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China Giant Edges Out Goldman as World’s Top Share Sale Arranger

Oct. 3, 2022, 1:58 AM

A surge in China’s initial public offerings propelled Citic Securities Co. to the top spot in the global league tables for equity issues, giving the state-backed brokerage a taste of global recognition.

Goldman Sachs Group Inc. fell to second place in the year to date, data compiled by Bloomberg show, marking the first time since 2009 that the number one position at the end of a quarter wasn’t held by either the US firm or its Wall Street rivals Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley.

The shift reflects China’s ...