'Chinese Outbound Investment Trends' by Bank of China International at Mines and Money Hong Kong 2013
 

'Chinese Outbound Investment Trends' by Bank of China International at Mines and Money Hong Kong 2013

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    'Chinese Outbound Investment Trends' by Bank of China International at Mines and Money Hong Kong 2013 'Chinese Outbound Investment Trends' by Bank of China International at Mines and Money Hong Kong 2013 Presentation Transcript

    • Presented at:www.minesandmoney.com/hongkong
    • 2013中国矿业海外投资趋势中国矿业海外投资趋势中国矿业海外投资趋势中国矿业海外投资趋势程雁程雁程雁程雁董事总经理董事总经理董事总经理董事总经理投资银行部副主席投资银行部副主席投资银行部副主席投资银行部副主席全球高级客户全球高级客户全球高级客户全球高级客户/市场总监市场总监市场总监市场总监
    • 2013 China Mining Overseas Investments TrendsAmy ChengManaging DirectorVice Chairman, Investment Banking DivisionHead of Senior Clients Relationship Management / Marketing
    • 目录目录目录目录第一章第一章第一章第一章 中国对外投资现状中国对外投资现状中国对外投资现状中国对外投资现状 4第二章第二章第二章第二章 中国宏观经济发展趋势以及对矿业影响中国宏观经济发展趋势以及对矿业影响中国宏观经济发展趋势以及对矿业影响中国宏观经济发展趋势以及对矿业影响 16第三章第三章第三章第三章 中国矿业海外投资趋势中国矿业海外投资趋势中国矿业海外投资趋势中国矿业海外投资趋势 30第四章第四章第四章第四章 对外投资中存在的问题与解决方法对外投资中存在的问题与解决方法对外投资中存在的问题与解决方法对外投资中存在的问题与解决方法 40第五章第五章第五章第五章 中银国际的业务优势中银国际的业务优势中银国际的业务优势中银国际的业务优势 443
    • Table of ContentsChapter One China Overseas Investments Review 5Chapter Two China Macroeconomics Trend and Impacts onMining Sector17Chapter Three China Overseas Investments Trend Analysis 31Chapter Four Problems and Solutions in China OverseaInvestment41Chapter Five Strategic advantages of BOCI 454
    • 第一第一第一第一章章章章::::中国对外投资现状中国对外投资现状中国对外投资现状中国对外投资现状5
    • Chapter One: China Overseas Investments Review6
    • 9.920.730.154.0 51.766.074.579.71 2 3 4 5 6 7 8中国境外投中国境外投中国境外投中国境外投资资资资趋势趋势趋势趋势增增增增速明显速明显速明显速明显72005 2006 2007 2008 2009 2010 2011 2012能源和电力48%金属23%金融10%房地产和建筑6%交通4%农业3%科技2%化工2%其他2%中国企业“走出去”是近年来中国对外开放快速发展的新领域,也是中外经贸合作进一步深化的新亮点,发展的势头举世瞩目自2005年以来,中国企业境外投资总额已达到3,866亿美元,年复合增长率保持在34.3%;其中仅2012年境外投资总额就将近800亿美元从投资领域来看,能源和电力、金属以及金融三个行业的投资额占总投资额的81%单位:十亿美元资料来源:券商研究报告
    • Fast Growth Trend Of China Overseas Investments89.920.730.154.0 51.766.074.579.71 2 3 4 5 6 7 82005 2006 2007 2008 2009 2010 2011 2012China’s “Going abroad” grand strategy has beenimplemented for over decades. The outbound investmentsfrom China have been growing at an unparallel speed inrecent yearsSince 2005, total overseas investments of Chinese entitieshave made US$386 billion, among which US$80 billion wasinvested in 2012. The compound annual growth keeps at arate of 34.3%From an industry perspective, investment appetite falls intoenergy and power, metal and finance , which account for81% of total investmentSource: Brokerage reportsEnergy andPower48%Metal 23%Finance10%Real Estate6%Transportation4%Agricultrue3%Technology2%ChemicalIndustrial2% Others 2%(In billion USD)
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)中国对外投资中国对外投资中国对外投资中国对外投资2012年年度回顾年年度回顾年年度回顾年年度回顾9中国各季度的对外并购交易量反映出更为广泛的宏观经济趋势:交易量从2007年第三季度(次贷危机影响开始显现时)的32宗降至2009年第一季度仅13宗。另外,随着全球经济形式复苏,对外并购交易迅速回暖:第一季度达到28宗,余下的季度以及2012年至2011年的交易量继续增长。然而2011年第三季度欧元区主权债务危机的出现导致随后季度的交易活动出现小幅度收缩:交易为43宗,总交易额为208亿美元。2012年第三季度数据表明,中国竞购者对于数十亿美元的对外投资项目有强烈意愿。其中,中海油斥资176亿美元收购加拿大Nexen公司,成为有史以来最大一宗中国对外并购交易。
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)Chinese Outbound M & A Investments 2012 Overview10Quarterly Chinese outbound deal volumes seem tomirror wider macroeconomic trends, with transactionnumber falling from 32 in Q3 2007, just as the subprimemortgage crisis began to unfold, to just 13 in Q1 2009.Likewise, as global economic conditions steadilyimproved, outbound deal flows rebounded quickly,reaching 28 deals the following quarter and continuingto grow in number over the reminder of the year, as wellas 2010 and 2011. .However, the onset of the Eurozone sovereign debtcrisis in Q3 2011 saw a mild contraction in deal flowtake place the following quarter, with just 43transactions worth a total of USD 20.8 billion.This apparent reticence has now faded, with Q3 2012figures showing Chinese bidders ’evident willingness toinvest billion of dollars abroad. Including the largest-everChinese outbound M&A bid-CNOOC’s USD 17.6 billionoffer for Canada’s Nexen.
