China’s ECM fees jump 75% to about USD 600m
India’s ECM fees fall sharply, down over 50% for follow-ons and 16% for IPOs
Nomura leads APAC ECM fee rankings, with Daiwa Securities and JPMorgan following

After a major dip last year, Asia-Pacific ECM fees are slowly bouncing back, despite headwinds, due to heightened activity from China, even as Indian fees – which sparkled in 2024 – fell. Equity capital market (ECM) bankers servicing the region pocketed USD 1.3bn from the region year to date [YTD; 22 May], as compared to just USD 1.1bn in 2024 YTD.

Asia-Pacific’s big four – China (including Hong Kong), Japan, Australia & India – together contributed to about 87% of the total fees from the region. While Japan and Australia were roughly on par with 2024 YTD, the big swings came from China and India. ECM fees from the former were up 75% to almost USD 600m across all three segments tracked by Dealogic – Convertible Bonds, IPOs and Follow-ons. Earlier this week, the world’s largest electric vehicle (EV) batter maker Contemporary Amperex Technology (CATL) raised USD 4.6bn in Hong Kong, the largest global IPO this year, shrugging off fears of volatility and boosting investor confidence.

Indian ECM fees, meanwhile, sank by over 50% for follow-ons and about 16% for IPOs to a total of USD 105m, down from USD 180m in 2024 YTD as the region remained unable to alleviate concerns about US President Donald Trump’s tariffs. Market tensions also were raised during the short-lived, but nevertheless alarming, hostilities between India and Pakistan following a terrorist attack in Jammu and Kashmir on 22 April. Still, Indian markets, particularly for IPOs, seem to be opening at the end of May, as smaller listings such as Belrise Industries and Schloss Bangalore hit the markets, the latter though with a decreased target.

Earning the crown for APAC was Nomura, followed by Daiwa Securities and JPMorgan. In 2024, Morgan Stanley took the helm, while Nomura stood at second, and Goldman Sachs at third.

APAC ECM fees line glocal pockets

In China, Goldman Sachs, Morgan Stanley and Huatai Securities were the top three highest ECM generating banks as at the YTD, as compared to 2024 when Chinese bankers CITIC Securities, Guotai Haitong Securities, and CICC earned the gold, silver and bronze, respectively. Citi and UBS are the fresh-faced entrants on this list. Top earning sectors were industrials (70%), technology (24%), consumer (22%) and healthcare (10%).

In Japan, the second largest fee contributor to the region, top earnings banks were mostly local: Morgan Stanley stood fifth in a list led by Daiwa Securities, Nomura, Sumitomo Mitsui Financial, and Mizuho. In a testament to their prowess, the same five names led rankings in 2024, albeit in a different order. Energy and natural resources (37%) generated a lion’s share of fees followed by industrials (19%) and then financial institutions and technology, both at roughly 15% apiece.

In Australia, US banks are replacing local ones from 2024: Canaccord Genuity lost its crown to JPMorgan, while Bell Potter Securities lost its silver to Morgan Stanley. Both managed to retain their top five slots, though, while RBC Capital Markets climbed sixteen spots to fourth. With more than half-way left in the year to go, fresh faced entrants thus far include RBC Capital Markets, Barclays, Argonaut and UBS. Fees from real estate have made a comeback this year, taking 33% of the pie, followed close on its heels by energy (32%) and financial institutions (9%).

In India, a mix of global and local banks sat among the top ten in ECM fees with Jefferies, an Indian ECM veteran, keeping its top spot from 2024. IIFL Capital Services, Kotak Mahindra Bank, and Axis Bank and HSBC made up the top five, while HSBC, Motilal Oswal Financial Services, Citi and Pantomath Capital Advisors comprised the new entrants. The same three sectors generated the most in fees as they had last year: industrials (32%), technology (26%), and financial services (14%).

It would be fair to say it’s not been a great start, but the rest of the year holds promise: deals are coming back, and shareholders are slowly succumbing the lure of equity markets; and ECM bankers will be busy again.