China’s investment banking fees rise 7.4% to $12.9b in 9M

ECM underwriting fees jumped 40% but M&A advisory fees fell 40%.

China generated investment banking fees of $12.9b in the first three quarters of 2026, up 7.4% compared to the same period the previous year, according to data from the London Stock Exchange Group (LSEG).

Equity capital markets (ECM) underwriting fees totalled $3b during the period, up 40% year-on-year (YoY), and accounting for 23% of the investment banking fee pool.

Debt equity markets (DCM) underwriting fees totalled $9.1b, up 5% YoY, whilst syndicated lending fees rose 6% YoY to $357.9m.

Completed M&A advisory fees bucked the trend, falling 40% YoY to $503.2m for the 9M period.

Amongst financial institutions, CITIC ranked first in the China investment banking fee league tables for the 9M period, generating $1.2b in fees or 9.5% of the wallet share, LSEG data showed.

CITIC also led the China bond underwriting league tables, underwriting $261.3b of proceeds, whilst China International Capital Co. (CICC) led the China ECM underwriting league table with $23.6b in proceeds.

In total, China’s ECM raised $159.4b in the 9M period, 69.9% YoY higher, with the number of ECM issues rising 33.7% YoY and marking the busiest 9M period since 2023.

Primary bond offerings from China-domiciled issuers rose 4.1% YoY to $3.4. Whilst the number of bond issues declined 1.4%, the year recorded the highest-ever first 9M bond totals since records began in 1980, LSEG said.