Hong Kong IPO intermediary ranking: CICC, PwC, Deloitte, and Glorious Sun are still leading.

HKEX CEO Calvin Chin: "The most crucial thing for listing in Hong Kong is that the applicant must have a sponsor to help endorse their application. So I believe that among many intermediary agencies, it is necessary to spend some time and effort selecting the sponsor. In fact, there are many sponsors in Hong Kong with different backgrounds, including mainland Chinese and foreign sponsors. You must spend more time selecting one that best fits with you." To more accurately reflect the real-time performance of intermediary agencies in Hong Kong and make the statistical data more meaningful, Ryan Ben updates the rolling ranking data of the past 24 months, the past 12 months, and the past 10 months (year to date). According to the statistics: - In the past 24 months (November 2022 to October 2024), there were 155 new companies listed in Hong Kong, with 152 on the main board (including 143 IPO listings, 5 introduction listings, 1 SPAC backdoor listing, and 3 GEM to main board listings), and 3 GEM listings. - In the past 12 months (November 2023 to October 2024), there were 75 new companies listed in Hong Kong, with 72 on the main board (including 71 IPO listings and 1 SPAC backdoor listing), and 3 GEM listings. - In the first 10 months of this year (January 2024 to October 2024), there were 54 new companies listed in Hong Kong, with 51 on the main board (including 50 IPO listings and 1 SPAC backdoor listing), and 3 GEM listings. Specifically: I. Hong Kong IPO Broker (Sponsor) Rankings - (1) Data for the past 24 months (November 2022 to October 2024) According to the statistics, in the past 24 months, 61 brokerage firms have participated as sponsors or joint sponsors in the listing of 155 new companies. Among these 61 firms, there were 35 mainland Chinese firms (57.4%), 12 foreign firms (19.7%), and 14 Hong Kong firms (22.9%). The top ten sponsors in terms of the number of new listing projects in the past 24 months are: CICC, with 48 listings, ranked first with a participation rate of 31.0%; Morgan Stanley, with 17 listings, ranked second with a participation rate of 11.0%; Huatai International, with 16 listings, ranked third with a participation rate of 10.3%; HAITONG INT'L, China Securities Co., Ltd., each with 14 listings, tied for fourth with a participation rate of 9.0%; CITIC SEC, with 12 listings, ranked sixth with a participation rate of 7.7%; UBS, with 8 listings, ranked seventh with a participation rate of 5.2%; UBS Securities, Citigroup, Goldman Sachs, each with 7 listings, tied for eighth with a participation rate of 4.5%. Among them, firms with sponsorship of 5 or more listings include CMB International, Guotai Junan, JPMorgan, Merrill Lynch, and China International. Out of the 61 brokerage firms, 28 firms participated in only one listing, accounting for 45.9% of all brokerage firms. - (2) Data for the past 12 months (November 2023 to October 2024) In the past 12 months, out of the 61 brokerage firms, 46 firms participated as sponsors or joint sponsors in the listing of 75 new companies. The top ten sponsors in the past 12 months are: CICC, with 19 listings, ranked first with a participation rate of 25.3%; CITIC SEC, with 9 listings, ranked second with a participation rate of 12.0%; Huatai International, HAITONG INT'L, each with 8 listings, tied for third with a participation rate of 10.7%; China Securities Co., Ltd., with 5 listings, ranked fifth with a participation rate of 6.7%; Morgan Stanley, UBS Securities, CMB International, each with 4 listings, tied for sixth with a participation rate of 5.3%; Citigroup, Guotai Junan, JPMorgan, each with 3 listings, tied for ninth with a participation rate of 4.0%. Out of the 46 brokerage firms, 24 firms participated in only one listing, accounting for 39.3% of all brokerage firms. - (3) Data for the first 10 months of this year (January 2024 to October 2024) In the first 10 months of this year, out of the 61 brokerage firms, 38 firms participated as sponsors or joint sponsors in the listing of 54 new companies. The top ten sponsors in the first 10 months of this year are: CICC, with 15 listings, ranked