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

Leveraging its unrivaled Asian network and direct links to China, CLSA’s corporate finance and capital markets team works with CITIC Securities’ onshore bankers across a breadth of industries, to support the ambitions of Chinese corporates looking for offshore financing or acquisitions and 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 2020, CITIC Securities and CLSA were ranked as No.1 ECM Bookrunner in Asia Pacific (ex. Australasia and Central Asia) based on data from Refinitiv. We were also awarded “Best cross-border M&A 2020” by Asiamoney, “Best IPO Advisor” by Sina Finance, and “Best ECM House in Hong Kong” and “Best DCM House in China” by FinanceAsia in 2020.

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

TMT Baidu Inc (Hong Kong, 2021): The largest secondary listing so far in 2021 and the first AI company to be listed on the Hong Kong stock exchange. Baidu’s Hong Kong secondary listing is another secondary listing that CLSA acted as Joint Sponsor after JD.com.

TMT JD Logistics Inc (Hong Kong, 2021): The USD 3.64 billion deal is the second-largest IPO in Hong Kong so far in 2021. The transaction is another service to JD Group after completing JD.com’s secondary listing and JD Health’s IPO in Hong Kong in 2020. CLSA acted as Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager in the offering.

TMT JD.com Inc (Hong Kong, 2020): This US$ 4.5 billion secondary listing represents the largest equity offering in Hong Kong in 2020, as well as the third US-listed ADRs to list under Chapter 19C of the Hong Kong Listing Rules. CLSA acted as Joint Sponsor, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager for the offering.

TMT JD Health (Hong Kong, 2020): The listing of JD Health is the largest IPO (excluding secondary listing) and second-largest equity offering in Hong Kong in 2020. CLSA acted as a Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager in the offering. 

TMT Xiaomi (Hong Kong, 2018): US$5.4 billion IPO for the first new economy company to list in Hong Kong following the introduction of HKEx’s new listing rules and the first HK-listed company to adopt a WVR (Weighted Voting Right) structure. CLSA acted as Joint Sponsor, Joint Global Coordinator, and Joint Bookrunner.

FINANCIAL INSTITUTIONS Lufax Holding Ltd (the US, 2020): This US$2.69 billion deal was the largest Chinese fintech IPO in the US market in 2020. CLSA acted as Joint Bookrunner for the offering. 

FINANCIAL INSTITUTIONS China Bohai Bank Co Ltd (Hong Kong, 2020): The US$2.05 billion transaction is the first H-share IPO for a commercial bank in 2020 and also the only H-share IPO for a Chinese nationwide joint-stock commercial bank in the past four years from 2020. CLSA acted as Joint Sponsor, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager for the offering. 

ENERGY XPeng Inc (Hong Kong, 2021): This transaction is the second U.S. listed Chinese Company to return to the HK capital market for dual listing since 2018, as well as the largest equity financing transaction in the energy and general industrial industry in HK capital market in the past three years. CLSA acted as Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager in the offering.

ENERGY China Yangtze Power Co Ltd (the UK, 2020): The deal is the largest GDR offering via Shanghai-London Stock Connect up in 2020. It is also the first GDR offering where the issuer used the financial statements under PRC GAAP, setting a precedent to the benefit of subsequent Chinese issuers. CLSA acted as one of the lead Joint Global Coordinators in the offering. 

HEALTHCARE JOINN Laboratories (China) Co Ltd (Hong Kong, 2021): The Offering was the first near-billion USD CRO IPO in the Hong Kong market solely led by a single investment bank in terms of sponsorship and marketing work, and also the second sole sponsor deal completed by our healthcare team in 2021. CLSA acted as Sole Sponsor.

HEALTHCARE Hangzhou Tigermed Consulting Co Ltd (Hong Kong, 2020): This is a landmark deal for CLSA in healthcare, with the successful listing of Tigermed, we has participated in four of the five Chinese CRO IPOs in Hong Kong in the first three quarters in 2020, demonstrating our leading position in this sub-sector. CLSA acted as Joint Sponsor, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager for the offering. 

HEALTHCARE Pharmaron Beijing Co Ltd (Hong Kong, 2019): The US$677 million deal is one of the most over-subscribed HK IPOs in 2019. CLSA acted as Joint Sponsor, JGC, JBR, and JLM for the offering.

HEALTHCARE Hua Medicine (Hong Kong, 2018):  Hong Kong’s third biotech IPO (US$110 million) following the introduction of new listing rules for this diabetes treatment company. CLSA acted as Joint Sponsor, Joint Global Coordinator, and Joint Bookrunner.

CONSUMER China Feihe Ltd (Hong Kong, 2019): A landmark transaction (US$856 million) for CLSA in the traditional consumer sector, it also marked the third-largest Hong Kong IPO in the consumer sector in 2019.

 

 

 

Debt Capital Markets

REAL ESTATE China Fortune Land Development (Hong Kong, 2020): USD330 Million Bond Issuance with 2-year senior notes priced at par. CLSA acted as Joint Bookrunner and Joint Lead Manager.

