China investment banking revenue reached $3.7b in first half of 2016

China investment banking revenue hit a half year record high of $3.7 billion in the first half of 2016, up 4 percent year-on-year, according to the latest report from data provider Dealogic.

China ranked as the second biggest fee paying nation globally behind the US, and was the only nation out of the top ten to record year-on-year growth. DCM led the increase with $1.8 billion, the highest revenue for any half year period on record. M&A and syndicated loan revenue jumped 52 percent and 8 percent to $339 million and $275 million, respectively. ECM revenue, however, bucked the trend to decline 40 percent year-on-year to $1.3 billion.

Technology was the top targeted sector by activity for outbound Chinese acquirers for the third consecutive 1H period, with 95 bids announced for a combined $32.1 billion, the highest annual volume on record.

Chinese issuers led global new listing volume in 1H 2016, with $13.7 billion via 94 deals (28 percent market share). This is less than one third the amount raised in 1H 2015 ($41.2 billion), and the lowest first-half-year level since 2013 ($4.2 billion).

Offshore DCM volume was down 22 percent year-on-year to $53.5 billion in the first half of 2016, and the high-yield market was at a seven-year low.