2017年中国并购报告（英文版）.pdf
M&A ReviewGreater ChinaFY 2017Zephyr Quarterly M&A ReportGlobal, Q3 2015You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 1 Bureau van DijkThe following report details mergers and acquisitions activity in Greater China in FY 2017 using data from the Zephyr database. It focuses on deal activity by target company.Click here to access the raw data in an Excel spreadsheet.M&A volume and value declines for second consecutive yearBoth the volume and value of mergers and acquisitions (M&A) targeting companies based in Greater China declined for the second consecutive year to 15,085 deals worth USD 786,636 million in 2017. In terms of volume this represents a 3 per cent decrease year-on-year, while value fell 6 per cent from USD 838,690 million across 15,605 deals in 2016 (2015: 15,987 deals worth USD 1,237,260 million). Despite the decline by value, dealmaking was not completely stripped away as all of the top 20 deals were worth more than USD 3,000 million and the top 3 valued at over USD 8,000 million, respectively. The largest M&A deal by value involved China United Network Communications raising USD 9,347 million in a capital increase. The company issued 9,037 million shares to investors including China Life Investment Holdings and Suning Commerce Group. This was closely followed by Hengda Real Estate Group issuing USD 9,044 million-worth of stock to raise capital. Deals by volume and valueAnnounced date No of dealsTotal deal value (mil USD)2017 15,085 786,6362016 15,605 838,6902015 15,987 1,237,2602014 10,056 622,7002013 7,799 343,6282012 7,271 302,474The most comprehensive deal databaseThe worlds most powerful comparable data resource on private companiesCombining deal and company dataWelcome to the business of certainty. We capture and treat private company and M&A information for better decision making and increased efficiency.Bureau van Dijk is a Moodys Analytics companyYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 2 Bureau van DijkDeals by volume and value02,0004,0006,0008,00010,00012,00014,00016,00018,0000200,000400,000600,000800,0001,000,0001,200,0001,400,0002012 2013 2014 2015 2016 2017Dealvalue(milUSD)Total deal value (mil USD) Number of dealsYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 3 Bureau van DijkTop 20 deals by value with Greater China targetsDeal value (mil USD)Deal type TargetTarget countryAcquirorAcquiror countryAnnounced date1. 9,347 Capital Increase 30% China United Network Communications Ltd CN China Life Investment Holdings Ltd; Suning Commerce Group Co., Ltd; Hangzhou Ali Venture Capital Co., Ltd; Shenzhen Tencent Xinda Partnership (LP); Ningbo Meishan Bonded Tax Zone Baidu Penghuan Investment Partnership (LP); Suqian Jingdong Sanhong Enterprise Management Centre (LP); Shenzhen Guangqi Internet Technology Investment Enterprise (LP); Shenzhen Weihai Fangzhou Information Industry Equity Investment Fund (LP); InvestorCN 21/08/20172. 9,044 Minority stake 14% Hengda Real Estate Group Co., Ltd CN Sichuan Dingxiang Equity Investment Fund Management Co., Ltd; Shandong Hi-Speed Investment Holding Co., Ltd; Shandong Hi-Speed Property Group Co., Ltd; Jinan Changying Jincheng Equity Investment LLP; Nanjing Runheng Enterprise Management Co., Ltd; Shenzhen Amer International Co., Ltd; Jiayu Vehicle Accessories Ningxia LLP; Guangzhou Yehoo Investment Co., LtdCN 06/11/20173. 8,124 Acquisition 100% Guangdong Trust Real Estate Development Corporation; Guangzhou real estate branch of Guangdong International Trust Investment CorporationCN Guangzhou Wanxi Real Estate Co., Ltd CN 30/06/20174. 7,628 Acquisition 100% 360 Technology Inc. CN SJEC Corporation CN 03/11/20175. 7,519 Capital Increase Shanghai Pudong Development Bank Co., Ltd CN 28/10/20176. 7,275 Minority stake Tsinghua UniGroup Ltd CN National Integrated Circuit Industry Investment Fund CN 28/03/20177. 7,256 Capital Increase China Minsheng Banking Co., Ltd CN 30/03/20178. 7,250 Capital Increase 13% Postal Savings Bank of China Co., Ltd CN Chuanglan International Investment Holding Group Co., Ltd; InvestorsHK 22/09/20179. 