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)中国对外并购投资行业分布中国对外并购投资行业分布中国对外并购投资行业分布中国对外并购投资行业分布112005 – 2012年第三季度中国对外并购投资行业分布年第三季度中国对外并购投资行业分布年第三季度中国对外并购投资行业分布年第三季度中国对外并购投资行业分布((((按交易量计按交易量计按交易量计按交易量计))))2005 – 2012年第三季度中国对外并购投资行业分布年第三季度中国对外并购投资行业分布年第三季度中国对外并购投资行业分布年第三季度中国对外并购投资行业分布((((按按按按交易额计交易额计交易额计交易额计))))能源和资源行业占据中国对外并购投资的主流。按交易量计,占市场总量的百分之二十八。消费品和交通运输行业、制造业、以及科技、传媒和电信行业的交易则共占市场总量的百分之五十。2012年前三季度,同期公布的能源与资源行业对外并购交易为39宗,占交易总量的百分之二十九。而同期其他行业对外并购活动则趋于下降。能源和资源行业占据中国对外并购投资的主流。按交易额计,占市场总量的百分之六十六。2005年到2012年第三季度,该行业交易投资额总计1,873亿美元。2012年前三季度发生的能源和资源行业对外并购交易额高达约353亿美元。相对而言,2011年同期,能源与资源行业对外投资总额仅为245亿美元。
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)Chinese Outbound M & A Investments by Sector122005 – Q3 2012 Chinese outbound M & A investments by sector (volume)2005 – Q3 2012 Chinese outbound M & A investments by sector (value)The energy and resources industry continues to dominateChinese outbound M & A investments, accounting 28percent of the overall market by deal volume. ConsumerBusiness & Transportation, Media & Telecommunicationsector transactions make up a further 50 percent of the total.Acquiring foreign Energy & Resources assets has notwaned over the first three quarters of 2012, with some 39outbound transactions being announced over the period,accounting for 29 percent of all outbound deals by volume.Meanwhile, other industries show the decreasing trends inoutbound M & A investments.The energy and resources deals made up 66 percent of allChina outbound M & A investments in terms of value, with atotal of US$ 187.3 billion being spent of on such dealsbetween 2005 and Q3 2012.Over the Q1 – Q3 2012 period alone, some US$ 35.3 billionwas spent on overseas Energy & Resources acquisitions. Incontract, over the same period in 2011, outbound Energy &Resources investments by value totaled just US$ 24.5billion.12
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)中国对外并购投资行业分布中国对外并购投资行业分布中国对外并购投资行业分布中国对外并购投资行业分布(续续续续))))13中国对外并购投资中国对外并购投资中国对外并购投资中国对外并购投资行业行业行业行业分布分布分布分布((((按交易量计按交易量计按交易量计按交易量计))))从对外并购投资数量在时间上的百分比来看,出现了很多趋势。中国能源和资源行业对外并购交易量稳步提升,由10宗(2005年)增长到,39宗(截止到2012年前9月)。同样呈上升趋势的为消费品和交通运输业,由20宗(06-07年间)增长到64宗(11-12年间)。2005—2011年期间,制造业的年平均对外并购量为19宗,而汽车行业的年均交易量也达到4宗。
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)Chinese Outbound M & A Investments by Sector (Cont’d)Chinese outbound M & A Investments by sector (volume)A number of trends emerge when looking at thepercentage distribution of outbound M&Ainvestments by volume over time. The sector ofChina’s foreign Energy & Resource accounts fora steady-growing proportion of overall outboundtransactions, increasing from 10 deals (2008) to39 deals (until the first nine months of 2012).Consumer Business & Transportation industryalso showed an upward trend in transactions,rising from 20 deals (06-07) to 64 deals (11-12).Over the seven years between 2005---2007,Manufacturing sector had 19 transactionsannually, while the average number outbound ofAutomotive sector was 4.14
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)中国对外并购投资中国对外并购投资中国对外并购投资中国对外并购投资地区地区地区地区分布分布分布分布152005 – 2012年第三季度中国对外并购投资地区分布年第三季度中国对外并购投资地区分布年第三季度中国对外并购投资地区分布年第三季度中国对外并购投资地区分布((((按交易量计按交易量计按交易量计按交易量计))))2005 – 2012年第三季度中国对外并购年第三季度中国对外并购年第三季度中国对外并购年第三季度中国对外并购投资投资投资投资地区地区地区地区分布分布分布分布((((按按按按交易额计交易额计交易额计交易额计))))按并购交易量的分布地区来看,2005至2012第三季度,中国针对西欧资产、美国资产、东南亚资产和澳大拉西亚地区对外交易并购分别为162宗、 159宗,132宗和130宗。而中国针对中东地区资产对外并购仅为9宗。按并购交易额的分布地区来看,在此期间,中国对西欧地区对外并购投资额最多,为711亿美元(占25%)。此外,中国对加大拿地区的投资中,能源和资源行业的投资多达428亿美元(占95.5%)。在此期间,中国对澳大拉西亚地区和东南亚地区的并购投资总额分别为312亿和225亿美元。
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)Chinese Outbound M & A Investments by Geography162005 – Q3 2012 Chinese outbound M & A investments by geography (volume)2005 – Q3 2012 Chinese outbound M & A investments by geography (value)In terms of volume by target geographical region, over the2005—Q3 2012 period, Chinese overseas acquisitionstargeting at Western European assets, US assets, SouthEast Asia and Australasia are 162, 159, 132 and 130respectively.However, Chinese outbound acquirers only undertook 9purchases of targets based in the Middle East.In terms of M&A values by target geographical region, dealsof Western European targets were the most, whichaccounted for 71.1 billion of outbound investments (25%). Inaddition, Chinese investors spent US$ 42.8 billion buyingCanadian assets, which was 95.5% of total Canadian assetspurchased.Meanwhile, Chinese M&A investments into Australasia andSouth East Asia were US$31.2 billion and US$22.5 billion.
