2020年度中国投资银行报告-路孚特-2021-20正式版

ChinaInvestmentBankingReviewFullYear2020中国投资银行业报告2020年度RefinitivDealsIntelligence路孚特 交易商情1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。2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。3REPORTSUMMARYInvestmentBankingFeesChinainvestmentbankingactivitygeneratedUS$20.1billioninfeesduring2020anda36.1%increaseyear-on-year,makingitthehighest-everannualperiodsincerecordsbeganin2000.DCMunderwritingfees,whichcaptured53.2%ofthetotalinvestmentbankingfees,reachedUS$10.7billionandsurpassedlastyear’srecordhighby17.3%.ECMunderwritingfeesalsohitanall-timehighwiththebiggestgrowththisyear,up102.4%fromlastyearandtotaledUS$7.1billion.AdvisoryfeesfromcompletedM&Adealssawa23.0%increasefromayearagoandtotaledUS$1.2billion.SyndicatedlendingfeesamountedtoUS$1.1billion,a6.9%declinefrom2019.CITICtoppedChina’sinvestmentbankingfeeleaguetablewithatotalofUS$1.5billioninestimatedfeesor7.4%shareofthetotalfeepool.Mergers&AcquisitionsMergers&acquisitions(M&A)involvingChinahitathree-yearhighandtotaledUS$581.3billionin2020,a30.1%increasefromayearago,drivenbydomesticconsolidations.Numberofannounceddealsfell1.1%year-on-yearasheadwindscontinuedtodeterdealmakingactivity-fromregulatoryhurdles,geopoliticaltensions,protectionistsentimentstotherecentglobalcoronaviruspandemic.FourthquarteractivitytotaledUS$167.6billion,down26.4%fromastrongthirdquarterin2020,buta17.3%increasefromfourthquarterof2019.Chineseoutboundacquisitionssawitsfourthannualdeclinesincetherecordhighin2016andtotaledUS$37.1billion,down15.1%comparedtoayearago,makingitthelowestannualperiodsince2007(US$30.1billion).Chinaslippeddowntherankingtoeighthplaceasmostactiveacquirornationforglobalcross-borderactivitythisyear,afterbeingoneofthelargestacquirersofoverseasassetsduringitspeakin2016.ChineseacquisitionsalongBelt&Roadnationssaw113dealsworthUS$8.3billionthisyear,down33.7%fromayearago,andaccountedfor22.3%ofthetotalChineseoutboundacquisitions.ForeignfirmsacquiringChinesecompaniesamountedtoUS$44.8billionthisyear,a4.3%increasefrom2019.However,thenumberofinbounddealsfell12.0%fromayearagoandsawitsslowestperiodinmorethanadecade.Domesticactivityreachedafive-yearhighandtotaledUS$478.5billion,a38.8%increasefromlastyear,asdealcountgrew2.9%.DealmakingactivityinvolvingChinatargetedtheEnergy&Powersectorwhichcaptured20.8%marketshareandtotaledUS$120.6billion,up182.0%fromlastyear.Chinesestate-ownedChinaOil&GasPipelineNetworkCorp(PipeChina)acquiredthepipelineassetsofPetroChinaCoLtdforanestimatedUS$49.1billion.ThedealiscurrentlythelargestonrecordinvolvingAsiaPacific,surpassingthepreviousrecordholder-CheungKong’sUS$45.4billionacquisitionofHutchisonWhampoain2015.ItalsotoppedChina’sbiggestM&Adealinhistory-theUS$44.0billionChemChina-Syngentatransactionin2016.Concurrently,asChinaconsolidatesitsoilandgaspipeline,PipeChinaalsoacquiredpipelineassetsfromSinopecwithatotalof4dealsworthUS$25.6billion.ThisbringsPipeChina’sacquisitionofPetroChinaandSinopec’soil&gaspipelineassetstoanaggregatetotalofUS$74.8billion. InDecember,PipeChinaalsoagreedtoacquirea75%interestinPetroChinaDalianLNGCoLtdand60%interestinPetroChinaBeijingNaturalGasPipelineCoLtdfromKunlunEnergyCoLtd,foracombinedvalueofUS$6.2billion. HighTechnologyfollowedinsecondplacewith16.8%marketshareworthUS$97.4billion,an83.8%increasefromayearago.ChinaInternationalCapitalCo(CICC)leadstheanyChinainvolvementannouncedM&Aleaguetablein2020,with26.5%marketshareandUS$153.9billioninrelateddealvalue.4REPORTSUMMARYEquityCapitalMarketsChineseequityandequity-linked(ECM)proceedswitnessedrecordissuances,raisingUS$281.6billionin2020,up90.4%fromlastyear.Numberofequityissuancesalsosawthebusiestannualperiodandgrew73.0%year-on-year.Totalinitialpublicofferings(IPOs),includingsecondarylistings,issuedbyChina-domiciledcompanieshitanall-timehighandreachedUS$125.4billion,up86.1%fromayearago.NumberofIPOshitrecordlevelsandjumped66.3%fromayearago.A-ShareIPOandsecondarylistingsreachedadecadehighin2020withUS$59.3billioninproceeds,up78.7%fromayearago,asnumberofA-Sharenewlistingsgrew96.0%.Excludingsecondarylistings,Beijing-ShanghaiHighSpeedRailwayraisedUS$4.4billionviaIPOinJanuary,makingitthebiggestIPOgloballysofarthisyear.ShanghaiStockExchange’sSTARMarket,launchedinJuly2019,accountedfor44.2%oftheA-ShareIPOproceedsandtotaledUS$26.2billion,up140.8%year-on-year.ChineseIPOsandsecondarylistingsinHongKong(MainboardandGEM)grew69.9%fromlastyeartoUS$49.9billion,witha17.4%growthinnumberofIPOs.InJune,JD.comandNetEasedebutedtheirsecondarylistingsinHongKong,raisingatotalofUS$7.0billion,underliningatrendofUS-listedChinesecompaniespursuingsecondarylistingsclosertohome.HighlyanticipatedAntGroup'sblockbusterIPOwassuspendedduetoregulatoryconcerns,daysbeforeitsplannedduallistinginShanghaiandHongKong.ChineseIPOsintheUnitedStatesraisedUS$11.7billion,a241.6%increasefromayearago,andthehighestannualtotalsince2014(US$29.0billion).Follow-onofferingstotaledUS$105.8billion,up238.7%year-on-year,surpassingtherecordsetin2016(US$95.2billion).Chineseconvertibles,orequity-linkedissuance,totaledUS$50.5billion,a2.4%growthafterlastyear’srecordhigh,asnumberofconvertibleofferingssawthebusiestperiodthisyear.Equityofferingsacrossmajorsectorssawyear-on-yeargrowthwithHighTechnologytakingtheleadwith15.9%marketshareworthUS$44.7billion,morethandoubletheproceedsseenin2019.SemiconductorManufacturingInternationalCorp’s(SMIC)US$7.5billionsecondarylistinginShanghai’sSTARMarketisthelargestChineseequityofferingsofarthisyear.Industrialscaptured15.3%marketshareandraisedUS$43.1billion,up201.4%fromayearago.HealthcareandFinancialsrepresented13.2%and11.7%marketshare,respectively.CITICcurrentlyleadstherankingsthisyearforChinaECMunderwriting,capturing9.7%marketsharewithUS$27.3billioninrelatedproceeds.ChinaInternationalCapitalCo(CICC)followedinsecondplacewith8.0%marketshareworthUS$22.4billioninproceedswhileMorganStanleytookthirdplacewith7.3%marketshare.DebtCapitalMarketsPrimarybondofferingsfromChina-domiciledissuersremainedstrongandcontinuedtobreakrecords,raisingUS$2.3trillionin2020,a24.7%increasefromlastyear,asnumberofbondofferingssawitsbusiest-everannualperiodin2020.Government&Agenciesaccountedfor44.2%ofChina’sbondproceedsworthUS$1.0trillion,up34.1%fromayearago,makingitthebest-everannualperiodonrecord.Financialscaptured32.4%marketshareandraisedUS$752.8billion,up23.3%year-on-year.Thiswasdrivenbythreejumboissuances:AgriculturalBankofChina’sonshoreperpetualbondissuanceworthUS$12.0billion,PostalSavingsBank’sUS$11.4billionperpetualbondandBankofChina’sUS$11.1billionTier2bonds.ChinesebanksraisedUS$365.9billion,up29.2%fromayearagoastheyreplenishedcapitalrequirements.BankofChinacurrentlyleadsChinabondsunderwritingwithUS$165.7billioninrelatedproceedsor7.1%marketshare.Industrial&CommercialBankofChina(ICBC)followsinsecondplacewith6.6%marketshareorUS$154.3billioninproceeds.CITICroundedoutthetopthreewith6.6%marketshareworthUS$153.2billion.5季度摘要中国投资银行业务摘要并购费用增涨23%股权资本市场费用增涨102%债券资本市场费用增涨17%贷款费用下降-7%中国参与并购增涨30%中国标的并购增涨35%股票资本发行金额增涨90%债券资本发行金额增涨25%点击箭头图标查看详细分析

