Banks Chase China Revival as Overseas Deals Grow
Companies raising capital abroad will see banks compete harder for listing, equity, and trading fees.
Updated on Nov. 4, 2026 in Corporate Finance
Major US investment banks are reporting revenue gains from their China operations as Chinese companies pursue overseas listings, equity financing, and international investors. The shift is lifting trading, brokerage, and fundraising activity for banks that kept their China franchises intact through the downturn.
Why it matters
Growing internationalisation of Chinese businesses is a key driver of the recovery, giving foreign banks with an established China presence a demand channel that is opening up again. For operators, this signals that cross-border capital-raising and advisory services are becoming more competitive as banks chase the renewed flow of deals.
JPMorgan Chase reported 20% annual revenue growth from its China business in each of the past two years, while Morgan Stanley has arranged 11 Chinese share sales and equity-linked offerings worth at least $1 billion so far this year. Goldman Sachs's China business reached a high-water mark in 2024, a benchmark the sources do not quantify against current performance.
The players
JPMorgan Chase
A large US universal bank whose China business has grown 20% annually in each of the past two years.
Morgan Stanley
A major US investment bank that has arranged 11 Chinese share sales and equity-linked offerings this year.
Goldman Sachs
A leading US investment bank whose China business reached a high-water mark in 2024 and is expected to perform strongly in 2027.
The details
Chinese companies are increasingly turning to overseas listings, equity financing, and international investors, creating fee and trading opportunities for banks with cross-border reach. Trading and brokerage revenues for foreign banks have also been supported by market volatility and renewed international investor interest. Banks that maintained their China presence through the post-pandemic slump kept investing in their Chinese franchises, positioning them to capture this revival.
Timeline
Goldman Sachs's China business reached its high-water mark in 2024.
JPMorgan Chase recorded 20% annual China revenue growth over the past two years.
Morgan Stanley has arranged 11 Chinese share sales and equity-linked offerings so far in 2026.
Goldman Sachs expects a strong 2027 for its China business.
JPMorgan Chase is targeting a doubling of its China business by 2030.
Market Landscape
The current revival is measured against the earlier Hong Kong IPO boom, when Chinese companies drew heavy overseas listing activity. Foreign banks are competing for this flow while facing geopolitical tensions, regulatory restrictions, and domestic competitors in China.
Finance teams at companies with cross-border growth plans should watch the fee and pricing environment for overseas listings and equity offerings as banks compete for this demand. Businesses with China exposure should review how their banking relationships and advisory mandates are structured against the current market.
The takeaway
Foreign banks with a sustained China presence are capturing a renewed wave of cross-border dealmaking, and that dynamic is likely to matter to any operator weighing overseas capital raises. Track bank fee disclosures and overseas listing volumes over the coming quarters to gauge whether the recovery broadens beyond the largest institutions.
Further reading
For broader context on how companies raise capital across borders, explore Corporate Finance.
Source note: This article includes information reported by Finews.
