According to data from Ryanben Capital, Hong Kong's market saw 209 new listed companies over the past 24 months (from March 2024 to February 2026). A total of 53 securities firms acted as sponsors or joint sponsors for 207 of these IPOs, excluding two companies that transferred from the GEM to the main board via a simplified procedure.
In terms of sponsorship involvement, China International Capital Corporation (CICC) led with 70 deals, representing a sponsorship participation rate of 33.8%. CITIC Securities ranked second with a participation rate of 22.2%, followed by Huatai International at 16.4%. Combined, these three firms accounted for over 72% of sponsorship activities.
Among the 53 participating securities firms, 32 were Chinese-backed (60.4%), 13 were foreign-backed (24.5%), and 8 were Hong Kong-based (15.1%).
**Data for the Past 24 Months (March 2024 – February 2026)** The top ten sponsors by number of deals during this period were: - CICC: 70 deals (33.8%) - CITIC Securities: 46 deals (22.2%) - Huatai International: 34 deals (16.4%) - CMB International: 20 deals (9.7%) - Morgan Stanley: 18 deals (8.7%) - Haitong International: 14 deals (6.8%) - UBS: 13 deals (6.3%) - Guotai Junan, Goldman Sachs, and CCB International: 12 deals each (5.8%)
Other notable sponsors with at least 5 deals or a participation rate exceeding 5% included China Securities International (11 deals), GF Holdings (Hong Kong) (8 deals), ABC International (8 deals), J.P. Morgan (7 deals), Shenwan Hongyuan (6 deals), Citigroup (6 deals), Bank of America (6 deals), Ping An Capital (5 deals), and China Merchants Securities (Hong Kong) (5 deals).
Of these 19 firms, 13 were Chinese-backed and 6 were foreign-backed. Additionally, 16 brokers sponsored only one IPO during this period, accounting for 30.2% of all participating firms.
**Data for the Past 12 Months (March 2025 – February 2026)** Over the last 12 months, 44 out of the 53 securities firms sponsored 132 new listings, excluding one GEM-to-main-board transfer.
The top sponsors by deal count were: - CICC: 51 deals (38.6%) - CITIC Securities: 34 deals (25.8%) - Huatai International: 25 deals (18.9%) - Morgan Stanley: 16 deals (12.1%) - CMB International: 14 deals (10.6%) - UBS and Guotai Junan: 9 deals each (6.8%) - Haitong International and Goldman Sachs: 8 deals each (6.1%) - China Securities International: 7 deals (5.3%)
During this period, 17 firms sponsored only one IPO, making up 32.1% of all participating brokers.
**Data for the Past 6 Months (September 2025 – February 2026)** In the most recent six-month period, 36 securities firms sponsored 83 new listings, excluding one GEM-to-main-board transfer.
The leading sponsors were: - CICC: 31 deals (37.3%) - CITIC Securities: 21 deals (25.3%) - Huatai International: 16 deals (19.3%) - Guotai Junan: 9 deals (10.8%) - Morgan Stanley: 8 deals (9.6%) - CMB International and UBS: 6 deals each (7.2%) - Haitong International, China Securities International, GF Holdings (Hong Kong), and Shenwan Hongyuan: 5 deals each (6.0%)
A total of 12 firms sponsored only one IPO during this period, representing 22.6% of all participating brokers.
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