China Investment Banking Review
Full Year 2016
China investment banking revenue hit a record high of $8.8bn in 2016, up 26% from 2015. China ranked as
the second biggest fee paying nation globally behind the US, and accounted for a record high 11.9% share of
the global fee pool. DCM revenue of $3.8bn was up 63% compared to 2015 ($2.3bn). M&A and syndicated
loan revenue jumped 53% and 22% to $923m and $671m, respectively. All three products reached the highest
revenue levels on record. ECM revenue, however, bucked the trend to decline 3% year on year to $3.4bn
Key highlights from full year 2016 include:
$225.4bn
$215.7bn
$8.6bn
$170.5bn
CITIC Securities
China outbound M&A
volume reached
$225.4bn, a new record
high level
China ECM stood at a
record high volume and
activity of $215.7bn via
911 deals
Global offshore RMB
DCM volume stood at a
six-year low
Syndicated loan volume
reached a new annual
high for both volume
and activity
Led the China investment
banking revenue ranking
with a 6.0% wallet share
M&A
 China outbound M&A volume reached an all-time high of $225.4bn in 2016, more
than double the total announced in 2015 ($102.0bn) - the previous record high
o Europe was the top targeted region for Chinese acquirors in 2016 with
$99.9bn worth of deals announced - triple the amount in 2015 ($33.2bn) and
the highest annual volume on record. North America followed with $68.8bn,
which was also the highest total on record
o Outbound volume pushed all China cross-border M&A to a record high of
$257.4bn, where China outbound M&A accounted for 88% of the total China
cross border M&A volume
 China National Chemical Corp - ChemChina's $46.9bn offer for Syngenta was the
largest China cross border on record and the biggest Switzerland targeted M&A
deal on record
 Despite an increase in cross border volume, China domestic M&A volume
dropped to $447.2bn in 2016, down 28% compared to the record year in 2015
($622.2bn), but still the second biggest year on record
China Outbound M&A
Full Year Comparison
$bn
250
18%
16%
200
14%
12%
150
10%
8%
100
6%
4%
50
2%
0
0%
2007
2008
2009
ECM
 China ECM stood at a record high volume and activity of $215.7bn via 911 deals
in 2016, compared with $189.8bn raised via 863 deals in 2015. China new listing*
volume dropped 14% to $49.8bn in 2016, compared to $57.9bn in 2015
250
 A-share volume reached $167.7bn via 722 deals in 2016, up 47% from the
$114.1bn raised via 526 deals in 2015 and the highest annual volume and activity
on record. China Yangtze Power priced a $3.7bn follow-on on April 15, the largest
A-share transaction in 2016
2012
2013
2014
2015
2016
% of Global Cross-Border M&A
China ECM Volume
$bn
o On June 1, SoftBank Group priced a $6.6bn convertible via joint bookrunners
Morgan Stanley and Deutsche Bank, the largest Technology ECM transaction
from a Chinese issuer, as well as globally, in 2016
2011
China Outbound M&A ($bn)
o Technology was the top targeted sector for domestic M&A in 2016, although
volume dropped 30% from the record high of $140.6bn in 2015 to $98.3bn in
2016. Real Estate and Healthcare followed with $72.9bn and $33.4bn
respectively
 Technology was the leading sector with $39.3bn via 184 deals in 2016 accounting
for 18% of total China ECM volume, more than double the $17.5bn raised via 136
deals in 2015. Finance followed with $32.4bn, down 42% from $52.4bn in 2015
2010
Full Year Comparison
Deals
1,000
900
800
700
600
500
400
300
200
100
0
200
150
100
50
0
2010
2011
2012
2013
Volume
2014
2015
2016
No. of Deals
*New listings include IPOs and follow-on transactions priced on a new exchange for the first time for the issuer
Dealogic China Investment Banking Review | Full Year 2016 Final Results | January 2017
Page | 2
DCM
 Global offshore RMB DCM volume stood at $8.6bn via 190 deals in 2016, less
than half the $17.9bn issued in 2015 via 208 deals, and the lowest annual volume
since 2010 ($5.4bn)
o 1Q and 4Q, 2016 were the lowest quarterly volumes since 3Q 2013 ($505m),
