Morgan Stanley dethrones Goldman Sachs as top ECM bank in Asia Pacific 2Q25
Morgan Stanley, consistently among the region’s top three ECM arrangers since 2024, reclaimed the throne in the April-June quarter, arranging USD 7.03bn worth of transactions on an apportioned basis (up from 1Q25’s USD 3.38bn, also its best showing since 2Q21’s USD 11.68bn), according to Dealogic. Deals are categorized by exchange nationality as opposed to issuer nationality.
Morgan Stanley’s involvement in such offerings as Shenzhen-traded Contemporary Amperex Technology Co.’s USD 5.3bn Hong Kong secondary listing, a USD 1.66bn share offering (as part of a USD 3.1bn equity plus convertible bond sale) by Indian’s integrated travel services provider Makemytrip.com, and a USD 1.45bn Hong Kong listing by Shanghai-listed Jiangsu Hengrui Pharmaceuticals helped the bank ascend two spots, pulling ahead of 1Q25’s bigger rivals Goldman Sachs and JPMorgan, Dealogic data show.
Goldman Sachs slipped one spot to the region’s first runner-up, associated with USD 6.07bn worth of offerings in the quarter ended 30 June, down from the previous quarter’s USD 6.26bn, according to Dealogic data.
It was Sinopec Group’s USD 994m exchangeable bond into Sinopec Corp. (a Goldman Sachs sole deal) that gave Goldman Sachs the biggest apportioned value, followed by a USD 1.5bn block in ITC Ltd. sold by British American Tobacco jointly run by Goldman Sachs and Citi, and CATL’s Hong Kong secondary listing, according to Dealogic data.
UBS advanced one spot to the region’s second runner-up in the latest season, helping manage a deal value of USD 5.95bn — a significant jump from 1Q25’s USD 3.35bn. The latest quarterly result was the bank’s most remarkable since 4Q21’s USD 6.35bn, as suggested by Dealogic.
The rise of UBS was underpinned by such sole deals as Chow Tai Fook Jewellery’s upsized HKD 8.8bn (USD 1.12bn) convertible note sale, a USD 1.2bn follow-on of Xero run by UBS and JPMorgan, followed by CATL’s mega share sale in Hong Kong.
Rounding out the first half of 2025, Goldman Sachs stayed ahead of everyone by managing USD 12.3bn worth of deals, followed by Morgan Stanley’s USD 10.4bn, and JPMorgan’s USD 9.8bn, according to Dealogic data.
Top 10 ECM deals in Asia Pacific 2Q25
| Pricing Date | Company | Deal Value USD (m) | Exchange Nationality | Bookrunner Parent |
|---|---|---|---|---|
| 15-May-25 | Contemporary Amperex Technology Co Ltd | 5,252 | Hong Kong (China) | CICC; China Securities Co Ltd; JPMorgan; BofA Securities; Goldman Sachs; Morgan Stanley; UBS; BNP Paribas; Guotai Haitong Securities Co Ltd |
| 28-May-25 | ITC Ltd | 1,513 | India | Goldman Sachs; Citi |
| 16-May-25 | Bharti Airtel Ltd | 1,505 | India | JPMorgan |
| 03-Jun-25 | Ping An Insurance (Group) Co of China Ltd | 1,500 | Hong Kong (China) | Morgan Stanley |
| 28-Jun-25 | HDB Financial Services Ltd | 1,462 | India | Jefferies LLC; JM Financial Ltd; Morgan Stanley; Nomura; BofA Securities; BNP Paribas; Goldman Sachs; HSBC; IIFL Capital Services Ltd; Motilal Oswal Financial Services Ltd; Nuvama Group; UBS |
| 21-May-25 | Jiangsu Hengrui Pharmaceuticals Co Ltd | 1,452 | Hong Kong (China) | Morgan Stanley; Citi; Huatai Securities Co Ltd; UBS; Bank of China; CITIC Securities; GF Securities Co Ltd |
| 27-May-25 | InterGlobe Aviation Ltd | 1,355 | India | Morgan Stanley; Goldman Sachs; JPMorgan |
| 17-Jun-25 | Foshan Haitian Flavouring & Food Co Ltd | 1,290 | Hong Kong (China) | CICC; Goldman Sachs; Morgan Stanley; Bank of China; Industrial & Commercial Bank of China – ICBC; Bank of Communications Co Ltd; China Merchants Bank Co Ltd; Agricultural Bank of China Ltd; China Construction Bank Corp; HSBC; Huatai Securities Co Ltd; CITIC Securities; Futu Securities International (Hong Kong) Ltd; GF Securities Co Ltd; China Galaxy Securities Co Ltd |
| 25-Jun-25 | Xero Ltd | 1,203 | Australia | JPMorgan; UBS |
| 19-Jun-25 | Zhejiang Sanhua Intelligent Controls Co Ltd | 1,189 | Hong Kong (China) | CICC; Huatai Securities Co Ltd; Agricultural Bank of China Ltd; Bank of China; Caitong Securities Co Ltd; GF Securities Co Ltd; Zheshang Securities Co Ltd |
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