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类型安永:2022年前三季度中国海外投资概览报告(30页).pdf

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    1、2022年前三季度中国海外投资概览安永中国海外投资业务部安永中国海外投资业务部2022年11月16日Click for EnglishOverview of China outbound investmentof the first three quarters of 2022中国对外直接投资保持平稳发展,但海外并购市场整体低迷2022年前三季度中国海外投资概览第2页当前影响全球经济的不稳定因素愈发增多且复杂化。根据IMF最新预测,2023年全球经济增长将降至2.3%,其中发达国家预计仅增长1.1%,而新兴和发展中国家预计增长3.7%。在全球经济下行压力逐渐增大的背景下,中企的国际化发展面临诸

    2、多挑战,但刚刚结束的“二十大”会议不仅明确表示“中国将坚持对外开放的基本国策、坚持经济全球化正确方向、坚持真正的多边主义”,还提到了一些具体的发展方向,如“要提升国际循环的质量和水平,共同培育全球发展新动能,加强同发展中国家团结合作,推动共建一带一路高质量发展”等。对中企而言,“走出去”参与全球发展和竞争有利于长远发展,企业不仅要持续提高核心竞争力,更应顺应国家政策趋势,深挖市场潜力,优化国际化布局。周昭媚周昭媚中国海外投资业务部全球主管中国海外投资业务部全球主管第2页2022年前三季度中国海外投资概览第3页本期摘要本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工

    3、程安永推荐阅读安永推荐阅读资料来源:1.中国商务部;2.Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2022年10月10日下载;安永分析中国全行业对外直接投资1,067.7亿美元,较去年同期下降0.3%,第三季度较第二季度环比增加10%;非金融类对外直接投资858.5亿美元,同比增长6.3%,其中对“一带一路”沿线国家非金融类直接投资156.5亿美元,同比增长5.2%对外直接投资对外直接投资1中企宣布的海外并购总额为234.5亿美元,同比下降49%,再创历史同期新低;宣布的交易数量为379宗,同比减少6%按交易金额计,前三

    4、大热门行业为TMT*、先进制造与运输以及医疗与生命科学;采矿与金属业是唯一录得交易金额增长的行业,且同比大幅增加228%;消费品行业并购金额降幅最大,达83%亚洲仍为最受欢迎的海外并购目的地,交易金额与数量均位列第一;受俄乌局势影响,中企在欧洲的海外并购继续大幅萎缩,第三季度创历史新低,单季首次低于10亿美元海外并购海外并购2对外承包工程新签合同额1,470.7亿美元,同比下降7.9%对外承包工程对外承包工程1*TMT行业包括科技、媒体和娱乐和通信业2022年前三季度中国海外投资概览第4页对外直接投资(ODI)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永

    5、推荐阅读安永推荐阅读对外直接投资保持稳定,多个实体经济领域投资呈增长态势对外直接投资保持稳定,多个实体经济领域投资呈增长态势2022年前三季度中国全行业对外直接投资额(亿美元)年前三季度中国全行业对外直接投资额(亿美元)282 264 257 318 343 342 310 292 396 345 266 296 458 358 380 408 301 322 381 05001,0001,50020182019202020212022一季度二季度三季度四季度36 38 42 44 53 41 30 39 52 48 31 32 49 53 56 49 50 48 54 05010015020

    6、020182019202020212022一季度二季度三季度四季度根据商务部数据,2022年前三季度:中国全行业对外直接投资全行业对外直接投资1,067.7亿美元亿美元,同比下降0.3%其中非金融类对外直接投资858.5亿美元亿美元,同比增长6.3%流向租赁和商务服务业293.2亿美元,同比增长26.7%;流向制造业、批发和零售业、建筑业等领域的投资也呈增长态势,例如在绿色发展领域,多家中国电动汽车及电池制造商加速海外布局,在德国、匈牙利等国家启动工厂建设,推动公司的国际化发展对“一带一路”沿线国家非金融类直接投资对“一带一路”沿线国家非金融类直接投资156.5亿美元亿美元,同比增长5.2%占

