路孚特-中国投资银行业报告 (2021上半年).ppt
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1、China Investment Banking ReviewFirst Half 2021中国投资银行业报告2021上半年Refinitiv Deals Intelligence路孚特 交易商情报告概览投资银行费用中国投行业务费用在2021年上半年达105亿美元,同比增长19.5%,这是自2000年有记录以来上半年最高值。股票市场承销费上半年记录再创新高,总计 42亿美元,同比增长93.5%。债券市场承销费占中国投资银行费用的49.1%,达52亿美元,在2020年上半年达到顶点之后下降7.2%。已完成的并购交易咨询费降至7年来的最低水平,达到约2.8亿美元,同比下降50.2%。银团贷款费用总
2、额约为9亿美元,比去年同期增长71.4%。中信以约8亿美元的预估费用位居中国投行费用榜首,占总费用池的7.6%。并购市场在2021年第二季度,中国参与并购活动总体继续保持强劲势头,总额达到2,810亿美元,比去年同期增长55.1%。这是自2018年同期的2,875亿美元之后的最高值,也是自1980年有记录以来已公布交易数量同期最多。中国“走出去”并购总额达到217亿美元,同比增长77.3%,为2018年同期的414亿美元之后的最高水平。中国目前在全球跨境并购最活跃的国家中排名第九。此前,中国在2016年并购达到峰值。在当时是最大的海外资产收购国之一。今年,中国沿一带一路国家发生了共41笔交易,
3、累计总金额达29亿美元,与去年同期相比下降了1.7%,占中国对外收购总额的13.5%。外国公司收购中国企业今年上半年达到近三年来的最高水平,总额共计292亿美元,比去年同期增长73.1%。交易数量比去年同期增长14.2%。国内并购活动达到2,239亿美元,同比增长53.2%,为2015年以来同期最高水平。涉及中国的并购交易活动聚焦高科技行业,占据了22.7%的市场份额,总额达639亿美元,比去年同期增长118.0%,交易数量几乎翻了一番。按价值和交易数量计算,高科技业成为上半年最热门的行业。原材料行业紧随其后,市场份额为13.4%,总额为376亿美元,同比增长87.6%。工业占12.2%的市场
4、份额,达344亿美元,同比增长43.0%。在此期间,中国国际金融公司(CICC)以14.8%的市场份额和416亿美元的相关交易价值,领跑中国已公布并购交易排行榜。an LSEG business报告概览股票市场今年上半年,中国股票和股票挂钩收益达到创纪录的1,782亿美元,比去年同期增长125.9%。发行交易数量较去年同期增长49.4%,成为中国资本市场历史同期上最繁忙的半年。包括二次上市在内的首次公开发行(IPO)总发行额在上半年创下历史新高,融资达701亿美元,较2020年上半年的338亿美元增长一倍,公司新股发行速度创历史新高。上半年A股IPO也创下了历史新高,达到309亿美元,同比增长
5、69.9%,发交易行数量增长99.2%。中国大陆企业在中国香港交易所发行的IPO也创下了历史新高,2021年上半年融资达268亿美元,较去年同期增长128.1%。这是由快手科技在香港交易所以62亿美元的IPO为主导,成为今年迄今为止全球规模最大的IPO。滴滴环球在纽约交易所的IPO融资规模达44亿美元,是在阿里巴巴集团发行的250亿美元IPO之后,中国企业在美国规模最大的一笔IPO交易。中国企业在美国股票市场上半年累计募集资金达到创纪录的124亿美元,同比增长558.2%。增发在今年上半年同样创下历史新高,募集资金达770亿美元,同比增长185.5%。中国可转换债券(即股票挂钩发行)较上年同期
6、增长71.7%,总额达312亿美元。高科技行业占中国股票市场活动的29.5%,募集资金达526亿美元,较上年同期大幅增长306.1%。工业募集资金达到318亿美元,比2020年上半年增长226.0%,市场占有率达17.9%。医疗保健行业以11.5%的市场份额跻身前三名,募集资金为205亿美元,较上年同期增长49.2%。中信证券目前在中国股票及股票挂钩承销商榜单中名列前茅,以181亿美元的相关交易金额占据了10.2%的市场份额。债券市场中资发行人于2021年上半年债券发行共筹集1.2万亿美元,较创纪录的去年上半年增长2.4%。政府与机构发行占中国债券发行额的47.2%,为5,790亿美元,比去年
7、同期增长1.7%,成为自1980年有记录以来最强劲的上半年发行。金融债券发行占据了30.6%的市场份额,总计3,756亿美元,较2020年上半年增长9.2%。工业占据8.0%的市场份额,发行额为986亿美元,同比增长4.2%。中信目前以908亿美元相关发行总额或7.4%的市场份额领跑中国债券承销榜单。an LSEG businessREPORTSUMMARYInvestment Banking FeesChina investment banking activity generated US$10.5 billion in fees during the first half of 2021
8、,up 19.5%from a year ago,and saw the highest first half period since recordsbegan in 2000.ECM underwriting fees witnessed a record first half period and totaled US$4.2 billion,a 93.5%increase from the first half of last year.DCM underwriting fees,which captured 49.1%of Chinas investment banking fees
9、,amounted to US$5.2 billion,down 7.2%after a strong period in the first half of 2020.Advisory fees for completed M&Adeals fell to a seven-year low and reached US$277.4 million,down 50.2%year-on-year.Syndicated lending fees totaled US$903.7 million,up 71.4%from the same period lastyear.CITIC topped C
10、hinas investment banking fee league table with a total of US$801.5 million in estimated fees or 7.6%wallet share of the total fee pool.Mergers&AcquisitionsThe overall China-involvement M&A activity continued its strong momentum during the second quarter of this year bringing total first half volume
11、in 2021 to reach US$281.0 billion,a 55.1%increase from the comparative period last year.This is the highest first half period for Chinese deal making activity since 2018(US$287.5 billion)in terms of value and thebusiest-ever first half period by number of announced deals since records began in 1980.
