Ryan Capital: Over the past 24 months, a total of 58 securities firms have participated in the sponsorship work of 172 newly listed companies in Hong Kong.

According to statistics from Ryan Capital on Hong Kong intermediary institutions, in the past 24 months (November 2023 to October 2025), there were 173 new Hong Kong listed companies; in the past 12 months (November 2024 to October 2025), there were 98 new Hong Kong listed companies; and since the beginning of this year (January 2025 to October 2025), there have been 81 new Hong Kong listed companies. According to the statistics, in the past 24 months, a total of 58 securities firms participated in sponsoring 172 new listed companies (excluding 1 company switching from GEM to the Main Board). According to the statistics, in the past 24 months, a total of 58 securities firms, acting as sponsors or joint sponsors, participated in the sponsorship work. Among these 58 securities firms, there were 34 Chinese securities firms (58.6%), 13 foreign securities firms (22.4%), and 11 Hong Kong securities firms (19.0%). I. Data for the past 24 months (November 2023 to October 2025) According to the statistics, in the past 24 months, a total of 58 securities firms participated in the sponsorship of 172 new listed companies (excluding 1 company switching from GEM to the Main Board). Looking at the number of new listings projects sponsored in the past 24 months, the top ten sponsoring securities firms are as follows: CICC, with 50 projects ranking first, with a participation rate of 29.1%; CITIC SEC, with 36 projects ranking second, with a participation rate of 20.9%; Huatai International, with 28 projects ranking third, with a participation rate of 16.3%; Zhaoyin International, with 18 projects ranking fourth, with a participation rate of 10.5%; Morgan Stanley, Haitong International, with 13 projects each tied for fifth, with a participation rate of 7.6%; Jianguo International, with 11 projects ranking seventh, with a participation rate of 6.4%; Goldman Sachs, China Securities Co., Ltd., with 9 projects each tied for eighth, with a participation rate of 5.2%; UBS, Guotai Junan, with 8 projects each tied for tenth, with a participation rate of 4.7%; Among them, there are also Morgan Stanley (7 projects), Bank of Communications International (6 projects), GF Hong Kong (5 projects), and Citigroup (5 projects) who sponsor at least 5 companies. Among these 15 securities firms, 10 are Chinese securities firms and 5 are foreign securities firms. Among them, 26 securities firms, accounting for 44.8% of all securities firms (58 firms), only participated in one listing. II. Data for the past 12 months (November 2024 to October 2025) Looking at the data for the past 12 months, 39 of these 58 securities firms participated in the sponsorship of 97 new listed companies (excluding 1 company switching from GEM to the Main Board). The top ten sponsors in the past 12 months are as follows: CICC, with 31 projects ranking first, with a participation rate of 32.0%; CITIC SEC, with 27 projects ranking second, with a participation rate of 27.8%; Huatai International, with 20 projects ranking third, with a participation rate of 20.6%; Zhaoyin International, with 14 projects ranking fourth, with a participation rate of 14.4%; Morgan Stanley, with 9 projects ranking fifth, with a participation rate of 9.3%; Jianguo International, Goldman Sachs, with 7 projects each tied for sixth, with a participation rate of 7.2%; UBS, with 6 projects ranking eighth, with a participation rate of 6.2%; Haitong International, China Securities Co., Ltd., UBS, Guotai Junan, with 5 projects each tied for ninth, with a participation rate of 5.2%. Among them, 18 securities firms, accounting for 31.0% of all securities firms (58 firms), only participated in one listing. III. Data for the first ten months of this year (January 2025 to October 2025) Looking at the data for the first ten months of this year, 38 of these 58 securities firms participated in the sponsorship of 80 new listed companies (excluding 1 company switching from GEM to the Main Board). The top ten sponsors in the first ten months of this year are as follows: CICC, with 27 projects ranking first, with a participation rate of 33.8%; CITIC SEC, with 23 projects ranking second, with a participation rate of 28.8%; Huatai International, with 15 projects ranking third, with a participation rate of 18.8%; Zhaoyin International, with 12 projects ranking fourth, with a participation rate of 15.0%; Morgan Stanley, with 9 projects ranking fifth, with a participation rate of 11.3%; Goldman Sachs, with 6 projects ranking sixth, with a participation rate of 7.5%; Jianguo International, with 5 projects ranking seventh, with a participation rate of 6.3%; Haitong International, China Securities Co., Ltd., UBS, Guotai Junan, with 4 projects each tied for eighth, with a participation rate of 5.0%. Among them, 18 securities firms, accounting for 31.0% of all securities firms (58 firms), only participated in one listing. As of now, Haitong International and Guotai Junan are listed separately in the ranking of securities firms. If combined, Guotai Haitong has sponsored a total of 21, 10, and 8 companies in the past 24 months, 12 months, and 6 months respectively, and their rankings have risen to 3rd, 5th, and 6th place for the corresponding periods.