Xin Lang Cai Jing·2026-01-16 09:12Core Viewpoint - The Hong Kong stock market in 2025 is characterized by a "dual-driven" capital active state of "IPO + refinancing," with both sectors experiencing significant recovery, where IPO fundraising reached 285.6 billion HKD and refinancing (including convertible bonds) totaled 273.5 billion HKD, indicating equal importance in the competition for equity financing market underwriting [1][7]. Group 1: Market Overview - The total IPO fundraising in the Hong Kong market for 2025 was 285.6 billion HKD as of January 16, 2026, while refinancing reached 273.5 billion HKD, showing a balanced financing scale [1][7]. - Major players like CITIC, CICC, Morgan Stanley, and Goldman Sachs have adopted different competitive strategies, with domestic institutions focusing on the IPO sector and foreign institutions concentrating on refinancing [1][7]. Group 2: CITIC Securities Performance - CITIC Securities maintained a leading position in the Hong Kong market, with an IPO underwriting scale of 57.8 billion HKD, ranking second overall, supported by major projects like Zijin Mining International (28.7 billion HKD) and Sany Heavy Industry (15.3 billion HKD) [3][9]. - In the refinancing sector, CITIC ranked first among domestic brokers with an underwriting scale of 32.3 billion HKD, primarily driven by BYD's 43.5 billion HKD large-scale issuance, the largest equity financing project in the Hong Kong market [3][9]. Group 3: CICC Performance - CICC led the IPO market with an underwriting scale of 61.5 billion HKD, participating in seven of the top ten IPO projects, including major companies like CATL and Chery Automobile [5][11]. - In refinancing, CICC's scale was 25.5 billion HKD, ranking second among domestic brokers, but it faced challenges in maintaining competitiveness, as it did not participate in significant projects like BYD's large issuance [5][11]. Group 4: Top Projects - The top IPO projects for CITIC Securities included Zijin Mining International (28.7 billion HKD) and Sany Heavy Industry (15.3 billion HKD) [4][10]. - CICC's top IPO projects featured CATL (41.0 billion HKD) and Seres (14.3 billion HKD) [6][12].