Chinese Banks Lead APAC Investment Banking Fees in 2025

Chinese investment banks dominated APAC investment banking fees in 2025, supported by offshore bond issuance and a rebound in Hong Kong IPO activity, according to LSEG league tables.

Citic Securities topped Asia Pacific ex-Japan fees with USD1.45bn, or 5.8% of the regional total. It was followed by China Securities, Bank of China, China International Capital and Guotai Haitong Securities, while Morgan Stanley ranked sixth.

Chinese banks benefited from strong issuance of yuan-denominated dim sum bonds and mainland-linked listings in Hong Kong.

Overall, APAC investment banking fees rose 19% year on year to USD24.9bn, accounting for 18% of global fees.