    7、同期总额的18.2%主要投向东盟国家、巴基斯坦、阿联酋、塞尔维亚和孟加拉国等*表内数据由于四舍五入的缘故,其合计数未必与总计数相等资料来源:中国商务部月度简明统计数据2022年年前三季度前三季度对“一带一路”沿线国家非金融类直接投资额对“一带一路”沿线国家非金融类直接投资额(亿美元)(亿美元)2022年前三季度中国海外投资概览第5页海外并购(M&A)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读海外并购市场持续低迷,拐点尚未显现海外并购市场持续低迷,拐点尚未显现2022年前三季度中企宣布的海外并购总额宣布的海外并购总额为234.5亿美元

    8、亿美元,同比下降49%,再创历史同期新低宣布的交易数量宣布的交易数量为379宗,同比减少6%*表内数据由于四舍五入的缘故,其合计数未必与总计数相等资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2022年10月10日下载;安永分析2022年年前三季度前三季度中企宣布的海外并购金额(亿美元)中企宣布的海外并购金额(亿美元)2391697317256285819378103310285902057623625922314204008001,20020182019202020212022一季度二季度三季度四季度2022年前

    9、三季度中国海外投资概览第6页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读行业分析行业分析按交易金额按交易金额(单位:亿美元,%为同比增长率)45%TMT36.714%先进制造与运输34.551%医疗与生命科学29.3228%采矿与金属21.445%金融服务按交易数量按交易数量(单位:宗,%为同比增长率)19%TMT519%先进制造与运输4419%金融服务4345%医疗与生命科学38111%房地产、酒店与建造2022年前三季度,按交易金额计,前三大热门行业为TMT、先进制造与运输以及医、先进制造与运输以及医疗与生

    10、命科学行业疗与生命科学行业,占总额比例达六成;采矿与金属业采矿与金属业是唯一录得增长的行业,同比大幅增加228%,达29.3亿美元。医疗与生命科学行业医疗与生命科学行业持续保持较高热度,第三季度单季成为宣布的海外并购交易金额最多的行业。70.294资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2022年10月10日下载;安永分析2022年前三季度中国海外投资概览第7页海外并购(M&A)(续)行业分析行业分析资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚

    11、未完成的交易,于2022年10月10日下载;安永分析69%31%3%41%15%8%45%54%76%31%4%52%40%16%12%15%38%24%13%19%1%79%40%9%63%33%7%1%35%27%0%20%40%60%80%100%石油与天然气电力与公用事业消费品房地产、酒店与建造金融服务采矿与金属医疗与生命科学先进制造与运输TMT亚洲欧洲北美洲大洋洲拉丁美洲非洲医疗与生命科学医疗与生命科学、石油与天然气石油与天然气、电力与公用事业电力与公用事业以及消费品消费品行业行业的区域集中度较高,分别有超过六成以上的交易金额集中于单一大洲:地缘政治因素对跨境并购的行业区域性分布也造

    12、成巨大影响。以TMT行业行业为例,自美国收紧科技行业投资政策以来,中企投向北美洲该行业占比自2019年的55%逐年下降,至今年前三季度占比已降至9%。2022年前三季度中企宣布的海外并购行业与各大洲分布(按交易金额)年前三季度中企宣布的海外并购行业与各大洲分布(按交易金额)医疗与生命科学79%集中于北美洲石油与天然气76%集中于欧洲电力与公用事业69%集中于亚洲消费品63%集中于大洋洲本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读2022年前三季度中国海外投资概览第8页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外

    13、并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析金额宗数大洲大洲亚洲82.1亿美元127宗欧洲62.7亿美元127宗北美洲55.1亿美元63宗大洋洲16.2亿美元38宗非洲8亿美元8宗拉丁美洲10.4亿美元16宗资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2022年10月10日下载;安永分析2022年前三季度中国海外投资概览第9页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析中企在亚洲宣布

    14、的并购金额排名第一,仍为最受中企欢迎的大洲主要投向韩国、日本和新加坡,占中企在亚洲宣布的并购金额的六成TMT、先进制造与运输业以及金融服务业为最受中企青睐的行业,其中TMT交易的占比达46%据IMF最新预测,亚洲发展中国家在本轮经济下行中显示出更强的韧性,印度、印度尼西亚、中国、沙特阿拉伯和土耳其为 G20国家中预计2023年增长最快的前五大国家中国“二十大”提出将推动共建“一带一路”高质量发展,亚洲国家作为重点国家,预计将持续受到中企关注同比下降59%82.1美元美元同比增加9%127宗宗亚亚洲洲主要投向荷兰、英国和意大利,占中企在欧洲宣布的并购金额超七成TMT仍为最受欢迎的行业,占总额的4

