HONG KONG: Goldman Sachs led underwriting rankings in Asia ex-Japan equity capital markets (ECM) in 2014, preliminary data released by Thomson Reuters showed. Total ECM deal volumes for the region rose 18 percent from 2013 to $215.8 billion, according to the data.

Proceeds from initial public offerings led the ECM expansion, surging 47 percent to $66.6 billion on increased activity in Hong Kong and Australia and as new listings resumed in China after a hiatus of more than a year.

Following is a list of the region's top ECM underwriters in 2014 and the estimated fees earned on deals.

Copyright Reuters, 2014