China International Capital Corp (CICC) was ranked highest among underwriters of initial public offerings in China in 2009, state media reported, citing data from Bloomberg. Supported by revenues from underwriting some of the world’s largest IPOs last year, including China State Construction Engineering and China Shipbuilding Corp, CICC raked in US$180.14 million in 2009. CITIC Securities and Orient Securities rounded out the top three, although all three made significant improvements on their 2008 performance, benefitting from a spate of IPOs following a 10-month suspension. Large domestic banks are expected to continue to target massive IPOs in 2010, while smaller investment firms will likely focus on targeting start-ups on the recently established ChiNext board.
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