In 2025, prominent positions in Asian investment banking fee generation were predominantly filled by Chinese corporations, spearheaded by a surge in offshore bond issues and a remarkable initial public offering (IPO) boom in Hong Kong.
Citic Securities, based in Beijing, took the lead in investment banking fees generated in the Asia Pacific region (excluding Japan) for 2025, raking in $1.45 billion. This figure represented a 5.8 percent share of the total fees generated across the region. Citic Securities was trailed in the ranking by fellow Chinese counterparts, including China Securities, Bank of China, China International Capital, and Guotai Haitong Securities. Notably, Morgan Stanley, headquartered in New York, filled the sixth slot.
Chinese investment banks asserted their dominance throughout the industry’s regional positions. This success was largely credited to their robust performance in issuing yuan-denominated dim sum bonds and in orchestrating mainland listings in Hong Kong.
In a broader perspective, investment banking fees across the Asia Pacific region witnessed a 19 percent year-on-year increase in 2025, amassing a total of $24.9 billion. This accounts for 18 percent of the global total fees earned, in contrast to 55 percent from the Americas and 21 percent from Europe.
The investment banking fees referenced in this report encompass a range of activities including equity capital markets, debt capital markets, mergers and acquisitions (M&A) advisory, and syndicated lending services.
Who was the leading generator of investment banking fees in the Asia Pacific region in 2025?
Beijing-based Citic Securities led the pack in 2025, generating $1.45 billion in investment banking fees.
What factors contributed to the success of Chinese investment banks in 2025?
Chinese investment banks benefitted significantly from strong performances in the issuance of yuan-denominated dim sum bonds and mainland listings in Hong Kong.
How much of the global total of investment banking fees did the Asia Pacific region account for in 2025?
In 2025, the Asia Pacific region accounted for 18 percent of the total global investment banking fees.