    15、2%今年以来,欧洲深受俄乌冲突影响,能源危机隐现,通货膨胀高企,货币对美元大幅贬值,中企对欧洲投资趋于审慎,今年第三季度更创下历史新低,并购金额单季首次低于10亿美元IMF预计2023年,除俄罗斯将继续延续今年经济负增长以外,德国和意大利等国也将进入衰退,因此,短期内中企投资欧洲仍需评估各方面风险,审慎决策同比下降55%62.7亿美元亿美元同比增加1%127宗宗欧欧洲洲中企在北美洲的并购交易主要集中于医疗与生命科学和先进制造与运输行业,分别占并购总额的49%和27%目前美国通货膨胀率处于近三十年来高位,经济增长动力不足,近期美联储快速加息使利率也达到十年来新高,叠加中美地缘摩擦不断,预计短期中

    16、企在美国并购交易将持续低迷同比下降24%55.1亿美元亿美元同比下降46%63宗宗北美洲北美洲资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2022年7月6日下载;世界经济展望报告,国际货币基金组织(IMF),2022年10月;安永分析2022年前三季度中国海外投资概览第10页海外并购(M&A)(续)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析目的地目的地2022年年前三季度前三季度2021年年前三季度前三季度同比同比增长增长1美国54.3

    17、 69.4-22%2荷兰23.5 58.3-60%3韩国20.1 31.5-35%4澳大利亚16.1 3.9 312%5日本14.6 14.8-2%6新加坡13.6 88.3-85%7英国12.8 31.6-59%8印度11.522.2-48%9印度尼西亚10.925.5-57%10阿根廷10.1 3.5 189%2022年年前三季度前三季度中企宣布的海外并购前十大目的地中企宣布的海外并购前十大目的地(按交易金额,亿美元)(按交易金额,亿美元)目的地目的地2022年年前三季度前三季度2021年年前三季度前三季度同比同比增长增长1美国54 100-46%2澳大利亚3613 177%3英国31 3

    18、3-6%4新加坡26 25 4%5日本26 20 30%6韩国25 17 47%7德国20 23-13%8法国13 9 44%9泰国10 3 233%10印度1011-9%2022年年前三季度前三季度中企宣布的海外并购前十大目的地中企宣布的海外并购前十大目的地(按交易数量,宗数)(按交易数量,宗数)资料来源:Refinitiv、Mergermarket,包括香港、澳门和台湾的对外并购交易,数据包括已宣布但尚未完成的交易,于2022年10月10日下载;安永分析2022年前三季度中国海外投资概览第11页对外承包工程(EPC)本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承

    19、包工程安永推荐阅读安永推荐阅读全球经济衰退风险增加,“小而美”项目未来可能更受青睐全球经济衰退风险增加,“小而美”项目未来可能更受青睐2022年前三季度,中企对外承包工程中企对外承包工程新签合同额1,470.7亿美元亿美元,同比下降7.9%完成营业额1,070亿美元亿美元,同比增加0.4%第三季度新签大项目包括某中企签约沙特最大的交通运输和公用基础设施项目(合同金额约为78.6亿人民币),以及某中企在哈萨克斯坦签约的铁矿石剥离工程(合同金额约为6.5亿美元)等综合来看,超大金额项目数量有所减少,“小而美”项目有所增加,小型项目风险相对较小,更易融资和管理,同时更贴合民生需求,利于实施与开展,是

    20、大势所趋在“一带一路”沿线国家和地区对外承包工程在“一带一路”沿线国家和地区对外承包工程新签合同额767亿美元亿美元,同比下降5.1%占新签合同总额的52.5%完成营业额573.3亿美元亿美元,同比下降7.2%占同期总额的53.6%*表内数据由于四舍五入的缘故,其合计数未必与总计数相等资料来源:中国商务部月度简明统计数据、公开信息整理446 506 554 535 474 622 553 518 569 562 478 408 430 492 435 873 1,136 1,052 989 05001,0001,5002,0002,5003,00020182019202020212022一季度