    • 第二第二第二第二章章章章::::中国宏观经济发展趋势以及对矿业影响中国宏观经济发展趋势以及对矿业影响中国宏观经济发展趋势以及对矿业影响中国宏观经济发展趋势以及对矿业影响17
    • Chapter Two: China Macroeconomics Trend and Impacts onMining Sector18
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)中中中中国宏观经国宏观经国宏观经国宏观经济环境影响金属采矿业济环境影响金属采矿业济环境影响金属采矿业济环境影响金属采矿业房地产投资受宏观政策影响仍将徘徊在低谷房地产投资受宏观政策影响仍将徘徊在低谷房地产投资受宏观政策影响仍将徘徊在低谷房地产投资受宏观政策影响仍将徘徊在低谷9.6%9.2%10.4%9.3%7.8%8.3% 8.0%12.9%11.0%15.7%13.9%10.5%12.5% 12.3%5.0%7.0%9.0%11.0%13.0%15.0%17.0%2008 2009 2010 2011 2012F 2013F 2014F实际国内生产总值增幅 工业生产增幅GDP增长保持在增长保持在增长保持在增长保持在7.5%水平水平水平水平,,,,仍然处于高速发展阶段仍然处于高速发展阶段仍然处于高速发展阶段仍然处于高速发展阶段基建投资已从历史高位回落基建投资已从历史高位回落基建投资已从历史高位回落基建投资已从历史高位回落,,,,并将缓慢回升并将缓慢回升并将缓慢回升并将缓慢回升15.8%9.5%16.4%17.7%13.6% 13.4% 13.4%26.6%30.4%24.5% 23.8%20.5%22.0% 21.5%5.0%10.0%15.0%20.0%25.0%30.0%35.0%2008 2009 2010 2011 2012F 2013F 2014F国内最终消费增速 固定资产投资增速产业结构转型与消费结构调整产业结构转型与消费结构调整产业结构转型与消费结构调整产业结构转型与消费结构调整19资料来源:BOCI和ICBCI研究报告资料来源:BOCI和ICBCI研究报告 资料来源:BOCI和ICBCI研究报告资料来源:BOCI和ICBCI研究报告单位单位单位单位::::%单位单位单位单位::::%单位单位单位单位::::%单位单位单位单位::::%
    • 矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求矿业公司上市的要求(第第第第18章章章章)Macro Environment of China Will Continue to Influence Mining Industry20Government policies cool China’s real estate boom Infrastructure investments to rebound slowly9.6% 9.2%10.4%9.3%7.8%8.3% 8.0%12.9%11.0%15.7%13.9%10.5%12.5% 12.3%5.0%7.0%9.0%11.0%13.0%15.0%17.0%2008 2009 2010 2011 2012F 2013F 2014FGrowth Rate of Real GDP Growth Rate of Industrial ProductionGDP growth rate will remain at 7.5%, still in high growth mode15.8%9.5%16.4%17.7%13.6% 13.4% 13.4%26.6%30.4%24.5% 23.8%20.5%22.0% 21.5%5.0%10.0%15.0%20.0%25.0%30.0%35.0%2008 2009 2010 2011 2012F 2013F 2014FGrowth Rate of Investment in the Fixed AssetsGrowth Rate of Investment in Gross Domestic Consumption ExpenditureIndustrial structure and consumption structure are in transformationSource: BOCI & ICBCI Research ReportsGrowth rate of domestic consumptionUnit: %Unit: %Source: BOCI & ICBCI Research Reports Source: BOCI & ICBCI Research ReportsSource: BOCI & ICBCI Research Reports
    • 产业结构调整下对原材料需求展望产业结构调整下对原材料需求展望产业结构调整下对原材料需求展望产业结构调整下对原材料需求展望名称名称名称名称 主要应用领域主要应用领域主要应用领域主要应用领域 需求展望需求展望需求展望需求展望铜铜铜铜电力、机械制造、家电、房地产和汽车行业电力行业增速预计为7%~8%;家电行业增速在8%~10%之间房地产将在未来3 年内维持12~15%左右的投资增速未来铜的消费增长将较过去出现较大幅度的回落,但仍可维持5%以上的水平、稳定持续,钢材钢材钢材钢材 房地产和基建房地产将在未来3 年内维持平均12-15%左右的投资增速预计基建投资在转型期将维持稳定增长,但其力度远小于“十一五”期间煤炭和焦炭煤炭和焦炭煤炭和焦炭煤炭和焦炭 90%以上的焦炭用于炼钢受未来中国投资增速回落和能源结构调整的双重打压,未来我国煤炭消费增长将维持3~4%的增长水平黄金和贵金黄金和贵金黄金和贵金黄金和贵金属属属属国际储备、投资、首饰和工业需求受益于收入水平的提高,投资和首饰需求增速将维持较高水平非金属矿产非金属矿产非金属矿产非金属矿产(锂、锰、锡和稀土等)机械制造、精密科技等领域 未来增长可持续趋势并具有巨大潜力21
    • Commodities Outlook During Industrial TransformationNameMajor Areas ofApplicationDemand OutlookCopperElectric powerMachinery manufactureHousehold applianceReal estateAuto industryThe power industry is expected to increase by 7% - 8% and the growth rate ofhousehold appliance industry will stay constantly between 8% - 10%The growth rate of real estate investment will maintain at about 12% -15%Copper consumption growth rate will encounter a big drop, but still can remainabove 5%SteelReal estateInfrastructureThe growth rate of real estate investment will maintain at about 12% -15%Infrastructure investment is expected to keep a steady growth during thetransformation period, but the rate will be lower than “Eleventh Five-Year Plan”period.CokingCoalMore than 90% of thecoking coal are used forsteelmakingHit by the significant drop in investment growth rate and energy structureadjustment, China coal consumption rate will maintain at 3-4% in the futureGoldInternational reservesInvestmentJewelryIndustrial demandBenefit from the improvement of income level, there will be an increase demand ininvestment field and jewelry market.Lithium,manganese, tin, andrare earthManufacturing and hi-techsectorsContinuous growth and significant potentials in the future22
    • 中国矿业中国矿业中国矿业中国矿业-2012年海年海年海年海外投外投外投外投资小结资小结资小结资小结23投资金额投资金额投资金额投资金额((((十亿美元十亿美元十亿美元十亿美元)))) 按金额计算投资行业分类按金额计算投资行业分类按金额计算投资行业分类按金额计算投资行业分类金属采矿业海外交易总金额和交易数目金属采矿业海外交易总金额和交易数目金属采矿业海外交易总金额和交易数目金属采矿业海外交易总金额和交易数目((((十亿美元十亿美元十亿美元十亿美元)))) 金属采矿业交易地区金属采矿业交易地区金属采矿业交易地区金属采矿业交易地区资料来源:券商研究报告14.8%44.7%17.1%5.1%1.8%12.8%3.7% 金属采矿能源交通建设农业科技房地产其他2.34.76.416.118.521.456.0科技其他农业房地产金属及采矿交通能源6.53.82.42.1 1.30.9 0.80.50.17813 3 31 1 102468100.02.04.06.08.0煤炭 钢铁 铀 铅锌 铜 金 锂 铝 镍30%19%13%7%4%9%5%4%9%澳大利亚印尼印度罗马尼亚土耳其俄罗斯赞比亚喀麦隆其他国家
