Investment bankers in Asia were busy in December celebrating distressed asset management firm Cinda's $2.4 billion initial public offering, the biggest IPO out of China for about a year. However, those bankers are now still waiting for their pay cheque.
The company told arranging banks that they would only know the fees they would be paid up to three months after deal closure and would have to wait up to six months to receive payment. These fees would also be divvied among 18 bookrunners.
Cinda reflects the dynamics at play in China for 2014 that could have a bearing on how Asian investment banking fares as...
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