Exclusive | Mainland investment banks shell out big bucks for top talent as they match Wall Street rivals on pay, IPO deals
- Chinese investment banks handled more than 65 per cent of the 4,861 IPO and stock deals in Hong Kong over the last five years
- Many experienced Wall Street bankers and youngsters are keen on joining Chinese investment banks to grow their careers, a headhunter says
Out of the 4,861 initial public offerings (IPOs) and other securities offerings during the five-year period up to 2021, over 65 per cent was handled by mainland or Hong Kong-based investment banks, according to Dealogic.
“Many mainland investment banks can now offer a pay package similar to US or European lenders,” Kenneth Ho Shiu-pong, head of equity capital markets at Haitong International, said in an interview. The firm handled 215 deals between 2017 and 2021, and was the top arranger in 2019 and 2020, according to Bloomberg data.
Junior bankers opting for a career with mainland investment banks can have the same growth trajectory as their peers at Wall Street rivals, he said when discussing the developments of Hong Kong’s investment banking sector since the handover to China in July 1997.
The mainland investment banks’ pay packages have been catching up quickly with their Western rivals and have become extremely competitive in recent years, according to recruiters.