with $1.1bn and $1.2bn, respectively
 In contrast, China onshore DCM issuance totaled a record breaking $823.1bn, up
26% from the previous annual high of $655.3bn in 2015. Activity reached 3,205
deals, up 41% year-on-year from 2,271 deals priced in 2015, marking the third
consecutive annual increase since 2013 (1,391 deals)
o The increase was led by a surge in onshore corporate bonds accounting for
41% of the market. Volume totaled $337.5bn, more than double the $135.3bn
issued in 2015 and the highest annual volume on record
China Onshore DCM volume
$bn
Deals
Full Year Comparison
900
800
700
600
500
400
300
200
100
0
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2011
 37 panda bonds priced in 2016 for a combined total of $14.7bn, led by 17 deals
issued in 3Q 2016 ($$6.9bn), compared to a total of 13 such deals raising a total
of $2.1bn in all previous years combined
2012
2013
2014
2015
China Onshore DCM
2016
Deals
o On September 2, Country Garden priced a CNY-denominated $1.5bn dualtranche bond, the largest Panda bond of 2016, followed by China Resources
Land ($762m)
China Syndicated Loan Volume
Syndicated Loans
 China syndicated loan volume totaled $170.5bn (395 deals) in 2016, up from
$134.4bn (263 deals) in borrowed in 2015, and the highest volume and activity
on record
o China onshore borrowing reached $122.0bn in 2016, up 22% on 2015
($99.8bn) and the highest volume on record. Similarly, China offshore loans
increased, up 12% year-on-year to $30.0bn, although activity of 66 deals was
at lowest level since 2010 (41 deals)
 CNY-denominated borrowing stood at $113.2bn in 2016, up 23% and the highest
volume on record. USD-denominated loans from Chinese borrowers followed
with $46.9bn, up 35% year-on-year and the highest annual volume since the
$48.9bn signed in 2013
Full Year Comparison
$bn
180
450
160
400
140
350
120
300
100
250
80
200
60
150
40
100
20
50
0
0
2011
2012
2013
Volume
Dealogic China Investment Banking Review | Full Year 2016 Final Results | January 2017
Deals
2014
2015
2016
Deals
Page | 3
Dealogic China League Tables – Full Year 2016
Final Results
China IB Revenue Ranking
Pos Bank
China ECM Bookrunner Ranking
Net Rev ($m)
%
2015 Rank
Value $m
No.
% Share
Value $m
No.
% Share
1 CITIC Securities
523
6.0
1
1 CITIC Securities
17,338
66
8.0
1 CITIC Securities
16,558
58
9.9
2 China Securities
496
5.7
2
2 GF Securities
12,522
55
5.8
2 GF Securities
12,246
49
7.3
3 CICC
336
3.8
6
3 Morgan Stanley
12,392
33
5.7
3 China Securities
9,895
50
5.9
4 Guotai Junan Securities
332
3.8
3
4 China Securities
10,874
57
5.0
4 Guosen Securities
9,514
38
5.7
5 GF Securities
325
3.7
13
5 Haitong Securities
9,786
55
4.5
5 Huatai Securities
9,421
30
5.6
6 Bank of China
289
3.3
5
6 Huatai Securities
9,645
36
4.5
6 Guotai Junan Securities
8,126
38
4.9
7 Haitong Securities
287
3.3
8
7 Guosen Securities
9,567
39
4.4
7 Haitong Securities
7,968
30
4.8
8 Huatai Securities
222
2.5
11
8 CICC
9,284
41
4.3
8 CICC
7,593
29
4.5
9 China Merchants Securities
215
2.5
4
9 Deutsche Bank
9,217
35
4.3
9 Southwest Securities
5,393
18
3.2
214
2.4
14
10 Guotai Junan Securities
8,855
56
4.1
10 Sinolink Securities
4,817
25
2.9
10 Guosen Securities
China Announced M&A Advisory Ranking (ex Fairness opinion)
Pos Advisor
Value $m
No.
% Share
1 CICC
129,768
46
18.8
2 Goldman Sachs
103,105
29
14.9
3 UBS
85,380
28
4 JPMorgan
83,078
5 Credit Suisse
65,929
6 HSBC
7 China Construction Bank
Pos Bookrunner
China A-share Bookrunner Ranking
China Completed M&A Advisory Ranking (ex Fairness Opinion)
Value $m
No.
% Share
1 CICC
70,102
48
11.1
2 Goldman Sachs
69,434
30
11.0
12.4
3 UBS
52,459
32
22
12.0
4 Morgan Stanley
49,379
24
9.5
5 Bank of America Merrill Lynch
36,339
63,446
14
9.2
6 JPMorgan
48,982
9
7.1
7 CITIC Securities
8 Lakeside Capital Advisers
46,940
1
6.8
8 Dyal Co
46,940
1
8 China CITIC Bank
46,940
1
China M&A Attorney Ranking (including Attorney to Advisors)
Value $m
No.
