安永：2023年一季度中国海外投资概览报告（29页）.pdf

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1、2023年一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2023年5月8日Click for EnglishOverview of China outbound investment of Q1 2023中国对外直接投资开局良好海外并购活动持续低迷2023年一季度中国海外投资概览第2页2023年一季度国际金融市场持续动荡，今年全球经济增长预期继续被调低至2.8%1，尽管发达国家通货膨胀率较前期高位有所回落，但普遍距各国目标仍有较大差距，因此短期内主要国家高利率环境预计或将持续，这也将进一步加剧全球经济下行压力。加之地缘政治风险对投资和经济产出的割裂影响正在扩大，中企“走出去

2、”仍面临较有挑战的外部环境。另一方面，中国经济今年呈现出恢复向好的态势，消费增速由负转正，外贸进出口逐月向好，全行业对外直接投资同比录得较大幅度增长。随着中国经济一季度平稳开局，在高水平对外开放的推动下，中企跨境投资的热度有望进一步提升。此外，一季度以来中国与众多国家展开的高层互动也将为中企的海外发展提供更多的方向和机遇。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页资料来源：1.世界经济展望报告，国际货币基金组织（IMF），2023年4月2023年一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程安永推

3、荐阅读安永推荐阅读资料来源：2.中国商务部；3.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2023年4月3日下载；安永分析中国全行业对外直接投资404.7亿美元，同比大幅增长18%；非金融类对外直接投资315.4亿美元，同比增长17.2%，其中对“一带一路”沿线国家非金融类直接投资57.6亿美元，同比增长9.5%。对外直接投资对外直接投资2中企宣布的海外并购总额仅为34.9亿美元，为近年单季新低，同比下降26%；宣布的交易数量为116宗，同比下降4%。从行业角度，按金额前三大热门行业为先进制造与运输，房地产、酒店与建造业

4、以及TMT*，占总额比例达73%。先进制造与运输业为五年来首次成为最受欢迎的行业，逆势增长87%；按交易数量，前三大热门行业为TMT、先进制造与运输以及金融服务，占总量的61%。从区域来看，亚洲仍最受欢迎，交易金额与数量均位列第一，按金额计，最受中企欢迎的十大目的地中有四个来自亚洲，分别为越南、阿曼、日本和韩国；本期各大洲中仅有拉丁美洲交易金额录得增长（+13%），交易数量仅有亚洲录得增长（+38%）。海外并购海外并购3对外承包工程新签合同额431.5亿美元，同比下降9%，“一带一路”新签合同额占比大幅提高，较去年同期提高7.2个百分点；完成营业额316.6亿美元，同比增长9.2%。对外承包工

5、程对外承包工程2*TMT行业包括科技、媒体和娱乐以及通信业2023年一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推荐阅读安永推荐阅读对外直接投资开对外直接投资开局良好，局良好，录得两位数增长录得两位数增长中国全行业对外直接投资额（亿美元）中国全行业对外直接投资额（亿美元）264 257 318 343 405 310 292 396 345 296 458 358 380 301 322 381 397 05001,0001,50020192020202120222023一季度二季度三季度四季度38 42

6、 44 53 58 30 39 52 48 32 49 53 56 50 48 54 53 05010015020020192020202120222023一季度二季度三季度四季度数据显示，2023年一季度：中国全行业对外直接投资全行业对外直接投资404.7亿美元亿美元，同比增长18%其中非金融类对外直接投资315.4亿美元亿美元，同比增长17.2%部分行业对外投资增长较快，投向批发和零售业以及交通运输、仓储和邮政业的投资，分别同比增长31.4%以及24.4%。对“一带一路”沿线国家对“一带一路”沿线国家非金融类直接投资非金融类直接投资57.6亿美元亿美元，同比增长9.5%占同期总额的18.3

7、%。主要投向东盟国家、塞尔维亚、阿拉伯联合酋长国和哈萨克斯坦等国家和地区。注：图表数据统一保留至整数位，并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对“一带一路”沿线国家非金融类直接投资额（亿美元）对“一带一路”沿线国家非金融类直接投资额（亿美元）210582031781504051,4651,4521,3291,1712023年一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金额继续走低，先进制造与运输为最受欢迎的行业海外并购金额继续走低，先进制

