Citic tops Asia-Pacific banking fees as mainland China and Hong Kong IPOs surge

Investment banking fees across Asia-Pacific excluding Japan reached US$5.3 billion in the first quarter of 2026, with China’s Citic Securities ranking as the region’s top earner.
The total in the first three months fell 5 per cent from a year earlier, as growth in equity capital markets underwriting was offset by weaker debt capital market and mergers and acquisitions (M&A) activity, according to an LSEG Data and Analytics report on Thursday.
Helped by strong fees from its bond underwriting business, Citic earned US$340.6 million, giving it a 6.4 per cent share of the region’s total investment banking fee pool and cementing its No 1 ranking after also leading the table last year.

Investment banking fees comprise revenues from equity capital markets activities, such as initial public offering (IPO) underwriting and follow-on offerings, debt capital markets, M&A advisory and syndicated lending services.

Hi-tech companies led regional equity capital market activity, raising US$17.3 billion, a 151.5 per cent year-on-year surge. Healthcare deals also showed strong momentum, with issuance jumping 120 per cent from a year earlier.

Morgan Stanley led equity capital markets book-running in the first quarter. Photo: AP Photo
Morgan Stanley led equity capital markets book-running in the first quarter. Photo: AP Photo

BofA Securities ranked as the top M&A financial adviser during the period, working on deals worth US$28.38 billion.

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