How does BB/EB at HK looks like? Curious if its mainly capital market and limited M&A activities, and if you have to apply for a specific product (M&A, ECM, DCM, s&t) for SA or the entire SA is just a mix of stuff and you'll have the chance to be staffed on multiple areas during the summer intern process?
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Based on the most helpful WSO content, here's what you need to know about BB/EB in Hong Kong IBD:
Focus on Capital Markets vs. M&A:
Hong Kong's investment banking scene, especially at BBs (Bulge Brackets) and EBs (Elite Boutiques), tends to have a strong focus on capital markets activities, particularly ECM (Equity Capital Markets) and DCM (Debt Capital Markets). This is due to the region's role as a hub for IPOs, bond issuances, and other capital-raising activities, especially for Chinese and regional companies. M&A activity is present but generally less dominant compared to capital markets.
Summer Analyst (SA) Application Process:
For summer analyst positions, the application process can vary by bank:
Staffing During the Internship:
If the program is generalist, you could have the opportunity to work across different product groups, gaining exposure to both capital markets and advisory work. However, if you are placed in a specific group (e.g., M&A or ECM), your experience will be more focused on that area.
If you're aiming for Hong Kong IBD, it's essential to research the specific bank's program structure and tailor your application accordingly.
Sources: Week 1 of IBD Internship: Training, Q&A: HK IBD, 2019 Summer Analyst Program for Hong Kong/Singapore, 2019 HK IBD Summer Analyst position (Interview Rounds, Open Internship Positions, etc)
Split by geography coverage and you just spam IPOs afaik
Yes mainly capital markets, especially for this year. Slightly more M&A at EBs but not by much, pure advisory is quite a tough business in Asia for IB P&L.
BB SA is pooled and you'll be staffed on whatever's going on at the firm when you hit, sector and product exposure is usually very diverse, but you won't be in the weeds as there's way too much menial work (taking notes, scheduling and coordinating, heavy translation & review, turning comments, etc.)
But I think IB and cap market app is separated - what would my roles include if I'm selected as a classic IBD intern instead of capital market/s&t intern?
Oh, for IBD Classic you'll probably still be working on A-H IPOs / placements / securities listing mandates from various sector teams this year, which we think of as cap markets.
Roles similar to what I mentioned earlier, that's what we had interns do across a few BBs.
S&T role would be quite different, though I'm not too familiar.
usually you'll get more exposure to larger cap M&A at the EBs (esp moelis or lazard in hong kong) compared to the BBs - like a previous comment mentioned theres a ton of cap markets work to do at the BBs and none of that at the EBs
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