Chinese Brokerages Lead Hong Kong IPO Sponsorship Market

Hong Kong IPO Market Stages Powerful Recovery

According to the Shanghai Securities News, Hong Kong's IPO market delivered a stellar performance in 2025, with both the number of new listings and total fundraising surging. Total capital raised approached HK$290 billion, propelling Hong Kong back to the top of global IPO fundraising rankings for the first time in four years. This milestone reaffirmed Hong Kong's central position in the global financial landscape.

Heading into 2026, IPO momentum in Hong Kong shows no signs of slowing. As of now, 47 companies have successfully listed in Hong Kong, raising a combined total of nearly HK$140 billion. More notably, 434 companies are currently in the listing pipeline, signaling that the city's new-share market will maintain its elevated activity levels for the foreseeable future.

Chinese Brokerages Dominate Sponsorship Business

Chinese brokerages have emerged as the undisputed winners of this Hong Kong IPO wave. From sponsorship volume to market share, they have significantly outpaced their foreign counterparts, with leading firms accelerating their build-out of overseas investment banking ecosystems to deliver full-chain services spanning deal sourcing, due diligence, and pricing.

This dominance is no accident. As A-share companies increasingly pursue Hong Kong listings, Chinese brokerages have leveraged their deep understanding of mainland enterprises, extensive client networks, and cross-border service capabilities to secure a natural first-mover advantage in deal competition. Their edge is particularly pronounced in new-economy sectors such as hard tech and biopharma, where they have demonstrated superior industry analysis and valuation expertise.

Hard Tech and Biopharma Emerge as Dominant Sectors

In terms of industry composition, Hong Kong's IPO market has displayed a distinctly technology-driven character. Hard tech and biopharma have become the two primary listing tracks, attracting a large number of high-quality companies to go public in Hong Kong.

On one hand, companies in artificial intelligence, semiconductors, advanced manufacturing, and other hard-tech fields are progressing to the capital markets after multiple funding rounds, drawn by Hong Kong's flexible listing regime and international investor base. On the other hand, innovative pharmaceutical and medical device companies are tapping institutional arrangements such as HKEX's Chapter 18A, which allows pre-revenue biotech firms to list successfully.

This trend is closely tied to the current global technology competition landscape. A growing number of mainland tech companies view Hong Kong as a vital bridge to international capital, using IPO proceeds to accelerate R&D and market expansion.

Cross-Border Talent Becomes Key Competitive Differentiator

As Hong Kong IPO activity continues to intensify, the battle for talent has reached a fever pitch. Professionals who hold sponsorship qualifications, understand cross-border regulatory frameworks, and possess sector expertise in technology industries have become a scarce resource that brokerages are fiercely competing to recruit.

Industry insiders note that market demand for investment banking talent has shifted from traditional financial advisory skills to a three-in-one competency model encompassing cross-border expertise, industry knowledge, and compliance capabilities. Candidates must be proficient in both Hong Kong listing rules and mainland regulatory policies, while also possessing deep understanding of cutting-edge fields such as hard tech, AI, and biopharma. Such professionals require lengthy training cycles, and supply remains severely insufficient.

Outlook: Hong Kong's IPO Ecosystem Continues to Evolve

Overall, Hong Kong's IPO market is entering a new phase of structural prosperity. The comprehensive rise of Chinese brokerages, the surge of hard-tech listings, and the acceleration of cross-border capital flows together form the fundamental drivers of this cycle.

Looking ahead, as the 434 companies in the pipeline progressively advance their listing processes, Hong Kong's new-share market is expected to maintain its strong momentum. For Chinese brokerages, the key challenge will be enhancing service quality and building differentiated competitive advantages while scaling operations. For the broader capital market ecosystem, Hong Kong is becoming an essential launchpad for Chinese technology companies going global, and its strategic value will only grow more prominent.