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Pretty much same thing as US... The european banks are relatively stronger there than they are in the US (UBS, CS, DB). BAML and Citi are pretty mediocre. GS/MS/JPM still are probably the most "prestigious"

One thing to keep in mind though is that in HK, it's probably better to join an industry coverage team versus a product group (i.e. M&A). ECM is the money maker in Asia, a lot of regulatory and cultural problems that hinders M&A deal volume. Financial Sponsors/LevFin = no dealflow. Equity-related deals, by contrast, are very common.

 
Best Response

GS, MS and UBS

MS and UBS are very strong in HK/China market. GS has been losing market shares in the past few years, but still has great business presence. JPM and CS has been catching up in the past two years, especially JPM. Citi and DB are mediocore in HK/China. ML has been growing in Asia, but not sure how the new BAML looks like right now. BarCap, Lehman and Bear used to be the worst BB shops in HK. BarCap has very small market share in HK/China due to their focus on debt products. It is going to take a long time for them to establish their M&A and equity business in full there. Lehman just don't have a good business rhythm outside the US territory... Now the Nomura thing makes it look even worse IMO. Bear is out of discussion now.

 

gs, ms, jpm, ubs, cs

ubs used to be rank higher in terms of prestige (altho its still number 1 in ECM, its rep has been damaged since the crisis)

agree that db is pretty mediocre

 

True UBS is hiring, but doesn't have much brand value here compared to the other BBs.

Besides the fact that LTs don't really mean anything, the LTs here are mainly dominated by the local banks and some from the top bracket of banks. Anyone can get on the top by joint-bookrunning hundreds of deals

I'm giving you an on ground view here, as recent as last year. Again this is my opinion, but a general consensus across other analysts from other banks here

 

Pretty inaccurate comments in this thread. UBS and GS are the only two with a real China JV. They do plenty of business and M&A wise (cross-border) GS is crushing it. MS is always going to be up there. UBS is only good because of its private wealth business and is typically non-SOE business

 

This is not true. MS formed one of the first JVs in China with Huaxin securities in 2011. MS M&A is definitely the place to be if you want to be involved in M&A

 

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