**China's Citic Tops Asia-Pacific Bank Fees as IPO Surge Defies Market Slump**

Investment banking fees in Asia-Pacific, excluding Japan, fell 5% to $5.3 billion in early 2026. However, a surge in stock market listings in mainland China and Hong Kong created a clear winner: China’s Citic Securities. New data from LSEG Data and Analytics shows the overall decline resulted from weaker activity in mergers and acquisitions (M&A) and debt markets. This drop offset strong growth in equity capital markets—the business of helping companies raise money by listing shares, known as initial public offerings (IPOs). Citic Securities earned the highest fees in the region. Its leading position was secured by strong performance in underwriting bonds, a core debt capital market activity, even as that broader sector slowed. The figures highlight a split market. While some banking activities cooled, the IPO boom in Greater China provided major fee income for leading banks like Citic.