Bonuses and league-table standings tend to dominate investment bankers' minds as the year draws to a close. But in Asia, as it has been for the past decade, the biggest issue on many bankers' minds will be China.

Bankers with teams in Hong Kong or branch offices in China are already reaping lucrative deal fees from Chinese companies making purchases in everything from the auto industry to natural resources. But the bigger business in China is in underwriting and dealing yuan-denominated stock and bonds -- and those can be undertaken only by ventures that are at least one-third Chinese-owned.