Wall Street banks expand China business as cross-border deal flow improves

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23 hours ago

Wall Street banks expand China business as cross-border deal flow improves — Wall Street expands in China

Years of weak returns and regulatory setbacks are giving way to stronger momentum for some Wall Street banks that remain committed to China. JPMorgan, Goldman Sachs and Morgan Stanley are benefiting as more Chinese companies pursue overseas listings, share sales and trading activity.

Highlights

JPMorgan Chase & Co.'s China revenue grew 20% annually over the past two years, with expectations to double China business by 2030.
Morgan Stanley arranged 11 Chinese share sales and equity-linked offerings totaling at least $1 billion this year, exceeding its 2021 IPO boom performance.
Goldman Sachs projects a strong 2027 for its China business after achieving a high watermark in 2024, reflecting sustained cross-border deal momentum.

China franchise growth gains traction

As reported by Bloomberg, a small group of U.S. banks that maintained their China operations are now seeing clearer returns from that strategy as cross-border capital markets activity strengthens.

JPMorgan Chase & Co.'s revenue from China grows 20% in each of the past two years, and the bank is on pace to double its business in the country by 2030, according to people familiar with the matter. The performance suggests that a long period of limited payoff from China investments is beginning to ease for firms that kept their presence in the market.

Morgan Stanley has arranged 11 Chinese share sales and equity-linked offerings worth at least $1 billion so far this year. That exceeds what it did in 2021, when Hong Kong was experiencing its previous IPO boom, pointing to a renewed pipeline of fundraising by Chinese issuers.

Global ambitions support Wall Street pipeline

Goldman Sachs Group Inc. is expecting a solid 2027 for its China business after setting a high watermark this year, according to senior bank executives who asked not to be identified. The outlook indicates that management sees current momentum extending beyond a single strong year.

The broader driver is that more Chinese companies are going global, creating demand for stock offerings, equity-linked deals and trading services. For Wall Street firms still operating at scale in China, that trend is helping turn a difficult long-term bet into a more meaningful contributor to regional business growth.

In our earlier article on China’s Q3 growth outlook and fresh policy support, we noted expectations for a modest pickup in GDP growth even as activity stayed near the lower end of Beijing’s full-year target range. We also outlined the latest stimulus steps—including targeted rate cuts, mortgage support and the use of unused local government debt quotas—while highlighting that stronger exports and factory output were offsetting weak domestic demand and ongoing property-sector stress.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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