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 unrivalled 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 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

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.

REAL ESTATE Midea Real Estate (Hong Kong, 2018):  The most anticipated Hong Kong IPO (US$390 million) among China property developers in 2018. CLSA acted as Joint Sponsor, Joint Global Coordinator and Joint Bookrunner.

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.

FINANCIAL INSTITUTIONS HDFC Asset Management Company Limited (India, 2018): the largest IPO (US$410 million) in 2018 in the asset management industry in India. CLSA acted as Joint Global Coordinator and Book Running Lead Manager.

Debt capital markets

ENERGY AC Energy (Singapore/Philippines, 2018): 5-year US$225 million bond maiden US$ green bond issuance for Ayala Corporation’s energy vehicle. CLSA acted as Arranger and Dealer for the establishment of a MTN (Medium Term Note) programme and as Joint Bookrunner and Joint Lead Manager for the US$ green bond issuance.

REAL ESTATE Guangzhou R&F Properties (Hong Kong, 2018): US$600 million senior bond with a coupon of 7% for a leading PRC property developer. CLSA acted as a Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager.

FINANCIAL INSTITUTIONS YES Bank (India, 2018): 5-year US$600 million bond offering for YES Bank’s debut US$ issuance, the largest debut international bond issuance by an Indian bank. CLSA acted as Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager.

Equity-linked transactions

TMT Lenovo (Hong Kong, 2018): Landmark US$675 million convertible bond priced at coupon rate of 3.375% and a conversion premium of 40%; Lenovo’s first convertible bond issuance and the largest ever convertible bond issuance by a Hong Kong listed technology company. CLSA acted as joint global coordinator and joint bookrunner.

HEALTHCARE Alvotech (Europe, 2018): US$200 million pre-IPO convertible bond issuance for the pan-European biopharmaceutical company. CLSA acted as sole placement agent.

INDUSTRIALS China Shipbuilding Industry Corporation (Hong Kong, 2018): US$1 billion exchangeable bond into shares of Postal Savings Bank of China for this SOE and one of China’s largest shipbuilding groups. CLSA acted as joint global coordinator and joint bookrunner in this transaction that represents CLSA’s debut JGC role in the Asian equity-linked securities market.

M&A

REAL ESTATE Property Exchange Australia (PEXA) (Australia, 2018): A$1.6 billion (US$1.2 billion) sale of a majority shareholding to a consortium comprised of Link Group, Commonwealth Bank of Australia and Morgan Stanley Infrastructure. CLSA acted as sole sell-side financial adviser to PEXA.

FINANCIAL INSTITUTIONS Shenzhen Stock Exchange and Shanghai Stock Exchange’s US$119 million acquisition of a 25% stake in Dhaka Stock Exchange (Bangladesh, 2018): an exemplar of cross-border collaboration undertaken as part of China’s Belt and Road initiative, and the build-up of the Bangladesh-China-India-Myanmar Economic Corridor. CLSA acted as the sole buy-side financial adviser.

ENERGY Tianqi Lithium Corp (Australia/China/Chile/Canada, 2018): acquisition of a 23.8% stake in Chilean lithium miner SQM from Canadian fertilizer giant Nutrien, for US$4.1 billion. CLSA acted as Financial Adviser to Tianqi.

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