21 March 2019

Investment banking revenue in China lowest since 2009, WSJ says

Investment banking revenue in China has slumped 12 percent to US$3.19 billion so far this year, its lowest level since 2009, even as overseas takeovers and bond sales by Chinese companies rose to record levels, the Wall Street Journal reported Wednesday, citing data from market information provider Dealogic. Chinese companies accounted for about 40 percent of US dollar bond sales in Asia outside Australia and Japan, up from around 20 percent in 2012, according to the newspaper. But fees from merger-and-acquisition activity fell 28 percent to US$348 million, although Chinese acquisitions of overseas firms were up 23 percent at a record US$67.1 billion. A slump in initial public offerings as well as share sales in general eroded equity capital markets revenue, which dropped 22 percent to US$1.2 billion, the report said.

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