智通财经获悉，据瑞恩资本统计，过去的24个月(2024年3月至2026年2月)香港迎来209家新上市公司， 共有53间券商参与207家新上市公司(不包括2家以简易方式从GEM转主板)的保荐工作。就保荐的新上市 项目情况来看，中金公司，以70家排在第一位，保荐参与率 33.8%；中信证券、华泰国际分别以22.2% 与16.4%的保荐参与率位列第二和第三。 | 香港上市中介机构排行(Top3) | | | | >瑞恩 | | --- | --- | --- | --- | --- | | 中介机构 | 排名 | 过去24个月 | 过去12个月 | 过去6个月 | | | | 2024.03-2026.02 | 2025.03-2026.02 | 2025.09-2026.02 | | 保存券商 | 1 | 中我公司 | 中金公司 | 中我公司 | | 2 | | 中信证券 | 中信证券 | 中信证券 | | 3 | | 华泰国际 | 华泰国际 | 华泰国际 | 根据统计，在过去的24个月，共有53间券商，以上市保荐人、联席保荐人的身份参与保荐工作。在这53 间券商中，中资券商32间(占60.4%)，外资券商13间 ...

智通财经APP获悉，据瑞恩资本统计，过去的24个月(2024年3月至2026年2月)香港迎来209家新上市公 司，共有53间券商参与207家新上市公司(不包括2家以简易方式从GEM转主板)的保荐工作。就保荐的新 上市项目情况来看，中金公司，以70家排在第一位，保荐参与率 33.8%；中信证券、华泰国际分别以 22.2%与16.4%的保荐参与率位列第二和第三。 中金公司，以70家排在第一位，保荐参与率 33.8%； 中信证券，以46家排在第二位，保荐参与率 22.2%； 华泰国际，以34家排在第三位，保荐参与率 16.4%； | 香港上市中介机构排行(Top3) | | | | >瑞恩 | | --- | --- | --- | --- | --- | | 中介机构 | 排名 | 过去24个月 | 过去12个月 | 过去6个月 | | 2024.03-2026.02 | | | 2025.03-2026.02 | 2025.09-2026.02 | | 保存并向 | 1 | 中我公司 | 中我公司 | 中我公司 | | 中信证券 | 2 | | 中信证券 | 中信证券 | | 华泰国际 | 3 | | 华泰国际 ...

Core Viewpoint - The Hong Kong stock market has shown strong recovery and growth, with Chinese securities firms playing a crucial role in connecting high-quality domestic enterprises with global capital, thereby driving the market's continued prosperity [1][2][3]. Group 1: Market Recovery and Chinese Securities Firms' Dominance - In 2025, the Hong Kong stock market saw a significant revival, with 119 new stocks listed and a total fundraising amount of approximately 285.8 billion HKD, marking a return to the global IPO fundraising leaderboard [2]. - Chinese securities firms have increasingly dominated the market, holding six of the top ten positions in underwriting amounts, with a combined market share of 56.15% [2]. - Leading firms such as CICC and CITIC Securities (Hong Kong) reported substantial revenue and profit growth, with CICC's revenue and net profit increasing by 54.4% and 129.8% year-on-year, respectively [2]. Group 2: Structural Optimization and New Opportunities - The 2025 Hong Kong IPO market exhibited two notable structural trends: the dominance of mainland enterprises and the rise of the A+H model for cross-border financing [4]. - Over 90% of IPOs in 2025 were from mainland enterprises, with the top five IPO projects all belonging to these companies, including CATL and Zijin Mining [4]. - The A+H model became mainstream, with 19 A-share companies raising approximately 140 billion HKD through this method, accounting for nearly half of the total IPO fundraising [4]. Group 3: New Economic Sectors and Investment Trends - The new economy sectors, particularly technology and healthcare, have become core areas for IPOs, with technology leading in the number of IPOs and healthcare showing significant fundraising recovery [6][7]. - Chinese securities firms have adapted their strategies to cater to the specialized financing needs of new economy enterprises, forming dedicated teams to provide customized services [7][8]. Group 4: Opportunities and Challenges in the Market - The growth of the Hong Kong market is supported by favorable policies, including measures from the China Securities Regulatory Commission to facilitate mainland enterprises' listings [9]. - Despite the dominance of Chinese securities firms, competition from international investment banks remains a challenge, particularly in high-end cross-border financing and complex mergers and acquisitions [9]. - Chinese securities firms are focusing on building a comprehensive competitive framework that includes service, pricing, and compliance to enhance their market position [9][10]. Group 5: Global Expansion and Strategic Development - Hong Kong serves as a critical hub for Chinese securities firms' internationalization, with several firms announcing significant capital increases for their Hong Kong subsidiaries to enhance their overseas business capabilities [13]. - Continuous investment has led to substantial returns, with firms like CICC and Huatai International achieving top-tier positions in IPO underwriting [14]. - Chinese securities firms are actively expanding their global footprint, targeting markets in Southeast Asia and Europe while leveraging their strengths in the Greater Bay Area [14][15].

Core Insights - The report highlights the performance of Hong Kong's IPO market, indicating a total of 173 new listings over the past 24 months, with 98 in the last 12 months and 81 in the current year [1][6]. Group 1: IPO Statistics - In the past 24 months, 58 brokerage firms participated in the sponsorship of 172 new listings, excluding one simple transfer from GEM to the main board [1][6]. - The top three brokerage firms in terms of new listings sponsored over the past 24 months are: 中我公司 (50), 中信证券 (36), and 华泰国际 (28) [3][6]. - In the last 12 months, 39 out of the 58 brokerage firms sponsored 97 new listings, with 中金公司 leading with 50 listings [9][10]. Group 2: Brokerage Firm Rankings - The rankings of brokerage firms for the past 24 months show 中我公司 in first place, followed by 中信证券 and 华泰国际 [2][3]. - In the past 12 months, 中金公司 maintained the top position with a sponsorship rate of 29.1%, while 中信证券 and 华泰国际 followed with rates of 20.9% and 16.3%, respectively [9][10]. - For the current year, 中金公司 again leads with 27 listings, achieving a participation rate of 33.8% [14]. Group 3: Participation Rates - Among the 58 brokerage firms, 44.8% (26 firms) participated in only one listing in the past 24 months [8]. - In the last 12 months, 31.0% (18 firms) also participated in only one listing [12]. - The trend continues in the current year, with 31.0% (18 firms) participating in just one listing [15].