并购财务顾问今年迄今第一名中金公司股权资本发行承销商今年迄今第一名中信债券资本发行承销商今年迄今第一名中国银行并购标的行业第一名能源和电力债券行业股票行业第一名第一名政府和机构高科技6QUARTERLYHIGHLIGHTSCHINAINVESTMENTBANKINGACTIVITYHIGHLIGHTSM&AFEESUP23%ECMFEESUP102%DCMFEESUP17%LOANFEESDOWN-7%ANYINV.M&AUP30%TARGETM&AUP35%ECMPROCEEDSUP90%DCMPROCEEDSUP25%Clickonanyoftheabovearrowstogostraighttotheanalysis.

M&ATOPFINANCIALADVISORYTDChinaInternationalCapitalCoECMTOPBOOKRUNNERYTDCITICDCMTOPBOOKRUNNERYTDBankofChinaLtdM&ATOPTARGETEDINDUSTRYEnergyandPowerDCMTOPISSUINGECMTOPISSUINGINDUSTRYINDUSTRYGovernmentandHighTechnologyAgencies7CHINAINVESTMENTBANKINGFEES

BACKTOHIGHLIGHTSPAGEINVESTMENTBANKINGFEESVOLUMESAnnualFees25,00020,000

TOPFEEPAYINGINDUSTRIES(byMarketShare)OuterRim:YTDInnerRim:YTDLYUS$Million

15,00010,0005,000011121314151617181920

26%22%

23%27%11%INVESTMENTBANKINGFEESBYASSETCLASS8%BONDSEQUITYLOANSMA6%25,00010%20,0009%Million11%15,000US$10,0005,000FinancialsIndustrials0RealEstate11121314151617181920

24%23%GovernmentandAgenciesHighTechnologyOther8CHINAMERGERS&ACQUISITIONSANYINVOLVEMENTM&AVOLUMES&NUMBEROFDEALSYTDVolumes#Deals9008,0008007,0007006,000Billion6005,0005004,000US$4003,0003002002,0001001,0000-11121314151617181920TARGETM&AVOLUMES&NUMBEROFDEALS700YTDVolumes#Deals7,0006006,000Billion5005,0004004,000US$3003,0002002,0001001,0000-11121314151617181920

TOPTARGETEDINDUSTRIES(AnyInvolvement)OuterRim:YTDInnerRim:YTDLY21%29% 10%30% 12%18% 17%11%8%19%10% 15%EnergyandPowerHighTechnologyIndustrialsFinancialsRealEstateOtherBACKTOHIGHLIGHTSPAGE9CHINAMERGERS&ACQUISITIONS

BACKTOHIGHLIGHTSPAGEINBOUNDM&AInboundM&Aup4.3%fromYTDlastyear,amountingtoUS$44.8billionsofarthisyear.YTDVolumes#Deals7090060800700Billion506004050030400US$20300200101000-11121314151617181920INBOUNDM&AVOLUMESTOPACQUIRINGNATIONS/REGIONSUS$Billion0510152025HongKong21.521.9UnitedStates6.26.5Singapore5.87.3SouthKorea2.30.3Germany2.30.2

