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2025年上半年资本市场报告和排行榜
Refinitiv路孚特·2025-08-01 06:03

Group 1: Chinese Stock and Equity-Linked Issuance - In the first half of 2025, Chinese companies raised a total of $56.6 billion in global capital markets through stock and equity-linked transactions, marking a 110% year-on-year increase and a 14% quarter-on-quarter increase [1] - The number of issuances increased by 30% compared to the same period in 2024, totaling 244 transactions, with a 15% increase in the second quarter compared to the first quarter [1] - Initial Public Offerings (IPOs) totaled $8.36 billion, reflecting a 44% year-on-year increase and a 22% quarter-on-quarter increase [1] - Follow-on offerings raised $35.49 billion, showing a 300% year-on-year increase and a 16% quarter-on-quarter increase [1] - Convertible bonds and equity-linked issuances amounted to $12.75 billion, with a 4% year-on-year increase and a 5% quarter-on-quarter increase [1] Group 2: Industry Performance - The industrial sector led with a 23% market share, raising $13.38 billion, which is a 206% increase compared to the same period last year [3] - Other sectors following the industrial sector include high technology, energy and power, healthcare, and telecommunications [3] Group 3: Underwriters and Legal Advisors - Goldman Sachs ranked first among underwriters for Chinese stock and equity-linked issuances in 2025 [6] - The top underwriters by issuance amount include Goldman Sachs, Morgan Stanley, CITIC Securities, and CICC [7] - Jingtian Gongcheng Law Firm ranked first among legal advisors for Chinese stock and equity-linked issuances [9] Group 4: Chinese Bond Market - The issuance of RMB bonds increased by 35% year-on-year, with a 22% quarter-on-quarter increase in the second quarter of 2025 [11] - Panda bond issuance decreased by 7% year-on-year but increased by 44% quarter-on-quarter [12] - In the first half of 2025, government and institutional bond issuance reached approximately 7.8 trillion RMB, accounting for 52% of the market share, with a 55% year-on-year increase [14] - CITIC Securities led the RMB bond underwriting rankings, while Industrial and Commercial Bank of China ranked first in Panda bond underwriting [17] Group 5: Syndicated Loans - Bank of China led the rankings for all currency syndicated and club loans as well as for all currency loan bookrunners [23] - The total amount of syndicated and club loans decreased by 35% year-on-year [24] - The market share for Bank of China in all currency loans was 62.3%, with a slight increase of 0.8% compared to the previous year [24]