What’s not right here? China has been the world’s biggest market for initial public offerings for the past five years. But on the mainland’s bourses, Goldman Sachs has not underwritten a single IPO since 2009.
That blank slate is uncomfortable for Goldman’s bankers, who rarely settle for second place, let alone last. But digging into the reasons shines a much harsher light on China’s much-hyped markets than on the US bank.
Rules that thwart foreign participation in the financial sector, a meddling securities regulator and a rash of listings by small, risky companies have together conspired to keep not just Goldman but almost every foreign bank in China on the sidelines.
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