2020年度中国投资银行业报告.pdf

1 China Investment Banking Review Full Year 2020 中国投资银行业报告 2020年度 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 2020年达 201亿美元 ， 相比去年全年增长了 36.1%， 这是自 2000年有记录以来年度最高值 。 债券市场承销费占全部投资银行费用的 53.2%， 达 107 亿美元 ， 以 17.3%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 102.4%， 总额达 71亿美元 。 已完 成的并购交易咨询费较去年同期增长 23.0%， 达 12亿美元 。 银团贷款费用总额为 11亿美元 ， 比去年同期下降 6.9%。 中信以 15亿美元的预估费用位居中国投行费用榜 首 ， 占费用总额的 7.4%。 兼并与收购 在中国境内并购交易活动的推动下 ， 涉及中国的并购交易在 2020年达到近三年高位 ， 交易总额达 5,813亿美元 ， 同比增长 30.1%。 因为受监管 、 地缘政治紧张局势 、 保护主义情绪和到最近的全球冠状病毒大流行的影响 ， 已公布交易的数量同比减少 1.1%。 2020年第四季度交易总额达 1,676亿美元 ， 较上一季度减少 26.4%， 但相比 2019年第四季度增长 17.3%。 中国海外并购自 2016年历史新高以后第四年连续下滑 ， 交易金额总计 371亿美元 ， 同比减少 15.1%， 为 2007年 301亿美元以来的最低水平 。 中国在全球跨境活动最活 跃的收购国中排名下滑至第八位 。 中国今年在 “一带一路 ”沿线国家的并购交易共计 113笔 ， 价值 83亿美元 ， 同比减少 33.7%， 占中国海外并购总额的 22.3%。 外国公司 收购中国企业达 448亿美元 ， 比 2019年增长 4.3%。 然而 ， 交易数量比一年前下降了 12.0%， 达十多年来最低水平 。 境内并购活动达到近五年高点 ， 总计 4,785亿美元 ， 同比增长 38.8%， 交易数量增长 2.9%。 涉及中国的并购交易活动主要集中在能源与电力行业 ， 占市场份额的 20.8%， 总额为 1,206亿美元 ， 同比增长 182.0%。 国家石油天然气管网集团有限公司 （ 国家管 网 ） 同意以 491亿美元现金收购中国石油天然气股份有限公司的管道资产 。 该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交易 。 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先正达交易 。 同时 ， 随着中国整合油气 管道 ， 国家管网还从中石化收购了管道资产 ， 共计 4笔交易 ， 总额达 256亿美元 。 这使得国家管网收购中石油和中石化的油气管道资产合计达到 748 亿美元 。 在 2020 年 12月 ， 国家管网还同意从昆仑能源有限公司收购中石油大连液化天然气有限公司 75%的股权和中石油北京天然气管道有限公司 60%的股权 ， 总金额为 62亿美元 。 高 科技行业以 16.8%的市场份额位居第二 ， 总额达 974亿美元 ， 同比增长 83.8%。 中国国际金融股份有限公司在 2020年已公布并购交易榜单中排名第一 ， 市场份额为 26.5%， 相关交易金额达 1,539亿美元 。 3 报告 概览 股权资本市场 中国股权及股权挂钩交易总额创下历史新高 ， 2020年融资达 2,816亿美元 ， 同比增长 90.4%。 发行数量为最活跃的一年 ， 同比增长 73.0%。 首次公开发行 （ IPO） 总额创历史新高 ， 达 1,254亿美元 ， 同比增长 86.1%。 IPO数量创下历史新高 ， 同比增长 66.3%。 A股 IPO在 2020年达到近十年高点 ， 总募集金额达 593亿美元 ， 同比增长 78.7%， A股新股上市数量增长 96.0%。 除二次上市发行 ， 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募集金额的 44.2%， 总额达 262亿美元 ， 同比增长 140.8%。 中国在香港 （ 主板和创业板 ） 的 IPO较去年增长了 69.9%， 达到 499亿美元 ， IPO数量增长了 17.4%。 在 2020年 6月 ， 京东和网易在香港首次上市 ， 融资总额达 70亿美元 ， 突显出美 国上市的中国企业寻求二次上市的趋势 。 备受期待的蚂蚁集团 IPO就在其计划在上海和香港两地上市前几天因监管问题而暂停 。 中国企业在美国发行的 IPO共筹集了 117亿美元 ， 同 比增长 241.6%， 是自 2014年 290亿美元以来的最高水平 。 增发发行总额达 1,058亿美元 ， 同比增长 238.7%， 超过 2016年 952亿美元创下的纪录 。 中国可转换债券 （ 及股权票挂钩发行 ） 总计 505亿美元 ， 比去年创纪录高点增长 2.4%。 高科技行业以 15.9%的市场份额领先其他行业 ， 总募集金额达 447亿美元 ， 是 2019年的两倍多 。 中芯国际集成电路制造有限公司在 2020年 7月通过 IPO融资 75亿美元 ， 成为 2020年中 国发行最大的 IPO。 工业占 15.3%的市场份额 ， 筹集 431亿美元 ， 同比增长 201.4%。 医疗保健业和金融业的市场份额分别为 13.2%和 11.7%。 中信在中国股权和股权挂钩承销业务中居于 2020年榜单首位 ， 以 273亿美元的发行金额获得 9.7%的市场份额 。 中国国际金融股份有限公司以 8.0%的市场份额紧随其后 ， 发行金额为 224亿美元 ， 摩根士丹利华鑫证券以 7.3%的市场份额位至第三 。 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年度筹集了 2.3万亿美元 ， 与去年同期相比增长了 24.7%， 债券发行数量使得 2020年成为历史迄今最繁忙年度 。 政府和 相关机构发行以 1.0万亿美元占中国债券发行额的 44.2%， 较去年同期增长 34.1%， 成为有记录以来最繁忙发行年度 。 金融债券发行占据了 32.4%的市场份额 ， 总计 7,528亿美元 ， 较 2019年同期增长 23.3%， 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 3,659亿美元 ， 较去年同期上涨 29.2%。 