8、造与运输为最受欢迎的行业2023年一季度中企宣布的海外并购总额宣布的海外并购总额仅为34.9亿美元亿美元，为近年单季新低，同比下降26%，宣布的交易数量，宣布的交易数量为116宗，同比减少4%。注：图表数据统一保留至整数位，并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2023年4月3日下载；安永分析中企宣布的海外并购金额中企宣布的海外并购金额（亿美元）（亿美元）16973167473576937992285 90 197 99 252 160 139 79 02004

9、0060080020192020202120222023一季度二季度三季度四季度中企宣布的海外并购宗数中企宣布的海外并购宗数141 123 140 121 116 156 153 122 138 171 118 138 136 180 140 135 140 020040060080020192020202120222023一季度二季度三季度四季度648534535535116318582416782352023年一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2023年一季度按交易金额

10、计，前三大热门行业为先进制造与运输先进制造与运输，房地房地产、酒店与建造业产、酒店与建造业以及TMT，共占总交易额的73%。先进先进制造与运输制造与运输和房地产、酒店与建造房地产、酒店与建造行业录得较大同比增长，分别为87%和191%。本期主要交易包括：1）某中企收购知名瑞士企业旗下位于美国的电力转换部门，以完善自身产品组合，加速其在电源行业的升级和在北美洲市场的发展；2）某中国不动产管理公司认购位于越南的某物流、工业新经济地产平台；3）某中企收购埃及某集装箱码头部分股份，进一步强化了其在埃及的码头网络；4）某中企收购德国某汽车零部件企业，促进该中企产业链整合，夯实其在电动车领域的发展优势。按

11、交易数量计，前三大热门行业为TMT、先进制造与运输先进制造与运输以及金融服务金融服务，占总量的61%。其中，TMT行业交易数量同比增长34%，但TMT行业未披露金额的交易占比与去年同期相比上升了七个百分点，这也是导致交易金额不升反降的部分原因。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2023年4月3日下载；安永分析先进制造与运输27%房地产、酒店与建造26%TMT20%医疗与生命科学11%金融服务7%其他9%按交易金额按交易金额前五大行业前五大行业宗数宗数同比同比增长率增长率1 TMT43+34%2先进制造与

12、运输15-12%3 金融服务13-19%4 消费品11持平5医疗与生命科学9-36%按交易数量按交易数量TMT37%先进制造与运输13%金融服务11%消费品9%医疗与生命科学8%其他22%行业行业分析分析前五大行业前五大行业金额金额（亿美元）（亿美元）同比同比增长率增长率1 先进制造与运输9.5+87%2 房地产、酒店与建造9.2+191%3 TMT6.8-58%4 医疗与生命科学3.7+4%5 金融服务2.6-62%2023年一季度中国海外投资概览第7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

13、分析金额宗数大洲大洲亚洲10.1亿美元51宗欧洲9.5亿美元32宗北美洲9亿美元21宗大洋洲1.2亿美元3宗非洲3.8亿美元4宗拉丁美洲1.3亿美元5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2023年4月3日下载；安永分析2023年一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本期中企在亚洲宣布的交易金额与数量均位列第一，并且是交易数量唯一录得增长的大洲。在最受中企青睐的前十大目的地

14、中，有四个来自亚洲，分别为越南、阿曼、日本和韩国，四国占中企在亚洲宣布的并购总额的87%。一季度，中国与东盟的合作关系进一步深化，菲律宾总统、柬埔寨首相、东盟秘书长以及新加坡和马来西亚两国总理相继访华，各方与中国分别探讨了多领域的合作意向，未来东盟仍将为中企国际化发展的重点区域，尤其在基础设施、绿色和数字经济以及金融等方面有较好的发展前景和增长机遇。同比下降34%10.1亿亿美元美元同比增长38%51宗宗亚亚洲洲主要投向英国（房地产、酒店与建造业）和德国（先进制造与运输业），两国的交易金额占中企在欧洲宣布的并购总额的86%。2023年一季度，欧洲通货膨胀有所缓解，IMF对欧元区2023年最新经

