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. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Winning the China game

The biggest contest in the 21st century will be to win in China. Whether it's IPOs, M&A or mutual funds, growth forecasts for China put all other markets in the shade. But the world's biggest potential market is also the toughest to crack. What's the right strategy? Steven Irvine looks at how the major investment banks are positioning themselves.

The mainlander is the key

Be bold, but not too bold

The local contenders

Wang's big ambitions

When star performer Xu Ziwang quit Morgan Stanley for Goldman Sachs, his old firm was badly hurt. Xu was a linchpin of Morgan's China plan - a strategy held in awe by competing bankers. Many freely admit the firm is out front in China and Xu's contribution to building the franchise was second to none. He personally brought in two of Morgan's landmark deals, the IPOs for Shanghai Industrial and Beijing Enterprises.

The single biggest contributor to success in China is having the right mainlander in place. Does this mean future deals go with Xu to his new employer? Superficially, it looks that way. Since Xu's arrival at Goldman in May, the firm has led an IPO for airline China Southern and won the global coordinator's role on the biggest China deal so far, the flotation of China Telecom. Since China International Capital Corporation, in which Morgan Stanley has a 35% stake, is China Telecom's financial adviser, this mandate appeared to have Morgan's name on it.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

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