Hong Kong Listing Intermediary Rankings: PwC, CICC, Deloitte, and EY continue to lead the way.

Recently, Ryan Capital released the ranking of Hong Kong IPO intermediaries. From March 2023 to February 2025, CITIC, PwC, Jingtian & Gongcheng, and Gao Hua continued to lead. In terms of the number of new listings sponsored in the past 24 months, the top three sponsoring brokers were: 1. CICC, with 40 listings ranking first, and a participation rate of 28.0%; 2. Huatai International, with 18 listings ranking second, and a participation rate of 12.6%; 3. CITIC SEC, with 16 listings ranking third, and a participation rate of 11.2%. HKEX CEO Charles Li: "The most critical aspect of listing in Hong Kong is that the applicant must have a sponsor to help them with their application. So I believe that among many intermediaries, it is essential to spend time and effort choosing the sponsor. In Hong Kong, there are many sponsors with different backgrounds, including mainland Chinese, foreign, etc., so it is necessary to take some time to choose one that best suits you." In order to more accurately reflect the real-time performance of Hong Kong intermediaries and make statistical data more meaningful, Ryan Ben updates the rolling ranking data for the past 24 months, 12 months, and 6 months every month. According to statistics, in the past 24 months (March 2023 to February 2025), there were 144 newly listed companies in Hong Kong, with 141 on the main board (including 134 IPO listings, 2 introduction listings, 1 SPAC listing by shell company, and 4 GEM to main board listings), and 3 on GEM (Growth Enterprise Market); in the past 12 months (March 2024 to February 2025), there were 76 newly listed companies in Hong Kong, with 73 on the main board (including 71 IPO listings, 1 SPAC listing by shell company, and 1 GEM to main board listing), and 3 on GEM; in the past 6 months (September 2024 to February 2025), there were 38 newly listed companies in Hong Kong, with 37 on the main board (including 35 IPO listings, 1 SPAC listing by shell company, and 1 GEM to main board listing), and 1 on GEM. Specifically: I. Hong Kong IPO Broker (Sponsor) Rankings 1. In the past 24 months (March 2023 to February 2025), a total of 57 brokers participated in the underwriting of 143 new listings (excluding 1 simple transfer from GEM to main board). Of these 57 brokers, 31 were mainland Chinese brokers (54.4%), 12 were foreign brokers (21.1%), and 14 were Hong Kong brokers (24.5%). In terms of the number of new listings sponsored in the past 24 months, the top ten sponsoring brokers were: 1. CICC, with 40 listings ranking first and a participation rate of 28.0%; 2. Huatai International, with 18 listings ranking second and a participation rate of 12.6%; 3. CITIC SEC, with 16 listings ranking third and a participation rate of 11.2%; 4. China Securities Co., Ltd., with 11 listings ranking fourth and a participation rate of 7.7%; 5. Haitong International and Morgan Stanley, both with 10 listings tied for fifth and a participation rate of 7.0%; 6. Goldman Sachs, with 8 listings tied for seventh and a participation rate of 5.6%; 7. ICBC International, Zhaoyin International, and UBS, each with 7 listings tied for eighth and a participation rate of 4.9%. Among them, brokers sponsoring 5 or more listings also include JP Morgan (6 listings), Guotai Junan (6 listings), Bank of China International (5 listings), and Merrill Lynch (5 listings). Of the 57 brokers, 26 participated in only one listing, accounting for 45.6%. 2. In the past 12 months (March 2024 to February 2025), 38 of these 57 brokers participated in the underwriting of 75 new listings (excluding 1 simple transfer from GEM to main board). The top ten sponsoring brokers in the past 12 months were: 1. CICC, with 19 listings ranking first and a participation rate of 25.3%; 2. CITIC SEC, with 12 listings ranking second and a participation rate of 16.0%; 3. Huatai International, with 9 listings ranking third and a participation rate of 12.0%; 4. Haitong International, Zhaoyin International, and ICBC International, each with 6 listings tied for fourth and a participation rate of 8.0%; 5. China Securities Co., Ltd., Goldman Sachs, UBS, and Bank of China International, each with 4 listings tied for seventh and a participation rate of 5.3%; 6. JP Morgan and Guotai Junan, with 3 listings tied for ninth and a participation rate of 4.0%. Of the 38 brokers, 16 participated in only one listing, accounting for 28.1%. 