Goldman Sachs reclaimed the top spot on Asia Pacific’s equity capital market league table in the April-June quarter, aided notably by its roles in such deals as Midea’s USD 2.2bn convertible bond sale and a USD 768m block of Contemporary Amperex Technology’s shares.

The Wall Street bank helped manage USD 6.53bn worth of ECM deals in the second quarter, largely steady versus the previous quarter’s USD 6.60bn, or 2Q25’s USD 6.06bn, based on Dealogic data.

It was absent from Contemporary Amperex Technology’s USD 5bn mega share placement. But Goldman Sachs managed to more than offset that ouch moment by sole-leading SINOPEC’s USD 768m block of CATL shares that happened a week before CATL’s own mega primary offering.

It also single-handedly executed Taiwan Semiconductor Manufacturing’s USD 774bn block of Vanguard International Semiconductor’s shares, as well as jointly helped run WuXi AppTec’s USD 1.03bn convertible bond offer, and JX Advanced Metals’ USD 1.6bn equity-linked bond print, though in a less prominent role.

Goldman Sachs also closed the first half as the region’s top ECM bank, being associated with USD 13.5bn worth of deals. Morgan Stanley followed with roles in apportioned transactions amounting to USD 12.98bn, while JPMorgan took the third spot by handling USD 10.17bn worth of deals, Dealogic data shows.

Tight race between the couple

Goldman Sachs and Morgan Stanley have been locked in a tight race for deals the past couple of years. Each of them topped the region’s quarterly ECM league table four times since 2024, when AI started to become a major theme.

Morgan Stanley dropped two places to the region’s No.3 ECM bank in the second quarter, when it helped put together USD 5.07bn worth of offerings, down sharply from the first quarter’s USD 8.43bn or the year earlier’s USD 7.22bn, according to Dealogic.

JPMorgan, meanwhile, climbed four places to be the region’s second busiest ECM bank in the second quarter, when it helped manage USD 6.5bn worth of transactions, marginally behind Goldman Sachs. The bank’s 2Q26 showing more than doubled 1Q26’s USD 3.09bn, and grew 21.2% from the USD 5.36bn recorded in the same period last year.

Both Morgan Stanley and JPMorgan were involved in Contemporary Amperex Technology’s USD 5bn share placement – the quarter’s largest ECM offer that also involved BofA Securities and CICC.

JPMorgan solely managed Phison Electronics’ USD 800m convertible bond print and Telix Pharmaceuticals’ USD 600m equity-linked sale. It was also the only Wall Street bank behind Victory Giant’s USD 2.96bn Hong Kong listing, Asia Pacific’s largest new listing in the second quarter. Mainland Chinese banks – China Securities Co., GF Securities, Agricultural Bank of China, CICC and Huatai Securities – dominated the deal.

Morgan Stanley was among the syndicates handling CATL’s new-share placement, convertible bond sales of Midea, WuXi AppTec, JX Advanced Metals. Its largest sole-run deal was a USD 490m block of Kokusai Electric shares sold by Applied Materials Europe.

By asset class, the region’s top convertible-bond banks in 2Q26 were JPMorgan (USD 2.35bn), Goldman Sachs (USD 1.75bn) and Morgan Stanley (USD 1.66bn).

Goldman Sachs topped the share placement/block chart by managing USD 4.3bn worth of deals, followed by Morgan Stanley (USD 3.39bn) and BofA Securities (USD 3.28bn).

CICC was the busiest new-listing arranger (USD 1.86bn) in 2Q26, with Huatai Securities coming next (USD 1.25bn), and CITIC Securities rounding up being the second runner up (USD 1.16bn).