CICC(SH:601995) 2 1 Shi Ji Jing Ji Bao Dao·2026-02-05 07:56Group 1 - The Hong Kong IPO market in 2025 led the global capital markets with 114 companies raising approximately HKD 121.16 billion in listing fees, a year-on-year increase of HKD 64.62 billion, with listing fees accounting for about 4.24% of the total fundraising amount [1] - The top four IPO sponsors in 2025 were all Chinese firms, with CICC leading by sponsoring 41 companies, followed by CITIC Securities with 32, Huatai International with 22, and China Merchants International tied with Morgan Stanley at fourth place [2][3] - The participation of Chinese brokers in IPO sponsorship was significantly higher than that of foreign institutions, with only Morgan Stanley being the sole foreign firm in the top five [2][3] Group 2 - In 2025, 27 brokers acted as stabilizing agents for IPOs, with CICC leading by stabilizing 30 IPOs, followed by CITIC Securities with 16, and Morgan Stanley with 9 [4] - A total of 140 brokers participated as underwriters in the Hong Kong IPO market, with Futu Securities involved in 54 IPOs, followed closely by Agricultural Bank of China International with 53 [4] - The "Big Four" accounting firms dominated the auditing market for IPOs, collectively participating in 87% of the projects, with Ernst & Young leading by auditing 41 IPOs [5][6] Group 3 - In 2025, 34 mainland law firms provided legal services for Hong Kong IPOs, with Jingtian Gongcheng leading with 47 projects, doubling its participation from the previous year [7] - A total of 122 overseas law firms were involved in providing legal services for IPOs, with the top three being King & Wood Mallesons, DLA Piper, and Clyde & Co [9] - Eight industry consultants participated in 113 IPOs, with Frost & Sullivan being the most active, involved in 82 projects, capturing a market share of 73% [9]