For the first time since 2014, the award for Asia’s best investment bank goes to Goldman Sachs.
It was a tight decision. Goldman held a slight edge in equity capital markets, Morgan Stanley in advisory. Goldman was stronger in China, Morgan in India; Goldman in Australia, Morgan in Japan.
ECM and China ultimately tipped the balance Goldman’s way. All capital raising and advisory was important during this most stressful of years, but generally it was equity raisings that saved companies or moved them into positions of leadership. Goldman was on the deals that mattered – and the ones that got completed – and frequently appeared to be getting the best economics on them too.
There are a dozen examples in China alone: Lufax’s $2.36 billion IPO, a deal which gained new perspective when Ant was axed just weeks later; a $4 billion dual-tranche deal for Xiaomi; IPOs for KE Holdings, CR Mixc and Li Auto; Hong Kong secondaries for Yum China, ZTO Express, Shimao Services, Zai Lab and Huazhu; and A-share private placements on the mainland for Oriental Yuhong and Lens Tech.