---
title: "Winners of the Hong Kong stock market capital feast: Deconstructing the strongest investment banking landscape in 2025"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/35270213.md"
description: "This year, the long-dormant Hong Kong stock market has finally seen a rebound; driven by the bull market in the secondary market, the frenzy of 'hard-to-get' new stock subscriptions has made a strong comeback. Investor enthusiasm and market profitability have mutually reinforced each other, creating a positive cycle that has successfully injected new vitality into the once-quiet primary market. Wind data shows that, so far, there have been 71 IPOs on the Hong Kong Main Board, with IPO fundraising reaching HKD 187.989 billion..."
datetime: "2025-10-16T03:14:12.000Z"
locales:
  - [en](https://longbridge.com/en/topics/35270213.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/35270213.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/35270213.md)
author: "[财华社](https://longbridge.com/en/profiles/11651030.md)"
---

# Winners of the Hong Kong stock market capital feast: Deconstructing the strongest investment banking landscape in 2025

This year, the long-dormant Hong Kong stock market has finally seen a rebound; driven by the bull market in the secondary market, the IPO market's "hard-to-get" frenzy has made a strong comeback. Investor enthusiasm and market profitability have mutually reinforced each other, creating a positive cycle and injecting new vitality into the once-quiet primary market.

Wind data shows that so far, there have been 71 main board IPOs in Hong Kong, raising HKD 187.989 billion, which is 113.84% higher than the full-year fundraising of HKD 87.912 billion in 2024.

Not only is the IPO market thriving, but post-listing financing activities are also unusually active. This year, there have been 347 post-listing fundraisings on the Hong Kong main board, far exceeding the 296 in the previous year. Post-listing fundraising reached HKD 246.217 billion, 187.80% higher than the full-year HKD 85.550 billion in 2024.

Beyond investors and listed companies, the investment banks behind these deals are also laughing all the way to the bank. In this capital feast, the competitive landscape of investment banks is being rewritten—foreign investment banks lead the refinancing market with their control over top projects, while leading Chinese institutions have built scale advantages in the IPO sector. Meanwhile, the acceleration of industry consolidation is pushing smaller investment banks further to the margins.

**Market Recovery: The Logic of Dual Surge in IPOs and Refinancing**

The activity of the Hong Kong stock market in 2025 is no accident but the inevitable result of the resonance between policy dividends and market demand. The new IPO rules implemented by the Hong Kong Exchange in August served as a key catalyst. By allowing issuers to flexibly adjust pricing ranges and simplifying public float calculations, these reforms not only alleviated the issue of price rigidity leading to post-listing declines but also enhanced the willingness of high-quality companies to list in Hong Kong. Data shows that after the implementation of the new rules, the proportion of delayed or canceled listings due to pricing disagreements has significantly decreased, and the success rate of investment bank projects has substantially improved.

Trump's policies and concerns over the AI bubble in U.S. stocks have driven capital flows to undervalued emerging markets, such as the Hong Kong stock market, along with southbound capital inflows seeking higher risk-adjusted returns. This has also boosted the performance of the Hong Kong market and increased the refinancing willingness of Hong Kong-listed companies.

This "dual surge" pattern has created double incremental space for investment banks: the expansion of the IPO market has significantly increased underwriting and sponsorship business volumes, while the billion-dollar projects in the refinancing market have become the "core engine" driving revenue. As seen from the Wind data above, refinancing scale this year has surpassed that of IPO financing.

**Leading Chinese Institutions: Kings of the IPO Market**

Wind data shows that in terms of the number of IPO underwriting deals, CMB International Capital Limited tops the list with 40 deals. However, in terms of fundraising size, China International Capital Corporation Hong Kong leads with HKD 32.194 billion and a 16.92% market share.

CICC handled this year's major deals, including the largest fundraising by $CATL(03750.HK), with underwriting amounts potentially reaching HKD 8.2 billion; new energy and robotics industry chain supplier $SANHUA(02050.HK), with underwriting amounts of HKD 4.295 billion, as well as $HESAI-W(02525.HK), $CHERY AUTO(09973.HK), Haitian Flavouring (03288.HK), and Mixue Group (02097.HK), among other high-profile large IPOs, all of which have garnered significant attention for CICC.

