Japan has surpassed China as a driver of investment banks’ revenues from equity fees for the first time in almost 25 years, as global investors shun Chinese markets and a sustained rally in Tokyo stocks drives listings.
A rush of equity business in Japan has pushed the country’s contribution to banker fees to more than $440mn so far in 2023, about 30 per cent of the total in the Asia-Pacific region, according to data from Dealogic.
China accounts for $367mn, or just under a quarter of banker fees in the region, when share sales in China and Japan offered exclusively to domestic investors are stripped out. The data includes fees from IPOs, follow-on share sales, block trades and convertible bonds.
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