Investment banks are for the first time making more money helping private Chinese companies list on the public markets, than from the country’s vast number of state-owned enterprises.
Just a third of banks’ fees from equity-raising this year have come from state-owned companies, according to analysis of Dealogic data by Credit Suisse. This compares to more than half for the whole of 2013, and an average of two-thirds during the boom years of Chinese listings from 2005 to 2010.
The figures cover Chinese companies listing outside the mainland but do not yet factor in the fees from internet group Alibaba’s impending initial public offering in New York that will skew the balance even further towards privately owned enterprises.
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