HK Group Selection

Really depends on where you work

He doesn't mean where as in location. Where as in what firm, because different firms are good in different products/industries

Can somebody please discuss and evaluate the strengths and weaknesses of the major BBs in HK, with respect to their product and industry groups?

Specifically, what are your comments on: -Goldman Sachs -Morgan Stanley -UBS -Citigroup -Merrill Lynch

Thanks! I would really appreciate this information.

You might as well just ask specifically for your bb. I doubt anybody will have the depth or breadth of knowledge or even motivation to type out all that you're asking.

GS MS UBS are the top players in HK. then i'd say ML, and Citi in that order.

UBS

gap

MS/GS

gap

ML/CS/JPM

big gap

Citi/DB

very big gap

LEH

CS is much lower than that.

this makes me really sad.. is Lehman that bad in Asia...

Heard LEH withdrew from China for a while, and now they are coming back (for catch up).

CS is a solid, well-connected shop, being the only BB to underwrite both CCB IPO(US$9Bln) and ICBC (US$16Bln), two of China's big four banks. CS is also strong in Southeast Asia.

Sabrine, I think you should go read up... CS is the only bank that did two of the largest IPO in Asia to date, ICBC and CCB...

Much lower? Know your facts man...

pretty much agree with larocha, except i thought lehman was gaining momentum in asia. maybe not.

just a couple quick questions about ML and JPM in HK - what do ppl think about these 2 firms - which would you choose for first year analyst position in HK office? - which group/s at ML and JPM are better (eg M&A? Fig? Real estate?)

when people get their offers for hk positions - do you tend to know which groups you are going into? Can you allocate your preference?

Thank you for advice!

Can anybody comment on the Leverage Finance scene in HK / China at the moment? Especially pertaining to IBD analysts and exit opps.

Thanks!

sshiah and larocha, i asked about Lehman Asia because I'm actually interning there for the summer. I mean, obviously Lehman is quite prestigious here in the States, but I'm assuming that for Asia their hiring criteria would be the same although they are not as strong?

If I decide to go through US recruitment next year, would the experience at Lehman Asia still be considered quite decent?

why is ubs asia so strong? isn't GS > UBS in Asia?

In Asia, UBS tops GS.

no, student22, GS is not tops in everything, everywhere

Where will you put Macquarie in the league table in HK? in line with DB/Citi?

how is HSBC IBD in Hong Kong?

people from UBS hk told me they have like 20 IPOs lined up for 2007 worth about $10 billion already, there's obviously no lack of dealflow there.

Is it possible to move from lets say a bb in nyc to a bb in hk without being able to speak mandarin or cantonese?

• Slams

HK all you do is IPOs. Not very exciting work. Wouldn't put Citi with DB. They've had a bad run recently but they're hired top people from MS and UBS. This year they're on all 3 of the top 3 IPOs as lead, China Railway, China Metallurgy and Citic Bank. I'd put them with ML and rising.

It seems that the top banks in HK are GS, MS and UBS.

Are the marginal differences between the banks relatively small or are they relatively big?

What I meant. Plus, considering the relative lack of deals, you cannot miss out on any big ones in Asia.

In terms of ibd, i think UBS, GS, and ms are basically on a same level in hk. Little marginal difference

However, gs is a much worse employment choice compared to the other two, because it sends a majority of its ibd analysts to Beijing office, which named Goldman Sachs "Gaohua"...

how do people rate Lev Fin group in HK? It is obvious that Lev Fin is one of the most highly sought after team in US, but interested to know what the situation is in HK? And assuming the Lev Fin is popular due to its exit option to PE, or Distress investment PE fund, which is almost non-existent in HK, would also be interested to know the exit of Lev Fin banker in HK.