The mega-sized stock market listings of Chinese banks in Hong Kong in the years around the global financial crisis were manna from heaven for investment banks.
全球金融危机爆发前后的几年，多家中资银行赴香港股市的超大规模上市交易，成为投资银行的天赐良机。
For some, it was their own investments as much as the fees on deals that really helped their Asian arms.
对于有些投行来说，投资收益和交易服务费对提振其亚洲业务起到了同样大的作用。
Bank of America Merrill Lynch made 90 per cent of its Asian profits from selling shares in China Construction Bank in 2009 and 86 per cent of Asian profits from such sales in 2011.
2009年，美银美林(Bank of America Merrill Lynch)出售中国建设银行(CCB)股份所获收益占到其亚洲业务利润的90%，而2011年再次出售建行股份的收益则占其亚洲业务利润的86%。
In 2009, CCB share sales brought in $7.3bn in profits and in 2011 they bought in $6.5bn.
美银美林2009年和2011年出售建行股份所获收益分别达73亿美元和65亿美元。
Goldman Sachs and its private equity funds, meanwhile, realised gains of $6.2bn on sales of shares in ICBC, another big-four Chinese bank, between 2009 and 2012. This stands next to cumulative profits from its business in Asia of $8bn over the same period.
与此同时，高盛(Goldman Sachs)和旗下私人股本基金2009年至2012年间出售了中国四大国有银行之一中国工商银行(ICBC)的股份，所获收益达到62亿美元。这一数字与同期高盛80亿美元的亚洲业务总利润相差并不大。
Goldman has never disclosed how much of the stake it owned directly and it points out that the gains it made were booked as revenues for its investing business. The bank says that in fact it earned directly $2.2bn in revenues from the stake, which compares with cumulative revenues of $25.5bn over the same period.
高盛从未披露过这些股份中其直接持有的有多少，但指出，该项收益被计入投资业务收益。高盛表示，实际上直接从所持工行股份获得收益为22亿美元，而同期其盈利总额为255亿美元。
However, David Ryan, Goldman’s chairman of Asia ex-Japan, admits investing is important. “The investing business has probably been slightly larger in terms of profit contribution in Asia than elsewhere.”
高盛亚洲区(不含日本)主席戴维?瑞恩(David Ryan)承认，投资业务很重要。“就投资业务对公司利润的贡献而言，亚洲可能一直稍微高于其他地区。”
“When we think about the key investing geographies in the next few years, there is no question that China and India will be among the core.”
“我们思考未来几年的重点投资地点时，无疑将把中国和印度加入核心地区之列。”
Within the region, the focus of investment banking activity has seen a shift southwards since the big Chinese equity deals dried up. Southeast Asia has seen more equity and acquisitions deals in the past 12 months ? although the size of individual deals still tends to be much smaller than in north Asia.
随着中国大型企业上市交易的枯竭，亚洲的投行业务重心已开始向南部地区转移。过去12个月里，东南亚的上市与并购交易数量更多，尽管每宗交易的规模仍比北部地区小很多。
全球金融危机爆发前后的几年，多家中资银行赴香港股市的超大规模上市交易，成为投资银行的天赐良机。