15、济增长预期为0.8%1，较今年1月的预测高0.1个百分点。近期中国与欧洲高级领导人也互动频繁，在经贸领域合作有升温趋势，西班牙首相、欧盟委员会主席和法国总统先后访华。其中，中西签署了教育、海关、体育等多项双边合作文件；中法一致同意深化农食、航空航天、民用核能等传统合作，并培育绿色发展、科技创新等新合作增长点。同比下降39%9.5亿美元亿美元同比下降24%32宗宗欧欧洲洲2023年一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北美的投资主要投向TMT以及医疗与生命科

16、学行业，两行业并购金额占中企在北美洲投资总额的94%。虽然本期中国在美国的并购金额降幅趋缓，但在中美关系遭遇困难的当下，地缘政治因素仍对中企在北美洲的投资有较大的制约效应。同比下降6%9亿美元亿美元同比下降9%21宗宗北美洲北美洲主要交易为某中企收购埃及某集装箱码头部分股份的交易。同比增长13%1.3亿美元亿美元同比下降29%5宗宗拉丁美洲拉丁美洲主要投向澳大利亚的采矿与金属行业。同比下降28%1.2亿美元亿美元同比下降63%3宗宗大洋洲大洋洲同比下降11%3.8亿美元亿美元与去年持平4宗宗非洲非洲为本期唯一交易金额录得增长的大洲。近期巴西新上任总统访华，中巴双方发表了关于深化全面战略伙伴关系

17、的联合声明，并同意将围绕基础设施、能源转型、物流、能源、矿业、农业、工业以及高科技等领域加强投资与经贸合作，并签署了一系列合作协议。巴西作为拉丁美洲经济总量最大和人口最多的国家，与中国深化经贸合作将具有示范作用，或将推动中国与其他拉丁美洲国家的合作。2023年一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2023年年一季度一季度2022年年一季度一季度同比同比增长率增长率1美国9.09.4-4%2英国4.91.4+254%3越南4.5-/4埃及3.80.0

18、3+13,789%5德国3.31.2+163%6阿曼1.9-/7日本1.40.6+127%8秘鲁1.3-/9澳大利亚1.21.6-23%10韩国0.96.0-86%2023年一季度中企宣布的海外并购前十大目的地年一季度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2023年年一季度一季度2022年年一季度一季度同比同比增长率增长率1美国1719-11%2新加坡153+400%3日本912-25%4德国87+14%5韩国611-45%6马来西亚63+100%7法国53+67%8英国56-17%9印度52+150%10加拿大44-10瑞士41+300%202

19、3年一季度中企宣布的海外并购前十大目的地年一季度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2023年4月3日下载；安永分析2023年一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包工程安永推荐阅读安永推荐阅读对外承包工程项目稳步发展，助力多国经济发展对外承包工程项目稳步发展，助力多国经济发展2023年一季度，中企对外承包工程中企对外承包工程新签合同额431.5亿美

20、元亿美元，同比下降9%在“一带一路”沿线国家和地区，新签合同额255.4亿美元亿美元，同比增长3.7%，占同期总额的59.2%，较去年同期提高7.2个百分点。完成营业额316.6亿美元亿美元，同比增长9.2%在“一带一路”沿线国家和地区完成营业额170.1亿美元亿美元，同比增长6.5%，占同期总额的53.7%。一季度中企在海外新签大项目包括：1）乌兹别克斯坦太阳能光伏电站合作协议（投资总额约20亿美元）；2）刚果（金）城市铁路项目（合同金额约9.7亿美元）；3）沙特海水淡化和营地项目（合同金额约6.5亿美元）；4）尼日利亚水泥生产线项目（合同金额约5.8亿美元）4。注：图表数据统一保留至整数位

21、，并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506 554 535 474 432 553 518 569 562 408 430 492 435 1,136 1,052 989 1,060 05001,0001,5002,0002,5003,00020192020202120222023一季度二季度三季度四季度2023年一季度中国对外承包工程新签合同额（亿美元）年一季度中国对外承包工程新签合同额（亿美元）4.资料来源：公开信息整理2,6034322,5312,5552,585331280301290317 37232637841631830739536

