August 13 2019 | IPO
CITIC Securities has garnered the most investment banking fees in Asia ex Japan this year, $321 million, or $114 million more than second-ranked UBS and $145 million more than third-ranked JPMorgan.
Guotai Junan Securities and China Merchants Securities are ranked among the top seven fee earners in Asia ex Japan, beating out U.S. investment bank Morgan Stanley and European investments banks Deutsche Bank and Credit Suisse.
The spate of IPOs from China in the first half of this year underwritten by Chinese investment banks has helped them earn more fees in 2015 than their American and European rivals. As of June 9, Hong Kong had seen $12.5 billion worth of new listings and Shanghai $11.1 billion, more than any other stock market in the world, according to Dealogic .
The IPO market is essentially shut in China as stock prices have plunged since mid June and the government has sought to stabilize share prices by banning IPOs. Hong Kong’s IPO market is still open but investors are reluctant to commit to IPOs amid global stock market volatility.
The following is the year to date Asia, ex Japan, investment banking revenue rankings, according to Dealogic.
RankingFirmNet Revenue in U.S. dollarsPercentage share1CITIC Securities$321 million5.28%2UBS$207 million3.39%3JPMorgan$176 million2.9%4Guotai Junan Securities$168 million2.75%5Cititgroup$165 million2.71%6China Merchants Securities$163 million2.67%7China Securities$157 million2.59%8Morgan Stanley$154 million2.54%9Deutsche Bank$150 million2.47%10Credit Suisse$144 million2.37%Subtotal$1.8 billion29.67%Total$6.08 billion100%
