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

Monday 8 January 2024 at 12:52

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.