Asia Pacific ex Japan

Investment Banking Review

First Half 2021
Refinitiv Deals Intelligence

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QUARTERLY HIGHLIGHTS
Asia Pacific, excluding Japan

HIGHLIGHTS

M&A FEES UP +1% M&A TOP FINANCIAL ADVISOR YTD

ECM FEES UP +80% Morgan Stanley

DCM FEES DOWN -4% ECM TOP BOOK RUNNER YTD

Goldman Sachs & Co
LOAN FEES UP +27%
DCM TOP BOOK RUNNER YTD
ANY INV. M&A UP +82%
Bank of China Ltd
TARGET M&A UP +84%
M&A TOP TARGETED NATION
ECM PROCEEDS UP +81% China
DCM PROCEEDS UP +5% DCM TOP ISSUING ECM TOP ISSUING
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REPORT
SUMMARY
INVESTMENT BANKING FEES
Asia Pacific, excluding Japan, investment banking fees reached an estimated US$15.4 billion during the first half of 2021, a 20.8% increase from the
comparative period last year, making it the highest first half period since records began in 2000. Equity capital markets (ECM) fees totaled US$5.7
billion, up 79.9% from a year ago and the strongest first half period since records began in 2000. Debt capital markets (DCM) underwriting fees
amounted to US$6.5 billion, a 4.3% decline from a record period last year, but still elevated compared to historical levels. Fees generated from
completed M&A transactions totaled US$1.3 billion, a 1.2% increase from the same period last year. Syndicated loan fees grew 27.1% from a year ago
and reached US$1.8 billion. DCM fees accounted for 42.3% of the overall Asia Pacific investment banking fee pool, followed by ECM underwriting fees
with 37.1%, and Syndicated lending fees with 11.9%. Completed M&A advisory fees represented 8.7% of the region’s investment banking fees. CITIC
took the top position for overall investment banking fees in Asia Pacific, excluding Japan, in the first half of 2021, capturing 5.6% of the wallet share.

MERGERS & ACQUISITIONS

The value of announced M&A deals involving Asia Pacific companies, excluding Japan, totaled US$639.8 billion during the first half of 2021, an 82.4%
increase in value from a year ago, making it the highest-ever first half period since records began in 1980. During the second quarter of 2021, deal
making activity reached record quarterly levels worth US$368.5 billion, up 35.8% from the first quarter of 2021. Number of announced deals saw the
busiest-ever first half period and grew 20.7% from a year ago.

Majority of the deal making activity involving Asia Pacific targeted the High Technology sector which accounted for 20.8% market share worth US$133.2
billion, more than a three-fold increase in value from a year ago. This is the highest semi-annual period for Asian-involvement M&A targeting High
Technology since records began in 1980. This was bolstered by the de-SPAC transaction of Grab Holdings and Altimeter Growth Corp valued at
US$31.1 billion – making it the largest-ever deal involving Asia Pacific targeting High Technology and the biggest Southeast Asian M&A deal on record.
Energy & Power captured 11.7% market share worth US$75.0 billion, up 159.7% from a year ago. Materials and Industrials followed close behind
representing 9.5% and 9.1% market share, respectively. Morgan Stanley currently leads the any Asia Pacific, excluding Japan involvement announced
M&A league table rankings so far this year, with 12.1% market share and US$77.7 billion in related deal value.

