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Now local players like the Hong Kong arms of the big four banks, and securities houses such as Guotai Junan and Haitong, dominate the league tables. This is very much a China theme. All are from the mainland. Banks have positioned for this for some time. That said, Christianson notes that business evolution is not just the preserve of the private sector. When she talks to chief executives in traditional sectors, she says, all they talk about is technology.
Some may spin off assets, creating opportunities for private-sector funds to buy in and expand, but then again SOE reform is complicated. Bankers are now watching closely the new technology innovation board on the Shanghai Stock Exchange, due to launch later this year, to see what sort of threat it might pose to Hong Kong — and whether or not they can now get involved with it themselves.
On the tech board, Paradise says, that valuation ceiling is gone. One institution watching the new board closely is HKEx, which has launched its own chapter for pre-revenue biotech companies. If China dominates the ECM fee pool, that is nothing compared with DCM, thanks to a combination of steady investment-grade issuance and the fact that China utterly dominates high yield.
These are Asian themes, but they have helped to elevate China debt issuance. And there is so much volume. The dramatic rise of high yield in China, from about , is a signature DCM theme; and this perhaps represents a counterpoint and a reason for alarm. Last year, there have been only two technical defaults in the G3 markets from Chinese issuers. Today, when you look at an order book, you will see many lines that are all Chinese names.
One sees this in many areas: the development of domestic pension funds, the growth of the state-owned asset managers like China Orient, the rise of private-sector asset managers in China, the growth of private wealth and the steady climb of private funds such as Hillhouse and Primavera. There is a lot of Chinese money coming through and driving these transactions. The depth and breadth of that market is becoming more and more competitive with international capital markets.
Now deals like that are off the table , partly because China no longer allows them to happen in the light of debt problems at firms such as Anbang and HNA , and partly because the US blocks anything remotely sensitive involving US assets, through the Committee on Foreign Investment in the United States. Even in Asia, as the Belt and Road Initiative has grown, there is pushback on the degree of Chinese influence in their markets. That is because many deals were SEC-registered IPOs and follow-ons, which Chinese houses find it hard to argue their way on to and may not be licensed to try anyway.
And fees there are somewhat comparable to US fees, which is to say, materially better than they are in Asia. On both ECM and DCM, international bankers have complained for years about the sometimes ludicrous number of bookrunners applied to deals. They are willing to offer balance sheet to win mandates. It is becoming more rational. Now a deal is truly being run by two or three people.
The China slowdown is real, there is no question. China is attempting to squeeze out excess capacity while maintaining fiscal stimulus for the broad economy, a difficult trick. Is it getting it right? Can they pull it off is a different thing. Another tricky theme to read is the BRI. Geopolitically important and with a massive potential scale, it is not yet an obvious happy hunting ground for foreign banks in China.
They are not getting involved in the funding, nor is much ancillary business yet flowing through. Ultimately China is all about scale. And the prize is big. The bull case is that market reform happens swiftly, brings more liquidity, but with a drop in turnover rates as retail becomes less dominant in an increasingly institutionalized market. For that case to work out, a community of onshore hedge funds would have to grow — which is not an unreasonable expectation — and domestic brokers need to consolidate.
The direction is always towards liberalization, but long periods of time can be a frustrating wait. So, if you have first-mover advantage, it is sustained for a long period of time. It is an environment stimulating enough to have hauled Chin at UBS back from a couple of years out in academia.
In the early s, China generated no potential business as it underwent the Cultural Revolution. Even then, it was problematic. Jardine Fleming was the first foreign house to get a broking licence in Shanghai and it then got another in Shenzhen, so it was ready to help when the Kuwait Investment Authority said it wanted to put long-term money into China. It was hard to deploy.
Jardines did so with quite flamboyant originality. Jardines would buy the ducks and the feed, give them to Chinese farmers under the supervision of a Frenchman who knew ducks, and take only the liver, leaving the rest of the duck to the farmers. So we had to buy an air conditioner. Buying air-con for Chinese ducks was not prohibitively expensive, but raised another problem. Worse still was a fish farm they funded on the Fujian Coast, this time under the supervision of a Norwegian.
Jardine Fleming would go on to great success in mainland business. But not just yet. Among the Asian banks keen to take on China are the Taiwanese, who have naturally faced an additional challenge in the shifting geopolitical environment, specifically the cross-straits relationship. But Wu wants to make up for lost time. Since CTBC only has four branches on the bank side, plus a leasing company and a consumer finance company, growing organically is probably not going to move the dial.
Therefore he is looking at acquisition. He also hopes that new technology will enable him to penetrate the market despite the relative lack of branches. But what is the quality of targets like? He suggests a city commercial bank, but there are grave concerns about asset quality in some of these, much of it not visible on the balance sheet.
But of course asset quality is something we need to be aware of. Hiccups may happen that we need to deal with. But from my observation, with this administration the cross-straits relationship is kind of frozen, but both are still open to economic exchange. I believe it is the time to begin a new thread for Chinese banking lol.
Have seen a lot of threads recently. Well you will not be working on a lot of pitch books and modeling as you may find regularly in US. Currently the IPO market in China is really inactive so basically BBs are underwriting corporate and enterprise bonds. I imagine the majority of your work will be focusing on the private placement and bond issuance. I will also be starting my SA gig in Beijing. Just got a phone call this sunday afternoon and asked for an interview at their HK office tmr It will be 1 phone interview guess maybe the person is out of town and then 3 back-to-back interviews.
A few basic questions: 1. In fact, Im a bit confused with this? NO for Shanghai. Think about what you can offer. LevFin expertise 3 Read. If you can read Chinese it would be better to read local biz news such as Hexun and Caixun, it will help you to understand local point of view.