中国银行目前以 1,657亿美元相关发行总额或 7.1%的市场份额领跑中国债券承销榜单 ， 中国工商银行以 6.6%的市场份额 （ 1,543亿美元发行额 ） 位居第二 ， 中信则以 6.6%的市场份额 （ 1,532亿美元 ） 跻身前三 。 4 REPORT SUMMARY Investment Banking Fees China investment banking activity generated US$20.1 billion in fees during 2020 and a 36.1% increase year-on-year, making it the highest-ever annual period since records began in 2000. DCM underwriting fees, which captured 53.2% of the total investment banking fees, reached US$10.7 billion and surpassed last years record high by 17.3%. ECM underwriting fees also hit an all-time high with the biggest growth this year, up 102.4% from last year and totaled US$7.1 billion. Advisory fees from completed M&A deals saw a 23.0% increase from a year ago and totaled US$1.2 billion. Syndicated lending fees amounted to US$1.1 billion, a 6.9% decline from 2019. CITIC topped Chinas investment banking fee league table with a total of US$1.5 billion in estimated fees or 7.4% share of the total fee pool. Mergers & Acquisitions Mergers & acquisitions (M&A) involving China hit a three-year high and totaled US$581.3 billion in 2020, a 30.1% increase from a year ago, driven by domestic consolidations. Number of announced deals fell 1.1% year-on-year as headwinds continued to deter deal making activity - from regulatory hurdles, geopolitical tensions, protectionist sentiments to the recent global coronavirus pandemic. Fourth quarter activity totaled US$167.6 billion, down 26.4% from a strong third quarter in 2020, but a 17.3% increase from fourth quarter of 2019. Chinese outbound acquisitions saw its fourth annual decline since the record high in 2016 and totaled US$37.1 billion, down 15.1% compared to a year ago, making it the lowest annual period since 2007 (US$30.1 billion). China slipped down the ranking to eighth 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 113 deals worth US$8.3 billion this year, down 33.7% from a year ago, and accounted for 22.3% of the total Chinese outbound acquisitions. Foreign firms acquiring Chinese companies amounted to US$44.8 billion this year, a 4.3% increase from 2019. However, the number of inbound deals fell 12.0% from a year ago and saw its slowest period in more than a decade. Domestic activity reached a five- year high and totaled US$478.5 billion, a 38.8% increase from last year, as deal count grew 2.9%. Deal making activity involving China targeted the Energy & Power sector which captured 20.8% market share and totaled US$120.6 billion, up 182.0% from 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 Kongs US$45.4 billion acquisition of Hutchison Whampoa in 2015. It also topped Chinas 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 PipeChinas acquisition of PetroChina and Sinopecs oil & gas pipeline assets to an aggregate total of US$74.8 billion. In December, PipeChina also agreed