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REPORT
SUMMARY
EQUITY CAPITAL MARKETS
Asia Pacific, excluding Japan, equity and equity-related issuance saw its strongest-ever first half period, raising a total of US$253.3 billion so far this
year, an 80.9% increase in proceeds from a year ago. Asian issuers are tapping the equity capital markets at a record pace with number of issuances
witnessing the busiest-ever first half period with 1,672 deals, up 42.8% from the comparative period last year. Initial public offerings (IPO) witnessed
the highest first half period since records began in 1980 and raised US$83.8 billion in proceeds, up 175.7% from the first half of last year, as number of
IPOs grew 84.4% from a year ago. This was driven by Chinese IPOs which accounted for 72.3% of the region’s IPO proceeds, and 29.0% of the IPO
proceeds worldwide. Kuaishou Technology Co Ltd raised US$6.2 billion via IPO in January, making it the largest IPO offering in Asia Pacific and globally
during the first half of 2021. Follow-on offerings also saw a record period raising US$132.1 billion during the first half of this year, a 50.7% increase
compared the same period last year. Asia Pacific convertible bonds grew 69.6% year-on-year with US$37.3 billion worth of proceeds, making it the
highest-ever semi-annual period on record. High Technology sector accounted for 23.3% market share of Asia Pacific’s ECM proceeds, raising
US$59.0 billion, more than a three-fold increase compared to a year ago. Industrials and Financials captured 15.0% and 13.8% market share,
respectively. Goldman Sachs currently leads Asia Pacific’s ECM underwriting rankings, with an 8.7% market share and US$21.9 billion in related
proceeds.

DEBT CAPITAL MARKETS

Primary bond offerings from Asia Pacific-domiciled issuers raised US$1.6 trillion during the first half of 2021, a 5.3% increase in proceeds, surpassing
the record first half period set last year. China accounted for 74.4% of the region’s bond proceeds worth US$1.2 trillion, up 2.4% from a year ago. South
Korea accounted for 8.0% market share as proceeds grew 41.1% year-on-year to US$132.6 billion. Australia followed with 4.4% market share, raising
US$73.1 billion, down 2.7% from a year ago. Asia Pacific investment grade bonds hit all-time high, raising US$922.5 billion, up 7.0% from a year ago
after surpassing last year’s first half record high. Bond offerings from Government & Agencies captured 40.3% market share, and reached US$664.8
billion, a 2.0% increase from a year ago. The Financials sector accounted for 35.0% of the region’s bond proceeds and amounted to US$577.1 billion,
up 13.1% from the first half of last year. Industrials rounded out the top three sectors with US$127.9 billion, up 11.1% from a year ago, and represented
7.8% market share. Bank of China leads the Asia Pacific-issued bonds underwriting so far this year, with related proceeds of US$94.4 billion from 957
eligible bond offerings and accounted for 5.7% of the market share.

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INVESTMENT BANKING FEES
INVESTMENT BANKING FEES VOLUME TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES
YTD Fees US$Bil
18,000
• Outer Rim: YTD
16,000 • Inner Rim: YTDLY

14,000

12,000
8%
US$ Million

10,000 3%
24%
8,000 29% 5%
10%
6,000 25% 4%
28% 4%
7%
4,000 4%
2,000
9%
0 8%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 8%
69%
22%
INVESTMENT BANKING FEES BY ASSET CLASS 7% 6% 18%
69%
BONDS EQUITY LOANS MA 11%
18,000
9%
16,000
13%
14,000

12,000
US$ Million

Financials Government and Agencies China Australia Hong Kong

10,000
Industrials High Technology
8,000 South Korea India Other
Real Estate Other
6,000

4,000

2,000

0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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MERGERS & ACQUISITIONS
ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGET SECTOR TOP TARGET NATION
(Any Involvement) (Target Asia)
YTD Volumes #Deals
700 9,000 • Outer Rim: YTD
8,000 • Inner Rim: YTDLY
600
7,000
500
6,000
US$ Billion

400 13%
5,000
21%
300 4,000
11% 14%
3,000 8%
200
2,000 40% 8%
8%
100 1,000 42% 45%
9%
0 - 9% 53%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 12% 11%

TARGET M&A VOLUMES & NUMBER OF DEALS 14%

9%
16% 9% 5%
YTD Volumes #Deals
9%
600 8,000
9% 9% 16%
7,000
500
6,000
400 High Technology Energy and Power
China Australia South Korea
US$ Billion

5,000 Materials Industrials

Financials Other India Singapore Other
300 4,000
3,000
200
2,000
100
1,000
0 -
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
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MERGERS & ACQUISITIONS
INBOUND M&A DOMESTIC / INTER-REGION M&A OUTBOUND M&A
YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals
120 900 500 7,000 160 800
800 6,000 140 700
100 400
700 120 600
5,000