    21、二季度三季度四季度2022年年前三季度前三季度中国对外承包工程新签合同额(亿美元)中国对外承包工程新签合同额(亿美元)2022年前三季度中国海外投资概览第12页安永推荐阅读本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读1.国资智汇|国企海外并购大浪淘沙,重识商业尽调的重要性2.【PE/VC洞察】跨境电商出海观察3.中国海外投资政策与法规速递4.一键触发您的数据出境健康服务管家来了!扫描微信公众平台二维码,获取更多推荐阅读内容安永中国海外投资业务部走出去微信智库一带一路微信智库2022年前三季度中国海外投资概览安永中国海外投资业务部:全球

    22、网络China Overseas Investment Network(COIN)COIN在美洲、EMEIA(欧洲、中东、印度及非洲)和亚太各大区现有的中国业务团队的基础上,将全球的安永专业人员连接在一起,在海外投资的各个阶段,从投资计划到执行和投后整合,为中国客户提供一站式服务。国际化背景和本土化专业人才国际化背景和本土化专业人才多种语言的无缝专业服务多种语言的无缝专业服务丰富的跨国服务经验和全面的服务领域丰富的跨国服务经验和全面的服务领域全球服务网络覆盖的国家和地区协助开展海外业务的中企数量服务中企的海外项目数量*以上为过去三年的数据协助在“一带一路”共建国家开展业务的中企数量在“一带一路

    23、”共建国家协助中企参与的项目数量服务网络覆盖的“一带一路”国家和地区70+3,200+74,000+90%1,600+34,000+美洲区美洲区Americas Area加拿大美国加勒比地区以色列玻利维亚厄瓜多尔牙买加墨西哥秘鲁委内瑞拉阿根廷巴西智利CanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyK

    24、azakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimb

    25、abwe澳大利亚新西兰日本韩国文莱柬埔寨印度尼西亚老挝马来西亚缅甸菲律宾新加坡斯里兰卡泰国越南AustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnam亚太区亚太区Asia-Pacific Area奥地利比利时捷克丹麦芬兰法国德国希腊匈牙利意大利哈萨克斯坦吉尔吉斯斯坦卢森堡荷兰挪威巴基斯坦波兰葡萄牙罗马尼亚西班牙瑞典瑞士土耳其英国乌兹别克斯坦巴林埃及科威特沙特阿拉伯阿联酋印度阿尔及利亚安哥拉喀麦隆刚果民主共和国

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    29、区国际及并购重组税务咨询主管+86 10 5815 北京第14页安永|建设更美好的商业世界安永的宗旨是建设更美好的商业世界。我们致力帮助客户、员工及社会各界创造长期价值,同时在资本市场建立信任。在数据及科技赋能下,安永的多元化团队通过鉴证服务,于150多个国家及地区构建信任,并协助企业成长、转型和运营。在审计、咨询、法律、战略、税务与交易的专业服务领域,安永团队对当前最复杂迫切的挑战,提出更好的问题,从而发掘创新的解决方案。安永是指 Ernst&Young Global Limited 的全球组织,加盟该全球组织的各成员机构均为独立的法律实体,各成员机构可单独简称为“安永”。Ernst&You

    30、ng Global Limited 是注册于英国的一家保证(责任)有限公司,不对外提供任何服务,不拥有其成员机构的任何股权或控制权,亦不担任任何成员机构的总部。请登录 。2022 安永,中国。版权所有。APAC no.03015944ED None本材料是为提供一般信息的用途编制,并非旨在成为可依赖的会计、税务、法律或其他专业意见。请向您的顾问获取具体意见。 of China outbound investment of the first three quarters of 2022EY China Overseas Investment Network 16 November 2022点击

    31、浏览中文版2022年前三季度中国海外投资概览Outward direct investment generally stable with slower overseas M&A activitiesOverview of China outbound investment of the first three quarters of 2022Page 17The global economy is filled with intensified instability and increased complexity.International Monetary Fund(IMF)proje

    32、cted a worldwide slowing growth by 2.3%in 2023.Developed countries might experience an estimated growth by 1.1%while emerging and developing countries by 3.7%.Against this backdrop,more challenges would be expected for international development of Chinese enterprises.In China,the 20th National Congr

    33、ess concluded with clear messages for upholding the national fundamental strategy of opening up,economic globalization and true multilateralism.Some development directions were outlined,for example,to further improve the international circulation,jointly build new momentum for global development,str

    34、engthen cooperation with developing countries,and promote quality development of the Belt and Road Initiative(BRI).Chinese enterprises will continue going out for long-term development through international cooperation and competition,so as to improve core competitiveness in line with the favorable