3. In the past 6 months (September 2024 to February 2025), 29 of these 57 brokers participated in the underwriting of 37 new listings (excluding 1 simple transfer from GEM to main board). The top ten sponsoring brokers in the past 6 months were: 1. CICC and Huatai International, each with 7 listings tied for first and a participation rate of 18.9%; 2. CITIC SEC, with 6 listings ranking third and a participation rate of 16.0%; 3. Goldman Sachs, Zhaoyin International, ICBC International, and UBS, each with 4 listings tied for fourth and a participation rate of 10.8%;Ina Securities Co., Ltd. ranked eighth with 3 companies, with a sponsorship participation rate of 8.1%; 5. HAITONG INT'L, Morgan Stanley, J.P. Morgan, Guotai Junan, Agricultural Bank International, Merrill Lynch, and Hong Kong Merchants, each tied for ninth place with 2 companies, with a sponsorship participation rate of 5.4%.In these 29 securities firms, only 14 firms participated in one listed company, accounting for 24.6% of all securities firms (57 firms). II. Hong Kong IPO Auditor Ranking (1) Data from the past 24 months (March 2023 to February 2025) According to statistics, in the past 24 months, a total of 12 auditors participated in the audit business of 144 new listing companies. Based on the number of participations in the past 24 months, the top four auditors are: 1. PwC, with 43 companies, accounting for 29.9%, ranked first; 2. KPMG and EY, each with 32 companies, accounting for 22.2%, tied for second place; 3. Deloitte, with 24 companies, accounting for 16.7%, ranked fourth. These four together account for 91.0% of the market share. Among these 12 auditors, 5 auditors participated in only one listed company, accounting for 41.7% of the number of auditors (12). (2) Data from the past 12 months (March 2024 to February 2025) Looking at the data from the past 12 months, 10 of these 12 auditors participated in the audit business of 76 new listing companies. The top four auditors in the past 12 months are: KPMG, PwC, EY, Deloitte, each participating in 20 companies, 17 companies, 17 companies, and 15 companies respectively, with percentages of 26.3%, 22.4%, 22.4%, and 19.7% respectively. (3) Data from the past 6 months (September 2024 to February 2025) Looking at the data from the past 6 months, 6 of these 12 auditors participated in the audit business of 38 new listing companies. The top four auditors in the past 6 months are: PwC, KPMG, EY, Deloitte, each participating in 10 companies, 9 companies, 8 companies, 8 companies, with percentages of 26.3%, 23.7%, 21.1%, and 21.1% respectively. III. Hong Kong IPO Chinese Lawyer Ranking (1) Data from the past 24 months (March 2023 to February 2025) According to statistics, in the past 24 months, a total of 36 Chinese lawyers participated in 138 new listings (involving Chinese business or assets). Looking at the quantity in the past 24 months, the top ten Chinese lawyers were: 1. Jingtian & Gongcheng, with 58 companies, accounting for 42.0%, ranked first; 2. Commerce & Finance, with 35 companies, accounting for 25.3%, ranked second; 3. JunHe, with 27 companies, accounting for 19.6%, ranked third; 4. Zhong Lun, with 18 companies, accounting for 13.0%, ranked fourth; 5. JunHe, with 15 companies, accounting for 10.9%, ranked fifth; 6. Tian Yuan, with 12 companies, accounting for 8.7%, ranked sixth; 7. Jia Yuan, with 11 companies, accounting for 8.0%, ranked seventh. Among these 36 Chinese lawyers, Chinese lawyers with a market share of over 5% or involvement in more than 5 companies include Haiwen (8 companies), Guo Hao (8 companies), Fangda (8 companies), Chengmingzheng (7 companies), and Global (5 companies); there were 9 Chinese lawyers who participated in only one listing, accounting for 25% of all Chinese lawyers (36). (2) Data from the past 12 months (March 2024 to February 2025) Looking at the data from the past 12 months, 27 out of 36 Chinese lawyers participated in 71 new listings (involving Chinese business or assets). The top ten Chinese lawyers in the past 12 months are: 1. Jingtian & Gongcheng, with 33 companies, accounting for 46.5%, ranked first; 2. Commerce & Finance, King & Wood, each with 16 companies, accounting for 22.5%, tied for second place; 3. Zhong Lun, with 11 companies, accounting for 15.5%, ranked fourth; 4. JunHe, Tian Yuan, Jia Yuan, each with 7 companies, accounting for 9.9%, tied for fifth; 5. Haiwen, with 6 companies, accounting for 8.5%, ranked eighth; 6. Jingtian Shicheng, Guo Hao, each with 5 companies, accounting for 7.0 %, tied for ninth. Out of these 27 Chinese lawyers, 9 Chinese lawyers participated in only one listing, accounting for 25% of all Chinese lawyers (36). (3) Data from the past 6 months (September 2024 to February 2025) Looking at the data from the past 6 months, 20 out of 36 Chinese lawyers participated in 35 new listings (involving Chinese business or assets). The top ten Chinese lawyers in the past 6 months are: 