DOMESTICM&ADomesticM&Aup38.8%fromYTDlastyear,reachingUS$478.5billionsofarthisyear.YTDVolumes#Deals7007,0006006,0005005,0004,0004003003,000US$2002,0001001,0000-11121314151617181920DOMESTICM&AVOLUMESTOPTARGETEDSECTORS25%24%10%26%20%8%11%12%17%21%10%•OuterRim:YTD16%•InnerRim:YTDLYEnergyandPowerIndustrialsHighTechnologyFinancialsMaterialsOther

OUTBOUNDM&AOutboundM&Aisdown15.1%fromYTDlastyear,totalingUS$37.1billionsofarthisyear.YTDVolumes#Deals2501,000200800Billion150600US$100400502000-11121314151617181920OUTBOUNDM&AVOLUMESTOPTARGETEDNATIONS/REGIONSUS$Billion05101520HongKong15.213.2UnitedStates8.21.9Chile3.02.4Australia1.90.5Singapore1.32.610CHINABELT&ROADACQUISITIONSCHINAOUTBOUNDACQUISITIONSTOPTARGETEDINDUSTRIES

BACKTOHIGHLIGHTSPAGEUS$Million

TotalChinaOutbound%ofBRItoChinaOutbound250,00037.3%40%36.8%35%200,00029.3%30%28.5%150,00022.3%25%20.5%19.9%20%100,00015%50,00010%7.9%5%00%1314151617181920

12%EnergyandPower9%ConsumerProductsandServices42%Industrials10%50%Materials15%Healthcare1%8%Other11%16%•OuterRim:YTD•InnerRim:YTDLYCHINESEACQUISITIONSALONGBELT&ROADNATIONS*TOPTARGETEDNATIONS/REGIONSYTDVolumes#DealsUS$Million05001,0001,5002,0002,5003,0003,50040,0002503,03435,000Chile2,38820030,0001,261MillionSingapore2,58225,00015091320,000SouthKoreaUS$9310015,000550RepublicofCongo10,0000504605,000Italy1720-111314151617181920*BRIcountries(excl.China)basedoncountrylistfromYidaiYilu(asof30July2019)/xwzx/roll/77298.htmCHINAMERGERS&ACQUISITIONSANYINVOLVEMENTM&ATOPDEALSYTD

BACKTOHIGHLIGHTSPAGERankRankTargetAcquirorAcquirorUltimateAcquirorUltimateValueStatusTargetNameTargetIndustryAcquirorNameParentDateNation/RegionNation/RegionParentName(US$Mil)Nation/Region49,143.7Completed7/23/2020PetroChinaCoLtd-PipelineassetsChinaEnergyandPowerChinaOil&GasPipelineNetworkChinaChinaOil&GasPipelineChinaCorp14,440.6Pending10/27/2020ChinaGezhoubaGroupCoLtdChinaIndustrialsChinaEnergyEngineeringCorpLtdChinaChinaEnergyEngineeringGrpChina9,775.5Completed7/23/2020ChinaPetroleum&ChemicalCorp-ChinaEnergyandPowerChinaOil&GasPipelineNetworkChinaChinaOil&GasPipelineChinaPipelineassetsCorp9,467.0Completed7/23/2020SinopecNaturalGasLtdCo-ChinaEnergyandPowerChinaOil&GasPipelineNetworkChinaChinaOil&GasPipelineChinaPipelineassetsCorp7,858.5Pending7/23/2020ChinaOil&GasPipelineNetworkChinaEnergyandPowerInvestorGroupChinaInvestorGroupChinaCorp6,656.7Completed4/2/202058.comIncChinaHighTechnologyQuantumBloomGroupLtdChinaQuantumBloomGrpLtdChina6,579.7Pending3/21/2020LiaoningZhongwangGroupCoLtdChinaMaterialsCREDHoldingCoLtdChinaCREDHoldingCoLtdChina6,354.1Completed4/3/2020BankofJinzhouCoLtd-CertainChinaFinancialsBeijingChengfangHuidaEnterpriseChinaChinaCindaAssetMgmtCoLtdChinaCredit&OtherAssetsManagementCoLtd6,245.3Pending12/22/2020PetroChinaBeijingNaturalGasChinaEnergyandPowerChinaOil&GasPipelineNetworkChinaChinaOil&GasPipelineChinaPipelineCoLtdCorp6,225.0Pending12/9/2020GCLInvestmentManagementIncUnitedStatesHighTechnologyImolaMergerCorpUnitedStatesPlatinumEquityLLCUnitedStates12CHINAEQUITYCAPITALMARKETSECMPROCEEDSYTDProceedsNo.ofIssues30012002501000US$Billion200800150600100400502000011121314151617181920ECMPROCEEDSBYISSUETYPEIPO* Follow-On Convertible300250200Billion 150US$ 10050011 12 13 14 15 16 17 18 19 20

