Key Insights - The total financing amount raised by companies in mainland China in the global capital markets reached $92.62 billion in the first three quarters of 2025, representing a year-on-year increase of 120% and a quarter-on-quarter increase of 11% [1] - The number of issuances increased by 42% compared to the same period in 2024, totaling 404 transactions, with a quarter-on-quarter growth of 16% in Q3 2025 [1] - The total amount raised from Initial Public Offerings (IPOs) was $15.5 billion, marking an 83% year-on-year increase and a 47% quarter-on-quarter increase [1] - The total amount raised from follow-on offerings reached $55.32 billion, showing a significant year-on-year increase of 250%, although it decreased by 6% quarter-on-quarter [1] - The issuance of convertible bonds and equity-linked securities totaled $21.8 billion, reflecting a 23% year-on-year increase and a 39% quarter-on-quarter increase [1] Industry Performance - The industrial sector led the market with a 23% share, raising a total of $21.09 billion, which is a 98% increase compared to the same period last year [3] - Following the industrial sector, the high-tech, energy and power, healthcare, and telecommunications sectors also contributed significantly to the capital raised [3] Underwriter Rankings - Morgan Stanley ranked first among underwriters for Chinese stocks and equity-linked securities in 2025 [4] - CITIC Securities and Gao Hua ranked second and third, respectively, with total underwriting amounts of $10.43 billion and $9.47 billion [5] Legal Advisory Rankings - Jingtian & Gongcheng ranked first among legal advisors for Chinese stock and equity-linked issuers [5] - In the underwriting legal advisor rankings, Jingtian & Gongcheng also held the top position [6] Bond Market Insights - The issuance of RMB bonds increased by 23% year-on-year, while the issuance of Panda bonds decreased by 18% compared to 2024 [8] - Government and institutional bond issuances accounted for approximately 12.1 trillion RMB, representing 52% of the market share, with a year-on-year growth of 32% [10] - CITIC led the RMB bond underwriting rankings, while the Bank of China ranked first in Panda bond underwriting [12] Syndicated Loan Market - The Bank of China led the syndicated and club loan rankings across all currencies, with a total amount of 22.065 billion RMB, holding a market share of 43.3% [16] - The overall syndicated loan market saw a significant decline, with a 51% decrease in loan amounts compared to the previous year [16]
LSEG：2025年前三季度中国大陆企业全球IPO总额达155亿美元 同比增长83%
智通财经网·2025-10-30 06:35