12、Chinese outbound acquisitions reached US$21.7 billion,up 77.3%compared to a year ago,making it the highest first half period since 2018(US$41.4 billion).China is currently atninth place as most acquisitive nations for global cross-border activity this year,after being one of the largest acquirers of
13、 overseas assets during its peak in 2016.Chineseacquisitions along Belt&Road nations saw 41 deals with a cumulative total of US$2.9 billion this year,almost unchanged with a minimum 1.7%decline in value from a year agoand accounted for 13.5%of the total Chinese outbound acquisitions.Foreign firms ac
14、quiring Chinese companies hit a three-year high and totaled US$29.2 billion during the first half of this year,a 73.1%increase from the same period in 2020,whilethe number of inbound deals grew 14.2%from a year ago.Domestic activity reached US$223.9 billion,up 53.2%in value compared to a year ago,ma
15、king it the highest first halfperiod since 2015.Deal making activity involving China saw High Technology as the most targeted sector which captured 22.7%market share and totaled US$63.9 billion,up 118.0%compared tothe same period last year as number of deals almost double,making it the highest first
16、 half period by value and deal count.Materials sector followed behind with 13.4%marketshare and US$37.6 billion in value,an 87.6%growth year-on-year.Industrials accounted for 12.2%market share with US$34.4 billion,up 43.0%from a year ago.China International Capital Co(CICC)leads the any China involv
17、ement announced M&A league table during this period,with 14.8%market share and US$41.6 billion in relateddeal value.an LSEG business4REPORTSUMMARYEquity Capital MarketsChinese equity and equity-linked(ECM)proceeds witnessed a record first half period raised US$178.2 billion in the first half of 2021
18、,a 125.9%increase compared to the sameperiod last year.Number of equity offerings grew 49.4%from the comparative period last year,making it the busiest-ever first half period for Chinese ECM activity.Total initial public offerings(IPOs),including secondary listings,issued by China-domiciled companie
19、s has had its strongest-ever first half period,raising US$70.1 billion,doublethe proceeds from the first half of 2020(US$33.8 billion),as companies issued new listings at a record pace.A-Share IPOs(including secondary listings)also witnessed a recordfirst half period with US$30.9 billion,up 69.9%fro
20、m a year ago,alongside a 99.2%increase in number of A-Share issuances.Chinese IPOs and secondary listings in Hong Kong(Mainboard and GEM)also witnessed record levels,raising US$26.8 billion in the first half of 2021,a 128.1%increase compared to the first half of last year.This was led byKuaishou Tec
21、hnologys US$6.2 billion IPO in Hong Kong,making it biggest IPO globally so far this year.Didi Globals US$4.4 billion IPO in New York,the largest Chinese IPO inthe United States since Alibaba Groups US$25.0 billion IPO,bolstered Chinese IPO listings in the United States which the busiest-ever first h
22、alf period and raised a recordamount of proceeds worth US$12.4 billion,up 558.2%from a year ago.Follow-on offerings a record first half issuance worth US$77.0 billion in proceeds,up 185.5%year-on-year.Chinese convertibles,or equity-linked issuance,grew 71.7%from ayear ago and amounted to US$31.2 bil
23、lion.High Technology accounted for 29.5%of the China ECM activity,raising US$52.6 billion in proceeds,a significant 306.1%increase from a year ago.Industrials reached US$31.8billion in ECM proceeds,up 226.0%from the first half of 2020,capturing 17.9%market share.Healthcare rounded out the top three
24、sectors with 11.5%market share worthUS$20.5 billion in proceeds,a 49.2%growth from a year ago.CITIC currently leads the rankings this year for China ECM underwriting,capturing 10.2%of the market share withUS$18.1 billion in related proceeds.Debt Capital MarketsPrimary bond offerings from China-domic
25、iled issuers raised US$1.2 trillion during the first half of 2021,surpassing last years first half record-high period with a 2.4%growth.Government&Agencies captured 47.2%of the market share and totaled US$579.0 billion,up 1.7%in proceeds from the first half of 2020,and the strongest semi-annual peri
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