BACKTOHIGHLIGHTSPAGETOPISSUINGINDUSTRIESYTDProceedsYTDLYProceedsYoYProceedsChange(%)120,000250%100,000201%181%200%Million80,000150%122%111%60,000100%US$40,00041%50%20,000-7%0%0-50%HighIndustrialsHealthcareFinancialsRetailOtherTechnologyIPO*-includesbothoriginalIPOsandsecondarylistingsinanotherstockexchangebycompaniesthatalreadylistedelsewhere.Technically,secondarylistingsareconsideredasfollow-onofferingsinourdatabasebuthavebeenincludedinthelisttocapturecompaniesissuingprimarysharesinotherstockexchanges,13suchasSMIC’sUS$7.6billionsecondarylistinginSTARMarketandJD.com’sUS$4.5billionsecondarylistinginHongKong.CHINADEBTCAPITALMARKETSDCMPROCEEDSYTDProceedsNo.ofIssues2,5002,000US$Billion1,5001,000500011121314151617181920DCMPROCEEDSBYISSUETYPEAgency,Supranational,SovereignInvestmentGradeCorporateMBSABSFederalCreditAgencyHighYieldCorporate2,5002,000Billion 1,500US$ 1,000500011 12 13 14 15 16 17 18 19

80007000600050004000300020001000020

TOPISSUINGINDUSTRIESYTDProceedsYTDLYProceeds1,200,0001,000,00034%US$Million800,00023%19%600,000400,000200,0000GovernmentFinancialsIndustrialsandAgencies

BACKTOHIGHLIGHTSPAGEYoYProceedsChange(%)40%35%30%25%20%15%15%11%10%5%0%-5%-5%-10%RealEstateEnergyandOtherPower14CHINAEQUITY&DEBTCAPITALMARKETSTOPDEALSECMTOPDEALSYTDIssueDateProceedsIssueTypeIssuerNationIndustryMidIndustryPrimary(US$mil)Exchange7/3/20207,533.7Follow-OnSemiconductorMnfgIntlCorpChinaHighTechnologySemiconductorsSSES12/10/20204,890.3ConvertibleDaqinRailwayCoLtdChinaIndustrialsTransportation&SHANGInfrastructure6/11/20204,459.1Follow-OnJD.comIncChinaRetailInternetandCatalogHONGKRetailing1/2/20204,404.5IPOBeijing-ShanghaiHighSpeedChinaIndustrialsTransportation&SHANGInfrastructure11/17/20204,125.6Follow-OnPinduoduoIncChinaRetailInternetandCatalogNASDQRetailingIPO*-includesbothoriginalIPOsandfirst-timeshareofferingsinanotherstockexchangebycompaniesthatalreadylistedelsewhere.Technically,firsttimeshareofferingsareconsideredasFollow-onofferingsinourdatabase,buthavebeenincludedinthelisttocapturecompaniesissuingprimarysharesinotherstockexchanges,suchasAlibabaGroup’sUS$12.9billionnewlistinginHongKongandPostalSavingsBankUS$4.7billionfirsttimeA-sharelistinginShanghai.DCMTOPDEALSYTDIssueDateProceedsIssueTypeIssuerNationIndustryMidIndustryCurrency(US$mil)5/8/202012,017.2InvestmentGradeCorporateAgriculturalBankofChinaLtdChinaFinancialsBanksChineseYuan10/15/202011,900.4Agency,Supranational,PeoplesRepublicofChinaChinaGovernmentandNationalChineseSovereignAgenciesGovernmentYuan3/16/202011,442.8InvestmentGradeCorporatePostalSvgsBkofChinaCoChinaFinancialsBanksChineseYuan12/2/202011,398.6Agency,Supranational,PeoplesRepublicofChinaChinaGovernmentandNationalChineseSovereignAgenciesGovernmentYuan11/17/202011,288.1Agency,Supranational,PeoplesRepublicofChinaChinaGovernmentandNationalChineseSovereignAgenciesGovernmentYuan

