Equity brokerage CLSA Capital Partners
Research Investment
banking Equity-linked products
Sales
OTC-derivatives sales
Listed-derivatives sales
Trading
Corporate broking
Four major client bases
12 Asia-Pacific markets
Private-equity funds
Property fund
Mezzanine debt fund
Specialist funds
Corporate
Sector
Macro
Quant
Technical
CLSA U
Equity capital markets
M&A/financial advisory
Hedge-fund capital raising
Access products:
P-notes and swaps
Country funds
Equity trading
Corporate overview
CLSA Asia-Pacific Markets is Asia’s leading, independent brokerage and investment group. The company provides investment-banking, capital- markets, equity-broking and asset-management services to global corporate and institutional clients. Founded in 1986, CLSA is Asia’s longest-running independent brokerage.
Headquartered in Hong Kong, CLSA has more than 1,500 dedicated professionals across 13 Asian cities, plus Dubai, London and New York. They support 1,300 institutional clients and ensure that CLSA maintains its top-five share in almost all operating markets.
Recognised as one of Asia’s leading research, sales and execution houses, CLSA is known for its innovative and independent research and is consistently ranked in major industry polls. Global media, including The Wall Street Journal, Bloomberg, CNBC, Dow Jones, Financial Times, The Economist and Reuters, frequently seek the opinions of CLSA’s top-ranked economists, strategists and research analysts.
Since the early 1990s, CLSA has assisted in raising more than US$91 billion in equity for corporate clients through its investment-banking capabilities.
CLSA’s asset-management group, CLSA Capital Partners, has approximately US$2.5 billion under management across nine Asia-focused investment funds.
CLSA’s major shareholder is France's Credit Agricole, which merged with Credit Lyonnais in 2003 to form the seventh-largest bank in the world by Tier- One capital and the sixth-largest bank by assets. CLSA enjoys substantial staff ownership, which contributes to its independent stance and operations.
Global expertise, local insight
Our research, sales and investment professionals provide strategic insights into Asia’s dynamic economies through on-the-ground representation in 14 locations across Asia, including Japan, China and India. In addition, sales and operational support is provided from Mauritius, the UAE, the UK and the US.
CLSA’s joint venture China Euro Securities Limited (CESL) was the first Sino- foreign joint venture established under the new regulations introduced by the China Securities Regulatory Commission (CSRC) in 2002. CLSA holds seats on the Shanghai and Shenzhen stock exchanges and has five offices across Greater China - in Beijing, Hong Kong, Shanghai, Shenzhen and Taipei. A team of highly ranked analysts covers 129 listed mainland Chinese companies.
CLSA is the No.1 brokerage in India, with the highest market share of foreign flows. Our dedicated sales and trading teams are based in Mumbai, London and New York. Consistently ranked No.1, our research team delivers groundbreaking research, covering more than 150 companies, representing 75% of India’s market capitalisation.
In 2003, CLSA expanded its brand to Japan. A team of 90 research, sales and trading professionals is based in Tokyo, with specialist sales teams in London and New York. CLSA research offers investors perspectives on more than 200 small-cap to large-cap companies.
More than 100 sales and management staff in New York and London ensure US and European investors have access to Asian markets 24/7.
CLSA Capital Partners
CLSA Capital Partners is the alternative asset-management arm of CLSA Asia- Pacific Markets. With nine funds representing approximately US$2.5 billion in funds under management, CLSA Capital Partners provides funding for profitable businesses across the region and targets growth companies, property, transport, buyout financing, mid-market buyouts and clean-tech opportunities.
Alcor Investment An absolute-return equity fund focuses on both long and short stock opportunities in Asia.
ARIA Investment Partner A private-equity fund that provides growth and expansion capital to well-established companies in Asia.
Clean Resources Asia An absolute-return equity fund focuses on the noncarbon energy sector in Asia.
Clean Water Asia An absolute-return equity fund focuses on water infrastructure, wastewater treatment, pollution abatement and irrigation.
Clean Water Asia Long Only A long-only, principally listed equity fund focuses on long-term Asian water/waste-management opportunities.
CLSA Sunrise Capital A private-equity fund focuses on mid-market buyouts and growth capital in Japan.