US$ Billion
US$ Billion

US$ Billion
80 600 100 500
300 4,000
500
60 80 400
400 200 3,000
60 300
40 300 2,000
200 40 200
100
20 1,000 20 100
100
0 - 0 - 0 -
12 13 14 15 16 17 18 19 20 21 12 13 14 15 16 17 18 19 20 21 12 13 14 15 16 17 18 19 20 21

INBOUND M&A VOLUMES DOMESTIC / INTER-REGION M&A VOLUMES OUTBOUND M&A VOLUMES
TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED NATIONS TOP TARGETED / TOP ACQUIRING NATIONS
US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion
0 20 40 0 100 0 200 0 20 12 14

United
Singapore 35.8 77.7 China 222.4 United
States 24.5 Singapore 14.6
States

United
Australia 29.4 4.4 Australia 55.6 United
Kingdom 9.8 Australia 14.3
Kingdom

India 17.8 Japan 4.3 South Korea 41.0

Spain 6.7 China 13.4

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MERGERS & ACQUISITIONS
ANY INVOLVEMENT M&A TOP DEALS YTD
Rank Value Acquiror Ultimate Acquiror Ultimate
Status Rank Date Target Name Target Nation Target Industry Acquiror Name Acquiror Nation
(US$Mil) Parent Name Parent Nation

31,103.6 Pending 4/13/2021 Grab Holdings Inc Singapore High Technology Altimeter Growth Corp United States Altimeter Growth Corp United States

Peking University Founder

11,203.8 Pending 4/30/2021 China High Technology Investor Group China Investor Group China
Group Co Ltd-Assets

Gulf Energy Development

11,054.5 Pending 4/19/2021 Advanced Info Service PCL Thailand Gulf Energy Development PCL Thailand Thailand
Telecommunications PCL
Beijing Yiqing Asset Operation
9,281.5 Pending 6/5/2021 China Consumer Staples Beijing DaHao Tech Co Ltd China Beijing DaHao Tech Co Ltd China
& Management Co Ltd

Xinjiang Tianshan Cement

9,123.7 Pending 3/2/2021 South Cement Co Ltd China Materials Xinjiang Tianshan Cement Co China China
Co

8,167.1 Completed 6/24/2021 Endeavour Group Ltd Australia Consumer Staples Shareholders Australia Shareholders Australia

PT Aplikasi Karya Anak

7,560.0 Completed 5/17/2021 PT Tokopedia Indonesia Retail PT Aplikasi Karya Anak Bangsa Indonesia Indonesia
Bangsa

7,354.0 Pending 5/17/2021 Giga Energy Inc China Energy and Power Yunhong International China Yunhong International China

Media and
7,299.0 Pending 5/10/2021 Crown Resorts Ltd Australia The Star Ent Grp Ltd Australia The Star Ent Grp Ltd Australia
Entertainment

6,835.0 Pending 5/10/2021 Boral Ltd Australia Materials Network Invest Hldg Pty Ltd Australia Seven Group Holdings Ltd Australia

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EQUITY CAPITAL MARKETS
ECM PROCEEDS TOP ISSUING COUNTRIES
Proceeds US$Bil # of Issues
YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
300 1,800
200,000 600%
1,600
250 180,000
490% 500%
1,400 160,000
200 1,200 140,000 400%
US$ Billion

US$ Million
1,000 120,000 300%
150
800 100,000
80,000 200%
100 600
60,000 126% 100%
400
100%
50 40,000
200 -19% 0%
20,000 -36%
0 - 0 -100%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 China South Korea Australia India Hong Kong

ECM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
IPO Follow-On Convertible 70,000 300%
140
60,000 256% 250%
120
50,000
200%

US$ Million
100
40,000
US$ Billion

80 150%
30,000 137%
60 97% 100%
20,000 89%
40 50%
10,000
31%
20
0 0%
High Technology Industrials Financials Healthcare Materials
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

