LSEG: China Investment Banking Fees Rise 7.4% to $12.9B in First Three Quarters
On.cc · 2 SOURCESabout 3 hours ago2 MIN
Summary
The London Stock Exchange Group (LSEG) reported that China's investment banking fees reached US$12.9 billion in the first three quarters of 2026, representing a 7.4% year-on-year increase . Equity capital markets underwriting fees surged 40% year-on-year to US$3 billion, accounting for 23% of total investment banking fees in China . Debt capital markets underwriting fees grew 5% to US$9.1 billion . While M&A transaction values declined 10% to US$274 billion due to the absence of mega-deals, the number of announced transactions rose 18.1%, reaching the highest level for the first three quarters since 2021 .
Key Points
- China's investment banking fees totaled US$12.9 billion in the first three quarters of 2026, up 7.4% from the same period in 2025
- Equity capital markets underwriting fees reached US$3 billion, a 40% year-on-year increase, with IPO fundraising of US$37.8 billion surging 140%
- M&A transactions involving China amounted to US$274 billion, down 10% year-on-year, primarily due to the lack of mega-deals
- High-tech sector dominated M&A activity with US$68.1 billion (24.9% market share), up 69.6% year-on-year
- China's primary market bond issuance hit a record high of US$3.4 trillion, up 4.1% year-on-year, despite a 1.4% decline in issuance volume
Why It Matters
The strong recovery in China's equity capital markets, particularly the 140% surge in IPO fundraising , signals renewed investor appetite for Chinese listings amid improving market conditions. The high-tech sector's dominance in both M&A and equity financing reflects Beijing's strategic push to advance technology self-sufficiency , which could reshape investment flows across the Asia-Pacific region.
The strong recovery in China's equity capital markets, particularly the 140% surge in IPO fundraising , signals renewed investor appetite for Chinese listings amid improving market conditions. The high-tech sector's dominance in both M&A and equity financing reflects Beijing's strategic push to advance technology self-sufficiency , which could reshape investment flows across the Asia-Pacific region.