    • Overseas Mining Investments in 201224Investment amount (in billion US$) Sector overview by amountAmount and number of cases invested in metals (in billion US$) Countries of investment by amountSource: Brokerage reports2.34.76.416.118.521.456.0科技其他农业房地产金属及采矿交通能源EnergyTransportationMetalReal EstateAgricultureOthersTechnology14.8%44.7%17.1%5.1%1.8%12.8%3.7% 金属采矿能源交通建设农业科技房地产其他EnergyTransportationMetalReal EstateAgricultureTechnologyOthers6.53.82.42.1 1.30.9 0.80.50.17813 3 31 1 102468100.02.04.06.08.0煤炭 钢铁 铀 铅锌 铜 金 锂 铝 镍Coal Steel Uranium Lead/Zinc Copper Gold Lithium Aluminum Nickel30%19%13%7%4%9%5%4%9%澳大利亚印尼印度罗马尼亚土耳其俄罗斯赞比亚喀麦隆其他国家AustraliaIndonesiaIndiaRomaniaTurkeyRussiaZambiaCameronOthers
    • 25中国对外并购交易概览中国对外并购交易概览中国对外并购交易概览中国对外并购交易概览((((2011 – 2012年第三季度年第三季度年第三季度年第三季度))))季度季度季度季度|年份年份年份年份 目标公司目标公司目标公司目标公司 行业划分行业划分行业划分行业划分 目标主要目标主要目标主要目标主要所在国家所在国家所在国家所在国家竞购公司竞购公司竞购公司竞购公司 竞购公司竞购公司竞购公司竞购公司主要所在主要所在主要所在主要所在地地地地卖方公司卖方公司卖方公司卖方公司 卖方公司卖方公司卖方公司卖方公司主要所在主要所在主要所在主要所在地地地地交易价值交易价值交易价值交易价值((((百万美元百万美元百万美元百万美元))))
    • 26China Outbound M & A Deals Overview (Top 20 over 2011-Q3 2012)Quarter |YearTargetCompanySector TargetTerritoryBidder Company BidderTerritorySellerCompanySellerTerritoryDealValue(US $ m)
    • 27中国对外并购交易概览中国对外并购交易概览中国对外并购交易概览中国对外并购交易概览((((2011 – 2012年第三季度年第三季度年第三季度年第三季度)()()()(续续续续))))季度季度季度季度|年份年份年份年份 目标公司目标公司目标公司目标公司 行业划分行业划分行业划分行业划分 目标主要目标主要目标主要目标主要所在国家所在国家所在国家所在国家竞购公司竞购公司竞购公司竞购公司 竞购公司竞购公司竞购公司竞购公司主要所在主要所在主要所在主要所在地地地地卖方公司卖方公司卖方公司卖方公司 卖方公司卖方公司卖方公司卖方公司主要所在主要所在主要所在主要所在地地地地交易价值交易价值交易价值交易价值((((百万美元百万美元百万美元百万美元))))
    • 28China Outbound M & A Deals Overview (Top 20 over 2011-Q3 2012)(Cont’d)Quarter |YearTargetCompanySector TargetTerritoryBidder Company BidderTerritorySellerCompanySellerTerritoryDealValue(US $ m)
    • 对外投资分析对外投资分析对外投资分析对外投资分析29对外投资是大势所趋对外投资是大势所趋对外投资是大势所趋对外投资是大势所趋。。。。行业将更为广泛行业将更为广泛行业将更为广泛行业将更为广泛,,,,形式多样化形式多样化形式多样化形式多样化,,,,区域国际化区域国际化区域国际化区域国际化。。。。包括一般消费行业包括一般消费行业包括一般消费行业包括一般消费行业((((房地产房地产房地产房地产,,,,日用日用日用日用品等品等品等品等),),),),机械加工业机械加工业机械加工业机械加工业,,,,矿产能源业矿产能源业矿产能源业矿产能源业,,,,文化娱乐业文化娱乐业文化娱乐业文化娱乐业,,,,教育教育教育教育,,,,卫生卫生卫生卫生,,,,生物制药等生物制药等生物制药等生物制药等并购区域将根据不同行业所确定并购区域将根据不同行业所确定并购区域将根据不同行业所确定并购区域将根据不同行业所确定。。。。价格与价值平衡是基础价格与价值平衡是基础价格与价值平衡是基础价格与价值平衡是基础。。。。矿产能源类矿产能源类矿产能源类矿产能源类,,,,澳大利亚澳大利亚澳大利亚澳大利亚、、、、非洲非洲非洲非洲、、、、东南亚东南亚东南亚东南亚、、、、北北北北美洲等将为重点投资区域美洲等将为重点投资区域美洲等将为重点投资区域美洲等将为重点投资区域投资形式投资形式投资形式投资形式::::1. 风险勘探投资风险勘探投资风险勘探投资风险勘探投资。。。。大型项目合作开发大型项目合作开发大型项目合作开发大型项目合作开发,,,,政府与企业合作开发政府与企业合作开发政府与企业合作开发政府与企业合作开发2. 项目发展项目发展项目发展项目发展。。。。合资合作合资合作合资合作合资合作。。。。市场市场市场市场+资金资金资金资金=项目项目项目项目3. 股权并购股权并购股权并购股权并购。。。。金融工具的使用金融工具的使用金融工具的使用金融工具的使用;;;;市场转换市场转换市场转换市场转换;;;;价值升值价值升值价值升值价值升值;;;;吸收并购吸收并购吸收并购吸收并购。。。。资金资金资金资金+市场市场市场市场+管理团队管理团队管理团队管理团队4. 投资主体投资主体投资主体投资主体。。。。各种形式的行业投资各种形式的行业投资各种形式的行业投资各种形式的行业投资;;;;金融投资者金融投资者金融投资者金融投资者;;;;产业与并购投资基金等产业与并购投资基金等产业与并购投资基金等产业与并购投资基金等
    • General Analysis on Overseas Investments30Overseas investments is the trend. The industries are broad, formats are diversified, targets are global.Industries include general consumption (real estate, consumer and etc.), machinery, mining & energy,entertainment, education, healthcare, biotechnology and so onAcquisition region is driven by sectors. Price and value is the base. In Mining & Energy sector, Australia, Africa,Southeast Asia and North America will be primary regionsInvestment types::::1. Venture exploration investment: Collaboration in mega projects. Government and enterprise jointdevelopment2. Project development: Form JV in project collaboration. Market + Capital = Project3. Equity investment: Methods such as use financial instrument; market exchange; valuation improvement;merger and acquisition. Capital + Market + Management Team = Investment4. Investment party: Such as industry investors; financial investors; industrial and acquisition funds
    • 第三章第三章第三章第三章::::中中中中国矿业海外投资趋势国矿业海外投资趋势国矿业海外投资趋势国矿业海外投资趋势31
    • Chapter Three: China Overseas Investments Trend Analysis inMining Sector32
