In the past two years, Hong Kong welcomed 209 new listed companies, with a total underwriting participation rate of over 72% from CICC, CITIC SEC, and Huatai International.

According to statistics from Ryan Capital, in the past 24 months (from March 2024 to February 2026), Hong Kong welcomed 209 new listed companies, with a total of 53 securities firms participating in the underwriting of 207 new listed companies (excluding 2 that transferred from GEM to the main board in a simplified manner). In terms of the underwriting of new listings, CICC ranked first with 70 companies, with a participation rate of 33.8%; CITIC SEC and Huatai International ranked second and third with participation rates of 22.2% and 16.4% respectively. According to the statistics, in the past 24 months, a total of 53 securities firms participated in underwriting work as sponsors or joint sponsors for 207 new listed companies (excluding 2 that transferred from GEM to the main board). Among these 53 securities firms, 32 were Chinese securities firms (60.4%), 13 were foreign securities firms (24.5%), and 8 were Hong Kong securities firms (15.1%). I. Data for the past 24 months (March 2024 to February 2026) According to the statistics, in the past 24 months, a total of 53 securities firms participated in the underwriting of 207 new listed companies (excluding 2 that transferred from GEM to the main board). In terms of the number of new listing projects underwritten in the past 24 months, the top ten underwriting securities firms were: - CICC, ranked first with 70 companies and a participation rate of 33.8%; - CITIC SEC, ranked second with 46 companies and a participation rate of 22.2%; - Huatai International, ranked third with 34 companies and a participation rate of 16.4%; - Zhongyin International, ranked fourth with 20 companies and a participation rate of 9.7%; - Morgan Stanley, ranked fifth with 18 companies and a participation rate of 8.7%; - Haitong International, ranked sixth with 14 companies and a participation rate of 6.8%; - UBS, ranked seventh with 13 companies and a participation rate of 6.3%; - Guotai Junan, Goldman Sachs, and ICBC International, each ranked eighth with 12 companies and a participation rate of 5.8%; Among these 19 securities firms, there were 13 Chinese securities firms and 6 foreign securities firms. II. Data for the past 12 months (March 2025 to February 2026) Looking at the past 12 months, 44 out of the 53 securities firms participated in the underwriting work of 132 new listed companies (excluding 1 that transferred from GEM to the main board). The top ten underwriters in the past 12 months were: - CICC, ranked first with 51 companies and a participation rate of 38.6%; - CITIC SEC, ranked second with 34 companies and a participation rate of 25.8%; - Huatai International, ranked third with 25 companies and a participation rate of 18.9%; - Morgan Stanley, ranked fourth with 16 companies and a participation rate of 12.1%; - Zhongyin International, ranked fifth with 14 companies and a participation rate of 10.6%; - UBS and Guotai Junan, each ranked sixth with 9 companies and a participation rate of 6.8%; - Haitong International and Goldman Sachs, each ranked eighth with 8 companies and a participation rate of 6.1%; - China Securities Co., Ltd. International, ranked tenth with 7 companies and a participation rate of 5.3%. Among them, 17 securities firms participated in only one listing, accounting for 32.1% of all securities firms. III. Data for the past 6 months (September 2025 to February 2026) Looking at the past 6 months, 36 out of the 53 securities firms participated in the underwriting of 83 new listed companies (excluding 1 that transferred from GEM to the main board). The top ten underwriters in the past 6 months were: - CICC, ranked first with 31 companies and a participation rate of 37.3%; - CITIC SEC, ranked second with 21 companies and a participation rate of 25.3%; - Huatai International, ranked third with 16 companies and a participation rate of 19.3%; - Guotai Junan, ranked fourth with 9 companies and a participation rate of 10.8%; - Morgan Stanley, ranked fifth with 8 companies and a participation rate of 9.6%; - Zhongyin International and UBS, each ranked sixth with 6 companies and a participation rate of 7.2%; - Haitong International, China Securities Co., Ltd. International, Guangfa Hong Kong, and Shenwan Hongyuan Group, each ranked eighth with 5 companies and a participation rate of 6.0%; Among them, 12 securities firms participated in only one listing, accounting for 22.6% of all securities firms.