Chinese banks set for $41 million payday from chipmaker's $8.6 billion IPO

Six Chinese investment banks will earn at least $41 million from CXMT's IPO. This significant payout boosts the industry's income pool, which has shrunk recently. The IPO continues a revival of the onshore market as the government lowers barriers. CXMT's fee rate is well below the market average, showing its bargaining power. This high-profile listing is Asia's biggest so far this year.