Demand for RMB and Financial Services through Hong Kong by German Businesses

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1 Demand for RMB and Financial Services through Hong Kong by German Businesses Think Asia, Think Hong Kong Munich, 11 September 2014 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 1

2 Asia: Key Market for Corporate Germany Turnover Share in 2013 China Rest of Asia Sources: Statista, 2014; IDW, Deutsche Bundesbank; Eurostat; OECD; 10 % of German exports go to South-East-Asia German Foreign Direct Investments (FDI) in China (1995 to 2011): +27 % p.a. (average) In 2011, German FDI in China represented ca. 1,3 % of the German GDP Think Asia, Think Hong Kong Munich, 11 September 2014 Page 2

3 Asia: Most of German Direct Investments go to China German Direct Investments in Asia Other Asian countries 37% China 38% Singapore 12% South Korea 7% Hong Kong 6% Sources: Deutsche Bundesbank; IDW Think Asia, Think Hong Kong Munich, 11 September 2014 Page 3

4 German Direct Investments in Asia often made via HK 7 German Direct Investments in Asia 2011 (% of GDP) Mainland China South Korea Hong Kong Singapore Hong Kong plays a significant role in the trade between Mainland China and Germany: ca. 7% of the annual trade is routed through Hong Kong, amounting to ca. 9bn. More than 330 German companies have their offices in Hong Kong, over 210 of them are regional headquarters or regional offices, using Hong Kong as a gateway for doing businesses with Mainland China and the Rest of Asia. Source: IDW Think Asia, Think Hong Kong Munich, 11 September 2014 Page 4

5 Hong Kong: Most important Financial Hub in Asia Global Financial Centres Index 2014 Chicago Toronto Washington Luxembourg Frankfurt San Francisco Geneva Boston Seoul Tokyo Zurich Singapore HONG KONG London New York Source: Z/Yen Group, 2014 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 5

6 Offshore RMB Bonds via Hong Kong show dynamic growth Offshore CNH bond/cd issuance (RMB bn) As of the first half of 2013, offshore CNH bond issuance (except CDs) reached RMB 75.7bn, down 4% YOY caused by global bond market adjustment in June 2013 as the market worried over the Fed s tapering. On the other hand, it could also be due to the sharp decline of direct issuance from mainland Chinese corporates, despite some continued activities from other HK/China and non-hk/china issuers. After the summer of 2013, the offshore CNH issuance revived with the boom in the USD bond issuance, the strong currency advantage and the sustained funding cost advantage helped revitalize the offshore CNH bond market. By November 2013, the offshore CNH bond new issue market reached its peak. Source: Bank of China International Think Asia, Think Hong Kong Munich, 11 September 2014 Page 6

7 Hong Kong: Important Hub for German Financings in Asia 10 German Capital Flows into Asia 2013 (% of GDP) Loans & Other Investments Portfolio Investments & Derivatives Direct Investments Mainland China South Korea Hong Kong Singapore Source: IDW Think Asia, Think Hong Kong Munich, 11 September 2014 Page 7

8 Hong Kong: Selected German Offshore RMB Bonds Source: Bloomberg, January 2013 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 8

9 Key Take-Aways & Outlook Hong Kong has been and will remain a leading Financial Hub for foreign (German) Companies with funding needs in Asia also in terms of Offshore RMB Bonds. Thanks to its mature infrastructure and deep capital markets, Hong Kong offers excellent prerequisites for equity and debt capital raisings. Liquidity in the debt capital markets is key for bond issuances which is the case for Hong Kong and hence is still a comparative advantage to new Offshore RMB Centres. Due to its strong ties with other Asian financial markets, Hong Kong is an ideal place for capital raisings of (German) in order to finance operational businesses throughout Asia. This applies in particular to the following countries that introduced cross-border payment systems (USD settlement) with the Hong Kong Monetary Authority: Bank of Thailand (since 2014) Bank of Indonesia (since 2010) Bank of China (since 2009) Central Bank of Malaysia (since 2006) This also supports the importance of Hong Kong as a major Financial Hub in Asia for international, also German companies and investors Think Asia, Think Hong Kong Munich, 11 September 2014 Page 9

10 Contact Dr. Ruediger Theiselmann Managing Director Corporate Finance Association(corpfina) e.v. MesseTurm Friedrich-Ebert-Anlage 49 / FGS D Frankfurt am Main / Germany Phone: +49 (0) Fax: +49 (0) Register: AG Frankfurt am Main, VR Think Asia, Think Hong Kong Munich, 11 September 2014 Page 10

11 Disclaimer This document has been created and published by the Corporate Finance Association (corpfina), Frankfurt/Main, and is for information purposes only. Any information in this document is based on data obtained from sources believed by corpfina to be reliable, but no representations, guarantees or warranties are made by corpfina with regard to the accuracy, completeness or suitability of the data. Neither corpfina nor any of its respective representatives or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this document. No part of this document may be reproduced, distributed or transmitted in any manner without prior written permission of corpfina. This document or the manner of its distribution may be restricted by law or regulation in certain countries. Persons into whose possession this document may come are required to inform themselves about, and to observe any such restriction. By accepting this document, a recipient hereof agrees to be bound by the foregoing limitations. Copyright corpfina All rights reserved. Think Asia, Think Hong Kong Munich, 11 September 2014 Page 11

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