made it to into the top 10 global ECM book runners, with Chinese investment banks pushing them out over the past 10 years. American multinational investment banks Goldman Sachs, Morgan Stanley, BofA Securities, JPMorgan, Citi and Jefferies LLC were joined by Chinese firms Citic Securities, China Securities Co Ltd, China International Capital Corp Ltd and Huatai Securities Co Ltd at the top 10 positions in the March quarter.
This is in stark contrast to 10 years ago, when the top 10 global ECM book runner league table often included firms like UBS, Barclays, Credit Suisse and Deutsche Bank. However, since then, billions of dollars have been spent by Europeans trying to match the power and reach of the American investment banks, but they do not have a lot to show for it.
Meanwhile, Chinese firms have come a long way over the years, with Citic Securities was ranking 17th in the global ECM book runner table in the March quarter of 2012, while China Securities was 26th, China International Capital Corp was 37th, and Huatai Securities was 67th. Over the next five years, the firms manage to progress rapidly, with Citic ranked 10th in the March quarter of 2017, while China Securities was 14th, China International Corp was 11th and Huatai Securities was 24th, before they all made it to the top 10 this year.
