Alumni Industry Series | ECM banker Toby Xiang (MScFIN 2016): Building bridges between IPO issuers and the market

A single IPO can mobilise billions — if not tens of billions — in capital, placing an investment bank’s Equity Capital Markets (ECM) team at the epicentre of this high-stakes arena. Toby Xiang (MScFIN 2016), vice president of Asia ECM at a leading Wall Street investment bank’s Asia-Pacific division, likens the role to that of a bridge-builder: bankers must have a deep understanding of the issuer’s needs and “equity story” while keeping a precise read on market conditions and investor appetite. “The business is never just a cold numbers game,” he says. “It is about connecting value and trust.”

From a master’s at CUHK to the heart of finance

Originally from Chongqing, Toby has been drawn to Hong Kong’s culture since childhood. In 2015, he enrolled in CUHK Business School’s MScFIN programme, where he spent a year in intensive studies that accelerated his growth and propelled him into the world of finance. “When I applied for summer internship at a top-tier Chinese investment bank, only four candidates were selected from hundreds of applicants after multiple rounds of written tests and interviews,” he recalls. “All four of us were classmates. That speaks volume about the competitiveness of our programme.”

After graduation, Toby ventured into ECM, serving successively at a leading Chinese investment bank and two Wall Street bulge bracket banks. He credits his first role at the Chinese firm with helping him accumulate rich, hands-on project experience. His subsequent move to foreign investment banks allowed him to collaborate with colleagues from across the globe, offering a fresh perspective through a multicultural work environment.

If professional capability was his entry ticket, networking and social intelligence have kept him moving forward. Toby jokes, “The financial circle in Central is actually quite small; everyone has some level of connection.” In fact, his current role came about after a weekend afternoon of drinks and singing with his then-boss. “I had no idea that it was actually an interview,” he laughs, “I just thought it was old friends catching up, but I received an invitation to join the firm the very next day.”

Toby describes himself as naturally outgoing, a quality that perfectly suits ECM’s people-intensive work

High pressure, real time

Communication and connection remain the core of ECM. Toby points out that ECM plays a central coordinating role: beyond helping issuers plan IPOs and set offering strategies, they must continuously present the enterprise value and equity story to investors, the buy-side, during the IPO process. “On one hand, we ensure that issuers have a pulse on market sentiment. On the other, we are constantly in dialogue with investors, exchanging insights.”

When a live deal is running, that dialogue shifts into overdrive. Days are packed with intensive roadshow preparations and pricing discussions with issuers, leaving only late-night hours to work on materials. US-listed deals add another layer of working across time zones with overseas counterparts. “What time do I finish? During a live deal, it is anyone’s guess!”

Amid this relentless pace, compliance remains non-negotiable. Investment banks maintain strict information barriers commonly known as “Chinese Walls” to manage the flow of sensitive data across departments and prevent conflicts of interest. Toby explains that ECM inevitably handles material non-public information (MNPI), such as sensitive data regarding potential equity offering, which requires absolute confidentiality. During any collaboration with sales teams, a formal “wall-crossing” procedure takes place under compliance oversight, and information is shared only with designated and qualified colleagues on a need-to-know basis.

Toby returned to his alma mater after graduation to share his professional experience with students. (Photo courtesy of interviewee)

Witnessing market shifts and the rise of AI

Having spent years in investment banking, Toby has witnessed the ebb and flow of Hong Kong’s stock market cycles at close range. From the Hong Kong Stock Exchange’s introduction of weighted voting rights and biotech listing rules in 2018, to the landmark H-share listings of the Midea Group and others in 2024, to a resurgent IPO market in 2025 – with TMT (technology, media, and telecommunications), healthcare and materials sector leaders joining the exchange and Hong Kong’s IPO fundraising climbing back to the top of global rankings – he has had a front-row seat to it all. “The vitality and adaptability of the market always defy expectations,” Toby reflects, remaining convinced that strong growth will continue for some time to come.

On the rise of AI, Toby is measured but firm. He believes the biggest shift has been in efficiency: “Using AI to analyse market conditions and track data has streamlined tedious processes. The recent synergy between AI and biotechnology especially highlights its value.” However, he emphasises that AI cannot replace what bankers bring. “AI excels at functional tasks, but investment banking is fundamentally about client relationships: the human touch, the storytelling, the emotional intelligence. That’s a gap machines cannot bridge.”

For alumni considering ECM, Toby recommends cultivating four core attributes: beyond professional financial literacy and strong interpersonal skills, one must have the resilience to embrace challenges and adapt to market shifts. Sensitivity to data matters, as well. Toby believes that Business School alumni with knowledge in other specialised areas – be it law, computer science or biotechnology – gain a distinct edge in navigating the complexities and underlying drivers of diverse industries.

Years after graduation, Toby (first from right) still meets regularly with the MScFIN programme team and former professors. (Photo courtesy of interviewee)

CUHK Business School alumni are everywhere, transcending geographical and industrial boundaries. To explore more inspiring alumni stories, please click HERE.