On January 14, Ryanben Capital released the 2025 rankings for Hong Kong IPO sponsor intermediaries. According to statistics, a total of 55 brokerage firms participated in sponsorship work as either listing sponsors or joint sponsors over the past 24 months. Among these 55 firms, 32 were Chinese-funded brokerages (accounting for 58.2%), 13 were foreign-funded brokerages (23.6%), and 10 were Hong Kong-based brokerages (18.2%). CICC, CITIC Securities, Huatai International, CMB International, and Morgan Stanley secured the top five positions, respectively.
Based on statistics from the past 24 months (January 2024 to December 2025), a total of 55 brokerages participated in the sponsorship of 188 new listing companies (excluding 2 companies that transferred from the GEM to the Main Board via a simplified procedure). Ranked by the number of new listing projects sponsored over this 24-month period, the top ten sponsor brokerages are: CICC, ranking first with 61 deals and a sponsorship participation rate of 32.4%; CITIC Securities, ranking second with 45 deals and a participation rate of 23.9%; Huatai International, ranking third with 29 deals and a participation rate of 15.4%; CMB International, ranking fourth with 19 deals and a participation rate of 10.1%; and Morgan Stanley, ranking fifth with 14 deals and a participation rate of 7.4%.
Haitong International ranked sixth with 13 deals (6.9% participation rate), while CCB International secured seventh place with 11 deals (5.9% participation rate). Goldman Sachs, Guotai Junan, and CSCIF International each handled 10 deals, tying for eighth place with a 5.3% participation rate. Other notable firms that sponsored more than 5 deals or achieved a participation rate exceeding 5% include UBS (9 deals), ABC International (7 deals), J.P. Morgan (7 deals), GF Securities (6 deals), Bank of America (6 deals), and Shenwan Hongyuan (5 deals). Among these 16 leading brokerages, 11 were Chinese-funded and 5 were foreign-funded. Furthermore, 19 brokerages participated in only one listing, representing 34.55% of the total 55 firms.
Examining data from the past 12 months (January 2025 to December 2025), 44 out of the 55 brokerages participated in the sponsorship of 117 new listing companies (again excluding the 2 GEM-to-Main Board transfers). The top ten sponsors for this 12-month period are: CICC, ranking first with 42 deals and a sponsorship participation rate of 35.9%; CITIC Securities, ranking second with 33 deals and a participation rate of 28.2%; Huatai International, ranking third with 22 deals and a participation rate of 18.8%; CMB International, ranking fourth with 13 deals and a participation rate of 11.1%; and Morgan Stanley, ranking fifth with 12 deals and a participation rate of 10.3%.
Goldman Sachs ranked sixth with 8 deals (6.8% participation rate). Guotai Junan and CSCIF International each handled 7 deals, tying for seventh place with a 6.0% participation rate. Haitong International, CCB International, and UBS each sponsored 6 deals, tying for ninth place with a participation rate of 5.1%. During this 12-month period, 18 brokerages participated in only one listing, accounting for 32.7% of the total 55 firms.
Comments