    • 近年来中国矿企海外投资主要阶段近年来中国矿企海外投资主要阶段近年来中国矿企海外投资主要阶段近年来中国矿企海外投资主要阶段33• 收购主体以国企为主• 主要以获取控制权为目的战略型收购期2008年前• 国际矿企资金紧缺,股价被低估• 中国企业多进行抄底收购投资• 民企开始走出国门市场型收购期2008年金融危机前后• 更多关注经济回报,注重成功率• 少数股权投资开始被普遍接受谨慎型收购期2010 – 目前
    • The Main Stages of Overseas Investments34• Acquisition body: largeSOEs• For the purpose ofcontrolling interestStrategicAcquisitionPeriodBefore 2008• International mining firms facedshortage of cash• Acquisition opportunities withrelative low valuation level• Private enterprises beganoverseas expansionsMarket - drivenAcquisition Period2008 – 2010:Before and After theFinancial Crisis• Focus on financialreturn and success rate• Minority interestinvestments are widelyacceptedPrudentAcquisitionPeriod2010 to Present
    • 由由由由““““控股控股控股控股””””转为转为转为转为““““参股参股参股参股””””1不执着于吞并或控股,而是与目标企业成立合资公司,共同完成对海外资源的勘探开发和利用。或是寻找合作伙伴,尤其是资源所在国企业,共同完成对某一标的的收购交易升功率提高交易升功率提高交易升功率提高交易升功率提高2近年来中企实施海外并购数目减少,但成功率提升。这标志着经过多年摸索后,中企海外并购进入成熟期交易趋于谨慎交易趋于谨慎交易趋于谨慎交易趋于谨慎3随着众多企业在海外收购方面投入巨资,以及国际市场的不稳定性日益增加,市场对金属成品需求不断下降,中国矿企的并购战略将趋于谨慎和保守联手金融机构进行并购联手金融机构进行并购联手金融机构进行并购联手金融机构进行并购4充分发挥金融机构融资、风险管理、资源配置等优势,降低收购成本,提高收购成功率,实现企业与金融机构的共赢民营企业大举参与收购民营企业大举参与收购民营企业大举参与收购民营企业大举参与收购52012年民营企业海外并购交易金额为255亿美元,相比前年94亿美元劲升171%。显示愈来愈多的民营企业正进行大规模的海外并购交易谨慎型收购期的海外投资新趋势谨慎型收购期的海外投资新趋势谨慎型收购期的海外投资新趋势谨慎型收购期的海外投资新趋势35
    • 1Instead of acquiring controlling stake, jointventure with the target company in order tobetter leverage the local intelligences andresources in the operation process are widelyaccepted.Increasing rate of success2The number of overseas investments declined,but the rate of success increased. This indicatesthat Chinese investments into overseas afterseveral years of experiments and practiceshave entered into a mature period.More prudent in M & A transactions3With many enterprises invest heavily inoverseas acquisitions, as well as the instabilityof the international market, market demand formetal products is declining. Therefore, themining enterprises in China will become morecautious and conservative in potentialtransactions.Collaborate with financial institutions4Give full play to the advantages of financialinstitutions in the area of financing, riskmanagement, resource allocation and costreduction to increase the success rate ofacquisition, and to achieve a win-win situation ofenterprises and financial institutions.More private enterprises participation5In 2012, the amount of private enterprisesoverseas investments are about US$ 25.5billion, rising by 171% compared to previousyear, which shows that an increasing number ofprivate enterprises are carrying out large-scaleoverseas investment activities.Investment Trend During Prudent Acquisition Period36Changing from “controlling investor"to “participation investor””””
    • 未来矿业海外投资趋势未来矿业海外投资趋势未来矿业海外投资趋势未来矿业海外投资趋势金属采矿业金属采矿业金属采矿业金属采矿业主要趋势主要趋势主要趋势主要趋势品种方面:铜、金、焦煤、铁矿石和能源资源仍将为主要投资矿种投资区域:主要关注东南亚、中亚和非洲;澳大利亚和北美所有投资但会逐步减少投资规模:倾向大型项目;中国公司具有成熟的经验和经济实力投资主体:多样化,国有企业和民营企业都会积极参与多源一体化投资结构:行业投资者、财务投资者和第三机构组成联合体,形成一体化投资结构结构性的融资安排和投资结构设计多元化政府主导职能向市场调节过度企业之间的利益共享将成为未来的趋势成本优势和风险控制将成为未来关注重点37对于铜、金、黑金属(铁矿石和焦煤)以及能源资源重点关注,并进行估值和行业趋势的判断重点关注资源重点关注资源重点关注资源重点关注资源
    • Overseas Mining Investments TrendsInvestment FocusCopper, gold, coking coal, iron ore and energy related resources will remain as the main investmenttargets. valuation and sector forecast will be the key to investmentTrend Analysis onMining SectorResource Types: Copper, Gold, Coking Coal, Iron Ore and Energy related resourcesAreas: Mainly focus on South-East Asia, Mid-Asia and Africa; Australia and North America in decreasingtrendSize of Investment: Prefer large size investment, with increased experience and stronger financingcapacity of Chinese enterprisesInvestment Vehicle: SOE and private enterprises will both participateInvestment Structure: Consortium by strategic and financial investorsStructured financing arrangement and multiple investment structureTransaction to Market-driven investment motivationsStrategic partnership and synergy achieved by corporateFocus on cost control and risk management38