Fudo Capital A real-estate fund focuses on value-added opportunities in Asia.
MezzAsia Capital A fund that provides structured lending solutions to mid-cap growth companies and private equity-led transactions in Asia.
Pacific Transportation A shipping and transport fund focuses on exploiting long- term transport trends in Asia.
CLSA Capital Partners is a diverse team of industry professionals with expertise in banking, law and accountancy and industry specialisations.
Through the CLSA network of research and investment-banking teams, CLSA Capital Partners has unique access to Asia and its decision makers, hard knowledge of market movements and strategic insight into future Asian investment trends.
Investment banking
CLSA’s investment-banking deals have raised more than US$91 billion for corporate clients through IPOs, underwritten secondary placements, GDRs, euro convertible bonds, advisory, M&A, listing transfers, private-equity capital raising, equity convertibles, debt restructuring and workout.
From January 2002 to August 2008, CLSA was involved in 240 equity transactions in 15 markets, 115 of which involved companies in Greater China. Some of the most notable recent deals include:
Sintex Industries (Feb 2008), United Breweries (Dec 2007), CESC (Dec 2007) and Max India (Jun 2007) Global coordinator and bookrunning lead manager for four Indian QIP issues, of which Max India was the largest sole bookrunning transaction completed in India during the past five years, and the second-largest QIP transaction ever.
BGR Energy (Dec 2007) Bookrunner on the first Indian IPO by CLSA.
PT BSD (Jun 2008) Lead international underwriter and bookrunner. PT Gozco (May 2008) Sole international bookrunner and sole global coordinator. PT Duta Graha (Dec 2007) and PT Ace Hardware (Nov 2007) Global coordinator and sole bookrunner on two of the largest private-sector Indonesian IPOs.
PNOC Energy Development (Dec 2006 and Jul 2007) Sole bookrunner on the first privatisation (US$393.4m), followed by the secondary government selldown (US$370m), raising more than US$750m for the Philippine government in seven months.
Golden Agri-Resources (Nov 2007) Sole bookrunner on the largest Indonesian CPO producer.
From January 2002 to August 2008, CLSA completed 76 M&A and advisory transactions in nine markets. Some of the recent deals include:
SEB (Dec 2007) Joint financial advisor on the US$470m acquisition of a 52.27% interest in Zhejiang Supor - first foreign acquisition of a majority stake in a PRC A-share company.
FirstGen/PNOC (Nov 2007) Lead financial advisor on the US$1.35bn acquisition of the Philippine government’s remaining 40% stake in PNOC EDC common shares - the single largest privatisation in the history of the Philippines.
Asia Satellite Telecommunications (May 2007) Independent financial advisor on the US$285m proposed privatisation of AsiaSat by Citic and GE Capital.
Beijing Enterprises (Apr 2007) Independent financial advisor on the US$1,487m acquisition of the entire issued share capital of Beijing Gas Group.
China National Aviation (Jun 2006 and Jan 2007) Independent financial advisor on the US$556m disposal of Dragonair, followed by Air China’s US$413.7m privatisation via a scheme of arrangement.
Investment-banking alliances
China Euro Securities Limited (CESL), the first Sino-foreign joint-venture investment bank, was established in 2003 under the new regulations introduced by the China Securities Regulatory Commission (CSRC) in 2002 following China’s accession to the WTO. In conjunction with Fortune Securities, CLSA’s joint-venture partner, CESL was granted a securities- broking licence (restricted to the Yangtze River Delta area) and a securities- investment consultancy licence by the CSRC in June 2008. These two licences permit CESL to commence a full-service institutional research, sales and broking business for domestic and international clients who wish to buy and sell A shares trading on the Shanghai and Shenzhen stock exchanges.
CLSA has partnered with SBI Capital Markets Limited, the investment- banking subsidiary of the largest financial group in India since 2005. The investment-banking alliance brings together SBI’s on-the-ground presence with CLSA’s global distribution capabilities, Indian ECM experience and award- winning research.
