From the inception of our investment banking business in October 2015 to July 2019, we completed 41 equity offerings in Hong Kong and the United States as an underwriter or financial advisor, with an aggregate transaction value of US$20.9 billion, including through the exercise of over-allotment options. During the same period, we also completed 91 debt offerings, with an aggregate transaction value of US$37.4 billion.
We have quickly built up a solid track record and established our market position and brand recognition for China-based issuers in Hong Kong, the United States, and the other international capital markets. According to the CIC Report, we ranked first among all independent investment banking firms in Asia as measured by both the number and the aggregate offering size of Hong Kong and U.S. IPOs completed in each of 2018 and the first quarter of 2019, and ranked ninth and third as a bookrunner among all investment banking firms as measured by the number of Hong Kong IPOs priced in 2018 and in the first quarter of 2019, respectively. We ranked in the top ten among international investment banking firms operating in Asia (excluding China-headquartered investment banking firms), as measured by the number of high-yield bond offerings by China-based issuers and AT1 capital preferred share offerings completed by PRC regional banks in 2018 and the first quarter of 2019.