Advice has always been a tough sell in China. The idea of paying for something as intangible as a conversation has never quite been embraced with the enthusiasm seen in other markets, often to the frustration of M&A bankers.
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As returns on investment banking in China have been crushed, the investment banks have been downsizing their teams
Keith Pogson, |
But while Chinese companies may once have lacked the deal-making experience to do anything except cough up the fees, particularly for outbound transactions, bolder firms are increasingly going it alone.
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