REAL ESTATE Country Garden Holdings Company Limited (Hong Kong, 2020): Acted as a Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager, CLSA successfully helped the Company issue dual-tranche senior bonds of a total of USD 1 billion, including the USD 500 million, 5.5-year senior notes with a coupon of 4.800%, and the USD 500 million, 10-year senior notes with a coupon of 4.800%.

FINANCIAL INSTITUTIONS Agricultural Bank of China Hong Kong Branch (Hong Kong, 2021): The Bank’s USD senior bond issuance of a total of USD 1 billion, including the USD 500 million, 3-year, senior unsecured USD bond priced at T+ 45 bps, at a reoffer price of 99.873, and the USD 500 million, 5-year, senior unsecured USD bond priced at T+ 57 bps, at a reoffer price of 99.672. CLSA acted as Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager.

FINANCIAL INSTITUTIONS Industrial Bank Hong Kong Branch (Hong Kong, 2021): CLSA acted as Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager of Industrial Bank Co., Ltd., Hong Kong Branch’s 3-year USD and HKD senior unsecured green bond.

FINANCIAL INSTITUTIONS Shandong Hi-Speed Group Co., Limited (Hong Kong, 2020): The USD 400 million, 2.437% (T3+220bps), 3-year senior notes priced at par. CLSA acted as Joint Bookrunner and Joint Lead Manager.

 

 

Equity-linked Transactions

HEALTHCARE Pharmaron Beijing Co Ltd (Hong Kong, 2021): The transaction marks the first RMB-linked USD-settled convertible bond since 2016, reducing the Company’s exposure to mark to market volatility from accounting treatment and the first convertible bond issued by A+H dual listing company since September 2019. The USD tranche achieved zero coupons and zero yield and the highest conversion premium for healthcare CB issuances in U.S. dollar

FINANCIAL INSTITUTION Indiabulls Housing Finance Limited (India, 2021): This US$150 million transaction is the Company’s debut CB issuance. It marks the first FCCB by a financial institution from India in the last 10 years and the second FCCB by an Indian company since 2020. The issuance is also the first CB from an Indian HY issuer over the last 5 years and has a coupon significantly lower as compared to Company’s straight bonds. In addition, this is the first G3 currency CB for CITIC Securities / CLSA outside of China / HK issuers and the first G3 CB since 2019.

TMT XD (Hong Kong, 2021): This combo transaction (CB + equity placement) marks the first CB issuance by a TMT company listed at HKEx in 2021 and the largest in size, best in terms for gaming operating companies in China. The transaction demonstrates our platform’s strong capability in terms of complex product offerings and skillful execution

GIG Li Auto Inc. (the US, 2021): The US$862.5 million debut CB issuance reopened the market for convertible bonds into American Depositary Shares by Asian issuers, which had not seen a transaction in more than two months prior to the Company’s issuance. The transaction marks the longest tenor achieved for Asian issuers in 2021.

 

 

M&A

ENERGY China Huaneng Group (China,2020): China Huaneng Group and its listed subsidiary China Huaneng Renewables jointly announced China Huaneng’s intention to make a voluntary conditional cash offer for the entire issued H share capital of Huaneng Renewables, which led to China Huaneng Renewables’ privatization in 2020. CLSA was the exclusive financial adviser for China Huaneng Group. Until its completion, this transaction was the first ever successful privatization transaction by way of a General Offer (surpassing a 90% acceptance rate) on HKEX under the new version of Takeovers Code published in July 2018, largest ever energy sector privatization on HKEX in terms of deal enterprise value, largest ever SOE privatization on HKEX in terms of deal enterprise value, and the largest renewables sector M&A in Asia in terms of deal enterprise value in the last 3 years.

ENERGY China Huaneng Group (China, 2020): China Huaneng Group and GCL New Energy (“GNE”) entered into a series of share purchase agreements whereby GNE sold 35 operating solar power plants to China Huaneng Group. CLSA acted as Exclusive Financial Advisor for China Huaneng Group.

CONSUMER China ZhongDi Dairy Holdings Company Limited (“ZhongDi Dairy”) (Hong Kong, 2020): Inner Mongolia Yili Industrial Group Co., Ltd (“Yili”) transferred their 43.75% stakes in ZhongDi Dairy to a holding company, Wholesome Harvest Limited (“Offeror”), which triggered a compulsory general offer to acquire all outstanding shares of ZhongDi Dairy to privatize the company. CLSA was the Exclusive Financial Adviser for Wholesome Harvest Limited.

HEALTHCARE Qscan Group Holdings (Australia, 2020): Valued at US$550m, it was the second-largest healthcare M&A transaction in terms of deal value at announcement completed in Australia in 2020. CLSA acted as the co-financial advisor.

Awards

2020 Awards – CLSA and CITIC Securities

2020 Best ECM House in HK – FinanceAsia

2020 Best DCM House in China – FinanceAsia

Best IPO Advisor – Sina Finance

Best for cross-border M&A 2020 – AsiaMoney

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