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.