China Investment Banking Revenue Increases Amidst Divergent Market Activity

Investment banking fees in China reached $12.9 billion during the first nine months of 2026, representing a 7.4% year-on-year increase. This growth was primarily driven by a 40% surge in equity capital markets (ECM) underwriting fees, which totaled $3 billion. Debt capital markets (DCM) underwriting and syndicated lending fees also saw modest gains of 5% and 6%, respectively.

Conversely, completed merger and acquisition (M&A) advisory fees declined by 40% to $503.2 million. This contraction in advisory revenue highlights a shift in institutional activity toward capital raising rather than corporate consolidation.

Domestic financial institutions continue to dominate the market landscape. CITIC holds the largest wallet share at 9.5%, leading both total fee generation and bond underwriting. China International Capital Co. (CICC) maintains the primary position in ECM underwriting. Despite the decline in M&A activity, the record-high volume of bond offerings suggests sustained liquidity demand from China-domiciled issuers.