22、470864747548005001,0001,5002,00020192020202120222023一季度二季度三季度四季度2023年年一季度一季度中国对外承包工程完成中国对外承包工程完成营业营业额（亿美元）额（亿美元）3171,5501,5491,7291,5602023年一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.【安永观察】投资越南北部的机遇与挑战2.安永BEPS学堂精彩回顾3.安永绿色税收跟踪报告4.【安永税务】比利时财政部长发布税收改革提案5.澳大利亚财政部出台资本弱化新规6

23、.博鳌时间|“一带一路”机遇：中国与东盟融合发展，绿色和数字领域迸发新活力7.博鳌时间|全球产业链供应链新态势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2023年一季度中国海外投资概览第13页安永中国海外投资业务部：全球网络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

24、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”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 RegionIsr

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32、讯。Overview of China outbound investment of Q1 2023EY China Overseas Investment Network 8 May 2023点击浏览中文版2023年一季度中国海外投资概览China outward direct investment made a positive start,while overseas M&A activities remain sluggishOverview of China outbound investment of Q1 2023Amid the volatile international f

33、inancial market in Q1 2023,the global economy was projected to increase 2.8%1.Inflation pressure appeared to have eased from previous heights among advanced economies.Yet,the gap from the target level is still there and,therefore,interest rates among key economies might be kept relatively higher in

34、the near term and the global economic downward pressure might continue.In addition,the fragmented impact of geopolitical risks on investment and economic output is expanding,posing challenges for Chinese enterprises going abroad.On the other hand,Chinas economy has shown signs of recovery this year,

35、with consumption growth turning positive,foreign trade improving month by month,and ODI recording a significant YOY growth in Q1.With the steady economic development of China in Q1 and the promotion of high-level opening-up,the momentum of China outbound investment is expected to further increase.Mo

36、reover,the high-level interactions between China and many countries in the early 2023 may also provide increased direction and opportunities for Chinese enterprises seeking overseas development.Loletta ChowGlobal Leader of EY China Overseas Investment NetworkPage 2Source:1.World Economic Outlook,IMF

37、,January 2023Overview of China outbound investment of Q1 2023SummarySummaryODIOverseas M&AsOverseas EPCSources:2.China MOFCOM.3.Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 3 April 2023;EY analys

38、isODI2China overall outward direct investment(ODI)was US$40.5 billion in the first quarter of(Q1)2023,representing a significant year-on-year(YOY)increase of 18%.The non-financial ODI was US$31.5 billion,up 17.2%YOY.The Belt and Road(B&R)non-financial ODI increased 9.5%YOY to US$5.8 billion.Overseas

39、 M&As3The value of announced China overseas mergers and acquisitions(M&As)was only US$3.5 billion,down 26%YOY to a recent quarterly low.The number of announced deals decreased by 4%to 116.Sector-wise by deal value,73%of the total took place in the top three sectors,namely advanced manufacturing&mobi

40、lity,real estate,hospitality&construction,and TMT*.The advanced manufacturing&mobility sector saw anunexpected growth of 87%,becoming the most popular sector for the first time in five years.By deal volume,61%ofthe total took place in the top three sectors,namely TMT,advanced manufacturing&mobility,

41、and financial services.From a regional perspective,Asia remains the most popular,with both deal value and volume ranking first among allcontinents.Of the top 10 destinations for Chinese enterprises,four were from Asia,including Vietnam,Oman,Japanand South Korea.Overseas EPC2Newly-signed China overse

42、as engineering,procurement&construction(EPC)projects decreased 9%YOY to US$43.2 billion.However,the proportion of newly signed B&R EPC projects increased considerably,up 7.2 percentage points YOY.Completed turnover of China overseas EPC projects totaled US$31.7 billion,up 9.2%YOY.*The TMT sector ref

43、ers to technology,media&entertainment and telecommunicationsPage 3Overview of China outbound investment of Q1 2023ODISummaryODIOverseas M&AsOverseas EPCODI made a positive start,recording double-digit increase China overall ODI(US$billion)Statistics shows that in Q1 2023,China overall ODI reached US

