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Treasury & Capital Markets
China investment banking fees fall 18% to US$12.5 billion
Underwriting fees dive 64% for equity capital markets but rise 5% for debt capital markets
The Asset   8 Jan 2025

Investment banking fees generated in China reached US$12.5 billion in 2024, down 18% from the previous year and the lowest since 2019, a new report finds.

Underwriting fees in equity capital markets plunged 64% from a year ago to US$1.5 billion, accounting for 12% of the country’s fee pool, while fees in debt capital markets grew 5% to US$9.9 billion, the London Stock Exchange Group ( LSEG ) says in its China Investment Banking Review 2024. 

Advisory fees from completed mergers and acquisitions fell 35% to US$499.3 million, while syndicated lending fees dropped 25% to US$636.8 million.

Citic leads the investment banking fee league table in China with US$1 billion in related fees, or a wallet share of 8.4%, according to the report.