In the first quarter, 40 companies went public, with Hong Kong stock IPO sponsorship—which brokerage is the strongest?

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【Overview】Hong Kong stock IPO underwriting firms ranking in the first quarter

China Fund News reporter Liu Ming; trainee reporter Qin Ningwei

Among Hong Kong’s stock market IPOs waiting in line, this year’s first quarter also saw 40 companies go public. In the first-quarter Hong Kong IPOs, how did the various underwriters perform? Data show that CICC Hong Kong, Huatai International, and CITIC Hong Kong—three mainland Chinese brokerages—led the pack, underwriting 15, 7, and 7 companies respectively.

CICC underwrote 15; CITIC and Huatai each underwrote 7

According to Wind statistics, among the 40 IPO-listed companies, CICC Hong Kong, Huatai International, and CITIC Securities Hong Kong—three mainland Chinese brokerages—topped the list, serving as underwriters for 15, 7, and 7 Hong Kong-listed enterprises respectively. The total amounts of initial offering fundraising underwritten by the three were 52.81B HKD, 27.93B HKD, and 23.21 billion HKD respectively.

In addition, companies for which CITIC Leong, Morgan Stanley, UBS Group, China Merchants Securities International, and Guotai Junan International served as underwriters had 5, 4, 4, 4, and 4 companies respectively. The total amounts of initial offering fundraising for the underwritten enterprises were 6.16B HKD, 32.68B HKD, 30.06B HKD, 7.46B HKD, and 5.71B HKD respectively.

It is worth noting that many companies are jointly underwritten by multiple institutions. Different platforms under the same institution often also appear at the same time in the list of enterprise underwriters. For example, among the five companies underwritten by CITIC Leong, CITIC Securities Hong Kong also serves as an underwriter.

In addition, CITIC Jianyin International, Haitong International Capital, Guotai Junan Hong Kong, and others each underwrote 3 companies’ IPOs.

Judging by the performance on the first trading day of their underwritten companies’ listings, the 15 companies underwritten by CICC Hong Kong had an average first-day gain of 34.62%. The 7 companies underwritten by CITIC Securities Hong Kong had an average first-day gain of 34.14%. The 7 companies underwritten by Huatai International had an average first-day gain of 34.04%. The average first-day gain for projects underwritten by the three leading mainland Chinese brokerages was roughly similar.

In the top ten IPO projects, CICC served as underwriter for 7

In the first quarter, the total amount of funds raised through Hong Kong IPOs was 109.93B HKD. Among them, the top 10 raised a combined 69.47B HKD, accounting for 63.2% of the total funds raised. Among these, Muyuan Shares and Eastroc Beverage raised over 10 billion HKD each, at 12.1B HKD and 11.099 billion HKD respectively. Funds raised were also relatively high for Lattice Semiconductor, Biren Technology, and Dahua Precision and Control, among others.

Looking at the underwriters of the top ten fundraising amounts, CICC Hong Kong underwrote 7 of them, far ahead of the rest. UBS Group underwrote 4 of them, ranking second. Morgan Stanley underwrote 3. CITIC Securities Hong Kong, Huatai International, and Ping An Capital (Hong Kong) each underwrote 2.

Audit institutions: Ernst & Young, far ahead

In the first quarter, the Hong Kong IPO audit market showed a highly concentrated structure, with leading accounting firms firmly dominating: Ernst & Young had 18 projects, with a market share of 45.00%, ranking first. KPMG had 9 projects (22.50%) and Deloitte ・ Kwan Huang Chen Fang Accountants had 5 projects (12.50%), ranking second and third respectively. The top three institutions together accounted for more than 80% of total market share.

Listed companies concentrate in hard-tech sectors

In terms of specific listed companies, among the 40 companies listed in the first quarter, half came from hard-tech sectors such as AI, semiconductors, robotics, biopharmaceuticals, new energy, and advanced manufacturing.

Appendix: Table of Hong Kong IPOs in the first quarter:

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