The days of the China rainmaker, that dwindling band of politically connected princelings that could land a lucrative mainland IPO mandate for any foreign bank with just a phone call, are dead. Or so many of today’s bulge-bracket banks would have us believe.
There is as much rumour, supposition and innuendo surrounding these individuals as there is fact. Spawned by a combination of envy, politics and plain ignorance, the term rainmaker is probably outmoded but the role is no less relevant today than it was when China’s corporate finance market first opened up to international investment banks.
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