CLSA Exchange Capital is the leading underwriter of equity and equity- linked securities for Philippine corporations, established in 2001. The alliance combines ECI’s local expertise and extensive execution experience with CLSA’s unparalleled placing capability, award-winning research, wide network of global contacts and financial-advisory expertise.
EXCHANGE CAPITAL EXCHANGE CAPITAL
Innovative and independent research
CLSA aims to deliver the most compelling and thought-provoking research on Asia’s dynamic marketplace. More than 130 analysts cover over 1,200 companies across 12 Asia-Pacific markets, providing award-winning analysis of the issues and sectors driving Asia: banking, conglomerates, consumer, oil and gas, power and utilities, property, resources, small caps, steel and autos, technology, telecoms and transport.
CLSA’s economics team covers 12 Asia-Pacific markets, in addition to the EU and the US, through the regular publishing of its daily, weekly and quarterly economic analysis. CLSA’s equity strategist, Christopher Wood, is consistently ranked No.1 in industry polls, and his weekly GREED & fear report has secured a loyal international following.
China Reality Research (CRR) is a unit of CLSA dedicated to grassroots economic research on China. At present, a network of contacts enables CRR’s presence in 100 Chinese cities. The unit targets to increase coverage to 150 cities in China, all of which have on average one million urban population.
Clients have direct access to research through CLSA evalu@tor®, a proprietary online database and archive of more than 12 years of research and more than 1,000 CLSA models.
Awards
No.1 Equity Strategy, Christopher Wood and team, 2008 - Institutional Investor
No.1 Overall Combined Research and Sales in Asia (ex Australia and Japan), 2007 - Asiamoney
No.1 Best Strategist in Asia (ex Japan), Christopher Wood, 2007 - Asiamoney
No.3 Best Overall Generalist Sales Force, 2007 - Institutional Investor
No.1 Most Accurate Research in Asia, 2006 - Bloomberg
CLSA Investor Forums
CLSA Forums have become the most successful events of their kind. First held in 1994, CLSA now runs seven major forums each year in China, Hong Kong, India, Japan, Singapore, Thailand and the US, attracting 2,500 global institutional investors from 30 countries annually.
The power of the CLSA audience is well-known to world leaders, who use the event platform to tender their nations’ political and economic messages directly to the money that fuels their growth. Recent participants have included Al Gore, Alan Greenspan, Bill Clinton, Bob Geldof, Archbishop Desmond Tutu, Nelson Mandela and Lee Kuan Yew. CLSA Forums also provide excellent corporate access - each year, more than 1,600 CEOs and CFOs from 1,000 corporations present to, and meet with, CLSA clients.
CLSA U and CLSA Books
CLSA recognises the value of going straight to the source. CLSA U is a unique, executive-education programme providing our top clients independent, expert views. CLSA U connects investors with the trailblazing academics, scientists and industry leaders who design the theories and technologies of today that impact the markets of tomorrow.
CLSA Books has published a series of financial publications written by independent experts and past CLSA U speakers. These include Mr & Mrs Asia by CLSA, Tomorrow’s Gold and Asia’s Age of Discovery by Marc Faber, Anatomy of
‘The best investment- related read
of the year’
Financial Times December 2006
©2008 CLSA Asia-Pacific Markets (“CLSA”).
The CLSA Group, CLSA's analysts and/or their associates do and from time to time seek to establish business or financial relationships with companies covered in their research reports. As a result, investors should be aware that CLSA and/or such individuals may have one or more conflicts of interests that could affect the objectivity of this report. The Hong Kong Securities and Futures Commission requires disclosure of certain relationships and interests with respect to companies covered in CLSA's research reports and the securities of which are listed on The Stock Exchange of Hong Kong Limited and such details are available at www.clsa.com/member/research_disclosures/. Disclosures therein include the position of the CLSA Group only and do not reflect those of Calyon and/or its affiliates. If investors have any difficulty accessing this website, please contact [email protected] on (852) 2600 8111. If you require disclosure
Your partner in Asia
CLSA is Asia’s leading, independent investment group and Asia’s longest- running, independent brokerage. Our global clients trust and rely on our intimate knowledge of Asia’s markets, industries and trends to support their Asian investment decisions.
