HONG KONG (Reuters) - Asia-Pacific equity capital markets (ECM) activity sank 22.5 percent in 2016, as weak IPO performance curbed demand for new listings in the region and listed companies slashed secondary offerings because of volatile equity markets, preliminary Thomson Reuters data showed. [L4N1EH1QK]
Share offerings in the region's stock exchanges dropped to $207.4 billion, with follow-on share sales tumbling 29.3 percent and far outpacing the 2.4 percent decline in initial public offerings, according to data through Dec. 28.
Hong Kong kept its crown as the world's top IPO venue, followed by Shanghai, as major exchanges, including the New York Stock Exchange, Nasdaq and Tokyo Stock Exchange, experienced a sharp decline in deal activity.
China's largest securities firm, CITIC Securities Co Ltd , led the region both in the volume of deals it advised on and on estimated fees earned, the first time ever a domestic firm managed that feat, in a sign of the growing clout of Chinese investment banks. UBS and Goldman Sachs had led ECM rankings in the region since 2002.
Following is a list of the region's top ECM underwriters in 2016 and the estimated fees earned on the equity deals.
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Bank Deal Volume Change from Rank Rank
(in $mln) 2015 2016 2015
CITIC 12,074 -3.0 pct 1 4
Morgan Stanley 9,670 -40.3 pct 2 3
UBS 7,251 -66.6 pct 3 2
Citigroup 7,202 -9.0 pct 4 7
Haitong Securities 6,204 21.2 pct 5 14
Guotai Junan Securities 6,075 40.3 pct 6 16
China Securities 5,977 16.8 pct 7 15
CICC 5,761 -4.1 pct 8 12
Goldman Sachs 5,696 -73.8 pct 9 1
Huatai Securities 5,469 29.2 pct 10 17
INDUSTRY TOTAL 207,380 -22.5 pct
Source: Thomson Reuters
Bank 2016 fees Change from
(in $mln) 2015
CITIC 287.8 7.9 pct
Morgan Stanley 245.4 20.6 pct
China Securities 161.7 25.5 pct
GF Securities 160.7 57.1 pct
Citigroup 148.3 57.0 pct
JPMorgan 140.8 16.3 pct
Deutsche Bank 140.2 -6.6 pct
UBS 138.3 -45.4 pct
Guosen Securities 134.4 -5.8 pct
CICC 132.4 13.7 pct
INDUSTRY TOTAL 5,032 -5.6 pct
Source: Thomson Reuters/Freeman & Co
(Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman)
Disclaimer: No Business Standard Journalist was involved in creation of this content