Foreign Banks Ride China Dealmaking Revival
Major U.S. investment banks report growing revenue from China as Chinese firms seek overseas listings and international investors.
Updated on Nov. 4, 2026 in Corporate Finance
JPMorgan Chase has recorded 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. Chinese companies are increasingly pursuing overseas listings, equity financing and access to international investors.
Why it matters
The shift reflects a cross-border revival in dealmaking, trading and fundraising that is giving banks that kept their China presence a return on continued investment. For international readers, it signals how global capital flows are re-engaging with Chinese companies after a period of reduced activity.
JPMorgan Chase reports 20% annual revenue growth from its China business in each of the past two years, and Morgan Stanley has arranged 11 Chinese share sales and equity-linked offerings worth at least $1 billion so far this year. Mainland traditional investment banking activity remains relatively subdued, and the recovery is uneven across competitors.
The players
JPMorgan Chase
A major U.S. global investment bank whose China business has grown 20% annually over the past two years.
Morgan Stanley
A major U.S. investment bank that has arranged 11 Chinese share sales and equity-linked offerings worth at least $1 billion this year.
Goldman Sachs
A major U.S. investment bank whose China business reached a high-water mark in 2024 and is expected to perform strongly in 2027.
The details
Banks are benefiting from a revival in cross-border dealmaking, trading and fundraising as Chinese businesses internationalise. Trading and brokerage revenues have been supported by market volatility and renewed international investor interest, though geopolitical tensions, regulatory restrictions and competition from domestic institutions remain challenges for foreign banks.
Timeline
2024: Goldman Sachs' China business reached its high-water mark.
Past two years: JPMorgan's China business recorded 20% annual revenue growth each year.
So far this year: Morgan Stanley arranged 11 Chinese share sales and equity-linked offerings worth at least $1 billion.
2027: Goldman Sachs expects a strong year for its China business.
2030: JPMorgan Chase is on track to double its China business.
Market Dynamics
The current revival echoes the Hong Kong IPO boom, when Chinese companies pursued large overseas listings, though today's activity unfolds amid greater regulatory uncertainty and geopolitical tension. Foreign banks are re-engaging with Chinese issuers at a time when mainland traditional investment banking remains subdued.
For investors, the growing flow of Chinese share sales and listings creates more opportunities to access Chinese companies through international markets. Those exposed to bank stocks may see earnings tied to how durable this cross-border revival proves to be.
The takeaway
Watch cross-border deal volumes as a gauge of whether the China dealmaking revival is sustaining or cyclical. Investors tracking global financial firms should weigh regional exposure against regulatory and geopolitical risks.
Further reading
Explore more in Corporate Finance for context on how cross-border deals are reshaping bank earnings.
Source note: This article includes information reported by Finews.