    • 符合公司经营战略符合公司经营战略符合公司经营战略符合公司经营战略具有优势的地理位置便利的交通运输系统巨大的储量、资源量高密度、高品位的矿石成熟的基础配套设施拥有高质量的矿产资源拥有高质量的矿产资源拥有高质量的矿产资源拥有高质量的矿产资源高质量的海外矿业投资项目高质量的海外矿业投资项目高质量的海外矿业投资项目高质量的海外矿业投资项目符合公司向上游原材料供应商发展的趋势,如钢企并购铁矿石供应商符合降低成本考量,如对南美洲、非洲铜矿资源的收购后就地进行加工冶炼符合先收购资产,再搭建海外融资平台的战略,如最近在香港联交所上市的中铝矿业政治风险,如中铝投资蒙古ETT风波法律风险,如澳洲、加拿大原住民法律,美国加拿大等国的严苛环保法律财务风险,如融资风险、资本预算风险及汇率风险风险可控风险可控风险可控风险可控经验丰富的管理团队经验丰富的管理团队经验丰富的管理团队经验丰富的管理团队拥有丰富的项目管理经验,其中核心成员具有资深专业背景国际化的团队,深刻了解中国企业的发展蓝图团队具有稳定性,未来能够长期投入到日常业务运营中39符合公司经营战略符合公司经营战略符合公司经营战略符合公司经营战略
    • In line with business strategyExcellent locationConvenient transportationAbundant reserves and resourcesHighly concentrate ore mine with superior gradeExcellent infrastructure systemHigh-quality mining resourcesHigh Quality Oversea Mining ProjectsMatch company’s development trend to the upstreammaterial suppliers, such as steel enterprises and ironore suppliersMeet the cost reduction requirements.Fit with the strategy of acquiring assets, then buildingfinancing platform, such as CHALCO IPO caseHave extensive experience in project management,and professional background of leading membersGlobal team and deep understanding of thedevelopment strategy of Chinese enterprisesGood stability and have the ability to conduct long-term investment in the future40Controllable riskExperienced management teamPolitical risk: CHALCO investment in Mongolia ETTLegal risk: Such as the aboriginal laws, andenvironment lawsFinancial risk: Financing risk, capital budget risk andexchange rate risk
    • 第四第四第四第四章章章章::::对对对对外投资中存在的突出问题与解决方法外投资中存在的突出问题与解决方法外投资中存在的突出问题与解决方法外投资中存在的突出问题与解决方法41
    • Chapter Four: Problems and Solutions in China OverseaInvestment42
    • 中中中中国矿业海国矿业海国矿业海国矿业海外投资的主外投资的主外投资的主外投资的主要风险和问要风险和问要风险和问要风险和问题题题题思维与文化思维与文化思维与文化思维与文化中国企业的思维某种程度上很难直接应用到外国企业中重视企业文化,以及与当地政府、居民、媒体等方的关系尽职调查尽职调查尽职调查尽职调查并购前应全面考察东道国的投资、税务、劳工等方面的政策任命熟悉当地矿产资源和法律法规的团队进行细致尽调,将潜在风险最小化政治与安全政治与安全政治与安全政治与安全包括国际关系、国家和地区稳定性对并购交易的影响同时应注意相关国家政治环境变化、民族情绪对并购甚至企业利益的影响人才与技术人才与技术人才与技术人才与技术专业、高素质的管理及营运人才是制约中国企业海外收购扩张的瓶颈利用人才优势同时发挥专业技术上的特点,才能达到收购后的全面协同效应43
    • Major Challenges to Chinese InvestorsConsideration &CultureThe ways of consideration of Chinese enterprises is difficult to apply directly to foreign enterprisesPay attention to cooperate culture, and establish close relationship between management and localgovernment, residents, media and other partiesDue DiligenceGet a complete perspective of the target country’s investment environment, such as tax, labor, and otheraspects before taking actionsAppoint a team familiar with the local mining resource, laws and regulations to carry out the due diligence,so as to minimize the potential riskPolitics & SecurityPay attention to the influence of international relations, national and regional stabilityAlso note the impact of related country‘s political environment changes and the national sentiment, as wellas to the business interestsTalents &TechnologyProfessional, high-quality management and operating talents are the major reasons restricting Chineseenterprises’ oversea expansionFocus on the use of the advantages of human resources and professional talents in order to achieve aoverall synergy after the acquisition44
    • 第五第五第五第五章章章章::::中银国际的业务优势中银国际的业务优势中银国际的业务优势中银国际的业务优势45
    • Chapter Five: Strategic advantages of BOCI46
    • 中银国际中银国际中银国际中银国际----提供全方位服务的投资银行提供全方位服务的投资银行提供全方位服务的投资银行提供全方位服务的投资银行中银国际在香港拥有深厚的根基中银国际在香港拥有深厚的根基中银国际在香港拥有深厚的根基中银国际在香港拥有深厚的根基,,,,是中国最佳的投资银行是中国最佳的投资银行是中国最佳的投资银行是中国最佳的投资银行中银国际是中国和香港最受认可的银行品牌中银国际是中国和香港最受认可的银行品牌中银国际是中国和香港最受认可的银行品牌中银国际是中国和香港最受认可的银行品牌—中国银行的全资附属投资银行中国银行的全资附属投资银行中国银行的全资附属投资银行中国银行的全资附属投资银行1979 1983 1996 1998 1999 2002 2006 2007 2009 20101979年,中银国际前身中国建设财务(香港)有限公司在香港成立1996年,中国银行国际控股有限公司及中国银行国际(英国)有限公司在英国注册成立,为海外业务拓展踏出重要一步1999年,中银国际与英国保诚集团合资成立中银保诚资产管理公司和信托公司2006年,中银国际发起设立中国首支契约型产业投资基金——渤海产业投资基金2009年,中银国际获香港金管局批准开拓私人银行业务,是香港首家中资私人银行1983年,中银集团证券有限公司成立,全面参与香港证券二级市场和期货市场的买卖业务1998年,中银国际控股有限公司在香港注册成立2002年,中银国际证券有限责任公司(“中国公司”)在上海成立,成为首家获得人民币普通股(A类)许可证券业务的中外合资的合资证券公司2007年,中银国际在中资金融机构中率先开展杠杆及结构融资业务2010年,中银国际获准筹备环球商品业务中国银行是中国四大国有银行之一。其总资产超过1.5万亿美元,净利润达到159亿美元,市值超过 1,456 亿美元。中银国际是中国银行的全资附属公司中银国际是一家领先的投资银行,为客户提供多元化的服务:中银国际于1979 年开始投资银行业务中银国际透过分布在香港、北京、上海、纽约、伦敦及新加坡的子公司及分行,为客户提供全面的投行服务中银国际在中国、香港、新加坡、美国和英国设有海外办公室,共聘请查过850名员工中国银行、中银国际、中银集团保险和中银集团投资提供多元化的服务,其中包括商业银行服务、投资银行服务、保险服务等,为客户提供一个强大、连贯及全面的银行平台中银国际是少数提供H股(香港上市)及A股(国内上市)发行服务的投资银行。因此,我们能为需要同时在国内和香港上市的客户提供一站式的投资银行服务47