    35、national policy,tap market potential and enhance international presence.Loletta ChowGlobal Leader of EY China Overseas Investment NetworkPage 17Overview of China outbound investment of the first three quarters of 2022Page 18SummarySummaryODIM&AsEPCEY Recommended readingsSources:1.China MOFCOM.2.Refi

    36、nitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisODI1China overall outward direct investment(ODI)reached US$106.8 billion in the first three quarters of 2022,down 0.3%year-on-y

    37、ear(YOY)and the Q3 figure increased 10%from that of Q2.The non-financial ODI reached US$85.9 billion,up 6.3%YOY.The Beltand Road(B&R)non-financial ODI increased 5.2%YOY to US$15.7 billion.Overseas M&As2The value of announced China overseas mergers and acquisitions(M&As)reached US$23.5 billion,down 4

    38、9%YOY to a historic lowcompared to the same period in the past years.There were 379 China announced overseas M&A deals in the first three quarters of the year,down 6%YOY.Sector-wise by deal value,the top three sectors were TMT*,advanced manufacturing&mobility,and health care&life sciences.Mining&met

    39、als was the only sector recording an increase by deal value during the period at 228%YOY.The consumer products sector experienced the largest decline at 83%by deal value among all sectors during the period.Asia was again the top overseas M&A destination during the period,recording the highest deal v

    40、alue and volume among all major continents.Deal activities of China enterprises in Europe sharply decreased amid the shadow cast by tension between Russia and Ukraine.In Q3 2022,the deal value recorded in Europe reached a historic low to,for the first time,less than US$1 billion in a single quarter.

    41、Overseas EPC1Newly-signed China overseas engineering,procurement and construction(EPC)projects decreased 7.9%YOY to US$147.1 billion.*The TMT sector refers to technology,media&entertainment and telecommunicationsOverview of China outbound investment of the first three quarters of 2022Page 19ODISumma

    42、ryODIM&AsEPCEY Recommended readingsODI develops steadily with investment in some real-economy sectors show increasesChina overall ODI in the first three quarters of 2022(US$billion)According to China MOFCOM statistics,in the first three quarters of 2022China overall ODI reached US$106.8b,down0.3%YOY

    43、.China non-financial ODI reached US$85.9b,up 6.3%YOY.Investments in leasing and business services reached US$29.3 billion(up 26.7%YOY)and those in manufacturing,wholesale&retail,construction and other sectors were also on the rise.For instance,in the green development realm,a number of Chinese elect

    44、ric vehicle and battery manufacturers have raised factory capacities in countries like Germany and Hungary for increased overseas presence and business development.The B&R non-financial ODI reached US$15.7b,up 5.2%YOY.Representing 18.2%of the totalMainly in ASEAN,Pakistan,the United Arab Emirates,Se

    45、rbia and BangladeshChina non-financial ODI along the B&R in the first three quarters of 2022(US$billion)*Remark:The round-up statistics in this article may not add to the actual totals.Source:Monthly Statistics in Brief,China MOFCOM28.226.425.731.834.334.231.029.239.634.526.629.645.835.838.040.830.1

    46、32.238.105010015020182019202020212022Q1Q2Q3Q43.63.84.24.45.34.13.03.95.24.83.13.24.95.35.64.95.04.85.40510152020182019202020212022Q1Q2Q3Q4Overview of China outbound investment of the first three quarters of 2022Page 20SummaryODIM&AsEPCEY Recommended readingsM&AsChina overseas M&As continued to slow

    47、without turning point in sight In the first three quarters of 2022,China overseas M&A reached US$23.5b,down 49%YOY to a historic low compared to the same period in the past years.There were 379announced deals,down 6%YOY.Value of announced China overseas M&As in the first three quarters of 2022(US$bi

    48、llion)23.916.97.317.25.628.58.19.37.810.331.028.59.020.57.623.625.922.314.20408012020182019202020212022 Q1 Q2 Q3 Q4*Remark:The round-up statistics in this article may not add to the actual totals.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been a

    49、nnounced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three quarters of 2022Page 21Sector analysisIn the first three quarters of 2022,the top three sectors of China overseas M&As were TMT,advanced manufacturing&mobility,an

    50、d health care&life sciences,collectively accounting for 60%of the total value.Mining&Metals was the only sector to see growth,up 228%YOY to US$2.9 billion.Notably,the health care&life sciences sector remained quite popular recording the largest value of announced overseas M&As in Q3 2022.M&AsSummary