% Share
1 King & Wood Mallesons
108,648
73
15.7
2 Fangda Partners
102,642
57
14.9
8.3
3 Simpson Thacher & Bartlett
92,350
25
13.4
26
7.8
4 Davis Polk & Wardwell
76,305
22
11.0
16
5.8
5 Cleary Gottlieb Steen & Hamilton
57,597
11
8.3
33,984
21
5.4
6 Osler Hoskin & Harcourt
53,916
4
7.8
33,674
17
5.3
7 Cravath Swaine & Moore
51,694
4
7.5
8 Citi
23,467
22
3.7
8 Homburger
48,830
3
7.1
6.8
9 Huatai Securities
21,876
20
3.5
8 Baer & Karrer
48,830
2
7.1
6.8
10 China Renaissance Partners
21,160
40
3.4
10 Haiwen & Partners
41,563
22
6.0
Dealogic China Investment Banking Review | Full Year 2016 Final Results | January 2017
Pos Advisor
Pos Bookrunner
Pos Attorney
Page | 4
Dealogic China League Tables – Full Year 2016
Final Results
China DCM Bookrunner Ranking
Pos Bookrunner
China International G3 DCM Bookrunner Ranking
Value $m
No.
% Share
Value $m
No.
% Share
Value $m
No.
% Share
1 China Securities
61,906
295
6.5
1 Bank of China
9,615
72
7.9
1 Credit Agricole CIB
1,806
44
21.0
2 CITIC Securities
54,978
192
5.8
2 HSBC
8,669
73
7.2
2 Standard Chartered Bank
1,199
29
14.0
3 Guotai Junan Securities
42,830
219
4.5
3 Standard Chartered Bank
6,058
49
5.0
3 HSBC
805
22
9.4
4 Bank of China
40,171
234
4.2
4 Citi
6,020
46
5.0
4 Bank of China
636
10
7.4
5 ICBC
37,572
217
4.0
5 ICBC
5,740
52
4.7
5 DBS
435
9
5.1
6 China Construction Bank
34,867
228
3.7
6 Bank of America Merrill Lynch
5,244
37
4.3
6 Citi
369
11
4.3
7 Haitong Securities
33,501
175
3.5
7 China Construction Bank
4,256
44
3.5
7 BNP Paribas
300
13
3.5
8 China Merchants Securities
31,268
160
3.3
8 UBS
4,219
37
3.5
8 Goldman Sachs
254
7
3.0
9 CICC
29,843
128
3.1
9 Bank of Communications
4,112
37
3.4
9 ICBC
250
6
2.9
28,219
150
3.0
10 BNP Paribas
3,570
28
2.9
10 China Development Financial Hldg
246
4
2.9
10 China Development Bank
Pos Bookrunner
Global Offshore RMB DCM Bookrunner Ranking
China Onshore DCM Bookrunner Ranking
Pos Bookrunner
China Syndicated Loans Bookrunner Ranking*
Pos Bookrunner
Pos Bookrunner
China Syndicated Loans Mandated Lead Arranger Ranking
Value $m
No.
% Share
Value $m
No.
% Share
Value $m
No.
% Share
1 China Securities
61,018
285
7.4
1 China Construction Bank
6,204
5
11.0
Pos Mandated Lead Arranger
1 Bank of China
36,265
251
21.2
2 CITIC Securities
52,941
177
6.4
2 China Merchants Bank
5,774
11
10.2
2 Agricultural Bank of China
20,687
31
12.1
3 Guotai Junan Securities
40,221
182
4.9
3 Bank of China
4,298
25
7.6
3 China Development Bank
19,321
19
11.3
4 ICBC
31,830
160
3.9
4 HSBC
3,448
14
6.1
4 ICBC
14,678
44
8.6
5 Bank of China
30,713
159
3.7
5 Standard Chartered Bank
2,610
22
4.6
5 China Construction Bank
13,242
42
7.8
6 China Construction Bank
30,325
179
3.7
6 Shanghai Pudong Development Bank
2,340
3
4.1
6 Bank of Communications
4,721
21
2.8
7 China Merchants Securities
30,286
148
3.7
7 ICBC
2,109
7
3.7
7 Shanghai Pudong Development Bank
4,180
18
2.5
8 Haitong Securities
30,188
136
3.7
8 Credit Suisse
2,063
3
3.6
8 China Merchants Bank
4,096
28
2.4
9 China Development Bank
28,454
151
3.5
9 BNP Paribas
2,010
6
3.6
9 China CITIC Bank
3,277
20
1.9
10 CICC
27,213
111
3.3
10 DBS
1,921
14
3.4
3,099
26
1.8
10 HSBC
*The syndicated loans bookrunner market share is a proportion of bookrunner-led volume only
Dealogic China Investment Banking Review | Full Year 2016 Final Results | January 2017
Page | 5
Notes to Editors
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Dealogic China Investment Banking Review | Full Year 2016 Final Results | January 2017
Page | 6