As China recorded the world’s largest IPO performance, CITIC Securities beat Goldman Sachs to top the global IPO league table. It is the first time since 2009 that the No. 1 global IPO has been transferred to a financial institution outside the U.S.
On the 3rd, China’s economic media Tsai Xin reported that CITIC Securities Co. held an IPO worth a total of $21.3 billion as of the end of September this year, recording 6.7% of the market share. It was followed by Goldman Sachs with $20.9 billion (6.6%), Morgan Stanley with $17.8 billion (5.6%), and China International Finance (CICC) with $17.3 billion (5.4%).
Goldman Sachs, which has maintained its lead so far, has given up the top spot to Wall Street competitors, but this is the first time that a Chinese securities firm has topped the global IPO league table. After being delisted in New York, CITIC Securities made a profit by participating in the IPO of four of the top 10 companies listed this year, including China Marine Oil Corporation (CNOOC), which was listed on the Shanghai stock market in April this year. It also plans to complete the listing of agricultural company Shingenta by the end of this year. Shingenta aims to raise 65 billion yuan (about $9.1 billion) in the Shanghai stock market.
According to Bloomberg, the global IPO size fell 66% year-on-year to $326.1 billion by the end of September due to the weak global stock market this year. On the other hand, in China, an IPO worth $106.8 billion was completed, which was 10.1% year-on-year.