JPMorgan Says IPOs Smaller Part of China Revenue in 2012
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JPMorgan Chase & Co. said initial share sales may account for less than half its China investment banking revenue in 2012 as more companies opt to raise funds from the bond market to take advantage of lower interest rates.
Initial share sales had been more than half of investment banking revenue in “recent years,” Fang Fang, chief executive officer of China investment banking for JPMorgan, told reporters in Beijing yesterday. “This is the year that we did not have many elephant IPOs.” By contrast, greater numbers of companies are selling debt, he said.