to acquire a 75% interest in PetroChina Dalian LNG Co Ltd and 60% interest in PetroChina Beijing Natural Gas Pipeline Co Ltd from Kunlun Energy Co Ltd, for a combined value of US$6.2 billion. High Technology followed in second place with 16.8% market share worth US$97.4 billion, an 83.8% increase from a year ago. China International Capital Co (CICC) leads the any China involvement announced M&A league table in 2020, with 26.5% market share and US$153.9 billion in related deal value. 5 REPORT SUMMARY Equity Capital Markets Chinese equity and equity-linked (ECM) proceeds witnessed record issuances, raising US$281.6 billion in 2020, up 90.4% from last year. Number of equity issuances also saw the busiest annual period and grew 73.0% year-on-year. Total initial public offerings (IPOs), including secondary listings, issued by China-domiciled companies hit an all-time high and reached US$125.4 billion, up 86.1% from a year ago. Number of IPOs hit record levels and jumped 66.3% from a year ago. A-Share IPO and secondary listings reached a decade high in 2020 with US$59.3 billion in proceeds, up 78.7% from a year ago, as number of A-Share new listings grew 96.0%. 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 Exchanges STAR Market, launched in July 2019, accounted for 44.2% of the A-Share IPO proceeds and totaled US$26.2 billion, up 140.8% year-on-year. Chinese IPOs and secondary listings in Hong Kong (Mainboard and GEM) grew 69.9% from last year to US$49.9 billion, with a 17.4% growth in number of IPOs. In June, JD and NetEase debuted their secondary listings in Hong Kong, raising a total of US$7.0 billion, underlining a trend of US-listed Chinese companies pursuing secondary listings closer to home. Highly anticipated Ant Groups blockbuster IPO was suspended due to regulatory concerns, days before its planned dual listing in Shanghai and Hong Kong. Chinese IPOs in the United States raised US$11.7 billion, a 241.6% increase from a year ago, and the highest annual total since 2014 (US$29.0 billion). Follow-on offerings totaled US$105.8 billion, up 238.7% year-on-year, surpassing the record set in 2016 (US$95.2 billion). Chinese convertibles, or equity-linked issuance, totaled US$50.5 billion, a 2.4% growth after last years record high, as 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 15.9% market share worth US$44.7 billion, more than double the proceeds seen in 2019. Semiconductor Manufacturing International Corps (SMIC) US$7.5 billion secondary listing in Shanghais STAR Market is the largest Chinese equity offering so far this year. Industrials captured 15.3% market share and raised US$43.1 billion, up 201.4% from a year ago. Healthcare and Financials represented 13.2% and 11.7% market share, respectively. CITIC currently leads the rankings this year for China ECM