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Nine of 10 Hong Kong IPO advisers are now Chinese

To win market share, Chinese investment bankers have driven down fees

From not even appearing on the list of top 10 arrangers of IPOs back in 1997, the likes of China Construction Bank now dominate as sponsors in Hong Kong's market, one of the world's biggest.

Hong Kong

WHAT a difference 20 years makes. Back when Hong Kong reverted to Chinese sovereignty in 1997, the British colony's economy was dominated by homegrown tycoons such as Li Ka-shing and colonial-era conglomerates such as Jardine Matheson Holdings Ltd, whose influence dates back to...