Mar 28, 2024 05:33 AM
FINANCE
Citic Securities Downsizes IPO Team as Business Slows
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As the top ranked firm in the industry, Citic Securities underwrote IPO deals worth a total of 50 billion yuan in 2023, down from 126 billion yuan in 2022 and 108 billion yuan in 2021
Citic Securities, China's leading brokerage, has shifted over 100 investment bankers from initial public offering (IPO) roles to other divisions, in a major overhaul to address slowing business amid the stock market downturn.
Most of the employees affected were transferred to debt financing business while the rest were relocated to mergers and acquisitions, and investment departments, a person close to the matter said.
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