China’s banking fees generated from follow-on offerings rose year to date (4 August), way outpacing elsewhere in Asia Pacific from the asset class.

A return of interest in Chinese artificial intelligence, electric vehicle, and biopharmaceuticals names has helped the country raised USD 31.7bn worth of follow-on shares – old and new – according to Dealogic data. That marked an around 2.6x the USD 12bn raised a year earlier. The broader Asia Pacific follow on market by deal world region, nonetheless, printed USD 98.4bn worth of deals, or merely a 12% increase from USD 88bn in the corresponding period a year earlier, Dealogic shows.

Bankers servicing the asset class in the region pocketed an estimated total of almost USD 900m from 978 deals as at the year to date [YTD; 4 August 2025], as compared to more than USD 1bn across 1186 deals in YTD 2024, according to proprietary data by Dealogic that tracks investment banking fees.

Of the three ECM segments, follow-on offerings contributed to about 43% of all ECM revenues in Asia-Pacific in YTD 2025, while IPOs took another 43%, and converts about 12%.

Notably, fees from China increased 60% to USD 205m year-on-year while revenues from the four following markets – Japan, Australia, India, and South Korea – all fell to a combined USD 600m from USD 860m in YTD  2024.

That said, while China’s share of the region’s follow-on fees increased to 23% from 12% the same period last year, few Chinese banks made it to the upper echelons of the revenue league tables. Only two Chinese banks showed up in the top 20: CITIC Securities, which climbed into ninth from the sixteenth in last year, and Guotai Haitong Securities, which jumped ten spots to land on fifteenth.

The top three banks were all American – Morgan Stanley, JPMorgan, and Goldman Sachs, followed by Switzerland’s UBS; Japan was well represented via Sumitomo Mitsui Financial Group, Nomura, Mizuho, Daiwa Securities, and Canada’s Canaccord Genuity stood tenth. Meanwhile, other APAC winners in the top 20 included: Korea Investment and Securities and NH Investment and Securities – which both had significant leaps from 1H24, and Australia’s Bell Potter Securities, Aitken Mount Capital Partners, mining focused Petra Capital, and Argonaut.

Tech and industrial take lion’s share of FO fees

Regionwide, technology and industrial follow-ons each contributed 22% and 20%, respectively, to total follow-on fees, though both sectors saw fees fall compared with that in the same period last year. In fact, with the exception of healthcare and real estate, all other sectors among the top ten, saw fees fall YoY.

Technology, down about 13% YoY to USD 200m, derived about half of deal fees from China and Japan. Within technology, software generated almost 45% of the total thanks to offerings from such companies such as Indian tour operator Makemytrip [NASDAQ:MMYT] and New Zealand payroll firm Xero [ASX:XRO].

American banks JPMorgan, Morgan Stanley and Goldman Sachs demonstrated a monopoly in the space with a cool 40%. Chinese firms Guotai Haitong Securities and Huatai Securities were among the top 10 tech-fee earners, as were Japan’s Nomura and Sumitomo Mitsui Financial Group.

Japan, meanwhile, was the biggest driver of industrial fees, contributing USD 77m or more than 40% of the pie.

A large portion was driven by auto makers as domestic institutional shareholders in Japanese auto makers Isuzu Motors and Suzuki Motors sold shares. China, India, South Korea, and Australia were the next largest generators of industrial fees. The top banks in the segment by revenue were Japanese stalwarts Mizuho, Sumitomo Mitsui Financial Group, Nomura.