44、$40.5b,up18%YOY.China non-financial ODI reached US$31.5b,up 17.2%YOY.Some industries saw faster growth in ODI,with investments in wholesale&retail industry and transportation,warehousing and postal services increasingby 31.4%and 24.4%,respectively.The B&R non-financial ODI reached US$5.8b,up 9.5%YOY

45、.Representing 18.3%of the total.Mainly invested in countries and regions such as ASEAN,Serbia,the UnitedArab Emirates and Kazakhstan.China non-financial ODI along the B&R(US$billion)Note:Due to rounding,the total may not be equal to the sum of individual quarters.Sources:Monthly Statistics in Brief,

46、China MOFCOM;China MOFCOM26.425.731.834.340.531.029.239.634.529.645.835.838.030.132.238.139.705010015020192020202120222023Q1Q2Q3Q43.84.24.45.35.83.03.95.24.83.24.95.35.65.04.85.45.30510152020192020202120222023Q1Q2Q3Q4117.1132.9145.2146.540.515.017.820.321.05.8Page 4Overview of China outbound investm

47、ent of Q1 2023SummaryODIOverseas M&AsOverseas EPCOverseas M&AsChina overseas M&As continued to decrease with advanced manufacturing&mobility as the most popular sectorIn Q1 2023 The value of announced China overseas M&As was only US$3.5b,down 26%YOY to a recent quarterly low.The number ofannounced d

48、eals decreased by 4%to 116.Value of announced China overseas M&As(US$billion)Volume of announced China overseas M&As Note:Due to rounding,the total may not be equal to the sum of individual quarters.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have bee

49、n announced but not yet completed,data was downloaded on 3 April 2023;EY analysis16.97.316.74.73.57.69.37.99.228.59.019.79.925.216.013.97.902040608020192020202120222023Q1Q2Q3Q4141123140121116156153122138171118138136180140135140020040060020192020202120222023Q1Q2Q3Q478.241.658.231.83.5648534535535116P

50、age 5Overview of China outbound investment of Q1 2023Sector analysisIn Q1 2023 By deal value,the top three sectors were advanced manufacturing&mobility,real estate,hospitality&construction,and TMT,accountingfor 73%of the total deal value.Larger increases were recorded in thesectors of advanced manuf

51、acturing&mobility,and real estate,hospitality&construction,up 87%and 191%YOY,respectively.Somemajor deals during this period include:1)a Chinese enterprise acquiredthe power conversion division of a known Swiss company located in theUS to improve its product portfolio,accelerate its development in t

52、hepower industry and North American market;2)a Chinese real estatemanagement enterprise acquired a minority stake of a logistics andindustrial new economic real estate platform in Vietnam;3)a Chineseenterprise acquired partial shares of a container terminal in Egypt,tofurther strengthen its terminal

53、 portfolio;4)a Chinese company acquireda German automotive parts company to promote its industrial chainintegration and consolidate its development advantages in the field ofelectric vehicles.By deal volume,61%of the total took place in the top three sectors,namely TMT,advanced manufacturing&mobilit

54、y,and financialservices.The number of TMT deals increased 34%YOY,but theproportion of undisclosed transactions increased by seven percentagepoints compared to the same period last year,which is also part of thereason for the decrease in value of TMT deals.Overseas M&As(contd)Sources:Refinitiv;Merger

55、market,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 3 April 2023;EY analysisTMT37%AMM13%FS11%CP9%HCLS8%Others22%AMM27%RHC26%TMT20%HCLS11%FS7%Others9%By deal valueBy deal volumeTop 5 sectors*Value US$mYOY%1AMM949+87%2RH

56、C918+191%3TMT680-58%4HCLS372+4%5FS260-62%Top 5 sectors*VolumeYOY%1 TMT43+34%2 AMM15-12%3 FS13-19%4 CP11Unchanged5 HCLS9-36%*AMM refers to advanced manufacturing&mobility;RHC refers to real estate,hospitality&construction;HCLS refers to health care&life sciences;FS refers to financial services;CP ref