6,445 Acquisition 91% Haikou Wanda Cultural and Tourism Project Co., Ltd; Xishuangbanna Wanda Cultural and Tourism Project Co., Ltd; Nanchang Wanda Cultural and Tourism Project Co., Ltd; Hefei Wanda Cultural and Tourism Project Co., Ltd; Harbin Wanda Cultural and Tourism Project Co., Ltd; Qingdao Wanda Cultural and Tourism Project Co., Ltd; Wuxi Wanda Cultural and Tourism Project Co., Ltd; Guangzhou Wanda Cultural and Tourism Project Co., Ltd; Chengdu Wanda Cultural and Tourism Project Co., Ltd; Chongqing Wanda Cultural and Tourism Project Co., Ltd; Guilin Wanda Cultural and Tourism Project Co., Ltd; Jinan Wanda Cultural and Tourism Project Co., Ltd; Kunming Wanda Cultural and Tourism Project Co., LtdCN Sunac Real Estate Group Co., Ltd CN 11/07/2017You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 4 Bureau van DijkTop 20 deals by value with Greater China targets (Contd)Deal value (mil USD)Deal type TargetTarget countryAcquirorAcquiror countryAnnounced date10. 5,804 Minority stake 16% Hengda Real Estate Group Co., Ltd CN Suzhou Industrial Park Ruican Investment LLP; Shenzhen Baoxin Investment Holding Co., Ltd; Qingdao Yonghe Jinfeng Group Co., Ltd; Jiayu Vehicle Accessories Ningxia LLP; Maanshan Maowen Technology Industrial Park Co., Ltd; Jiangxi Huada Property Group Co., Ltd; Shenzhen Qixiang Investment Co., Ltd; Shenzhen Jiancheng Investment Co., Ltd; Ningbo Minyin Jintou Hongda No. 3 Investment Management LLP; Jiaxing Yumin No. 5 Investment LLP; Weifang Golden Orange Hongyuan Investment Management LLP; Shenzhen Qianhai Zhongyi Holding Co., Ltd; Shanghai Haoren Property Management Co., LtdCN 01/06/201711. 5,751 Acquisition increased from 42% to 100% Yunnan Baiyao Group Co., Ltd CN Yunnan Baiyao Holdings Co., Ltd CN 23/03/201712. 5,423 Minority stake 15% China Vanke Co., Ltd CN Shenzhen Metro Group Co., Ltd CN 12/01/201713. 5,083 Capital Increase China Merchants Bank Co., Ltd CN COSCO Shipping Financial Co., Ltd; Investors HK 24/03/201714. 4,666 Capital increase acquired 73%, to hold 92% HNA Group Finance Co., Ltd CN HNA Group Co., Ltd; HNA Business Holdings Co., Ltd; Haikou Meilan International Airport Co., Ltd; Tianjin Airlines Co., Ltd; HNA Logistics Group Co., Ltd; Sanya Phoenix International Airport Co., LtdCN 29/03/201715. 4,477 Capital increase acquired 12%, to hold 34% China Everbright Bank Co., Ltd CN Overseas Chinese Town Enterprise Corporation; China Everbright (Group) CorporationCN 02/05/201716. 4,350 Capital Increase China Guangfa Bank Co., Ltd CN China Life Insurance Co., Ltd; Undisclosed investors CN 28/04/201717. 4,294 Minority stake increased from 15% to 29% China Vanke Co., Ltd CN Shenzhen Metro Group Co., Ltd CN 09/06/201718. 3,713 Capital Increase 13% Huatai Securities Co., Ltd CN Investors 26/05/201719. 3,620 Acquisition 100% Chengdu Global Century Exhibition & Travel Group Co., LtdCN Yunnan Metropolitan Real Estate Development Co., Ltd CN 18/11/201720. 3,371 Acquisition 100% Suzhou Qingfeng Investment Management Co., Ltd CN Jiangsu Shagang Co., Ltd CN 15/06/2017You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 5 Bureau van DijkDeal types by volume of dealsDeal type 2015 2016 2017Acquisition 3,768 5,461 6,323Minority stake 7,571 6,146 4,519Capital increase 4,616 3,979 4,216IBO 30 33 26Merger 8 4 4Demerger 2 3 3MBO 3 6 1MBI 0 1 1Deal types by volume of deals in 2017Deal types by value of deals in 2017Deal types by value of dealsDeal type2015 (mil USD)2016 (mil USD)2017 (mil USD)Acquisition 518,129 367,671 316,406Capital increase 455,558 291,361 297,604Minority stake 259,489 183,100 170,920IBO 7,151 2,768 1,969MBO 0 210 16Merger 0 47 4MBI 0 3 1Demerger 0 0 0AcquisitionMinority stakeCapital increaseIBOMergerDemergerMBOMBIAcquisitionCapital increaseMinority stakeIBOMBOM er ge rMBIDemergerYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 6 Bureau van DijkTarget sector by volume of dealsTarget sector 2015 2016 2017Other services 5,285 5,819 5,484Machinery, equipment, furniture, recycling 4,055 3,322 2,865Chemicals, rubber, plastics 1,481 1,312 1,338Wholesale & retail trade 712 827 973Publishing, printing 1,032 936 827Construction 635 717 727Metals & metal products 710 623 471Gas, water, electricity 297 285 312Education, health 146 243 290Transport 247 166 247Food, beverages, tobacco 249 269 244Primary sector 253 223 225Textiles, wearing apparel, leather 222 137 134Hotels & restaurants 99 101 126Banks 106 113 101Wood, cork, paper 92 95 82Post and telecommunications 179 125 57Insurance companies 96 63 54Public administration and defence 5 6 2Target sector by value of dealsTarget sector2015 (mil USD)2016 (mil USD)2017 (mil USD)Other services 317,282 280,567 218,739Machinery, equipment, furniture, recycling 189,771 159,839 125,772Construction 164,130 107,700 115,508Banks 