, Columnist
Wall Street Need Not Fear China's Banks. Yet
The challengers dominated Hong Kong IPOs -- and not much else.
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The great overseas push by China's investment banks has gone as far as locking up IPOs in Hong Kong. Beyond taking public some big names on their doorstep, they've made little headway in toppling Wall Street's Asia lead, and that's unlikely to change soon.
The major institutions, led by the likes of China Merchants Bank Co. and China International Capital Corp., have come a long way. They now dominate Hong Kong initial offerings as underwriters after decades in the shadow of UBS Group AG, Goldman Sachs Group Inc. and Morgan Stanley. In the last two years, the top five Hong Kong IPO underwriters ranked by deals were all Chinese.