Corporate Finance
& Capital Markets

More than twenty five years of Asian capital markets expertise and unrivalled access to China.

Overview

A leading provider of corporate finance and capital markets (CFCM) services in Asia

CLSA’s 130+ banking team leverages its unrivalled Asian network and direct links to China while working with CITIC Securities’ onshore bankers across a breadth of industries to support the ambitions of its clients, from Chinese corporates looking for offshore financing or acquisitions to global corporates seeking access to capital or assets in Asia.

CLSA helps public and private corporations, financial institutions and government agencies strengthen their balance sheets and fund future growth while maximizing value for investors. We have successfully led many of the most significant and innovative ECM, DCM, equity-linked and M&A transactions across the APAC region.

Headquartered in Hong Kong, CLSA’s CFCM teams are located in-country with offices in Singapore, India, Indonesia, the Philippines, Malaysia, Thailand, Australia and the UK.

In 2017, CITIC Securities and CLSA were ranked No.1 ECM Bookrunner and No.1 DCM Bookrunner according to Dealogic.  In the same year, CITIC Securities/ CLSA was awarded “Asian Bank of the Year 2017” by IFR Asia.

Services

A full suite of corporate finance services across APAC and Europe

Capital Markets

As market leaders in equity and debt capital raisings in Asia, our highly experienced teams are focused on providing clients with timely and cost-effective access to capital.

CLSA’s ECM business provides equity capital raisings services, including initial public offerings, block trading, rights issues, placements, QIPs and equity-linked products. We also offer clients a one-stop solution combining integrated advice, best execution, marketing and distribution.

Our DCM team provides corporations, financial institutions, supranationals, sovereign wealth funds and government agencies with tailor-made solutions to meet their financing needs through a comprehensive coverage of fixed income capital markets including Renminbi debt offerings, Asia and global US dollar debt offerings, Euro bond issuance, hybrid capital offerings and rating advisory services.

In China, CITIC Securities has been ranking as the leading issuer of debt for more than a decade and consistently ranks in the top two houses for RMB bond secondary trading volumes.

To complete the array of financing solutions, our equity-linked business offers convertible and exchangeable bonds to clients looking for alternative and innovative capital structures.

M&A

Our experienced M&A advisers work across borders in partnership with our clients to meet their growth objectives by providing deep market insight and strategic advisory services. We devise and execute tailored solutions including acquisitions, divestitures, mergers, joint ventures, corporate restructurings, recapitalizations, spin-offs, buy-backs, exchange offers and leveraged buyouts.

Sectors

We operate across six key sectors:

  • Consumer and Diversified
  • Energy and General Industrial Group (GIG)
  • Financial Institutions
  • Healthcare
  • Real Estate and Infrastructure
  • Technology, Media and Telecommunications (TMT)

Recent Transactions

Equity Capital Markets

  • HDFC Standard Life Insurance Company Ltd: USD1.34 billion IPO (2017), the largest ever IPO by a life insurance company in India; CLSA acted as global coordinator and bookrunning lead manager.
  • SEA Ltd: USD989 million ADS offer (2017) for this Singaporean e-commerce company listed in the US that counts Tencent as a major shareholder. SEA Ltd offered 58,960,000 ADSs at US$15/share in the offering. CLSA acted as co-manager.
  • YES Bank Ltd: USD750 million QIP issue (2017) for the 6th largest private sector bank in India; CLSA acted as lead global coordinator and bookrunner.
  • Zhongyuan Bank Co., Ltd.: USD1 billion Hong Kong IPO (2017) for the only city commercial bank directly administered by the provincial government in Henan Province. CLSA acted as joint sponsor, joint global coordinator, joint bookrunner and joint lead manager.
  • China Yuhua Education Corporation Ltd: USD228 million Hong Kong IPO (2017) for the largest provider of private education from kindergarten to university in China by student enrolments in the 2015/2016 school year. CLSA acted as sole sponsor and joint global coordinator, joint bookrunner and joint lead manager.

Debt capital markets

  • Postal Savings Bank of China Co., Ltd.: USD 7.25Billion perpetual offshore preference shares offering (2017) for this leading large retail bank in China, the largest ever AT1 offering in Asian debt market, the largest single tranche outstanding USD bond in the Asia market, and the second largest Reg S Chinese USD bond issuance. CLSA acted as joint bookrunner and joint lead manager.
  • The Democratic Socialist Republic of Sri Lanka: USD1.5 billion jumbo bond (2017) with a coupon of 6.20% due in 20 years. CLSA acted as joint bookrunner and joint lead manager.
  • CITIC Ltd: USD1.25 billion jumbo bond (2017) for one of the largest multi-industry conglomerates worldwide. The 5-year USD 500 million and 10-year USD 750 million due-tranche deal was successfully priced with a coupon of 3.125% and 3.875%, respectively. CLSA acted as the joint global coordinator, joint bookrunner and joint lead manager.

Equity-linked transactions

  • China Shipbuilding Industry Corporation: US$1 billion exchangeable bond (2018) for this SOE and one of China’s largest shipbuilding groups. CLSA acted as joint global coordinator and joint bookrunner in this transaction which represents CLSA’s debut JGC role in Asian equity-linked securities.
  • China Yangtze Power Co., Ltd: USD522 million exchangeable bond (2016) for this subsidiary of China’s largest power group. This was the first dual currency equity-linked issuance by a Chinese company and the first Euro denominated issuance of convertible or exchangeable bonds by a Chinese company. CLSA acted as a joint bookrunner and joint lead manager.

M&A

  • McDonald’s China Management Ltd: The USD2.08 billion acquisition by CITIC Limited, CITIC Capital China Partners III, L.P. and Carlyle Asia Partners IV,. L.P.’s of McDonald’s mainland China and Hong Kong businesses was completed on 31 July 2017. Upon completion, McDonald’s China was 52% owned by CITIC and CITIC Capital, 28% owned by Carlyle and 20% owned by Golden Arches Investments Limited, a subsidiary of McDonald’s Corporation. CLSA acted as the buy-side financial advisor to CITIC.
  • PRP Diagnostic Imaging: USD379.4 billion sale of Australia’s largest privately owned radiology group to Shenzhen listed Hengkang Medical. CLSA acted as the sell-side financial advisor to PRP Diagnostic Imaging.

Awards

2018 Awards – CLSA and CITIC Securities

Best Investment Bank in Hong Kong: Chinese Financial Institutions – FinanceAsia

Best DCM House in China – FinanceAsia

Best ECM House in China – FinanceAsia

Best Belt and Road Bank in China – FinanceAsia

2017 Awards – CLSA and CITIC Securities

Best ECM House in China – FinanceAsia

Asian Bank of the Year – IFR

2016 Awards – CLSA and CITIC Securities

Best Equity House in China – Finance Asia

Best Debt House in China – Finance Asia

Best Investment Bank in China – Global Capital

Best Equity House in China – Global Capital