    51、ODIM&AsEPCEY Recommended readingsBy deal value(US$billion,%YOY)45%TMT3.714%Advanced manufacturing&mobility3.551%Health care&life sciences2.9228%Mining&metals2.145%Financial servicesBy deal volume(Number of deals,%YOY)19%TMT519%Advanced manufacturing&mobility4419%Financial services 4345%Health care&l

    52、ife sciences38111%Real estate,hospitality&construction7.094Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three

    53、 quarters of 2022Page 22Sector analysisM&AsSummaryODIM&AsEPCEY Recommended readingsSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysis69%31%3%41%15%8%45%54%76%31%4%52

    54、%40%16%12%15%38%24%13%19%1%79%40%9%63%33%7%1%35%27%0%20%40%60%80%100%Oil&gasPower&utilitiesConsumer productsReal estate,hospitality&constructionFinancial servicesMining&metalsHealth care&life sciencesAdvanced manufacturing&mobilityTMTAsiaEuropeNorth AmericaOceaniaLatin AmericaAfricaGeographical dist

    55、ribution of China announced overseas M&As by sector in the first three quarters of 2022(by deal value)By deal value,the health care&life sciences,oil&gas,power&utilities,as well as consumer products sectors recorded a higher regional concentration,with over 60%of the deal value in each of these sect

    56、ors being made on a single continent.Geopolitics considerably impacted the geographical distribution of cross-border M&A activities of Chinese enterprises.For instance,following the more stringent investment policies concerning the US technology sector,less TMT M&A deals by value were made in the US

    57、,from 55%of the total China overseas TMT M&As in 2019 to 9%in the first three quarters of 2022.79%of health care&life sciences is concentrated inNorth America76%of oil&gas is concentrated in Europe69%of power&utilities is concentrated in Asia63%of consumer products is concentrated in OceaniaOverview

    58、 of China outbound investment of the first three quarters of 2022Page 23SummaryODIM&AsEPCEY Recommended readingsM&AsContinentDeal value Deal volumeAsiaUS$8.2b127EuropeUS$6.3b127North AmericaUS$5.5b63OceaniaUS$1.6b38AfricaUS$800m8LatinAmericaUS$1.0b16Geographical analysisSources:Refinitiv;Mergermarke

    59、t,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three quarters of 2022Page 24Asia was still the top destination for China overseas M&As.The i

    60、nvestments were made mainly in South Korea,Japan and Singapore,accounting for 60%of the total in Asia.TMT,advanced manufacturing&mobility and financial services were the top sectors for investment by Chinese enterprises in Asia,with TMT accounting for 46%of the total in the continent.With reference

    61、to the IMF forecasts,developing countries in Asia showed greater resilience in the current economic slowdown.India,Indonesia,China,Saudi Arabia and Turkey were expected to be the top five fast-growing G20 countries in 2023 and they are situated in Asia.The 20th National Congress of China continued t

    62、o promote quality development of the BRI.Countries in Asia may further attract attention of Chinese investors.EuropeThe investments were mainly made in the Netherlands,the UK and Italy,accounting for over 70%of the total in Europe.TMT remained the top sector,accounting for 42%of the total.This year,

    63、the tension between Russia and Ukraine and its impacts have deeply affected the economy of Europe and energy supply.There were also high inflation rates and sharp currency depreciation against the US dollar.Chinese enterprises have become cautious in investing in Europe.In Q3 2022,the deal value rea

    64、ched a record low to,for the first time,less than US$1 billion in a single quarter.With reference to the IMF forecasts,Russia will likely continue its negative economic growth since this year while other countries,such as Germany and Italy,might enter a recessionary cycle in 2023.Hence,in the short-

    65、run,it is essential to thoroughly assess the risk portfolio before prudent decision is made for cross-border investment.AsiaThe investments were mainly made in the sectors of health care&life sciences and advanced manufacturing&mobility,accounting for 49%and 27%of the total in North America respecti

    66、vely.Inflation in the US was among the highest levels in almost three decades and its economy might not have sufficient momentum for growth.The Federal Reserve has increased interest rates to higher levels in a decade whilst geopolitical uncertainty between China and the US has been on the rise.In t

