Best for cross border equity capital markets 2020: Haitong International
Haitong International has become a respected player in the offshore equity market. Under Sean Huang, group head of corporate finance and co-chairman of investment banking, the firm has helped a variety of Chinese companies raise cash offshore.
With a total of 47 offshore China deals during our awards period – more than any of its Chinese rivals – Haitong is only second to Morgan Stanley.
It is making the most out of the Hong Kong IPO market. For the year ending June 30, it completed 37 listings in Hong Kong, five more than its nearest rival. But the firm is not only concerned with winning mandates but also moving up the value chain, becoming a leader of IPOs rather than one of many banks taking orders.
It has done that. During our awards period, it sponsored five IPOs, including Times Neighborhood Holdings’ HK$833 million ($107 million) listing where it was the sole sponsor, global coordinator and bookrunner. Haitong took the company to the market just three months after filing, convincing investors (including long-only accounts and large hedge funds) to participate in the deal early and with large orders. The efforts paid off: the Hong Kong public offer tranche ended up being over 10.6 times subscribed and the international tranche nearly 5.6 times.
Haitong also carried on doing equity deals in the US, having completed its first-ever US IPO for Chinese education firm Puxin during our last awards period, while introducing a sole order that covered 25% of the deal.
But with more Chinese companies looking to raise funds in Asia, it is Hong Kong rather than the US that is likely to prove the listing hot spot in the years to come. That’s good news for Haitong.