In the first three quarters of 2026, A-share equity financing steadily recovered while Hong Kong IPO activity remained red-hot, with "hard technology" and "A+H" listings emerging as the two dominant themes across the investment banking landscape. The gap among leading securities firms in deal execution capability, industry research, and ecosystem building is accelerating into clear view.
Market Backdrop: Synchronized Recovery and Expansion in A-shares and Hong Kong
In the first three quarters of 2026, both the A-share and Hong Kong primary markets experienced synchronized recovery and expansion. On the A-share side, 127 IPOs were issued in the first three quarters, raising RMB 223.9 billion, with the number of issuances rising 67% year-on-year and total fundraising surging 195% year-on-year. This was primarily driven by a concentrated wave of large hard-tech enterprise listings, while the pace of listings for companies in semiconductor, high-end equipment, innovative drugs, and other hard-tech sectors accelerated markedly. The STAR Market led all boards with 19 issuances raising RMB 105.5 billion in the first three quarters. On the Hong Kong side, activity remained intense, with 105 IPOs raising HK$351.6 billion in the first three quarters, representing year-on-year increases of 69% in deal count and 92% in fundraising compared to the same period in 2025. A wave of A-share companies including Dongpeng Beverage, Dajin Heavy Industry, and SG Micro flocked to Hong Kong, turning "A+H" listings from isolated cases into a prevailing trend.
Rankings Watch: Multi-Dimensional Sector Leadership Demonstrates Differentiated Capabilities
Huatai Securities has built an integrated cross-market investment banking system through its subsidiaries Huatai United Securities and Huatai International (hereinafter referred to as "Huatai Investment Banking"). In the first three quarters of 2026, Huatai Investment Banking achieved outstanding results across equity, bond, and M&A sectors. Its A-share equity underwriting scale reached RMB 31.6 billion across 37 deals, ranking third in the industry by deal count. In Hong Kong, it served as sponsor for 13 deals, also ranking third in the market. Its full-scope bond underwriting scale totaled RMB 1,099.1 billion, ranking among the top five in the industry, with local government bond underwriting reaching RMB 591.2 billion, ranking first in the market. Its M&A and restructuring projects approved for registration by the CSRC numbered 9, ranking first in the industry.
In equity underwriting, Huatai Investment Banking continued its "hard tech plus cross-border" approach. Aetech secured the first main board approval on the Shanghai Stock Exchange this year, and Tainuo Maibo became the first company to list under the STAR Market's fifth set of standards after their restart. Since July, projects have been released in a concentrated manner, with Xinxing Tools, Jiangsu X-Chip Semiconductor Technology Co., Ltd. (ASX: 301707), Chengdu Ultra Pure Applied Materials Co.,Ltd. (ASX: 301717), and Guoyi Company successively completing listings. On the Hong Kong side, the Dongpeng Beverage IPO led by Huatai as lead sponsor was the largest soft drink IPO by issuance scale in Hong Kong history. The exclusive sponsorship of industrial robotics leader Estun's "A+H" listing established a dual capital platform. The lead-sponsored Dajin Heavy Industry became the first wind power tower and pile listed company in Hong Kong, creating the largest Hong Kong IPO by a new energy enterprise since the start of 2026. From consumer to high-end manufacturing to new energy, the diversified sector distribution reflects the broad industry applicability of the firm's sponsorship and underwriting capabilities rather than a bet on a single风口.
In bond underwriting, Huatai Investment Banking focused on special categories such as "technology" and "green" bonds. In the first three quarters of 2026, it underwrote 185 science and technology innovation bonds raising RMB 46.5 billion, and 45 green bonds raising RMB 26.4 billion, firmly holding a position in the top tier. Huatai Investment Banking has consistently been at the forefront of product innovation in the industry, assisting Ningbo Ocean Shipping in issuing the nation's first "Belt and Road" blue corporate bond, using finance to empower the Maritime Silk Road. It also assisted Nanjing Biopharmaceutical Valley in launching the nation's first university achievement transformation science and technology innovation bond, and helped Angel Group successfully issue Hubei Province's first private placement science and technology innovation exchangeable bond, activating state-owned enterprise momentum through financial innovation.