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DEBT CAPITAL MARKETS
DCM PROCEEDS TOP ISSUING COUNTRIES
Proceeds US$Bil # of Issues YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
1,800 7,000 1,400,000 45%
1,600 41% 40%
6,000 1,200,000
1,400 35%
5,000 1,000,000 30%
1,200
US$ Billion

US$ Million
4,000 800,000 25%
1,000
21% 20%
800 3,000 600,000 15%
600 10%
2,000 400,000
400 6% 5%
1,000 200,000 2%
200 0%
-3%
0 - 0 -5%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 China South Korea Australia Hong Kong Philippines

DCM PROCEEDS BY ISSUE TYPE TOP ISSUING INDUSTRIES

1,800 YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
High Yield Corporate
1,600 Federal Credit Agency 700,000 25%
22%
1,400 ABS 600,000 20%
15%
1,200 MBS 500,000 13%
11%
US$ Billion

10%

US$ Million
1,000 Investment Grade Corporate
400,000 5%
Agency, Supranational, Sovereign 2%
800 300,000 0%
600 -5%
200,000
-10%
400
100,000 -15%
200 -16%
0 -20%
0 Government and Financials Industrials Real Estate Energy and
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Agencies Power

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EQUITY & DEBT CAPITAL MARKETS TOP DEALS
ECM TOP DEALS YTD
Proceeds Primary
Issue Date Issue Type Issuer Nation Industry Mid Industry
(US$ mil) Exchange

Internet Software &

4/8/2021 14,681.4 Follow-On Tencent Holdings Ltd China High Technology HONGK
Services

Internet and Catalog

4/20/2021 6,997.5 Follow-On Meituan China Retail HONGK
Retailing

1/29/2021 6,230.0 IPO Kuaishou Technology Co Ltd China High Technology Software HONGK

Internet and Catalog

3/10/2021 4,550.0 IPO Coupang Inc South Korea Retail NYSE
Retailing

6/29/2021 4,435.2 IPO Didi Global Inc China High Technology Software NYSE

DCM TOP DEALS YTD

Proceeds
Issue Date Issue Type Issuer Nation Industry Mid Industry Currency
(US$ mil)

Investment Grade Chinese

6/1/2021 10,972.5 Ind & Coml Bk of China Ltd China Financials Banks
Corporate Yuan

Agency, Supranational, National Australian

4/13/2021 10,527.0 Australia Australia Government and Agencies
Sovereign Government Dollar

Investment Grade Chinese

3/19/2021 9,220.8 Shanghai Pudong Dvlp Bk China Financials Banks
Corporate Yuan

Agency, Supranational, National Chinese

3/31/2021 8,699.9 Peoples Republic of China China Government and Agencies
Sovereign Government Yuan

Investment Grade Chinese

5/12/2021 7,744.0 Bank Of China Ltd China Financials Banks
Corporate Yuan

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INVESTMENT BANKING FEE LEAGUE TABLES
INVESTMENT BANKING FEES LEAGUE TABLE
CITIC Bank of China Ltd Morgan Stanley China International Capital Co
Goldman Sachs & Co JP Morgan Industrial & Comm Bank China China Securities Co Ltd
Haitong Securities Co Ltd Citi
1,000
900
5.6%
800
5.0%
Fees US$ Million

700
600
500 3.2% 3.0% 2.9%
400 2.7% 2.7% 2.7%
2.4% 2.4%
300
200
100
0
0 1 2 3 4 5 6 7 8 9 10 11
Rank
INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)
FEES YOY SHARE YOY
1H 2021 1H 2020 BANK NAME FEES (US$Mil) SHARE (%)
CHANGE (%) CHANGE (%)

1 2 CITIC $ 856.0 43.8% 5.6% 0.9%

2 1 Bank of China Ltd $ 765.4 5.5% 5.0% -0.7%
3 5 Morgan Stanley $ 484.1 36.2% 3.2% 0.4%
4 6 China International Capital Co $ 463.0 32.3% 3.0% 0.3%
5 14 Goldman Sachs & Co $ 449.3 86.1% 2.9% 1.0%
6 12 JP Morgan $ 421.0 63.4% 2.7% 0.7%
7 3 Industrial & Comm Bank China $ 419.8 -3.9% 2.7% -0.7%
8 4 China Securities Co Ltd $ 414.9 9.0% 2.7% -0.3%
9 17 Haitong Securities Co Ltd $ 376.3 62.8% 2.4% 0.6%
10 13 Citi $ 371.9 46.8% 2.4% 0.4%
TOTAL $ 15,362.5 20.8%

