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Citic Securities Tops 2025 APAC Investment Banking Fees Ranking

2 min readSource

Citic Securities claimed the #1 spot in 2025 APAC investment banking fees with $1.45 billion. Discover how Chinese banks dominated the top 5, displacing global giants.

Wall Street's grip on Asia is slipping. For the first time in recent memory, Chinese firms have locked out the top five spots in the regional fee rankings. According to a report from the London Stock Exchange Group (LSEG), Citic Securities emerged as the leader in overall investment banking fees across Asia-Pacific, excluding Japan, for 2025.

Citic Securities 2025 APAC Investment Banking Lead

The Beijing-based brokerage generated a staggering $1.45 billion in investment banking fees during the last year. This performance accounts for 5.8% of the total Asia-Pacific fee pool. What's even more impressive is the firm's growth trajectory; it saw a 29% increase in fees compared to the previous year, gaining 0.4 percentage points in market share.

The surge was primarily fueled by Citic's dominance in bond and IPO underwriting. As the top bookrunner for Asia-Pacific-issued bonds, the firm held a 6% market share, managing approximately $299 billion in related proceeds.

Local Rivals Push Morgan Stanley to Sixth

The competition was fierce, but it was almost entirely domestic. Chinese rivals including China Securities, Bank of China, CICC, and Guotai Haitong Securities rounded out the rest of the top five. This collective dominance highlights a major shift in the regional financial landscape, as US giant Morgan Stanley dropped to sixth place in the fee rankings.

Investors should note that the heavy concentration of Chinese firms in the top ranks reflects a regionalized market. Exposure to these firms is closely tied to the health of the Chinese economy and regulatory environment.

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