HK IPOs threaten syndicate cuts

摘要

The dominance of Chinese anchor investors in the year's two biggest Hong Kong listings is putting syndication jobs at risk at a time when global banks are stepping up their war on costs. Bank of tianjin and china zheshang bank each completed sizeable Hong Kong floats last week, breathing some life into a sluggish global IPO market. As with other recent overseas listings from China, however, the bulk of the stock was in effect pre-placed with mainland investors, leaving equity syndicate bankers reduced to mundane administrative functions.