BACKTOHIGHLIGHTSPAGE15CHINAINVESTMENTBANKINGFEELEAGUETABLESINVESTMENTBANKINGFEESLEAGUETABLECITICBankofChinaLtdChinaInternationalCapitalCoIndustrial&CommBankChinaGuotaiJunanSecuritiesHuataiSecuritiesCoLtdHaitongSecuritiesCoLtdChinaConstructionBankChinaSecuritiesCoLtdAgriculturalBankofChina1,800millions1,6007.4%1,4001,2006.1%US$1,0004.7%8004.0%3.4%in6003.1%3.0%3.0%Fees2.7%2.6%400200001234567891011RankINVESTMENTBANKINGFEESLEAGUETABLE(US$MIL)FEESFEESYOYSHAREYOY#DEALSYOY4Q20204Q2019BANKNAMECHANGESHARE(%)CHANGE#DEALS(US$Mil)CHANGE(%)(%)(%)12CITIC$1,480.347.8%7.4%0.6%289662.1%21BankofChinaLtd$1,216.315.6%6.1%-1.1%301033.7%34ChinaInternationalCapitalCo$942.570.7%4.7%1.0%77845.7%43Industrial&CommBankChina$796.7-3.1%4.0%-1.6%264523.1%58GuotaiJunanSecurities$691.565.8%3.4%0.6%123761.7%611HuataiSecuritiesCoLtd$620.9111.9%3.1%1.1%917108.4%79HaitongSecuritiesCoLtd$606.954.7%3.0%0.4%91340.9%85ChinaConstructionBank$598.511.5%3.0%-0.7%261833.7%919ChinaSecuritiesCoLtd$545.3172.5%2.7%1.4%288182.4%107AgriculturalBankofChina$523.810.8%2.6%-0.6%208848.2%TOTAL$20,054.436.1%1486429.1%

BACKTOHIGHLIGHTSPAGE16CHINAINVESTMENTBANKINGLEAGUETABLESANYINVOLVEMENTM&ALEAGUETABLE(US$MIL)

BACKTOHIGHLIGHTSPAGE4Q20204Q2019BANKNAME2ChinaInternationalCapitalCo6GoldmanSachs&Co322UBS5ChinaSecuritiesCoLtd10MorganStanley21GuotaiJunanSecurities71CITIC16JPMorgan18Citi104Industrial&CommBankChina

