One of the greatest untapped markets for global banks right now is Shenzhen, a city in southern China near Hong Kong, according to Reuters. Last year, it hosted an average of one IPO per business day—more than London, New York and Hong Kong combined.

So far, the banks, brokers and retail investors participating in Shenzhen's mostly smaller public offerings have been mainly local, but China plans to create a mini-Hong Kong financial hub in the city and ultimately aims to put Shenzhen on the level of London or New York. A handful of global banks like Morgan Stanley and Citibank won approval to do business in China last year. While global bank's previous dealings in China via joint ventures have focused on large offerings and privatizations of state-owned companies, experts say in the future, small and medium sized businesses will be the driving force for capital markets.

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