    67、he short-run,China M&As in the US may further slow.North AmericaM&AsSummaryODIM&AsEPCEY Recommended readingsdown 59%YOYUS$8.2bup 9%YOY127 dealsdown 55%YOYUS$6.3bup 1%YOY127 dealsGeographical analysisdown 24%YOYUS$5.5bdown 46%YOY63 dealsSources:Refinitiv;Mergermarket,including data from Hong Kong,Mac

    68、au and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;World Economic Outlook,October 2022,IMF;EY analysisOverview of China outbound investment of the first three quarters of 2022Page 25DestinationFirst 3Qs of 2022First 3Qs of 2021%YOY1US54 100-

    69、46%2Australia3613 177%3UK31 33-6%4Singapore26 25 4%5Japan26 20 30%6South Korea25 17 47%7Germany20 23-13%8France13 9 44%9Thailand10 3 233%10India1011-9%SummaryODIM&AsEPCEY Recommended readingsM&AsGeographical analysisTop 10 destinations of China overseas M&As in the first three quarters of 2022(By de

    70、al value:US$billion)Top 10 destinations of China overseas M&As in the first three quarters of 2022(By deal volume)DestinationFirst 3Qs of 2022First 3Qs of 2021%YOY1US5.4 6.9-22%2Netherlands2.4 5.8-60%3South Korea2.0 3.2-35%4Australia1.6 0.4 312%5Japan1.5 1.5-2%6Singapore1.4 8.8-85%7UK1.3 3.2-59%8Ind

    71、ia1.22.2-48%9Indonesia1.12.6-57%10Argentina1.0 0.4189%Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three quar

    72、ters of 2022Page 26EPCRelatively smaller and promising EPC projects might be more attractive amid rising risk of global economic slowdown In the first three quarters of 2022,China overseas EPCNewly-signed projects reached US$147.1b,down 7.9%YOY.Turnover was US$107b,down 0.4%YOY.For instance,a Chines

    73、e enterprise recently signed up the largest transportation and public infrastructure project in Saudi Arabia that had a contract value of RMB7.9 billion.Another Chinese enterprise signed up a project related to iron ore exploration in Kazakhstan that had a contract value of about US$650 million.Over

    74、all,the volume of newly-signed mega-scale projects decreased and that of relatively smaller and promising projects increased.Relatively smaller projects are generally less risky,more financeable and manageable,whilst being close to peoples livelihood and needs.These beneficial factors might lead to

    75、higher priority for relatively smaller projects going forward.Value of EPC contracts in the B&R countries and regionsThe newly-signed projects reached US$76.7b,down 5.1%YOY,accounting for 52.5%of the total.Turnover was US$57.3b,down 7.2%YOY,accounting for 53.6%of the total.*Remark:The round-up stati

    76、stics in this article may not add to the actual totals.Sources:Monthly Statistics in Brief,China MOFCOM;public domain informationValue of newly-signed China overseas EPC contracts in the first three quarters of 2022(US$billion)SummaryODIM&AsEPCEY Recommended readings44.650.655.453.547.462.255.351.85

    77、6.956.247.840.843.049.243.587.3113.6105.298.905010015020025030020182019202020212022Q1Q2Q3Q4Overview of China outbound investment of the first three quarters of 2022Page 27EY recommended readings1.Overseas M&A of state-owned enterprises recognizing the importance of business due diligence2.【PE/VC Ins

    78、ights】Observation on cross-border e-commerce3.China outbound policy and regulation tracker4.Check Cyber GalaxyAssist you with outbound data transferAbove are in Chinese language.SummaryODIM&AsEPCEY Recommended readingsDownload the WeChat app on your smart device to scan and follow EY COIN WeChat and

    79、 WeChat Insights Libraries(Chinese language)China Overseas Investment NetworkGoing-abroad InsightsBelt and Road InsightsOverview of China outbound investment of the first three quarters of 2022Page 28COIN links EY professionals around the globe,building on the existing China Business Group in the Am

    80、ericas,EMEIA and Asia-Pacificareas,and provides Chinese clients with one-stop services,covering all stages of overseas investment,from planning to executionand post-deal integrationGlobal reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and fu

    81、ll coverage of services70+Countries and territories in the EY global service network3,200+Clients assisted globally74,000+Overseas engagements*Data from the last 3 years90%1,600+Clients assisted in B&R countries34,000+Projects assisted in B&R countriesCountries and regions along the B&R欧洲、中东、印度及非洲区欧