In M&A and restructuring, since the successive implementation of the "New Nine Articles" and "M&A Six Articles," industry consolidation transactions have notably accelerated. M&A business is known for its long cycles and high degree of customization, making it difficult to rapidly replicate through standardized channel business logic. Huatai Investment Banking maintained its industry-leading position, reflecting its long-accumulated deal design capabilities and strong industrial client network. In 2026, Huatai Investment Banking assisted OFILM in issuing shares to acquire a 28.2461% stake in OFILM Microelectronics, with the transaction receiving CSRC registration approval in 2026 and new shares listed on July 2, further increasing the listed company's controlling stake in its core subsidiary. It also assisted Weigao Blood Purification in acquiring 100% equity of Weigao Prite, an RMB 8.5 billion major asset restructuring that became the largest share-based M&A in the A-share medical device sector. This also represents an important practice of Huatai Investment Banking continuously accompanying industrial entities in using capital market tools to optimize resource allocation, strengthen core businesses, and seek new growth curves.
Semiconductors: "Dual-Front Operations" Across Two Markets
Huatai Investment Banking treats the semiconductor industry as a long-term strategic sector, positioning itself not as a "channel-type investment bank" but as a "capital market partner accompanying hard-tech enterprises throughout their full lifecycle." In terms of coverage, Huatai Investment Banking has connected the entire industry chain including chip design, manufacturing, packaging and testing, equipment, materials, specialty gases, and optical communications, avoiding the disturbances of cyclical fluctuations in a single segment. It focuses on three main lines: "domestic substitution plus advanced process nodes plus next-generation technology," prioritizing "bottleneck" segments as the highest service priority, and providing enterprises with full-product, domestic and overseas integrated capital market services. Under this strategic approach, in the first three quarters of 2026, Huatai Investment Banking's A-share semiconductor equity underwriting scale reached RMB 10.1 billion across 8 deals, ranking first in the market by deal count. Its Hong Kong semiconductor underwriting scale reached HK$7 billion, ranking second in the market.
On the A-share side, on August 7, high-reliability analog chip company Jiangsu X-Chip Semiconductor Technology Co., Ltd. (ASX: 301707) listed on the ChiNext board, raising approximately RMB 964 million. Just four days later, semiconductor equipment specialty coating components company Chengdu Ultra Pure Applied Materials Co.,Ltd. (ASX: 301717) listed, raising RMB 1.68 billion. On the Hong Kong side, Tianshu Zhixin, which listed in January, is China's first company to achieve mass production of general-purpose GPU chips, with an issuance scale of approximately HK$3.677 billion. In June, analog integrated circuit leader SG Micro completed its "A+H" listing, raising US$587 million before the greenshoe option. In the same month, AI silicon photonics interconnect company Haiguang Xinzheng listed, taking only 8 months from submitting its H-share listing application to completing the listing. Additionally, Huatai Investment Banking led the landmark case of JoulWatt's RMB 3.283 billion acquisition of Yichong Technology, the first major asset restructuring by a chip design company approved after the "September 24 M&A New Policy," carrying significant industry implications.
For investment banks, maintaining a top-tier position in both the A-share and Hong Kong markets has never relied on scale extension, but rather on judgment accumulated by anchoring to the industrial chain and navigating through cycles. This is precisely the foundation for leading institutions serving multi-layered capital markets and accompanying industrial upgrading. Looking ahead to the fourth quarter, several main themes will continue to unfold: the pace of Hong Kong's 18C "specialized technology" board issuances remains unchanged, A-share hard-tech enterprise IPOs are advancing in parallel, the "A+H" list continues to lengthen, and at the same time, the policy dividends released by the new M&A policies have yet to be fully digested by the market. Sector competition is far from reaching its endgame, but for players who have truly secured their positions in both industrial depth and cross-border execution, the window of opportunity is turning into a period of tangible realization.
Comments