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INVESTMENT BANKING FEE LEAGUE TABLES
M&A FEES LEAGUE TABLE (US$MIL)
FEES YOY SHARE YOY
1H 2021 1H 2020 BANK NAME FEES (US$Mil) SHARE (%)
CHANGE (%) CHANGE (%)

1 1 Morgan Stanley $ 105.5 -0.1% 7.9% -0.1%

2 8 Goldman Sachs & Co $ 81.3 74.3% 6.1% 2.5%
3 9 JP Morgan $ 79.1 86.2% 5.9% 2.7%
4 12 Bofa Securities Inc $ 76.1 193.5% 5.7% 3.7%
5 5 Citi $ 70.1 18.1% 5.2% 0.8%
6 13 UBS $ 46.4 82.7% 3.5% 1.5%
7 30 HSBC Holdings PLC $ 45.7 331.0% 3.4% 2.6%
8 3 Industrial & Comm Bank China $ 41.1 -32.2% 3.1% -1.5%
9 7 PricewaterhouseCoopers $ 40.3 -27.0% 3.0% -1.2%
10 10 Macquarie Group $ 37.3 -4.1% 2.8% -0.2%
TOTAL $ 1,341.3 1.2%

ECM FEES LEAGUE TABLE (US$MIL)

FEES YOY SHARE YOY
1H 2021 1H 2020 BANK NAME FEES (US$Mil) SHARE (%)
CHANGE (%) CHANGE (%)

1 8 CITIC $ 398.4 219.5% 7.0% 3.1%

2 4 Goldman Sachs & Co $ 330.5 111.9% 5.8% 0.9%
3 1 Morgan Stanley $ 314.2 52.8% 5.5% -1.0%
4 2 China International Capital Co $ 284.1 52.5% 5.0% -0.9%
5 12 Haitong Securities Co Ltd $ 241.4 189.8% 4.2% 1.6%
6 9 Huatai Securities Co Ltd $ 209.0 102.9% 3.7% 0.4%
7 6 JP Morgan $ 208.9 48.1% 3.7% -0.8%
8 10 Citi $ 199.3 113.7% 3.5% 0.6%
9 5 UBS $ 185.3 21.8% 3.2% -1.5%
10 3 China Securities Co Ltd $ 174.5 7.3% 3.1% -2.1%
TOTAL $ 5,703.1 79.9%

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INVESTMENT BANKING FEE LEAGUE TABLES
DCM FEES LEAGUE TABLE (US$MIL)
FEES YOY SHARE YOY
1H 2021 1H 2020 BANK NAME FEES (US$Mil) SHARE (%)
CHANGE (%) CHANGE (%)

1 2 CITIC $ 389.1 10.2% 6.0% 0.8%

2 1 Bank of China Ltd $ 352.3 -14.7% 5.4% -0.7%
3 3 Industrial & Comm Bank China $ 295.5 -8.8% 4.6% -0.2%
4 4 China Construction Bank $ 271.1 -7.3% 4.2% -0.1%
5 5 Bank of Communications Co Ltd $ 241.3 -4.0% 3.7% 0.0%
6 6 Agricultural Bank of China $ 238.2 9.0% 3.7% 0.4%
7 7 China Securities Co Ltd $ 238.1 12.8% 3.7% 0.6%
8 9 Guotai Junan Securities $ 175.8 12.2% 2.7% 0.4%
9 10 Industrial Bank Co Ltd $ 156.9 4.2% 2.4% 0.2%
10 15 Huatai Securities Co Ltd $ 152.5 39.7% 2.3% 0.7%
TOTAL $ 6,493.6 -4.3%