CLSA’s leading analysts, economists and strategists are renowned for their innovative company, country, sector and thematic equity research, reflected in numerous industry awards and global media coverage.
Contact us to learn how CLSA can enhance your Asian investment strategy.
Email [email protected]
Locations
China - Beijing CLSA Beijing Unit 10-12, Level 25
China World Trade Centre Tower 2 1 Jian Guo Men Wai Ave
Beijing 100004 Tel : (86) 10 5965 2188 Fax : (86) 10 6505 2209
India - Pune CLSA India
4/F, C-Wing, Panchshil Tech Park-1 Off Airport Road, Yerawada Pune 411 006
Tel: (91) 20 6646 8888 Fax: (91) 20 6646 8889
Philippines CLSA Philippines 19/F, Tower Two The Enterprise Center
6766 Ayala corner Paseo de Roxas Makati City
Tel : (63) 2 860 4000 Fax : (63) 2 860 4051
China - Shanghai CLSA Shanghai 3/F, Suites 305-310 One Corporate Avenue No.222 Hubin Road
Luwan District, Shanghai 200021 Tel : (86) 21 2306 6000 Fax : (86) 21 6340 6640
Indonesia CLSA Indonesia WISMA GKBI Suite 901 Jl Jendral Sudirman No.28 Jakarta 10210
Tel : (62) 21 2554 8888 Fax : (62) 21 574 6920
Singapore CLSA Singapore
9 Raffles Place, No.19-20/21 Republic Plaza II
Singapore 048619 Tel : (65) 6416 7888 Fax : (65) 6533 8922
China - Shenzhen CLSA Shenzhen
Room 3111, Shun Hing Square Di Wang Commercial Centre 5002 Shennan Road East Shenzhen 518008 Tel : (86) 755 8246 1755 Fax : (86) 755 8246 1754
Japan
Calyon Securities Japan
15/F, Shiodome Sumitomo Building 1-9-2, Higashi-Shimbashi Minato-ku, Tokyo 105-0021 Tel : (81) 3 4580 5533 (General)
(81) 3 4580 8722 (Trading) Fax : (81) 3 4580 5896
Taiwan CLSA Taiwan 27/F,
95, Tun Hwa South Road Section 2
Taipei
Tel : (886) 2 2326 8188 Fax : (886) 2 2326 8166 Dubai
Calyon Gulf
Dubai World Trade Centre Level 32
PO Box 9256 Dubai United Arab Emirates Tel : (9714) 331 4211 Fax : (9714) 331 3201
Korea CLSA Korea 15/F, Sean Building 116, 1-Ka, Shinmun-Ro Chongro-Ku
Seoul, 110-061 Tel : (82) 2 397 8400 Fax : (82) 2 771 8583
Thailand CLSA Thailand 16/F, M. Thai Tower All Seasons Place 87 Wireless Road, Lumpini Pathumwan, Bangkok 10330 Tel : (66) 2 257 4600 Fax : (66) 2 253 0532 Hong Kong
CLSA Hong Kong 18/F, One Pacific Place 88 Queensway Hong Kong
Tel : (852) 2600 8888 Fax : (852) 2868 0189
Malaysia CLSA Malaysia Suite 20-01 Level 20 Menara Dion 27 Jalan Sultan Ismail 50250 Kuala Lumpur Tel : (60) 3 2056 7888 Fax : (60) 3 2056 7988
United Kingdom CLSA (UK) 12/F Moor House, 120 London Wall, London EC2Y 5ET Tel : (44) 207 614 7000 Fax : (44) 207 614 7070
India - Mumbai CLSA India 8/F, Dalamal House Nariman Point Mumbai 400 021 Tel : (91) 22 6650 5050 Fax : (91) 22 2284 0271
Mauritius CLSA Mauritius 9/F, Medine Mews La Chaussee Street Port-Louis
USA
Calyon Securities (USA) Calyon Building
1301 Avenue of The Americas New York, New York 10019 Tel : (1) 212 408 5888 Fax : (1) 212 261 2502 At CLSA we support
sustainable development.
We print on paper sourced from environmentally conservative
factories that only use fibres from plantation forests.
Please recycle.
TM
CLSA is certified ISO14001:2004
