Opinion: PICC — a big, but not bold, end to the year
Chinese insurance group PICC raised HK$21.01bn ($3.09bn) in Hong Kong’s biggest IPO of the year last week. The sheer size of the deal means ECM bankers can end the year with some pride, but this is not a feat that can be often repeated. True bookbuilds, not club deals, will be needed to resuscitate the market in 2013.
ECM bankers have suffered badly this year thanks to the low volumes of Hong Kong IPOs, a key source of revenues in the region. Banks revenues have not just been hurt by the reduced flows, but also by the increased competition, which has made syndicate lists increasingly crowded.
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