LOANS FEES LEAGUE TABLE (US$MIL)

FEES YOY SHARE YOY
1H 2021 1H 2020 BANK NAME FEES (US$Mil) SHARE (%)
CHANGE (%) CHANGE (%)

1 1 Bank of China Ltd $ 383.3 28.1% 21.0% 0.2%

2 12 Agricultural Bank of China $ 103.8 241.7% 5.7% 3.6%
3 3 HSBC Holdings PLC $ 79.5 35.1% 4.4% 0.3%
4 20 BNP Paribas SA $ 56.8 169.6% 3.1% 1.6%
5 9 China Construction Bank $ 49.7 33.7% 2.7% 0.1%
6 32 JP Morgan $ 48.5 359.9% 2.7% 1.9%
7 18 Bank of Communications Co Ltd $ 47.5 99.4% 2.6% 0.9%
8 6 Industrial & Comm Bank China $ 46.6 5.0% 2.6% -0.5%
9 13 Standard Chartered PLC $ 46.5 60.1% 2.6% 0.5%
10 5 Sumitomo Mitsui Finl Grp Inc $ 44.1 -9.4% 2.4% -1.0%
TOTAL $ 1,824.4 27.1%

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INVESTMENT BANKING LEAGUE TABLES
ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)
RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
1H 2021 1H 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS
(US$ Mil) CHANGE (%) CHANGE (%)
(%)
1 4 Morgan Stanley $ 77,687.9 241% 12% 86% 41 156%
2 2 JP Morgan $ 62,370.2 156% 10% 40% 29 16%
3 1 Goldman Sachs & Co $ 58,031.4 136% 9% 30% 40 60%
4 6 UBS $ 50,277.4 215% 8% 72% 21 40%
5 12 Citi $ 45,658.0 329% 7% 137% 32 45%
6 3 China International Capital Co $ 41,620.0 75% 7% -4% 33 0%
7 31 Evercore Partners $ 37,873.1 931% 6% 436% 3 50%
8 5 Credit Suisse $ 27,861.2 51% 4% -17% 22 38%
9 15 CITIC $ 26,652.3 192% 4% 62% 26 -52%
10 9 BofA Securities Inc $ 21,012.1 75% 3% -3% 27 35%
- - TOTAL $ 639,814.2 82% 0.0% 0.0% 8246 20%

TARGET M&A LEAGUE TABLE (US$MIL)

RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
1H 2021 1H 2020 BANK NAME YOY CHANGE SHARE (%) #DEALS
(US$ Mil) CHANGE (%) CHANGE (%)
(%)
1 7 Morgan Stanley $ 70,229.9 475% 13% 213% 31 210%
2 5 UBS $ 49,288.4 209% 9% 69% 19 27%
3 1 JP Morgan $ 48,717.6 103% 9% 10% 20 0%
4 3 Goldman Sachs & Co $ 41,256.0 102% 7% 9% 30 36%
5 2 China International Capital Co $ 40,650.0 76% 7% -5% 30 -6%
6 - Evercore Partners $ 37,873.1 - 7% - 3 -
7 16 Citi $ 30,963.3 358% 6% 150% 21 31%
8 13 CITIC $ 26,652.3 192% 5% 57% 26 -51%
9 4 Credit Suisse $ 15,256.4 -13% 3% -53% 17 21%
10 - Jarden & Co $ 15,002.1 - 3% - 2 -
- - TOTAL $ 561,916.1 84% 0.0% 0.0% 7510 21%

