路”国家共达成笔交易，累计交易额达亿美元，同比增长，占中国对外收购总额的。 中国私人股本支持的交易创下新高，达到亿美元，较上年同期增长，占亚洲私人股本支持交易的。 六家中国公司通过合并上市，总金额达亿美元，占亚太地区总市值的。涉及中国的交易活动主要集中在高科技行业，占据了的市场份额，总金额达亿美元，比去年同期增长，交易数量增长了，成为前三季度价值和交易数量最高的行业。工业板块紧随其后，市场份额为，总额达亿美元，同比增长。原材料占的市场份额，交易价值较上年同期翻了一番。在此期间，中国国际金融股份有限公司（中金公司）以的市场份额和亿美元的相关交易价值，在中国已公布并购

4、排行榜上处于领先地位。an LSEG business3报告概览an LSEG business股票资本市场中国股票和股权挂钩交易在今年前三季度创历史新高，融资额为亿美元，较去年同期增长。股票发行数量同比增长了，成为中国股票资本市场有史以来最繁忙的前三个季度。首次公开发行（，包括二次上市发行）在前三季度表现最为强劲，融资亿美元，较上年同期增长。 股包括二次上市发行 也创下十多年来新高，发行额达亿美元，较上年同期增长，同期 股发行数量增长。 中国企业在香港主板和创业板发行的和二次上市发行也创下了历史新高，今年迄今融资亿美元，同比增长。此前，中国电信在上海以亿美元二次上市，随后快手科技在香港上市，

5、融资额为亿美元。年第三季度，中国在美国的仅出现一次。此前，滴滴以亿美元在纽约上市，这使得中国今年迄今在美国的总额达到亿美元，同比增长。 增发发行额在前三季度创下历史新高，募集资金亿美元，同比增长。中国可转换债券（即股票挂钩发行）较上年同期增长，达到亿美元，创下同期历史新高。高科技产业占中国股票资本市场份额的，募集资金亿美元，同比增长，创历史新高。工业总额为亿美元，比上年增长，市场份额为。医疗保健业以的市场份额（募集总额为亿美元）跻身前三大行业，较上年同期下降。中信证券目前在中国股票和股权挂钩交易承销领域排名领先，以亿美元的相关收益占据了的市场份额。债券资本市场中资发行人年前三季度通过债券发行共

6、筹集万亿美元，较创纪录的去年前三季度增长。政府与机构发行占中国债券发行额的，总发行额亿美元，较去年同期几乎没有变化，仅增长，成为自年有记录以来最强劲的前三季度。金融债券发行占据了的市场份额，总计亿美元，较去年同期增长。工业发行占据的市场份额，发行额为亿美元，比去年同期增长。中信目前以亿美元相关发行额或的市场份额领跑中国债券承销榜单。4REPORTSUMMARYInvestment Banking FeesChina investment banking activity generated US$16.0 billion in fees during the first three quart

7、ers of 2021, up 0.6% from a year ago, making it the highest first three-quarter period since records began in 2000. ECM underwriting fees witnessed a record first three quarters period and totaled US$5.8 billion, a 16.0% increase from the same period last year. DCM underwriting fees, which captured

8、51.9% of Chinas investment banking fees, amounted to US$8.3 billion, down 7.7% after a strong period in the first three quarters of 2020. Advisory fees for completed M&A deals fell to a seven-year low and reached US$630.8 million, down 40.6% year-on-year. Syndicated lending fees totaled US$1.3 billi

9、on, up 50.3% from the same period last year. CITIC topped Chinas investment banking fee league table with a total of US$1.3 billion in estimated fees or 8.3% wallet share of the total fee pool. Mergers & AcquisitionsThe overall China-involvement M&A activity reached a three-year high as deal making

10、activity totaled US$413.6 billion, up 4.9% from a year ago, as number of deals saw the busiest-ever first three-quarter period since records began in 1980. Target China M&A activity reached a six-year high and totaled US$369.9 billion, up 2.7% year-on-year, as number of deals saw the busiest-ever fi

11、rst three-quarter period. Domestic activity reached US$329.9 billion, almost unchanged with a 0.7% increase in value compared to a year ago, making it the highest first three-quarter period since 2015. Chinas inbound M&A activity, or foreign firms acquiring Chinese companies, hit a three-year high a

12、nd totaled US$40.0 billion during the first three quarters of this year, a 21.7% increase from the same period in 2020, while the number of inbound deals grew 15.8% from a year ago. Chinese outbound acquisitions reached US$30.8 billion, up 43.5% compared to a year ago, making it the highest first th

