Chinese brokerages are having a bumper year for equity deal-making, with Ant Group’s multi-billion-dollar initial public offering poised to boost their showing in the global ranking to the best in at least two decades.

China International Capital Corp is leading the push, thanks to a bevy of Chinese deals, an economy that is shrugging off the pandemic and a liberalisation of local capital markets. CICC is set this year to vault above US stalwarts Goldman Sachs and Morgan Stanley once Ant completes what is set to be a record US$34.5 billion ($47 billion) IPO in Hong Kong and Shanghai, according to data compiled by Bloomberg.

As a group Chinese securities firms will take up nearly half of the top 50 underwriting spots as they are enlisted by local companies seeking to capitalise on the nation’s recovery from the coronavirus pandemic. A flaring up of tensions between the world’s two superpowers that has increased scrutiny of Chinese names in the US has also prompted a wave of additional listings in Hong Kong by firms including Netease and JD.com.

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