first with a participation rate of 27.8%; CITIC SEC, with 8 listings, ranked second with a participation rate of 14.8%; HAITONG INT'L, with 6 listings, ranked third with a participation rate of 11.1%; CMB International, with 4 listings, ranked fourth with a participation rate of 7.4%; China Securities Co., Ltd., UBS Securities, each with 3 listings, tied for fifth with a participation rate of 5.6%; Morgan Stanley, Huatai International, Guotai Junan, JPMorgan, Merrill Lynch, Agricultural Bank International, Rich Funds, China Construction International, BOCOM International, Kaisun Capital, Yuexiu Financing, each with 2 listings, tied for seventh with a participation rate of 3.7%. Out of the 38 brokerage firms, 21 firms participated in only one listing, accounting for 34.4% of all brokerage firms. II. Hong Kong IPO Auditor Rankings - (1) Data for the past 24 months (November 2022 to October 2024) According to the statistics, in the past 24 months, 12 auditors participated in the audit business of 155 new companies listed.In terms of the number of audits participated in the past month, the top 4 auditors are:5%7(10)(9)(9)(8)(8)(8)(8)(7)(7)(7)(7)(7)(7)(7)(7)(7)(7)(7)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)(6)47 22(69)31.9% () 12 (202311202410) 126956104 12 1817.3%; 1514.4%; 1211.5%; 1110.6%; 87.7%; 76.7% 56 24(69)34.8% () 9 (20241202410) 9694485 9 1517.6%; 1214.1%; 1011.8%; 910.6%; 67.1%; 55.9% 44 20(69)29.0%5% of Hong Kong lawyers include Haoli & Partners (10 firms), Tianyuan (9 firms), Ke Lu (9 firms), Sidley Austin (9 firms), and Arnold & Porter Kaye Scholer (8 firms).Only 22 out of the 69 listed Hong Kong lawyers participate in new listings, accounting for 31.9% of all Hong Kong lawyers. Among them, Hong Kong lawyers with Chinese background include King & Wood Mallesons (14 firms), JunHe (12 firms), Tian Yuan Law Firm (9 firms), Jonathan Zhou (7 firms), DeHeng Law Offices (6 firms), Fangda Partners (4 firms), Han Kun Law Offices (4 firms), Zhong Lun Law Firm (2 firms), Grandall Law Firm (2 firms), Daniel Li(2 firms), and Jia Yuan Law Offices (2 firms). In the past 12 months (November 2023 to October 2024), out of the 69 Hong Kong lawyers, 54 have participated in 75 new listings projects. The top ten Hong Kong lawyers in the past 12 months are: Mayer Brown, with 10 projects, representing 13.3%, ranked first; Gallant, with 9 projects, representing 12.0%, ranked second; King & Wood Mallesons and DeHeng, each with 7 projects, representing 9.3%, tied for third place; Wilson Sonsini, JunHe, Tianda, and Jonathan Zhou (TSL), each with 6 projects, representing 8.0%, tied for fifth place; Davie, Freshfields, Allen & Overy, and Duane Morris, each with 5 projects, representing 6.7%, tied for ninth place. Among the 54 Hong Kong lawyers, there are also Smithfield (4 firms), Tian Yuan Law Firm (4 firms), Lobo (4 firms), and Fangda (4 firms) with a market share exceeding 5%; 19 out of the 69 Hong Kong lawyers have only participated in one new listing project, accounting for 27.5% of all Hong Kong lawyers; Hong Kong lawyers with Chinese background include King & Wood Mallesons (7 firms), JunHe (6 firms), Jonathan Zhou (TSL) (6 firms), Tian Yuan Law Firm (4 firms), Fangda Partners (4 firms), Zhong Lun Law Firm (2 firms), DeHeng Law Offices (2 firms), and Han Kun Law Offices (2 firms). For the first ten months of this year (January to October 2024), out of the 69 Hong Kong lawyers, 46 have participated in 54 new listings projects. The top ten Hong Kong lawyers for the first ten months of this year are: Gallant and Mayer Brown, each with 8 projects, representing 14.8%, tied for first place; King & Wood Mallesons, DeHeng, JunHe, Tianda, and Jonathan Zhou (TSL), each with 5 projects, representing 9.3%, tied for third place; Wilson Sonsini, Tian Yuan Law Firm, and Lobo, each with 4 projects, representing 7.4%, tied for eighth place. Among the 46 Hong Kong lawyers, there are also Davie (4 firms), Freshfields (3 firms), Sullivan & Cromwell (3 firms), and Fangda Partners (3 firms) with a market share exceeding 5%; 19 out of the 69 Hong Kong lawyers have only participated in one new listing project, accounting for 27.5% of all Hong Kong lawyers.