Hong Kong – April 30, 2021- CITIC Securities (CITICS)/CLSA’s investment banking business saw record growth in 2021 Q1 revenue, fueled by a flurry of transactions in the quarter, including Baidu’s Hong Kong secondary listing, Coupang’s US IPO, Indiabulls Housing Finance’s USD 150 million foreign currency CB, and Tencent’s USD 4.15 billion offshore bond placement. Out of the four notable HK IPOs valued over USD 1 billion in Q1, CITICS/CLSA was in on three – Bilibili, Baidu, and Linklogis.
CITICS/CLSA navigated the pandemic-propelled market volatilities and made tangible gains amidst last year’s banking boom. Out of the 16 HK IPOs valued over USD 1 billion in 2020, CITICS/CLSA had participated in 11 of them. Carrying this momentum into Q1, CITICS/CLSA has also maintained a successful streak in healthcare sector IPOs. The IPOs of China’s Suzhou Basecare Medical and JOINN Laboratories have landed CITICS/CLSA at the top of HK Healthcare IPO Sponsors league table in Q1. Among Chinese securities houses, CITICS/CLSA has been leading this ranking since 2018.
CLSA’s Head of IBD Frank Yu said, “We believe Healthcare and TMT will be the star sectors post-COVID. Our team’s track record in HK healthcare IPOs, coupled with the cross-border synergy with CITICS, puts us in a sweet spot to tap into new possibilities in the industry that’s incrementally powered by health tech and AI-driven solutions. This strength is echoed by the strong revenue growth we’d achieved last year and this quarter.”
It’s hard to deny that investment banking business’ performance has benefitted from CITICS’ global expansion strategy. In 2020, CLSA had recorded the strongest performance since CITICS’ acquisition in 2013. Zhang Youjun, Chairman of CITICS and CLSA said CITICS will provide more capital and all-round support to CLSA as it envisages to enhance its international footprint.
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