    82、洲、中东、印度及非洲区EMEIA Area美洲区美洲区Americas Area加拿大美国加勒比地区以色列玻利维亚厄瓜多尔牙买加墨西哥秘鲁委内瑞拉阿根廷巴西智利CanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwa

    83、yPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabwe澳大利亚新西兰日本韩国文莱柬埔寨印度尼西亚老挝马来西亚缅甸菲律宾新加坡斯里兰卡泰国

    84、越南AustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnam亚太区亚太区Asia-Pacific Area奥地利比利时捷克丹麦芬兰法国德国希腊匈牙利意大利哈萨克斯坦吉尔吉斯斯坦卢森堡荷兰挪威巴基斯坦波兰葡萄牙罗马尼亚西班牙瑞典瑞士土耳其英国乌兹别克斯坦巴林埃及科威特沙特阿拉伯阿联酋印度阿尔及利亚安哥拉喀麦隆刚果民主共和国埃塞俄比亚利比亚莫桑比克尼日利亚南非南苏丹乌干达赞比亚津巴布韦Page 28China O

    85、verseas Investment Network(COIN)Global networkOverview of China outbound investment of the first three quarters of 2022Page 29ChinaChina Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:AmericasAsia-Pacific EMEIAQinghua Xu-pion

    86、chonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-Paris,FranceYi SunEurope West COIN Leader+49 211 9352 Dusseldorf,GermanySuwin LeeThe United Kingdom and Ireland COIN Leader+44 20 7951 London,UKJohn LiOceania COIN Leader+61 2 9248 Sydney,AustraliaShau ZhangAmericas Area COIN Leader+1 617 375 Bosto

    87、n,USAEric XiaoCanada COIN Leader+1 416 943 Toronto,CanadaFernanda ChangSouth America COIN Leader+55 11 9625 San Paulo,BrazilAdrian KohASEAN COIN Leader+65 6309 SingaporeLoletta ChowGlobal COIN Leader+852 2629 Hong KongErica SuStrategy and Transaction Services Leader,Greater China+86 21 2228 Shanghai

    88、Jesse LvGlobal COIN Tax Leader+86 21 2228 2798 ShanghaiAlex Zhu Energy&Resources Co-leader,Greater ChinaStrategy and Transaction Services Leader,China North+86 10 5815 BeijingJulie HaoCo-LeaderChina Tax Outbound Center+86 10 5815 2805 BeijingLawrence Lau Financial Accounting Advisory Services Leader

    89、,Greater China+86 21 2228 ShanghaiMichelle HoCOIN DirectorEY Japan Co.Ltd+81 70 2462 TokyoWood ZhangAudit PartnerErnst&Young Hua Ming LLP+86 10 5815 BeijingSteven XiongBusiness Consulting Leader,Greater China+86 755 22385818 KunmingJack ChanChairman,ChinaRegional Managing Partner,Greater ChinaMember

    90、 of The Global Executive+86 10 5815 BeijingSoon Yen ChongInternational Tax and Transaction Services PartnerErnst&Young(China)Advisory Limited+86 21 ShanghaiAreas/RegionsAndrew ChoyInternational Tax and Transaction Services Leader,Greater China+86 10 5815 BeijingEY|Building a better working worldEY e

    91、xists to build a better working world,helping to create long-term value for clients,people and society and build trust in the capital markets.Enabled by data and technology,diverse EY teams in over 150 countries provide trust through assurance and help clients grow,transform and operate.Working acro

    92、ss assurance,consulting,law,strategy,tax and transactions,EY teams ask better questions to find new answers for the complex issues facing our world today.EY refers to the global organization,and may refer to one or more,of the member firms of Ernst&Young Global Limited,each of which is a separate le

    93、gal entity.Ernst&Young Global Limited,a UK company limited by guarantee,does not provide services to clients,nor does it own or control any member firm or act as the headquarters of any member firm.Information about how EY collects and uses personal data and a description of the rights individuals h

    94、ave under data protection legislation are available via member firms do not practice law where prohibited by local laws.For more information about our organization,please visit .2022 Ernst&Young,China.All Rights Reserved.APAC no.03015944 ED None.This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting,tax,legal or other professional advice.Please refer to your advisors for specific us on WeChatScan the QR code and stay up-to-date with the latest EY news.

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