新闻来源：www.bloomberg.com
原文地址：China’s IPO and M&A Bankers Start to Regain Their Swagger
新闻日期：2024-09-13
中国IPO与M&A市场正逐步恢复信心
（上）
中国电器巨头美的集团本周五在香港成功发行新股，此次发行成为今年全球规模第二大的IPO，仅次于前一位的上市交易。美的以定价区间的上限发行，并因需求强劲提升了发行规模，吸引了包括新加坡财富基金GIC和亚洲投资公司Hillhouse在内的知名投资者。这使得香港交易所得以重新焕发活力，自2022年以来首次迎来了超十亿美元级别的IPO。
（中）
中国的M&A市场也显示出早期复苏迹象。福斯特集团旗下的Roc Oil本周五以18.5亿美元的价格收购了瑞典上市的Tethys Oil公司，尽管这是一笔相对较小的交易，但标志着中国对外投资并购活动久旱逢甘霖。
（下）
亚洲M&A市场的复苏趋势更加明显。韩国方面，MBK Partners与韩国锌业的主要股东达成协议，将以约100亿美元的价值获得该上市公司的控股权。这一消息令人意外，预示着未来将有更多的收购和投资机会涌现。
在其他消息中，黑石考虑出售其Visa外包和技术服务公司VFS的多数股权，可能估值约为70亿美元。此外，汇丰计划将其南非企业银行部门售予FirstRand的兰德商业银行，以抛出一些非核心资产。而UniCredit的一些主要投资者则反对这一提案，他们认为这将稀释股东价值。
原文摘要：
Hi it’s Ben Scent in London and Manuel Baigorri in Hong Kong, looking at the signs of deals revival in China. Also today, DSV is finally confirmed as the winner for Deutsche Bahn’s logistics unit and NFL owners court private equity investors. Today’s top storiesAfter a long time out of the limelight, China dealmakers are getting back in the groove.Chinese appliance giant Midea on Friday confirmed in a Hong Kong share sale that ranks as the world’s second-biggest listing this year. Midea priced the shares at the top of the range and boosted the size of the deal thanks to strong demand, attracting interest from marquee investors like Singapore wealth fund GIC and Asian investment firm Hillhouse. The deal was a welcome breath of fresh air for the Hong Kong bourse, which used to regularly rank among the world’s most active IPO venues but hasn’t hosted a billion-dollar offering since 2022. We’re sure there must be some champagne-popping going on this weekend at the offices of CICC and Bank of America—which led the deal as joint sponsors—as well as fellow global coordinators UBS, Citic Securities and Goldman Sachs.More exciting offerings from China are , as two of the country’s most prominent AI chip designers get ready to list. We reported this week that Enflame Technology and rival Biren Intelligent Technology are both ramping up preparations for IPOs on Shanghai’s tech-heavy STAR board, taking advance of growing appetite for domestic players seeking to challenge Nvidia. They’re hoping to sell shares later this year or early next year, with Enflame targeting to raise as much as $280 million. The China M&A market is also showing early signs of coming back to life. Billionaire ’s once-acquisitive Fosun conglomerate, which has slowed down its pace of activity in recent years, jumped back into action Friday with the kind of transaction it used to be known for. Roc Oil, controlled by one of Fosun’s listed arms, a deal to acquire Swedish-listed Tethys Oil in a $185 million deal that will bring it petroleum in Oman.While still relatively small, it’s notable given how quiet it’s been for Chinese outbound deals for a long time. Also on Friday, Chinese-owned Avolon Holdings to buy Castlelake’s aircraft leasing unit for $1.2 billion, adding 118 jets to its portfolio. And just last week, China announced an to combine two of its largest state-backed brokerages, Guotai Junan Securities and Haitong Securities. The government-directed deal will create a new behemoth with $230 billion of assets, leapfrogging Citic Securities as China’s biggest brokerage with more scale to take on Wall Street firms. “We’re seeing some signs of confidence returning to China regarding investment banking activity,” said Jan Metzger, Citigroup’s head of Asia Pacific investment banking. “It is early days, and we will need to see some more healthy macro data and solid earnings, but the outlook is positive for more transactions in the coming quarters.”And it’s not just China, as overall sentiment in Asia Pacific has started to turn more positive. Deals in the broader region are now up 6% this year, comparing with previous months where activity was still down about 20% from a year earlier. Late on Thursday, MBK Partners and the top shareholder of Korea Zinc to buy a controlling stake in the Seoul-listed firm, valuing the company at about $10 billion. A is ramping up for Taiwanese lender Shin Kong Financial, with Taishin Financial recently raising its bid to $7.6 billion to fend off rival interest from CTBC. And in Japan, the owner of 7-Eleven has rebuffed interest from Canadian convenience store operator Couche-Tard, which is now To be sure, volumes are still lagging behind what we’re seeing in Europe and the US, where companies are showing even greater confidence to pursue major deals. But as the recent days have shown, you shouldn’t count Asia out yet. —Ben Scent and Manuel Baigorri DSV agreed to buy a Deutsche Bahn unit in a deal that will turn the Danish company into one of the world’s largest logistics businesses. The Japanese government has added Seven & i to a list of “” designated companies, a potential hurdle for Couche-Tard’s proposal to buy out the convenience-store operator.DigitalBridge is considering options including a sale of Southeast Asian firm EdgePoint Infrastructure, write Elffie Chew and Manuel Baigorri, in the of increasing investor demand for telecoms assets.Blackstone is of its majority stake in visa outsourcing and tech services firm VFS after receiving interest. A potential transaction could value VFS at about $7 billion.Loni Prinsloo and Harry Wilson write that HSBC is in its South African corporate banking unit to FirstRand’s Rand Merchant Bank, as the the UK lender sells non-core assets. Some of UniCredit’s main investors , saying such a move would add value for shareholders. UniCredit is already present in Germany and would become the country’s top lender through a deal.CoreWeave, a cloud computing provider that’s among the hottest startups in the artificial intelligence race, is in talks to arrange a valuing it at $23 billion, write Amy Or and Gillian Tan.The Los Angeles Chargers and the Miami Dolphins are among a number of National Football League teams , write Giles Turner and Randall Williams.NFL to allow PE firms to buy stakes in their franchises, a move expected to attract billions in fresh capital while boosting team valuations that had already been surging. The owners of the Philadelphia Eagles and the Buffalo Bills are having similar discussions.Carlyle has after trying to sell the aircraft maintenance services provider, write Gillian Tan, Amy Or and Ryan Gould. Bids submitted this week valued the company below what it’s expected to reach in a listing.At the start of the pandemic, KKR decided to go on a massive spree that allowed the buyout behemoth to double its European PE business in recent years. , writes Jan-Henrik Förster.Ares is in advanced talks on an acquisition of GLP’s operations outside of China, we report today, in what could rank as recent combinations in the alternative asset management industry.Cantor Fitzgerald Citigroup’s Seth Heaton and Truist Financial alumnus Chris Sanger to advise on deals involving financial institutions, report Gillian Tan and Matthew Monks. Got a tip or want to send in questions? Email , or Tweet/DM or any of our reporters.Like Bloomberg Deals? Check out these newsletters:Explore all newsletters at .