But there are pretty good non-biz focus HK-based China focus news agency such as Southern China Morning Post which offers English publishing and it has a website but you have to pay. If you want to invest I would suggest strongly against it because you dont seem to know anything about China market. So read before you lose your money.
They require some level of an East Asian language. You can possibly get a job at a BB in HK with little knowledge of the language. I know during the boom days of , there were people who got hired by merely showing an interest in asian markets. However, that hasn't been the case in the last couple of years, as Asian ibanks have also slowed in hiring. It's not as bad as the US, but not great. I guess the bottom line is it's possible, but the better your grasp of the language, the better your odds are.
Obviously IBs have no shortage of native Chinese people who have studied in the US and are ready to move back to their home country in prestigious positions. So I expect the whole thing to be extremely difficult for foreigners expecially on junior levels. Does anyone know people who have made the move to China? I assume HK should be much easier to gain jobs than Shanghai or Beijing. But its especially Shanghai and Beijing I am interested in as I personally see the greatest opportunities over there.
If you have worked in Shanghai, Beijing or HK , it would be great to hear some insights on how you got there, position, lenght of stay and how you personally evaluated your work experience in China. Networking is by far the biggest part of getting deals done. A lot different from the American culture where the quality of the work actually matters,too.
I can tell you, if you dont have the language, you have 0 shot. Not a chance in hell unless you're already very senior. Every caucasian analyst in the office here including the caucasian lawyers are absolutely dead fluent in mandarin. I've worked in HK. Forget it if you don't know any Mandarin. Even HK is a waste of time for you. The title says it all really. What about China? Is it true that the training in HK may not be as good as in Western countries? Also get housing allowance.
Not sure why you think HK training is not as good. Omnis excepturi est ut. Libero ut iure ut aliquam culpa dignissimos. Ea qui sint quam beatae atque. Qui sit ut fuga est saepe deleniti occaecati officiis. Ut explicabo aut sit earum. Distinctio consectetur eos facere sequi aperiam qui culpa illo.
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Eius voluptatem corporis deleniti necessitatibus. Dignissimos modi quis rem et aut dolorum ut. Unde sapiente sunt accusantium a dolores ex aut expedita. Veniam sit eius et ut vero et. Quia est sed dolor cupiditate. You can download this screenshot as image or copy to clipboard using browser's context menu. Join Us. Already a member? Popular Content See all. The work consultants do--making random powerpoints: basically stretching reality with fancy writing and fonts, amid vague requests and vague prop….
Not trying to sta…. Therapy is constantly encouraged these days and has become more expensive in the last year or so. After I graduated college, I stopped going because it would start coming out of my pocket since it was included in my tuition. I've had some intense lows after losing that luxury, but also found hobbie…. I think a lot of people have a misconception of people in finance and banking. A lot of people think we are just spoiled, selfish individuals who would take advantage of anyone however that is the case with some people.
That leads me to…. I mean self-made millionaire. Net worth over 30 mil. How many kids would you want and how would you educate them? Public or private school. Would you pay for everything until they reach the big 18 or want them to work during summer? I'm currently trying to start my own company, it's a pretty basic B2B software company, I thought that it might be informative to make a thread on here that I could continuously update with lessons from startupland.
The thread may provide insight into what it is like trying to do a bootstrapped sta…. Is it just me or Charle LeClerc is an overrated driver? The Alonsos, Hamiltons, and Verstappens are clean cut drivers. May Investment Banking. Investment Banking in China, Briefly. Rank: Neanderthal 2, United States - Midwest. Hong Kong. Log in or register to post comments. Comments Jun 19, - pm. IB Internship Resume Template.
Jun 20, - am. Comment below:. But many other things are believed simply because they have been asserted repeatedly—and repetition has been accepted as a substitute for evidence. Learn more Suggested Resource Learn More. Learn more. See my other WSO blog posts. I'm interning at one of China's biggest VC firm its a SOE and i must say some of the projections made by the private companies I've looked at is ridiculous, for example: year 1 gross profit 20 mill year 4 gross profit mill A lot of IPOs made in China are also based on "relations", in a meeting i had my team's investment manager was basically telling us how an private firm reaches IPO and there's a lot of "Guy A knows guy B, Guy B knows Guy C who works for the CSRC, I also happen to know guy C so this venture should pass no problem".
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Another reason that I think that VC is very appealing is that the president is so connected in the industry though I do doubt whether I even have the chance to talk to him. I personally lean towards the VC firm but still worry that I may miss something important that may make this offer much less helpful to break into BB than I thought.
Yes you may have a chance. If that guy you talked about is very famous, it maybe worthwhile to join the VC firm to gain more responsibilities and connections you may otherwise not have at the IB. Yes access to senior members is important…. As I still plan to come back to N. I thought meeting western bankers would be great but is it even possible?
Thanks again, really enjoy the readings,. You worked in SH because you wanted to gain overseas exposure. Is this assumption correct? Thanks Brian. My lack of work experience is established and will change as the offers coming dripping in. I know somewhere buried in my residual memory lay the skills necessary to impress IB firms.
Could you pls refresh me on them? You must know how to present an argument about a company or proposal for what it should do clearly, in both PowerPoint and written form. Hey Brian. Congrats on the interview, it was very informative. Are they open to foreigners? Great article. Hey Brian great article, very informative. Out of interest, what is the state of Chinese Investment banks i. I lets say you work for a Chinese Investment bank in uk or usa, Are the salaries different compared to native american BB?
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