RANKVALUERANKVALUESHAREYOY#DEALSYOYYOYCHANGESHARE(%)#DEALS(US$Mil)CHANGE(%)CHANGE(%)(%)$153,903.5289%27%201%8425%$72,766.3493%13%346%2460%$59,386.81094%10%827%1567%$54,017.4170%9%107%17-26%$44,134.4326%8%230%1515%$32,953.5550%6%418%3020%$22,794.5-62%4%-71%10119%$21,398.6237%4%164%12-14%$18,428.5218%3%146%17183%$16,060.3-25%3%-42%92-56%TOTAL$581,251.430%7196-1%TARGETM&ALEAGUETABLE(US$MIL)RANKVALUERANKVALUESHAREYOY#DEALSYOY4Q20204Q2019BANKNAME(US$Mil)YOYCHANGESHARE(%)CHANGE(%)#DEALSCHANGE(%)(%)12ChinaInternationalCapitalCo$138,539.3276%27%179%7525%29GoldmanSachs&Co$63,234.8680%12%476%17143%333UBS$55,094.32279%11%1650%13117%44ChinaSecuritiesCoLtd$54,017.4174%10%102%17-19%58MorganStanley$34,157.4320%7%210%10150%615GuotaiJunanSecurities$32,953.5550%6%385%3020%71CITIC$21,577.6-63%4%-72%9720%834Citi$14,156.9566%3%350%12500%95Industrial&CommBankChina$9,686.3-24%2%-42%68-62%1025JPMorgan$9,421.7241%2%157%860%TOTAL$523,334.935%66291%17CHINAINVESTMENTBANKINGLEAGUETABLESECMLEAGUETABLE(US$MIL)PROCEEDSPROCEEDSSHAREYOY#DEALSYOY4Q20204Q2019BANKNAMEYOYCHANGESHARE(%)#DEALS(US$Mil)CHANGE(%)CHANGE(%)(%)11CITIC$27,347.873%10%-9%151104%22ChinaInternationalCapitalCo$22,387.561%8%-15%11783%34MorganStanley$20,633.8151%7%30%7760%45ChinaSecuritiesCoLtd$19,227.1160%7%36%8962%58GuotaiJunanSecurities$14,805.1184%5%51%7886%63GoldmanSachs&Co$14,634.672%5%-10%6366%76HuataiSecuritiesCoLtd$12,943.2105%5%7%77114%820BofASecuritiesInc$10,370.9401%4%164%36140%910JPMorgan$9,198.398%3%6%45114%109HaitongSecuritiesCoLtd$8,697.069%3%-11%10067%TOTAL$281,590.090%110973%DCMLEAGUETABLE(US$MIL)PROCEEDSPROCEEDSSHAREYOY#DEALSYOY4Q20204Q2019BANKNAMEYOYCHANGESHARE(%)#DEALS(US$Mil)CHANGE(%)CHANGE(%)(%)11BankofChinaLtd$165,701.64%7%-16%218335%22Industrial&CommBankChina$154,307.49%7%-13%201734%35CITIC$153,212.445%7%16%198765%43ChinaConstructionBank$139,656.614%6%-9%208338%54BankofCommunicationsCoLtd$119,811.412%5%-9%174334%66AgriculturalBankofChina$112,614.422%5%-4%166756%77CSCFinancialCoLtd$90,385.319%4%-5%114062%88IndustrialBankCoLtd$73,950.232%3%7%118044%99GuotaiJunanSecurities$72,540.034%3%7%95157%1010ChinaMerchantsBank$61,406.128%3%0%80328%TOTAL$2,326,919.225%707926%

BACKTOHIGHLIGHTSPAGE18CONTACTS/GLOSSARYABOUTREFINITIVRefinitiv,formerlytheFinancial&RiskbusinessofThomsonReuters,isoneoftheworld’slargestprovidersoffinancialmarketsdataandinfrastructure.Servingmorethan40,000institutionsinover190countries,weprovideinformation,insights,andtechnologythatdriveinnovationandperformanceinglobalmarkets.Our160-yearReutersheritageofintegrityenablescustomerstomakecriticaldecisionswithconfidence,whileouruniqueopenplatform,best-in-classdata,andcutting-edgetechnologybringgreateropportunitytoourcustomers.Byadvancingourcustomers,wedriveprogressfortheentirefinancialcommunity.Formoreinformation,goto.ABOUTDEALSINTELLIGENCEDealsIntelligence,apartofRefinitivInvesting&Advisorydivision,bringsuptotheminutemarketintelligencetothedealmakingcommunityandthefinancialmediathroughavarietyofresearchreportsincludingDailyDealsInsight,weeklyInvestmentBankingScorecard,monthlyDealsSnapshotsandourindustry-leadingquarterlyreviewshighlightingtrendsinM&AandCapitalMarkets.CONTACTINFORMATIONAMERICASMattTooleI+16462237212Imatthew.toole@EMEALucilleJonesl+442075425204llucille.jones@SaiemJalil|+44(0)2075422865|saiem.jalil@ASIAElaineTanl+63284591567lelaine.tan@19

BACKTOHIGHLIGHTSPAGEMERGERS&ACQUISITIONSTheRefinitivMergers&Acquisitionsdatabasetrackschangesineconomicownershipatultimateparentlevelingoingbusinessconcerns.Alldealsinvolvingapurchaseofatleasta5%stake,or3%withavalueofatleastUS$1millionaretracked,subjecttocriteria.Leaguetablesincluderankeligiblemergers,acquisitions,repurchases,spin-offs,self-tenders,minoritystakepurchasesanddebtrestructurings.Leaguetables,commentary,andchartscitingannouncedactivityarebasedonRankDateandincludeintended,pending,partiallycomplete,complete