HONG KONG: Private firms have overtaken state-owned companies this year for the first time as the biggest drivers of investment banking revenues in China - a sign of how Beijing's reforms are transforming private capital's role in the world's second-largest economy.
Nimble and boasting efficient management, these private firms are taking advantage of the Internet industry boom and business expansion ambitions to take a bigger share of the deal activity compared with state-owned enterprises (SOEs).
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