HONG KONG (Reuters) - Asia-Pacific equity capital markets (ECM) activity firmed 7 percent in the first half of 2017, as a sharp increase in IPOs offset a decline in the sale of existing shares, preliminary Thomson Reuters data showed.
Share offerings in the region's stock exchanges rose to $85.5 billion with initial public offerings surging 52.8 percent, making up for an 8.1 percent slide in follow-on share sales, according to data through June 27.
Goldman Sachs (NYSE:GS) was the top underwriter based on the value of deals it advised. Citigroup (NYSE:C), Morgan Stanley (NYSE:MS) and UBS were also among the top 10 ECM underwriters.
Still, Chinese securities firms dominated a list based on the estimated fees earned on equity deals, claiming nine of the top 10 spots. This underscores the profitability of share offerings in Shenzhen and Shanghai, where global firms have so far failed to make significant inroads.