122,544 42,263 75,518Chemicals, rubber, plastics 105,873 61,455 64,668Transport 67,576 13,050 26,367Wholesale & retail trade 52,583 31,570 23,452Metals & metal products 47,754 45,431 21,276Publishing, printing 23,598 21,881 20,554Gas, water, electricity 40,163 20,410 18,513Post and telecommunications 43,481 4,553 15,846Primary sectors 9,972 7,514 11,695Insurance companies 24,425 9,460 9,783Food, beverages, tobacco 11,088 14,986 9,126Hotels & restaurants 5,335 5,822 5,988Education, health 4,428 5,433 4,814Textiles, wearing apparel, leather 11,979 4,909 4,014Wood, cork, paper 4,560 4,469 3,420Public administration and defence 8 121 3You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 7 Bureau van DijkTarget locations by value of dealsTarget country2015 (mil USD)2016 (mil USD)2017 (mil USD)China 999,584 751,986 724,028Hong Kong 162,961 33,301 39,515Taiwan 75,339 53,607 22,609Macao 121 1,203 592Target locations by volume of dealsTarget country 2015 2016 2017China 12,970 13,288 13,853Taiwan 2,467 1,784 662Hong Kong 551 540 571Macao 4 6 4You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 8 Bureau van DijkPrivate equity deals by volume and valueAnnounced date No of dealsTotal deal value (mil USD)2017 2,154 78,2792016 2,472 66,1962015 2,943 61,0972014 1,350 43,3812013 528 9,5712012 466 7,269PE and VC dealmaking up for fifth year in a row The value of private equity and venture capital (PE and VC) deals targeting companies based in Greater China improved for the fifth consecutive year to USD 78,279 million in 2017, up 18 per cent from USD 66,196 million in 2016 (2015: USD 61,097 million; 2014: USD 43,381 million; 2013: USD 9,571 million; 2012: USD 7,269 million). However, PE and VC volume was in line with M&A results as it declined by 13 per cent for the third sequential year to 2,154 deals in 2017 from 2,472 deals in 2016 and compared to 2,943 deals in 2015. PE and VC value was supported by the USD 9,044 million capital raising by Hengda Real Estate Group, which was also the second largest M&A deal in Greater China for 2017. In total, 11 of the top 20 deals were worth USD 1,000 million, or more, in the year under review, with the second and third deals valued in excess of USD 5,000 million. These deals involved Tsinghua UniGroup receiving USD 7,275 million in funding from Sino-IC Capital, while Hengda Real Estate raised a further USD 5,804 million by issuing shares to investors, including Guangzhou Kailong Land and Qingdao Yonghe Jinfeng Group.You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 9 Bureau van DijkPrivate equity deals by volume and value05001,0001,5002,0002,5003,0003,500010,00020,00030,00040,00050,00060,00070,00080,00090,0002012 2013 2014 2015 2016 2017Dealvalue(milUSD)Total deal value (mil USD) Number of dealsYou are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by Bureau van Dijk”bvdinfo +44 161 838 9554 bvdbvdinfoM&A ReviewGreater China, FY 2017Page 10 Bureau van DijkTop 20 private equity deals by value with Greater China targetsDeal value (mil USD)Deal type TargetTarget countryFund Manager/General PartnerAnnounced date1. 9,044 Minority stake 14% Hengda Real Estate Group Co., Ltd CN Sichuan Dingxiang Equity Investment Fund Management Co., Ltd; Shandong Hi-Speed Investment Holding Co., Ltd; Shandong Hi-Speed Property Group Co., Ltd; Shandong Hi-Speed Changying Equity Investment Management Co., Ltd; Nanjing Runheng Enterprise Management Co., Ltd; Shenzhen Amer International Co., Ltd; Jiayu Vehicle Accessories Ningxia LLP; Guangzhou Yehoo Investment Co., Ltd06/11/20172. 7,275 Minority stake Tsinghua UniGroup Ltd CN Sino-IC Capital Ltd 28/03/20173. 5,804 Minority stake 16% Hengda Real Estate Group Co., Ltd CN Suzhou Industrial Park Ruican Investment LLP; Shenzhen Baoxin Investment Holding Co., Ltd; Qingdao Yonghe Jinfeng Group Co., Ltd; Jiayu Vehicle Accessories Ningxia LLP; Maanshan Maowen Technology Industrial Park Co., Ltd; Jiangxi Huada Property Group Co., Ltd; Shenzhen Qixiang Investment Co., Ltd; Shenzhen Jiancheng Investment Co., Ltd; Ningbo Minyin Jintou Equity Investment Management Co., Ltd; Zhongmin Capital Management Co., Ltd; Weifang Golden Orange Hongyuan Investment Management LLP; Shenzhen Qianhai Zhongyi Holding Co., Ltd; Shanghai Haoren Property Management Co., Ltd01/06/20174. 2,491 Minority stake 43% Dalian Shipbuilding Industry Co., Ltd CN China Cinda Asset Management Co
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