13、ree-quarter period since 2018 (US$61.6 billion). China ranked thirteenth 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 56 deals with

14、 a cumulative total of US$4.6 billion this year, a 30.3% increase in value from a year ago and accounted for 15.0% of the total Chinese outbound acquisitions. Private Equity-backed deals in China witnessed an all-time high and reached US$68.5 billion, up 27.6% from a year ago, capturing 46.0% of Asi

15、as private equity-backed deals. Six Chinese companies agreed to go public via SPAC merger which totaled of US$11.2 billion, taking up 19% of the SPAC combinations in Asia by value. Deal making activity involving China saw High Technology as the most targeted sector which captured 20.6% market share

16、and totaled US$85.1 billion, up 54.6% compared to the same period last year as number of deals grew 56.3%, making it the highest first three-quarter period by value and deal count. The Industrials sector followed behind with 14.7% market share worth US$60.9 billion in value, a 19.0% growth year-on-y

17、ear. Materials accounted for 13.5% market share as deal value doubled from a year ago. China International Capital Co (CICC) leads the any China involvement announced M&A league table during this period, with 12.0% market share and US$49.4 billion in related deal value. an LSEG business5REPORTSUMMAR

18、YEquity Capital MarketsChinese equity and equity-linked (ECM) proceeds saw the highest first three-quarter period raising US$235.5 billion in proceeds, up 31.4% compared to the same period last year. Number of equity offerings grew 13.6% from the comparative period last year, making it the busiest-e

19、ver first three-quarter period for Chinese ECM activity. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies has had its strongest-ever first three-quarter period, raising US$99.1 billion, up 14.8% from a year ago, as companies issued new listings

20、 at a record pace. A-Share IPOs (including secondary listings) also saw the highest first three-quarter period in more than a decade with US$50.9 billion, up 9.3% from a year ago, alongside a 24.9% increase in number of A-Share issuances. Chinese IPOs and secondary listings in Hong Kong (Mainboard a

21、nd GEM) also witnessed record levels, raising US$35.8 billion so far this year, a 26.5% increase compared to the first three quarters of 2020. This was led by China Telecoms US$8.4 billion secondary listing in Shanghai followed by Kuaishou Technologys US$6.2 billion IPO in Hong Kong. Chinese IPO lis

22、tings in the United States only saw a single issuance during the third quarter of 2021, after witnessing the busiest-ever first half period this year, bolstered by Didi Globals US$4.4 billion IPO in New York. This brings total Chinese IPOs in the U.S. to US$12.5 billion so far this year, up 64.7% ye

23、ar-on-year. Follow-on offerings hit a record first three-quarter period raising US$97.5 billion in proceeds, up 52.2% year-on-year. Chinese convertibles, or equity-linked issuance, grew 34.9% from a year ago and amounted to a record year-to-date high of US$38.8 billion.High Technology accounted for

24、27.6% of the China ECM activity, raising a record amount worth US$64.9 billion in proceeds, up 96.5% from a year ago. Industrials totaled US$43.3 billion in ECM proceeds, up 85.4% compared to last year, capturing 18.4% market share. Healthcare rounded out the top three sectors with 11.7% market shar

25、e worth US$27.5 billion in proceeds, a 5.8% decline from a year ago. CITIC currently leads the rankings this year for China ECM underwriting, capturing 11.6% of the market share with US$27.3 billion in related proceeds. Debt Capital MarketsPrimary bond offerings from China-domiciled issuers raised U

26、S$2.0 trillion during the first three quarters of 2021, surpassing last years record first three-quarter period by 1.3% growth. Government & Agencies captured 48.1% of the market share and totaled US$959.2 billion, almost unchanged with a minimal 0.8% increase in proceeds from a year ago, and the st

27、rongest first three-quarter period since records began in 1980. Bond issuances from the Financials accounted for 30.1% of Chinas bond proceeds with US$599.8 billion, up 2.8% in proceeds from the same period last year. Industrials represented 7.9% market share with US$158.0 billion in proceeds, up 2.