underwriting, capturing 9.7% market share with US$27.3 billion in related proceeds. China International Capital Co (CICC) followed in second place with 8.0% market share worth US$22.4 billion in proceeds while Morgan Stanley took third place with 7.3% market share. Debt Capital Markets Primary bond offerings from China-domiciled issuers remained strong and continued to break records, raising US$2.3 trillion in 2020, a 24.7% increase from last year, as number of bond offerings saw its busiest-ever annual period in 2020. Government & Agencies accounted for 44.2% of Chinas bond proceeds worth US$1.0 trillion, up 34.1% from a year ago, making it the best-ever annual period on record. Financials captured 32.4% market share and raised US$752.8 billion, up 23.3% year-on-year. This was driven by three jumbo issuances: Agricultural Bank of Chinas onshore perpetual bond issuance worth US$12.0 billion, Postal Savings Banks US$11.4 billion perpetual bond and Bank of Chinas US$11.1 billion Tier 2 bonds. Chinese banks raised US$365.9 billion, up 29.2% from a year ago as they replenished capital requirements. Bank of China currently leads China bonds underwriting with US$165.7 billion in related proceeds or 7.1% market share. Industrial & Commercial Bank of China (ICBC) follows in second place with 6.6% market share or US$154.3 billion in proceeds. CITIC rounded out the top three with 6.6% market share worth US$153.2 billion. 6 季度摘要 中国投资银行业务 摘要 债券资本发行金额 增涨 2 5 % 股票资本发行金额 增涨 9 0 % 中国标的并购 增涨 3 5 % 中国参与并购 增涨 3 0 % 贷款费用 下降 - 7 % 债券资本市场费用 增涨 1 7 % 股权资本市场费用 增涨 1 0 2 % 并购费用 增涨 2 3 % 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 第一名能源和电力 债券资本发行承销商 今年迄今第一名中国银行 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 7 QUARTERLY HIGHLIGHTS CHINA INVESTMENT BANKING ACTIVITY HIGHLIGHTS DCM P RO CE E DS UP 2 5 % E CM P RO CE E DS UP 9 0 % T A RG E T M &A UP 3 5 % A NY I NV . M &A UP 3 0 % L O A N F E E S DO W N - 7 % DCM F E E S UP 1 7 % E CM F E E S UP 1 0 2 % M &A F E E S UP 2 3 % Click on any of the above arrows to go straight to the analysis. G o v e rn m e n t a n d A g e n c ie s D C M T O P IS S U IN G IN D U S T R Y E n er g y and P o w erM & A T O P T A R G E T E D I N D U S T R Y B ank o f C h i n a L t dD C M T O P B O O K R U N N E R Y T D C I T I CE C M T O P B O O K R U N N E R Y T D M & A T O P F I N A N C I A L A D V I S O R Y T D C h i n a I n t er n at i o n al C api t al C o H ig h T e c h n o lo g y E C M T O P IS S U IN G IN D U S T R Y 8 27% 24% 10% 6% 1 1 % 22% 23% 23% 1 1 % 9% 8% 26% F i n a n c i a l s G o v e r n m e n t a n d A g e n c i e s I n d u s t r i a l s H i g h T e c h n o l o g y R e a l E s t a t e O t h e r CHINA INVESTMENT BANKING FEES INVESTMENT BANKING FEES VOLUMES INVESTMENT BANKING FEES BY ASSET CLASS TOP FEE PAYING INDUSTRIES (by Market Share) BACK TO HIGHLIGHTS