IPO Bankers Become Frogs in Hot Water Amid China’s Market Freeze

IPO Bankers Become Frogs in Hot Water Amid China’s Market Freeze

Qilai Shen/Bloomberg

A construction worker stands under a Citic Securities Co. branch sign in Shanghai. Citic Securities, the country’s largest brokerage by market value and the top underwriter of domestic IPOs last year, was among the first to cancel the monthly allowance for their licensed bankers.