Investment banking in China is a unique proposition. The much over-used term, guanxi (or relationships), is just the tip of the iceberg. You need to know the players not just to win a deal, but also to get it to clear regulatory hurdles. You also need to read tea leaves: who can (and is willing) to make a decision changes, sometimes rapidly. And you need to be able to make a case for new regulations, products and policies — an argument couched in economic and political language that makes sense to a variety of people who could block your efforts. And while you do all this, you need to keep a low profile. But to do more in the future, you need to be well known.
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