1. Jingtian & Gongcheng, with 19 companies, accounting for 54.3%, ranked first; 2. King & Wood, with 10 companies, accounting for 28.6%, ranked second; 3. Commerce & Finance, with 7 companies, accounting for 20.0%, ranked third; 4. Zhong Lun, Tian Yuan, Jingtian Shicheng, each with 5 companies, accounting for 8.8%, ranked fourth; 5. Haiwen, Guo Hao, Chengmingzheng, each with 3 companies, accounting for 8.6%, tied for seventh; 6. Jia Yuan, with 2 companies, accounting for 5.7%, ranked tenth. Out of these 20 Chinese lawyers, 10 Chinese lawyers participated in only one listing, accounting for 27.8% of all Chinese lawyers (36). IV. Hong Kong IPO Hong Kong Lawyer Ranking (1) Data from the past 24 months (March 2023 to February 2025) According to statistics, in the past 24 months, a total of 70 Hong Kong lawyers participated in 143 new listing businesses. Looking at the quantity in the past 24 months, the top ten Hong Kong lawyers were: 1. Gallant, with 24 companies, accounting for 16.8%, ranked first; 2. Mismates, with 14 companies, accounting for 9.8%, ranked second; 3. King & Wood, DLA Piper, each with 13 companies, accounting for 9.1%, tied for third; 4. Singh, with 12 companies, accounting for 8.4%, ranked fourth.5. Ranked fifth; 6. Jing Tian Gong Cheng, Pu Heng, An Li Xie Er Man Si Te Ling, Wilson Sansini, each with 10 companies, accounting for 7.0%, tied for eighth place.Note: Lion's Shareholding PLC (02562.HK) is planning to list in Hong Kong through a SPAC company (Hui De Acquisition Limited 07841), with the law firm representing Hui De Acquisition Limited, Shengde, not included in the statistics. Among the 70 Hong Kong law firms, those with a market share exceeding 5% or more than 5 firms include: Fish & Richardson (9 firms), Sidley Austin LLP (9 firms), Cooley LLP (8 firms), Kim & Chang (7 firms), Jun He Law Offices (7 firms), Tian Yuan Law Firm (6 firms), King & Wood Mallesons (5 firms), DeHeng Law Offices (5 firms), Zhong Lun Law Firm (5 firms), Han Kun Law Offices (5 firms), and Norton Rose Fulbright (5 firms). There are 28 law firms that have only participated in one listing, accounting for 40.0% of all 70 Hong Kong law firms. Among the Hong Kong law firms with Chinese background, there are Kim & Chang (13 firms), JunHe (10 firms), Jun He Law Offices (7 firms), Tian Yuan Law Firm (6 firms), King & Wood Mallesons (5 firms), Han Kun Law Offices (5 firms), Fangda Partners (4 firms), DeHeng Law Offices (3 firms), Zhong Lun Law Firm (2 firms), and Jointide Law Firm (2 firms). In the past 12 months (March 2024 to February 2025), of the 48 Hong Kong law firms out of the 70 participated in 75 new listings. The top ten Hong Kong law firms in the past 12 months are: 1. Gallant (16 firms, 21.3%), 2. Mayer Brown (9 firms, 12.0%), 3. Kim & Chang, JunHe, Latham & Watkins (7 firms, 9.3% each), 6. Shengde, Linklaters (6 firms, 8.0% each), 8. Smithfield, Allen & Overy, Fish & Richardson (5 firms, 6.7% each). Among the 48 Hong Kong law firms, those with a market share exceeding 5% or more than 5 firms include Davik (4 firms), Wilson Sonsini Goodrich & Rosati (4 firms), Kim & Chang (4 firms), Jun He Law Offices (4 firms), Tian Yuan Law Firm (4 firms), King & Wood Mallesons (4 firms). There are 17 law firms that have only participated in one listing, accounting for 24.3% of all 70 Hong Kong law firms. Among the Hong Kong law firms with Chinese background, there are Kim & Chang (7 firms), JunHe (7 firms), Jun He Law Offices (4 firms), Tian Yuan Law Firm (4 firms), King & Wood Mallesons (4 firms), Fangda Partners (3 firms), Han Kun Law Offices (2 firms), DeHeng Law Offices (2 firms), Zhong Lun Law Firm (2 firms). In the past 6 months (September 2024 to February 2025), of the 31 Hong Kong law firms out of the 70 participated in 37 new listings. The top ten Hong Kong law firms in the past 6 months are: 1. Gallant (10 firms, 27.0%), 2. JunHe (5 firms, 12.8%), 3. Linklaters, Latham & Watkins, Shengde, King & Wood Mallesons (4 firms, 10.3% each), 7. Kim & Chang, Mayer Brown, Smithfield, Allen & Overy, Sidley Austin, Cooley LLP (3 firms, 8.1% each). Among the 31 Hong Kong law firms, those with a market share exceeding 5% or more than 5 firms include Mayer Brown (2 firms), Davik (2 firms), Tian Yuan Law Firm (2 firms), DeHeng Law Offices (2 firms), Kwoon Chung (2 firms), Neil, Dymott, Frank, McFall & Tredennick (2 firms). There are 12 law firms that have only participated in one listing, accounting for 17.1% of all 70 Hong Kong law firms. Among the Hong Kong law firms with Chinese background, there are JunHe (5 firms), King & Wood Mallesons (4 firms), Kim & Chang (3 firms), Tian Yuan Law Firm (2 firms), Han Kun Law Offices (2 firms), Fangda Partners (2 firms).