CITIC Securities looks set to become the first Chinese firm to top annual equity capital markets (ECM) rankings for Asia-Pacific excluding Japan this year, a nose ahead of Goldman Sachs, according to data from Refinitiv, reported Reuters.
Goldman, Morgan Stanley and other western banks have traditionally battled for top spot in the region, where ECM activity averages an outsized 34% of the investment banking fee pool, compared with 25% globally.
State-backed CITIC Securities, China’s biggest brokerage, has so far this year won $15.7 billion credit for deals it and Hong Kong-based unit CLSA have worked on, according to Refinitiv.
Goldman has $15.4 billion credit, while China International Capital Corp (CICC) was third with $14.7 billion and Morgan Stanley fourth with $14.3 billion. Last year Goldman was first while CITIC Securities was seventh.