PAGE 0 5 , 0 0 0 1 0 , 0 0 0 1 5 , 0 0 0 2 0 , 0 0 0 2 5 , 0 0 0 11 12 13 14 15 16 17 18 19 20 U S $ M il li o n A n n u a l F e e s 0 5 , 0 0 0 1 0 , 0 0 0 1 5 , 0 0 0 2 0 , 0 0 0 2 5 , 0 0 0 11 12 13 14 15 16 17 18 19 20 U S $ M il li o n B O N D S E Q U I T Y L O A N S MA Outer Rim: YTD Inner Rim: YTDLY 9 - 1 , 0 0 0 2 , 0 0 0 3 , 0 0 0 4 , 0 0 0 5 , 0 0 0 6 , 0 0 0 7 , 0 0 0 0 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 11 12 13 14 15 16 17 18 19 20 U S $ B il li o n YT D Vo l u me s # D e a l s CHINA MERGERS & ACQUISITIONS BACK TO HIGHLIGHTS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TARGET M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES (Any Involvement) - 1 , 0 0 0 2 , 0 0 0 3 , 0 0 0 4 , 0 0 0 5 , 0 0 0 6 , 0 0 0 7 , 0 0 0 8 , 0 0 0 0 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 9 0 0 11 12 13 14 15 16 17 18 19 20 U S $ B il li o n YT D Vo l u me s # D e a l s 10% 12% 18% 19% 1 1 % 30% 21% 17% 15% 10% 8% 29% E n e r g y a n d P o w e r H i g h T e c h n o l o g y I n d u s t r i a l s F i n a n c i a l s R e a l E s t a t e O t h e r Outer Rim: YTD Inner Rim: YTDLY 10 CHINA MERGERS & ACQUISITIONS BACK TO HIGHLIGHTS PAGE INBOUND M&A DOMESTIC M&A OUTBOUND M&A INBOUND M&A VOLUMES TOP ACQUIRING NATIONS / REGIONS OUTBOUND M&A VOLUMES TOP TARGETED NATIONS / REGIONS - 100 200 300 400 500 600 700 800 900 0 10 20 30 40 50 60 70 11 12 13 14 15 16 17 18 19 20 U S$ B il li o n YT D Vo lum es #D eals - 200 400 60 0 80 0 1, 0 00 0 50 100 150 200 250 11 12 13 14 15 16 17 18 19 20 U S$ B il li o n YT D Vo lum es #D eals - 1, 0 00 2, 0 00 3, 0 00 4, 0 00 5, 0 00 6, 0 00 7, 0 00 0 100 200 300 400 500 600 700 11 12 13 14 15 16 17 18 19 20 U S$ B il li o n YT D Vo lum es #D eals 2 1 . 5 6 . 2 5 . 8 2 . 3 2 . 3 2 1 . 9 6 . 5 7 . 3 0 . 3 0 . 2 0 5 10 15 20 25 H o n g K o n g U n i t e d S t a t e s S i n g a p o r e S o u t h K o r e a G e r m a n y U S $ B i l l i o n 1 5 . 2 8 . 2 3 . 0 1 . 9 1 . 3 1 3 . 2 1 . 9 2 . 4 0 . 5 2 . 6 0 5 10 15 20 H o n g K o n g U n i t e d S t a t e s C h i l e A u st r a l i a S i n g a p o r e U S $ B i l l i o n Inbound M&A up 4.3% from YTD last year, amounting to US$44.8 billion so far this year. Domestic M&A up 38.8% from YTD last year, reaching US$478.5 billion so far this year. Outbound M&A is down 15.1% from YTD last year, totaling US$37.1 billion so far this year. 10% 20% 12% 21% 1 1 % 26% 24% 17% 16% 10% 8% 25% E n e r g y a n d P o w e r I n d u st r i a ls H i g h T e ch n o l o g y F i n a n ci a ls M a t e r i a ls O t h e r Outer Rim: YTD Inner Rim: YTDLY DOMESTIC M&A VOLUMES TOP TARGETED SECTORS 11 CHINA BELT & ROAD ACQUISITIONS BACK TO HIGHLIGHTS PAGE CHINA OUTBOUND ACQUISITIONS CHINESE ACQUISITIONS ALONG BELT & ROAD NATIONS* TOP TARGETED INDUSTRIES Outer Rim: YTD Inner Rim: YTDLY - 5 0 1 0 0 1 5 0 2 0 0 2