The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Equity capital markets: Asia’s best battle for China bank capital mandates

Deutsche, Macquarie surprise winners on ABC; Goldman leads while UBS left with work to do

For equity capital markets bankers in Asia this year there is one big story: the huge amounts of funding expected to be raised by Chinese banks. After insurer AIA’s expected IPO became a sale to the UK’s Prudential, a deal that will be financed entirely through a rights issue, the IPO of Agricultural Bank of China (ABC) and follow-on deals from its peers are now the year’s big battleground for equity bookrunners. Some deals, such as the ABC IPO, will be share-only; others, such as an expected round of capital raising by Industrial and Commercial Bank of China, might involve a mix of structures including rights issues, convertible shares and hybrid capital.

the expected value of September’s ABC IPO

So which have been the winners and losers so far? The most prestigious deal, most competitors for coveted underwriting slots agree, is the IPO of ABC.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree