Inside the securities houses that power Hong Kong

November 01, 2018

Its capital markets are dominated by mainland-backed houses, but don’t think of them as a homogenous group – each firm has its own quirks, strengths and character.



IN ADDITION
Asia: The strange case of CLSA

The march of mainland houses through the league tables of Asia’s capital markets is well-documented and relentless.

In the year to September 2017, China-related houses held eight of the top 10 spots for Asia ex-Japan debt capital markets wallet; the highest-ranked foreign house was HSBC in seventh, then Credit Suisse in 10th. In 2017, seven of the top eight were mainland-backed.

In equity capital markets, China-related houses hold four of the top 10 slots for wallet year to date, and took eight of the top 10 last year, including the top three.

We use the wallet rather than the volume table to show that, contrary to popular opinion, they are not working for peanuts. They might be deep in the syndicate, and some of them are never anywhere near a sponsor or joint global coordinator role, but they are earning money.

Inside the securities houses that power Hong Kong

Its capital markets are dominated by mainland-backed houses, but don’t think of them as a homogenous group – each firm has its own quirks, strengths and character.

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