    • BOCI is the Best Hong Kong Investment Bank with the Deepest Roots in the RegionBank of China is one of the four largest commercial banks in China with total assetsof over US $1.7 Trn, net profit of US $19.2 Bn and market capitalization over US$120 BnBank of China International (“BOCI”) is a wholly owned subsidiary of Bank of ChinaBOCI is a leading investment bank offering a diverse range of ServicesBOCI started investment banking business in 1979BOCI provides a broad range of investment banking services through itssubsidiaries and branches in Hong Kong, Beijing, Shanghai, New York, Londonand SingaporeBOCI employs over 850 staffs worldwide with offices in China, Hong Kong,Singapore, United States and United KingdomBank of China, BOCI, BOCG Insurance and BOCG Investment provide a widerange of services, including commercial banking, investment banking, insuranceand other services, thus providing a strong integrated banking platformBOCI is one of the few investment banks having the capability to provide both H-share (Hong Kong listing) and A-share (China listing) issuance services, thusoffering one-stop investment banking services for companies simultaneously listedin China and Hong KongBOCI is the Fully Owned Investment Banking Arm of the Most Recognized Banking Brand Name in Hong Kong1979 1983 1996 1998 1999 2002 2006 2007 2009 2010In 1979, China DevelopmentFinance Company (HK)Limited, the predecessor ofBOC International HoldingsLimited (“BOCI”), wasestablished in Hong KongIn 1996, BOC International(UK) Limited was establishedin the UK, marking animportant step towardsoverseas developmentIn 1999, BOCI and PrudentialPlc together formed BOCI-Prudential Asset ManagementLimited and BOCI-PrudentialTrustee LimitedIn 2006, BOCI launched theBohai Industrial InvestmentFund, the first RMB-denominated contractualprivate equity investment fundin ChinaIn 2009, BOCI receivedHKMA approval to initiateprivate banking service andbecame the first Chinese bankto offer private bankingservices in Hong KongIn 1983, Bank of China GroupSecurities Limited was incorporated inHong Kong. BOCI became fullyengaged in the securities brokerageand futures trading businessIn 1998, BOCIwas incorporatedin Hong KongIn 2002, BOCI promoted and establishedBOCI Securities Limited in Shanghai,which was the first Sino-foreign joint-venture securities firm to be granted ageneral securities license for RMB-denominated ordinary shares (Class A)In 2007, BOCI launched theLeveraged and StructuredFinance business andbecame the first Chinesefinancial institutions to offersuch serviceIn 2010, BOCI receivedapproval to beginpreparation for settingup its global commoditybusiness48BOCI – A Leading Full Service Chinese and Hong Kong Investment BankBOCI ChinaCommercial BankingBusinessInvestment BankingBusinessInsurance Business Other BusinessesForeign branchescovering 28 countriesOver 200 branches inHong KongBOCGInsurance(Hong Kong)BOCGInsurance(China)BOCAviationOver 10,000 domesticoutletsBOCG InsuranceBOCGInvestment100%100% 100%100%49%
    • 排名排名排名排名 承销商承销商承销商承销商 市场份额市场份额市场份额市场份额((((%))))发行规模发行规模发行规模发行规模((((百万美元)百万美元)百万美元)百万美元)交易数量交易数量交易数量交易数量1 中银国际中银国际中银国际中银国际 5.9 20,008.9 902 中金 5.0 17,048.3 373 工银国际 2.3 7,622.5 244 中信证券 1.8 6,031.1 245 建银国际 0.9 3,139.3 23排名排名排名排名 承销商承销商承销商承销商 市场份额市场份额市场份额市场份额((((%))))发行规模发行规模发行规模发行规模((((百万美元)百万美元)百万美元)百万美元)交易数量交易数量交易数量交易数量1 中金 6.9 14,278.9 252 中银国际中银国际中银国际中银国际 6.5 13,510.4 473 工银国际 3.2 6,601.9 204 中信证券 2.0 4,120.2 115 建银国际 1.0 2,063.9 19排名排名排名排名 承销商承销商承销商承销商 市场份额市场份额市场份额市场份额((((%))))发行规模发行规模发行规模发行规模((((百万美元)百万美元)百万美元)百万美元)交易数量交易数量交易数量交易数量1 中银国际中银国际中银国际中银国际 11.5 1,785.6 42 中信证券 9.5 1,479.3 33 中金 7.4 1,152.5 24 建银国际 6.8 1,050.9 25 工银国际 6.1 955.1 249中银国际中银国际中银国际中银国际 — 