57、ers to consumer products.SummaryODIOverseas M&AsOverseas EPCPage 6Overview of China outbound investment of Q1 2023Overseas M&As(contd)ContinentDeal value Deal volumeAsiaUS$1,005m51EuropeUS$952m32North AmericaUS$903m21OceaniaUS$123m3AfricaUS$375m4Latin AmericaUS$134m5Regional analysisSources:Refiniti

58、v;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 3 April 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 7Overview of China outbound investment of Q1 2023In Q1 2023,the deal value and volume announce

59、d by Chineseenterprises in Asia both ranked first.Asia is the only continent torecord an increase in deal volume.Among the top 10 destinations favored by Chinese enterprises,four were from Asia,namely Vietnam,Oman,Japan and SouthKorea,collectively accounting for 87%of the total value in Asia.In this

60、 quarter,the cooperation between China and ASEANfurther deepened,with the President of the Philippines,thePrime Minister of Cambodia,the Secretary-General of ASEAN,aswell as the Prime Ministers of Singapore and Malaysia visitingChina respectively.Each party explored cooperation intentions inmultiple

61、 fields.Against this backdrop,ASEAN is expected toremain a key region for the international development of Chineseenterprises in the future,pointing to positive prospect anddevelopment opportunities in infrastructure,green and digitaleconomies,and finance.EuropeInvestment to the UK(the real estate,h

62、ospitality&constructionsector)and Germany(the advanced manufacturing&mobilitysector)collectively took up 86%of the total value.In Q1 2023,inflation in Europe has eased,and the IMF forecasta growth of 0.8%for the Eurozone in 20231,0.1 percentagepoint higher than its forecast made in January 2023.Rece

63、nt frequent interactions of China and Europe broughtpositivity in the economic and trade areas.These included thevisits made by the Prime Minister of Spain,the President of theEuropean Commission and the President of France to China.Bilateral cooperation documents were signed between Chinaand Spain

64、on areas such as education,customs and sports.China and France have agreed to deepen cooperation intraditional areas such as agri-food,aerospace,civil nuclearenergy,and cultivate new cooperation in green,technology andinnovation.AsiaOverseas M&As(contd)down 34%YOYUS$1bup 38%YOY51 dealsdown 39%YOYUS$

65、952mdown 24%YOY32 dealsRegional analysisSummaryODIOverseas M&AsOverseas EPCPage 8Overview of China outbound investment of Q1 2023Overseas M&As(contd)Regional analysisChinese investment in North America was mainly in the sectorsof TMT and health care&life sciences,collectively accountingfor 94%of the

66、 total in the continent.Though the decrease ofthe China M&As in the US narrowed during the period,geopolitics remained a restrictive impact amid the current Sino-US relations.down 6%YOYUS$903m21 dealsNorth Americaup 13%YOYUS$134m5 dealsLatin AmericaThe investment mainly went to the mining&metalssect

67、or in Australia.down 28%YOYUS$123mdown 63%YOY3 dealsOceaniadown 11%YOYUS$375m4 dealsAfricaThe only continent that achieved a deal value increase in this quarter.During the recent visit by the newly elected Brazilian President to China,the twocountries agreed to deepen their comprehensive strategic p

68、artnership,and strengtheninvestment and cooperation in areas such as infrastructure,energy transformation,logistics,energy,mining,agriculture,industry and high technologies.Being the largest economy and most populous country in Latin America,Brazilsdeepening economic and trade cooperation with China

69、 is encouraging and can have ademonstrative effect for further cooperation between China and other Latin Americancountries.down 9%YOYUnchangeddown 29%YOYA major deal was the Chinese equity acquisition ofa container terminal in Egypt.SummaryODIOverseas M&AsOverseas EPCPage 9Overview of China outbound

70、 investment of Q1 2023DestinationQ1 2023Q1 2022YOY%1US1719-11%2Singapore153+400%3Japan912-25%4Germany87+14%5South Korea611-45%6Malaysia63+100%7France53+67%8UK56-17%9India52+150%10Canada44-10Switzerland41+300%Overseas M&As(contd)Regional analysisTop 10 destinations of China overseas M&As in Q1 2023(B

