HONG KONG — 2023 marked a milestone for international banks’ diversifying strategies in Asia, as China’s sluggish recovery and strict foreign market listing rules pushed the West’s big investment banks to look for growth in other markets.

For the first time since 2008, investment banks collected more fees from advising Southeast Asian clients on bond and stock issues than they did from coaching Chinese companies doing international deals on such matters, Dealogic data released on Wednesday shows.