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China: IPOs are on everyone’s mind

All eyes on China bank deals for 2010

 potential of the IPO market in 2010

Asia’s top investment banking franchises are concentrating on China in 2010, according to senior capital markets bankers in the region. The country has accounted for an ever-increasing share of investment banking revenues in Asia in the past few years, and this year the trend is set to continue. "We are likely to see $50 billion to $60 billion-worth of IPOs executed in 2010," says Steven Barg, head of global capital markets, Asia, at UBS, "with a strong contribution from the continuing privatization of state-owned enterprises in China."

According to data from Dealogic, mainland China accounted for just over 50% of the investment banking fee pool for Asia-Pacific ex-Japan in 2009. Equity capital markets accounted for 63% of fees, with M&A 21% and debt just 16%. If China’s state-owned banks are as active as expected in 2010 in capital-raising via IPOs and follow-on issuance, there is likely to be a similar emphasis on China as the key country and equity as the key asset class for investment banks hoping to top the year-end league tables.

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