- APAC ex-Japan investment banking fees rose 19% in 2025 to $24.9bn, about 18% of global fees.
- ECM fees jumped 45% to $5.4bn and M&A advisory rose 43% to ~$3.5bn, while DCM grew 11% to $13.5bn and syndicated lending was flat at ~$2.5bn.
- Chinese banks dominated league tables led by CITIC on ~$1.45bn (5.8% share), supported by offshore bond issuance and a rebound in Hong Kong IPOs.
- Singapore fees climbed 28.9% to ~$864.6m on stronger M&A, ECM and DCM, but syndicated lending fell and deal momentum cooled in Q4.
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The investment banking landscape in APAC ex‐Japan in 2025 demonstrated significant recovery and momentum, driven principally by equity markets and M&A, while syndicated lending lagged. Key drivers included regional macroeconomic stability, China’s issuance activity, and surge in cross-border and offshore transactions.
Breakdown of Revenue Streams and Drivers: ECM saw the sharpest gain (+45%) bringing in USD 5.4 billion, suggesting revived investor appetite for equity issuance and IPOs—particularly in Hong Kong and mainland China. DCM’s +11% growth to USD 13.5 billion reflects strong bond issuance, especially in yuan-denominated and offshore deals. M&A advisory jumped ~43% to ~USD 3.5 billion, suggesting large deals re-emerging despite overall deal count declines. In contrast, syndicated lending stalling near USD 2.5 billion hints at tighter credit conditions, regulatory hurdles, or borrower selectivity.
Institutional Perspectives and Competitive Intensity: Chinese financial institutions dominated. CITIC led with USD 1.45 billion in fees, followed by other Chinese banks. Non-Chinese investment banks, including global players, featured in ECM and cross-border activity, but Chinese banks pulled ahead in portfolio and market share. Singapore exemplifies local market dynamics: while fees soared, large-deal momentum diminished late in 2025, especially in IPOs.
Strategic Implications: Banks with strong ECM and M&A franchises stand to benefit most in APAC ex-Japan. Chinese banks are consolidating regional dominance, especially through offshore issuance and mainland-Hong Kong synergies. Syndicated lending specialists face headwinds. Policymakers’ bond issuance and easing of IPO approval (especially in China & Hong Kong) will be key tailwinds.
Open Questions and Risks: Will ECM momentum endure amid potential regulatory tightening, rate shifts, or investor sentiment changes? How will Chinese policy (e.g., capital controls, IPO approval length) affect offshore listings? Can syndicated lending revive, or is structural decline underway? How will non-Chinese firms counter regulatory and competitive barriers?
Supporting Notes
- Total IB fees in APAC ex-Japan in 2025: USD 24.9 billion, +19% YoY.
- ECM fees: USD 5.4 billion, +45% YoY.
- DCM fees: USD 13.5 billion, +11% YoY.
- Syndicated lending fees: USD 2.5 billion, flat YoY.
- M&A advisory fees: ~USD 3.5 billion, +43% YoY.
- Regional share: APAC ex-Japan accounted for ~18% of global IB fees; Americas ~55%, Europe ~21%.
- Chinese banks’ rankings: CITIC top with USD 1.45 billion (~5.8% share); followed by China Securities, Bank of China, CICC, Guotai Haitong; global firms like Morgan Stanley trailed.
- Singapore fees: USD 864.6 million (+28.9% YoY); M&A: USD 265.1 million (+55.3%); ECM more than doubled; DCM USD 155.2 million (+55.9%); syndicated lending fell ~24%.
- Large-deal activity in Singapore dropped in Q4; number of IPOs surged but deal count volatile.