28、3% from the comparative period last year. CITIC currently leads China bonds underwriting with US$147.7 billion in related proceeds which accounted for 7.4% market share. an LSEG business6季度摘要中国投资银行业务摘要债券资本发行金额 增涨 1%股票资本发行金额 增涨 31%中国标的并购 增涨 3%中国参与并购 增涨 5%贷款费用 增涨 50%债券资本市场费用 下降 -8%股权资本市场费用 增涨 16%并购费用

29、下降 -41%点击箭头图标查看详细分析股票行业第一名高科技债券行业第一名政府和机构并购标的行业 第一名高科技债券资本发行承销商 今年迄今第一名中信股权资本发行承销商 今年迄今第一名中信中金公司并购财务顾问 今年迄今第一名an LSEG business7QUARTERLY HIGHLIGHTSCHINA INVESTMENT BANKING ACTIVITYHIGHLIGHTSDCM PROCEEDS UP 1%ECM PROCEEDS UP 31%TARGET M&A UP 3%ANY INV. M&A UP 5%LOAN FEES UP 50%DCM FEES DOWN -8%ECM FE

30、ES UP 16%M&A FEES DOWN -41%Click on any of the above arrows to go straight to the analysis.Government and AgenciesDCM TOP ISSUING INDUSTRYHigh TechnologyM&A TOP TARGETED INDUSTRYCITICDCM TOP BOOK RUNNER YTDCITICECM TOP BOOK RUNNER YTDM&A TOP FINANCIAL ADVISOR YTD China International Capital CoHigh T

31、echnologyECM TOP ISSUING INDUSTRYan LSEG business826%22%11%9%8%24%25%20%13%11%7%24%Government and AgenciesFinancialsIndustrialsHigh TechnologyReal EstateOtherCHINAINVESTMENT BANKING FEESINVESTMENT BANKING FEES VOLUMES INVESTMENT BANKING FEES BY ASSET CLASS TOP FEE PAYING INDUSTRIES (by Market Share)

32、 BACK TO HIGHLIGHTS PAGE02,0004,0006,0008,00010,00012,00014,00016,00018,000718192021US$ MillionYTD Fees02,0004,0006,0008,00010,00012,00014,00016,00018,000718192021US$ MillionBONDSEQUITYLOANSMA Outer Rim: YTD Inner Rim: YTDLYan LSEG business9 - 1,000 2,000 3,000 4,000 5,000 6,00

33、0 7,0000500300350400450718192021US$ BillionYTD Volumes#DealsCHINA MERGERS & ACQUISITIONSBACK TO HIGHLIGHTS PAGEANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TARGET M&A VOLUMES & NUMBER OF DEALSTOP TARGETED INDUSTRIES (Any Involvement) - 1,000 2,000 3,000 4,000 5,000 6,000 7,000

34、00500600718192021US$ BillionYTD Volumes#Deals14%13%7%25%9%32%21%15%13%10%8%33%High TechnologyIndustrialsMaterialsEnergy and PowerReal EstateOther Outer Rim: YTD Inner Rim: YTDLYan LSEG business10CHINA MERGERS & ACQUISITIONSBACK TO HIGHLIGHTS PAGEINBOUND M&ADOMESTIC M&AOUTBOUND

35、M&AINBOUND M&A VOLUMESTOP ACQUIRING NATIONS / REGIONSOUTBOUND M&A VOLUMESTOP TARGETED NATIONS / REGIONS 380 400 420 440 460 480 500 520 5400554045718192021US$ BillionYTD Volumes#Deals - 100 200 300 400 500 600 700 80002040608001US$ BillionYTD Vo

36、lumes#Deals - 1,000 2,000 3,000 4,000 5,000 6,0000500300350400718192021US$ BillionYTD Volumes#Deals20.77.13.01.21.015.64.85.40.32.30510152025Hong KongUnited StatesSingaporeSwitzerlandGermanyUS$ Billion8.74.53.61.81.19.20.15.50.00.00246810Hong KongNetherlandsUnited StatesUnited

37、KingdomDenmarkUS$ BillionInbound M&A up 21.7% from YTD last year, amounting to US$40.0 billion so far this year.Domestic M&A up 0.7% from YTD last year, reaching US$329.9 billion so far this year.Outbound M&A is up 43.5% from YTD last year, totaling US$30.8 billion so far this year.14%7%14%30%2%33%2

38、1%16%14%12%7%30%High TechnologyMaterialsIndustrialsEnergy and PowerConsumer StaplesOther Outer Rim: YTD Inner Rim: YTDLYDOMESTIC M&A VOLUMESTOP TARGETED SECTORSan LSEG business11CHINA BELT & ROAD ACQUISITIONSBACK TO HIGHLIGHTS PAGECHINA OUTBOUND ACQUISITIONSCHINESE ACQUISITIONS ALONG BELT & ROAD NAT