71、y deal value:US$million)Top 10 destinations of China overseas M&As in Q1 2023(By deal volume)DestinationQ1 2023Q1 2022YOY%1US899941-4%2UK488 138+254%3Vietnam452-/4Egypt3753+13,789%5Germany327124+163%6Oman193-/7Japan139 61+127%8Peru133-/9Australia123160-23%10South Korea86599-86%Sources:Refinitiv;Merg

72、ermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 3 April 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 10Overview of China outbound investment of Q1 2023EPCTurnover of overseas EPC projects increased rel

73、atively quickly and percentage of newly-signed B&R projects rose considerablyIn Q1 2023Newly-signed China overseas EPC projects reached US$43.2b,down 9%YOY.In the B&R countries and regions,Chinese enterprises newly-signed EPC projects reachedUS$25.5b,up 3.7%YOY,which represented 59.2%of the total du

74、ring the period,up 7.2 percentage points YOY.Completed turnover of Chinese overseas EPC projects was US$31.7b,up 9.2%YOY.Completed turnover in the B&R countries and regions was US$17b,up 6.5%YOY,accounting for 53.7%of the total.Examples of new mega-scale projects in this quarter include:1)an investm

75、ent agreement signedfor solar photovoltaic power production in Uzbekistan with an investment of about US$2 billion;2)an urban railway project in the Democratic Republic of the Congo(Congo-Kinshasa)worth aboutUS$970 million;3)a seawater desalination project and a camp project in Saudi Arabia with aco

76、mbined contract value of about US$650 million;4)a contract signed for building a cementproduction line in Nigeria worth about US$580 million4.4.Source:Public domain informationValue of newly-signed China overseas EPC contracts(US$billion)Note:Due to rounding,the total may not be equal to the sum of

77、individual quarters.Source:Monthly Statistics in Brief,China MOFCOM50.655.453.547.443.255.351.856.956.240.843.049.243.5113.6105.298.9106.0010020030020192020202120222023260.3255.5258.5253.143.2Value of completed turnover of China overseas EPC contracts(US$billion)33.128.030.129.031.737.232.637.841.63

78、1.830.739.536.470.864.747.548.0010020020192020202120222023Q1Q2Q3Q4172.9156.0154.9155.031.7SummaryODIOverseas M&AsOverseas EPCPage 11Overview of China outbound investment of Q1 2023COIN links EY professionals around the globe,building on the existing China Business Group in the Americas,EMEIA and Asi

79、a-Pacificareas,and provides Chinese clients with one-stop services,covering all stages of overseas investment,from planning to executionand post-deal integration.Global reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and full coverage of serv

80、ices70+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、印度及非洲区欧洲、中东、印度及非洲区EMEIA Ar

81、ea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 RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPort

82、ugalRomaniaSpainSwedenSwitzerlandTurkeyUnited 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越南AustraliaNew Zeal

83、andJapanSouth 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China Overseas Investment Network

84、(COIN)Global networkPage 12Overview of China outbound investment of Q1 2023ChinaChina Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:AmericasAsia-PacificEMEIAQinghua Xu-pionchonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-

85、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 Boston,USAEric XiaoCanada COIN Leader+1 416 943 Toronto,C

86、anadaFernanda 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 ShanghaiJesse LvGlobal COIN Tax Leader+86 21 2228 ShanghaiAl

87、ex 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 BeijingLawrence Lau Financial Accounting Advisory Services Leader,Greater China+86 21 2228 ShanghaiWood ZhangAudit PartnerErnst

88、&Young Hua Ming LLP+86 10 5815 BeijingJack ChanChairman,ChinaRegional Managing Partner,Greater ChinaMember of The Global Executive+86 10 5815 BeijingSoon Yen ChongInternational Tax and Transaction Services PartnerErnst&Young(China)Advisory Limited+86 21 ShanghaiAreas/RegionsAndrew ChoyInternational

89、Tax and Transaction Services Leader,Greater China+86 10 5815 BeijingEric ChiaGreater China Consulting Markets Leader+86 21 2228 Shanghai Page 13EY|Building a better working worldEY exists to build a better working world,helping to create long-term value for clients,people and society and build trust

90、 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 across assurance,consulting,law,strategy,tax and transactions,EY teams ask better questions to find new answers for the co

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