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INVESTMENT BANKING LEAGUE TABLES
ECM LEAGUE TABLE (US$MIL)
PROCEEDS SHARE YOY
PROCEEDS #DEALS YOY
1H 2021 1H 2020 BANK NAME YOY SHARE (%) CHANGE #DEALS
(US$ Mil) CHANGE (%)
CHANGE (%) (%)
1 2 Goldman Sachs & Co $ 21,949.4 148% 9% 38% 56 19%
2 1 Morgan Stanley $ 20,855.1 52% 8% -16% 62 11%
3 5 CITIC $ 18,966.3 169% 8% 50% 89 107%
4 7 China International Capital Co $ 15,964.2 137% 6% 31% 63 54%
5 9 Citi $ 14,493.2 156% 6% 43% 50 61%
6 4 UBS $ 11,316.8 57% 5% -13% 52 4%
7 8 BofA Securities Inc $ 9,825.5 70% 4% -5% 34 10%
8 3 JP Morgan $ 9,563.9 18% 4% -34% 47 31%
9 14 Huatai Securities Co Ltd $ 9,293.9 186% 4% 61% 43 87%
10 13 Guotai Junan Securities $ 8,314.2 129% 3% 27% 35 13%
TOTAL $ 253,338.4 81% 1672 43%

DCM LEAGUE TABLE (US$MIL)

PROCEEDS SHARE YOY
PROCEEDS #DEALS YOY
1H 2021 1H 2020 BANK NAME YOY SHARE (%) CHANGE #DEALS
(US$ Mil) CHANGE (%)
CHANGE (%) (%)
1 1 Bank of China Ltd $ 94,440.2 -1% 6% -7% 957 -26%
2 3 CITIC $ 93,191.4 16% 6% 10% 1129 3%
3 2 Industrial & Comm Bank China $ 87,730.9 -2% 5% -7% 889 -24%
4 4 China Construction Bank $ 80,320.2 0% 5% -4% 923 -25%
5 6 Agricultural Bank of China $ 72,522.0 24% 4% 19% 740 -18%
6 5 Bank of Communications Co Ltd $ 67,381.4 1% 4% -5% 778 -23%
7 7 China Securities Co Ltd $ 63,506.8 22% 4% 18% 746 13%
8 8 Industrial Bank Co Ltd $ 43,599.7 7% 3% 0% 580 -10%
9 14 Huatai Securities Co Ltd $ 40,961.5 55% 3% 47% 428 25%
10 10 Guotai Junan Securities $ 38,581.4 18% 2% 10% 509 -2%
TOTAL $ 1,649,046.0 5% 5983 1%

16 an LSEG business

CONTACTS / GLOSSARY
ABOUT REFINITIV
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of
financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and
400,000 end users across 190 countries, Refinitiv is powering participants across the global financial
marketplace. We provide information, insights, and technology that enable customers to execute critical
investing, trading and risk decisions with confidence. By combining a unique open platform with best-in
class data and expertise, we connect people to choice and opportunity – driving performance,
innovation and growth for our customers and partners.
Now, as part of LSEG we are underpinned by the strength and stability of a more than 300-year-old
organisation, broadening our capacity to positively impact the financial community — be it in trading and
banking, investment, wealth, customer and third-party risk, and enterprise data solutions.
For more information, go to www.refinitiv.com.
ABOUT DEALS INTELLIGENCE
Refinitiv Deals Intelligence, a part of LSEG's Data & Analytics division, brings up to the minute market
intelligence to the deal making community and the financial media through a variety of research reports
including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our
industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.
For more insights, go to www.refinitiv.com/dealsintelligence
CONTACT INFORMATION
AMERICAS
Matt Toole | +1 646 223 7212 | matthew.toole@refinitiv.com
EMEA
Lucille Jones | +44 (0) 204 530 2000 | lucille.jones@refinitiv.com
Saiem Jalil | +44 (0) 204 530 2000 | saiem.jalil@refinitiv.com
ASIA
Elaine Tan | +632 8459 1567 | elaine.tan@refinitiv.com
17 an LSEG business
BACK TO
HIGHLIGHTS
PAGE
MERGERS & ACQUISITIONS
The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going
business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are
tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,
minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are
based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional
transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
EQUITY CAPITAL MARKETS
The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition
to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds
and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360
days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or
first call/put option.
DEBT CAPITAL MARKETS
The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that
matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all
currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US
and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN
takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal
proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book
runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US
dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.
While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and
up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors,
inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or
opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or
completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by
law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and
does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any
recommendations or solicitations regarding particular financial instruments, investments or products, including the buying
or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities
for or by any person in connection with this document.
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