A fee bonanza on China's Nasdaq-style STAR Market, which is set to surge with Ant Group's mega-listing, is passing Western banks by due to their limited local presence and worries about a unique co-investment rule for managing IPOs.
Companies raised US$10.3 billion via initial public offerings over January-July on the STAR Market, making it the second-biggest market globally, showed Refinitiv data, behind Nasdaq but ahead of Shanghai's main board and Hong Kong. Not all Western banks have Chinese underwriting licences, and they struggle to compete with local rivals due to limited securities distribution networks. This could change as China opens up its financial sector, allowing for expansion.
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Source: The Straits Times - 🏆 8. / 63 Read more »