UBS: The global market turmoil affects the domestic capital market in the domestic capital market facing four trends

Economic Observation Network reporter Hu Yanming Liangji "Compared with the past two years, it should be said to have been challenging for the past two years. You can see that the overall investment bank business income and the performance of the capital market have declined." At the UBS investment bank media conference, Jin Hongyi, director of the Asia -Pacific region of UBS, said that except Australia and New Zealand, other segmented areas have a significant decline. Among them, the Chinese Hong Kong market is more serious. Other regions include Japan, Southeast Asia, India, etc. In contrast, business performance in China is relatively good.

At the media conference held on the same day, Jin Hongyi and the head of the China Region of the UBS Global Investment Banking Department Zhu Zhengqin and the joint director Sun Lijun, co -supervised by UBS Securities Global Investment Banking Department, shared the outlook for the Asia -Pacific region and the Chinese capital market in the second half of 2022 and the recent period of the Chinese capital market. Hot observation.

When the global investment banking business generally faces challenges, UBS shows confidence in the Chinese market. Regarding the second half of 2022, Jin Hongyi said that in the future, the global financial market may still be turbulent, inflation pressure, monetary policy tightening, and remembrance of the valuation of the new economic sector are all important factor; I believe that more and more Chinese companies will continue to continue Successful issuance of new shares, the merger and acquisition market will remain active.

Special performance in the turbulent market

As of early August, the Hong Kong investment banking business declined by 88%. Jin Hongyi believes that, on the one hand, in addition to China's domestic market, other major markets around the world such as Britain, the United States, and New have also experienced a large decline, and the Hong Kong market will inevitably be affected by the international environment; on the other hand, the Hong Kong equity financing market has been in the past 20 years. After four cycles, it is also the result of cyclical fluctuations.

"In various turbulent markets, we still assist Chinese issuers to seize some better windows and achieve some influential distribution." Zhu Zhengqin said that from last year to this year The scale of transactions in overseas new stock financing ranked first.

Since the beginning of this year, UBS has completed a total of 17 single financing projects in Hong Kong, with a market share (according to the transaction scale) of nearly 15%, including China ’s exemption of nearly US $ 2.4 billion IPO, Tsingtao Beer 530 million US dollars and other projects.

In the European market, UBS participated in the issuance of Mingyang Intelligent GDR in the Lunchae in 2022, and successfully increased the issuance scale from $ 500 million to $ 700 million, causing widespread attention in the European market.

In terms of US markets, UBS participated in an additional $ 2 billion of the ideal car and led the US DE-SPAC in the United States, which led ECAR. The transaction is still underway.

Regarding the dynamics of supervision, Zhu Zhengqin believes that the reform and innovation of major capital markets in the world in the past few years are also to better meet the development of the real economy and give full play to the role of the capital market.

For example, in the past few years, the Hong Kong Stock Exchange has been continuously promoted to attract more innovative companies. Many companies listed in the United States have successively sought for the second time in Hong Kong.

In Europe, from "Shanghai -London" to "China -EUS", now four A -share listed companies have successfully landed on the Swip Stock Exchange. It is expected that with the increasing issuance of issuance, the GDR under the "China -EUS" will also become Important financing channels for overseas financing of listed companies in China.

There are indeed frictions in the United States for Chinese stocks, but there are many progress. For example, on August 26, China and the United States signed an audit supervision and cooperation agreement. UBS believes that this is an important step in China and the United States about the issue of the audit supervision of China stocks. To meet their respective requirements, to effectively solve the problems of Chinese stock audit supervision.

Zhu Zhengqin said that the listing of Chinese companies overseas has made many progress in the listing of the China Securities Regulatory Commission, the Hong Kong Stock Exchange, the European Exchange, and the United States Exchange. Although the market is still turbulent, UBS is expected The update of the side assists the company to implement overseas financing more effectively.

The domestic capital market is facing four trends

"UBS Securities should be the most active foreign investment bank in the A -share market." Sun Lijun said. UBS Securities has officially launched a sponsor business in the A -share market in 2007. As of now, a total of 100 sponsorship projects have reached 100, including 28 IPO projects and 72 re -financing projects. UBS's A -share strategy is a high -quality strategy, which is strong and stronger.

Sun Lijun believes that the domestic capital market is facing four trends. The first registration system reform continues to deepen, helping the capital market to further improve quality and efficiency, and the implementation of the registration system has played a great role in helping market -oriented pricing and improving market energy. The amount of IPOs currently issued under the registration system includes the amount of funds raised in the past three years. As of June 30, 2022, the number of A -share IPOs issued under the registration system was 141, accounting for 82%of the total number of IPO issuance, and the scale of raised funds was about 205.5 billion yuan, accounting for 65.9%of the total IPO raised scale.

The second in the current surrounding capital markets, including Europe, the United States and Hong Kong, the geopolitics or epidemic affects the volatility of the fluctuations. It has increased a lot than last year.

As of August 31, 2022, there were 283 main boards, 164 science and technology boards, 392 projects in GEM, and 127 companies in Beijing Stock Exchange, totaling nearly 1,000 in total, in total Enterprise queuing review stage. It has now entered September, and it is expected that the number of IPOs in the A -share market will reach the number of IPOs in the A -share market to reach or exceed the number or number of last year. From the perspective of the bond market, in the first half of 2022, with the stable economy and monetary policy, it was introduced, including the domestic interest rate center of the domestic bond market declined significantly, which promoted the rise in total bond financing. The pressure on the default of the default has not yet been fully eased, so the bond exhibition project has also been significantly improved. Investors may pay more attention to the issuer's credit rating and asset quality when issuing and selling.

From the perspective of mergers and acquisitions, with the influence of the pneumonia crown epidemic, geopolitics uncertainty, and the tightening of overseas supervision, to some extent, it has also suppressed the overseas mergers and acquisitions of Chinese companies. In the event, most Chinese -funded enterprises are coordinated around the upstream and downstream industrial chains, including to obtain more local market share. At the same time, in the territory, including the financial industry and the automotive industry, it has continued to increase the openness of foreign investment, and it is also attracting international investors to invest in China.

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