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Chelsea Yang

Chinese investment banks are raking in billions of dollars as they overtake their global rivals amid Hong Kong’s wave of initial public offerings led by technology firms, while Beijing pushes ahead with its ambition to forge a home-grown Goldman Sachs.
The dominance of a handful of Chinese investment banks has extended to the IPO business, one of the most profitable segments, with Beijing-based China International Capital Corporation (CICC) taking the top ranking in both the Hong Kong and mainland China markets.
CICC, controlled by the central government, helped raise US$3.23 billion from 36 deals in Hong Kong during the first half of this year, capturing a 12.23 per cent market share, LSEG Data & Analytics showed. Its total funds surged 166 per cent year on year compared with the same period last year.
Huatai Securities ranked second with US$2.48 billion from 18 offerings, capturing a 9.39 per cent market share, followed by Citic Securities with US$1.88 billion from 31 deals.
In the A-share markets, the top five IPO underwriters were CICC, Citic Securities, Guotai Haitong Securities, Shenwan Hongyuan Securities, and SDIC Securities, according to Chinese financial market data provider Wind.
“We believe securities firms with strong business and capital profiles are best placed to advance the nation’s strategic objectives and are likely to receive greater state support,” global credit rating agency Fitch said in a report on June 29.
Beijing is seeking to have two or three globally competitive securities firms by 2035, part of President Xi Jinping’s ambition to build China into a financial superpower.
China’s 10 largest securities firms, including Citic Securities, Guotai Haitong Securities, Huatai Securities, Guangfa and CICC, accounted for about two-thirds of the industry’s operating revenue in 2025, according to data released by securities regulators.
Industry consolidation continues with the merger of Guotai Junan Securities and Haitong Securities, Guosen Securities’ acquisition of Vanho Securities and the amalgamation of Guolian Securities with Minsheng Securities.
Pending deals include CICC’s proposed acquisition of Cinda Securities and Dongxing Securities, Soochow Securities’ purchase of Donghai Securities and Orient Securities’ acquisition of Shanghai Securities.
“China’s state-led consolidation over the past two years has changed how state shareholders view and use securities firms within the country’s broader financial system,” Fitch said in its report.
It added that shareholder support would increasingly be linked to “a firm’s strategic relevance rather than to ownership alone.”
China, the world’s second largest capital market, is seeing a broader transition away from debt-driven growth, making capital markets increasingly important for financing strategic industries.
There are currently about 150 securities firms in the country, most of which are controlled by central and local government entities, according to the Securities Association of China.
They collectively generated 541.17 billion yuan (US$79.65 billion) in revenue and 219.44 billion yuan in net profit in 2025, the association said.
Pan Gongsheng, governor of the People’s Bank of China, told the Lujiazui Forum in Shanghai last month that bond and equities financing surpassed bank credit for the first time in 2025.
Beijing vowed in its 2026–2030 national development plan to deepen capital market functions and increase the proportion of direct financing.


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Chinese investment banks are challenging global rivals after earning billions of dollars in the first half of the year


Chinese investment banks are challenging global rivals after earning billions of dollars in the first half of the year.


Chinese banks surge ahead amid Hong Kong’s IPO wave, challenging global giants

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Chinese investment banks are challenging global rivals after earning billions of dollars in the first half of the year

Chinese investment banks are challenging global rivals after earning billions of dollars in the first half of the year