香港首发香港首发香港首发香港首发、、、、配售及供股项目综合排名第一的中资投资银行配售及供股项目综合排名第一的中资投资银行配售及供股项目综合排名第一的中资投资银行配售及供股项目综合排名第一的中资投资银行中银国际在香港中资投行中排名第一中银国际在香港中资投行中排名第一中银国际在香港中资投行中排名第一中银国际在香港中资投行中排名第一过往过往过往过往6年年年年(2006-2011)中中中中,,,,所有资本市场部经营的项目中在集资规模和所有资本市场部经营的项目中在集资规模和所有资本市场部经营的项目中在集资规模和所有资本市场部经营的项目中在集资规模和交易数量上均排名第一交易数量上均排名第一交易数量上均排名第一交易数量上均排名第一过往过往过往过往6年年年年(2006-2011)中中中中,,,,新股首发项目中在交易数量上排名第一新股首发项目中在交易数量上排名第一新股首发项目中在交易数量上排名第一新股首发项目中在交易数量上排名第一,,,,集集集集资规模上排名第二资规模上排名第二资规模上排名第二资规模上排名第二,,,,过往过往过往过往5年年年年(2007-2011)中中中中,,,,股票配售项目中在集资规模和交易数量上均股票配售项目中在集资规模和交易数量上均股票配售项目中在集资规模和交易数量上均股票配售项目中在集资规模和交易数量上均排名第一排名第一排名第一排名第一过往过往过往过往6年年年年(2006-2011)中中中中,,,,供股项目中在集资规模和交易数量上均排名供股项目中在集资规模和交易数量上均排名供股项目中在集资规模和交易数量上均排名供股项目中在集资规模和交易数量上均排名第一第一第一第一中银国际在香港市场新股首发中银国际在香港市场新股首发中银国际在香港市场新股首发中银国际在香港市场新股首发、、、、配售及供股项目排名领先配售及供股项目排名领先配售及供股项目排名领先配售及供股项目排名领先 中资投行新股首发中资投行新股首发中资投行新股首发中资投行新股首发、、、、配售和供股排名配售和供股排名配售和供股排名配售和供股排名 (2006 至至至至 2011)中资投行股票配售排名中资投行股票配售排名中资投行股票配售排名中资投行股票配售排名(2007 至至至至 2011) 中资投行供股排名中资投行供股排名中资投行供股排名中资投行供股排名 (2006 至至至至 2011)中资投行新股首发排名中资投行新股首发排名中资投行新股首发排名中资投行新股首发排名(2006 至至至至 2011)资料来源:彭博资讯,2012年1月17日排名排名排名排名 承销商承销商承销商承销商 市场份额市场份额市场份额市场份额((((%))))发行规模发行规模发行规模发行规模((((百万美元)百万美元)百万美元)百万美元)交易数量交易数量交易数量交易数量1 中银国际中银国际中银国际中银国际 4.3 4,712.8 392 中金 1.4 1,553.8 123 中信证券 0.4 462.3 114 国泰君安 0.3 315.0 115 招商证券 0.3 303.7 18
    • 50BOCI is a Leading Underwriter Overall and #1 Chinese InvestmentBank for SEHK IPOs, Placements and Rights IssuesRank UnderwriterMarket share(%)Amount(US$mn) No. of issues1 5.9 20,008.9 902 CICC 5.0 17,048.3 373 ICBCI 2.3 7,622.5 244 CITIC 1.8 6,031.1 245 CCBI 0.9 3,139.3 23BOCI is a leading underwriter forSEHK IPOs, Placements and Rights IssuesBOCI ranks #1 in Hong Kong IPO as of 1Q 2012BOCI is #1 Chinese Investment Bank in the Hong Kong market#1 in capital raising and number of issues in past 6 years (2006-2011) forall ECM products#1 in number of issues and #2 in capital raising in past 6 years (2006-2011) for IPOs#1 in capital raising and number of issues in past 5 years (2007-2011) forplacements#1 in capital raising and number of issues in past 6 years (2006-2011) forrights issuesChinese Investment bank ranking of IPOs(2006 to 2011)Rank UnderwriterMarketshare (%)Amount(US$mn)No. ofissues1 CICC 6.9 14,278.9 252 6.5 13,510.4 473 ICBCI 3.2 6,601.9 204 CITIC 2.0 4,120.2 115 CCBI 1.0 2,063.9 19Chinese investment bank ranking of Placements(2007 to 2011)Rank UnderwriterMarketshare (%)Amount(US$mn)No. ofissues1 4.3 4,712.8 392 CICC 1.4 1,553.8 123 CITIC 0.4 462.3 114 Guotai Junan 0.3 315.0 115 China Merchants 0.3 303.7 18Chinese investment bank ranking of Rights Issues(2006 to 2011)Rank UnderwriterMarketshare (%)Amount(US$mn)No. ofissues1 11.5 1,785.6 42 CITIC 9.5 1,479.3 33 CICC 7.4 1,152.5 24 CCBI 6.8 1,050.9 25 ICBCI 6.1 955.1 2Source: Bloomberg Jan 17, 2012Chinese investment bank rankingof IPOs, Placements and Rights Issues (2006 to 2011)111111111111
    • 中银国际中银国际中银国际中银国际----中国与全球资本市场的桥梁中国与全球资本市场的桥梁中国与全球资本市场的桥梁中国与全球资本市场的桥梁中银国中银国中银国中银国际协同中国银行为客户提供一体化和国际化服务际协同中国银行为客户提供一体化和国际化服务际协同中国银行为客户提供一体化和国际化服务际协同中国银行为客户提供一体化和国际化服务杠杆及结构融资杠杆及结构融资杠杆及结构融资杠杆及结构融资定息收益定息收益定息收益定息收益证券零售及证券零售及证券零售及证券零售及私人银行私人银行私人银行私人银行证券销售及研究证券销售及研究证券销售及研究证券销售及研究金融咨询金融咨询金融咨询金融咨询资产管理资产管理资产管理资产管理并购业务并购业务并购业务并购业务私募基金私募基金私募基金私募基金股票上市股票上市股票上市股票上市证券衍生产品证券衍生产品证券衍生产品证券衍生产品 全球大宗商品交易全球大宗商品交易全球大宗商品交易全球大宗商品交易51
    • 52BOCI – Bridging China and Global Capital MarketsWith in-depth local knowledge of the China market and international perspective on globalmarket, BOCI is an expert in the China capital market businessLeveraged &Structured FinanceFixedIncomeRetail Brokerage& Private BankingEquity Sales& ResearchFinancialAdvisoryAssetManagementM&APrivateEquityEquityOfferingsEquityDerivativesGlobalCommodities
    • 免责声明免责声明免责声明免责声明本讨论材料由中银国际亚洲有限公司(简称“中银国际”) 准备。本讨论材料中所载的信息以最佳努力基础准备,但未经独立验证。中银国际并未就本讨论材料中所载的信息或观点的公正性、准确性、完整性或正确性做出任何明示或默示的陈述或保证,且任何人士均不得依赖本讨论材料中所载的信息或意见。本讨论材料中所载的信息及意见均在截至本讨论材料日期的基础上提供并会不经通知而更改,该等信息及意见没有亦不会根据本讨论材料准备之日过后可能发生的任何变更进行更新。中银国际与其关联方、及其董事、管理人员、雇员、顾问或代表亦不对因使用本讨论材料所载的信息或任何其它与本讨论材料有关的事宜而导致的损失(无论于侵权法或合同法下或任何其它相关法律上的疏忽或失实陈述)承担任何责任。本讨论材料包含于各相应日期对未来的观点和预测的陈述。除对过往事实的陈述外,本讨论材料的其他内容皆为包含各类风险和不确定因素的前瞻性声明。该前瞻性陈述是基于经营情况的假设和超出可控范围的因素做出,并存在着重大的风险和不确定性。本讨论材料不确保有关陈述可提供准确和与事实相符的预测结果,且未来事件可能与有关预测大相径庭。中银国际概不承担更新任何前瞻性声明的责任。本讨论材料并非研究报告,亦非由中银国际研究部或其关联方协助准备。接收方应当就公司和建议交易自主地进行独立调查和研究,并寻求独立法律、法规、会计和税务意见。本讨论材料不构成或部分构成且不应被理解为于任何司法管辖地区发售或认购股份或证券的要约, 或发售或认购股份或证券的要约邀请, 或参加任何投资活动的引导,亦不构成接收方订立任何合同或作出任何承诺的基础。本讨论材料的任何部分均不得为了任何目的直接或间接地向任何其它人士(不论该人士是否于接收方的集团或公司或事务所之内或外)以任何方式复制、再次派发或传阅,亦不得翻印本讨论材料或其任何部分。53
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