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Investment Banking

China deal slump forces Wall Street banks to cast a wider net

Investment bankers in Asia are counting on more IPOs and stock sales in India, Japan and other markets

Capital markets deals in mainland China and Hong Kong were slow in 2023
Capital markets deals in mainland China and Hong Kong were slow in 2023 Photo: Bloomberg via Getty Images

Global investment banks in Asia are facing up to a new reality after two consecutive years of anaemic deal flow from China.

Bankers say initial public offerings and fundraising for Chinese companies are still a big focus for them, but they are increasingly trying to drum up business in India, Japan and other markets that are booming while Chinese stocks remain in a deep slump.

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