Its core competitiveness lies in its deep ties with high-quality mainland enterprises, particularly in the new economy and manufacturing sectors, forming a significant barrier with its full-chain service capabilities from pre-listing guidance to underwriting.

Ranking second in terms of initial fundraising size is Morgan Stanley Asia, with its largest underwriting deals including Zijin Mining's (02899.HK) spin-off listing of Zijin Gold International (02259.HK), raising HKD 5.746 billion, followed by Hengrui Medicine's (01276.HK) HKD 3.033 billion. It also participated in the issuance of several popular IPOs, including Haitian Flavouring, FWD Group (01828.HK), and CATL.

Ranking third in initial fundraising size is Huatai Financial Holdings (Hong Kong), participating in deals such as Sanhua Intelligent Controls, Hengrui Medicine, Chery Automobile, Zijin Gold International, Brook (00325.HK), and Cao Cao Mobility (02643.HK), among others.

In terms of sponsor business, the top three are China International Capital Corporation Hong Kong, CITIC Securities (Hong Kong), and Huatai Financial Holdings (Hong Kong), responsible for 26, 20, and 12 IPO deals, respectively.

**Foreign Giants: "Top Project Hunters" in the Refinancing Market**

Wind does not systematically track investment bank data behind refinancing deals.

According to our statistics, the largest refinancing fundraisings in Hong Kong this year were by BYD Company (01211.HK) and Xiaomi Group-W (01810.HK), raising HKD 43.509 billion and HKD 42.6 billion, respectively.

BYD's placement coordinators, placement agents, and capital market intermediaries were Goldman Sachs (Asia), UBS AG Hong Kong, and CITIC Securities (06030.HK), with CMB International Capital as the lead arranger.

Xiaomi's placement coordinators, arrangers, and capital market intermediaries were Goldman Sachs (Asia), JP Morgan (Asia Pacific), and China International Capital Corporation Hong Kong.

NIO-SW (09866.HK) conducted two placements this year with significant fundraising amounts: HKD 7.884 billion in September and HKD 4.030 billion in March. Investment banks involved in both deals included Morgan Stanley Asia, UBS AG Hong Kong, and Deutsche Bank Hong Kong.

Although there is no exact overall business data, it is clear that Goldman Sachs, JP Morgan, and UBS are the "invisible champions" of the Hong Kong refinancing market. Among them, Goldman Sachs precisely covered four of the top five fundraising deals, including BYD, Xiaomi, WuXi AppTec (02359.HK), and Horizon Robotics-W (09660.HK), fully demonstrating the business control capabilities of this international investment bank.

**Conclusion: Behind the Capital Feast, Saluting the Backbone of Investment Banks**

The "dual surge" in the Hong Kong stock market in 2025 is no accident. The institutional dividends of the Hong Kong Exchange's new rules and the global revaluation of capital have resonated, not only setting new highs in IPO and refinancing scales in recent years but also reshaping the competitive landscape of investment banks—leading Chinese institutions have built barriers with full-chain services in the IPO market, while foreign giants dominate the refinancing sector with their control over top projects. These institutions are the core engines driving market vitality.

The prosperity of the capital market is never spontaneous. Behind every billion-dollar financing and every successful corporate listing lies the professional support of investment banks in pricing games, resource matching, and process advancement. The value of these "unsung heroes" needs to be clearly seen and formally honored.

Against this backdrop, the **"Hong Kong Top 100" selection has officially launched**, with plans to include a special investment bank ranking for the first time this year. This is not a simple numbers game but an authoritative certification of investment banks' IPO sponsorship strength, refinancing execution capabilities, and market leadership value—a hardcore commendation for those who accurately capture market opportunities and deeply empower corporate development. As the applause of capital rings out and market vitality bursts forth, this ranking will crown the behind-the-scenes contributors and make it clear to the market: the recovery and rise of Hong Kong stocks have always been supported by the most solid professional forces.

Author: Wu Yan

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