39、IONS*TOP TARGETED INDUSTRIES Outer Rim: YTD Inner Rim: YTDLY - 50 100 150 200 25005,00010,00015,00020,00025,00030,00035,00092021US$ MillionYTD Volumes#Deals42.5%21.3%7.0%32.2%24.2%25.8%16.5%15.0%0%5%10%15%20%25%30%35%40%45%020,00040,00060,00080,000100,000120,000140,000160,000180,000141516

40、1718192021US$ MillionTotal China Outbound% of BRI to China OutboundTOP TARGETED NATIONS / REGIONS3%22%1%43%22%19%17%17%9%16%Energy and PowerFinancialsMaterialsHealthcareHigh TechnologyOther85064935005002004006008001,000LuxembourgItalyPeruVietnamUnited Arab EmiratesUS$ Million*BRI countrie

41、s (excl. China) based on country list from YidaiYilu - https:/ MERGERS & ACQUISITIONSBACK TO HIGHLIGHTS PAGEANY INVOLVEMENT M&A TOP DEALS YTDRank Value (US$Mil)Status Rank DateTarget NameTarget Nation/RegionTarget IndustryAcquiror NameAcquiror Nation/RegionAcquiror Ultimate Parent NameAcquiror Ultim

42、ate Parent Nation/Region 11,203.8 Pending4/30/2021Peking University Founder Group Co Ltd-AssetsChinaHigh TechnologyInvestor GroupChinaInvestor GroupChina 9,281.5 Pending6/5/2021Beijing Yiqing Asset Operation & Management Co LtdChinaConsumer Staples Beijing DaHao Technology Co LtdChinaBeijing DaHao T

43、ech Co LtdChina 7,938.0 Completed 3/2/2021South Cement Co LtdChinaMaterialsXinjiang Tianshan Cement Co LtdChinaXinjiang Tianshan Cement CoChina 7,354.0 Pending5/17/2021Giga Energy IncChinaEnergy and Power Yunhong InternationalChinaYunhong InternationalChina 6,576.0 Pending4/21/2021Runze Technology D

44、evelopment Co LtdChinaHigh TechnologyShanghai Precise Packaging Co LtdChinaShanghai Precise Pkg Co LtdChina4,431.0 Pending6/28/2021Shanghai Hua Qing Real Estate Management Co LtdChinaReal EstatePing An Life Insurance Co of China LtdChinaPing An Ins (Grp) Co of ChinaChina4,370.4 Completed 3/25/2021Ko

45、ninklijke Philips Nv-Domestic Appliances BusinessNetherlandsRetailHillhouse Capital GroupChinaHillhouse Capital GroupChina3,608.1 Pending6/6/2021Urbaser SASpainIndustrialsGlobal Moledo SLUSpainPlatinum Equity LLCUnited States3,589.0 Completed 3/2/2021China United Cement Group Corp LtdChinaMaterialsX

46、injiang Tianshan Cement Co LtdChinaXinjiang Tianshan Cement CoChina3,492.9 Pending1/23/2021Tus Environmental Science & Technology Development Co LtdChinaEnergy and PowerCity Development Environment Co LtdChinaHenan Investment Group Co LtdChinaan LSEG business13CHINA EQUITY CAPITAL MARKETSBACK TO HIG

47、HLIGHTS PAGEECM PROCEEDSECM PROCEEDS BY ISSUE TYPETOP ISSUING INDUSTRIES0050060070080090050200250718192021US$ BillionYTD ProceedsNo. of Issues0500718192021US$ BillionIPO*Follow-OnConvertible97%85%-6%4%15%5%-20%0%20%40%60%80%100%120%010,00020,000

48、30,00040,00050,00060,00070,000HighTechnologyIndustrialsHealthcareFinancialsMaterialsOtherUS$ MillionYTD ProceedsYTDLY ProceedsYoY Proceeds Change (%)IPO* - includes both original IPOs and secondary listings in another stock exchange by companies that already listed elsewhere. Technically, secondary

49、listings are considered as follow-on offerings in Refinitiv database but have been included in the list to capture companies issuing primary shares in other stock exchanges, such as China Telecoms US$8.4 billion secondary listing in Shanghai in August 2021.14DCM PROCEEDSDCM PROCEEDS BY ISSUE TYPETOP

50、 ISSUING INDUSTRIESCHINA DEBT CAPITAL MARKETSBACK TO HIGHLIGHTS PAGE - 1,000 2,000 3,000 4,000 5,000 6,000 7,00005001,0001,5002,0002,500718192021US$ BillionYTD ProceedsNo. of Issues05001,0001,5002,0002,500718192021US$ BillionAgency, Supranational, SovereignInvestment Grade Corp