Amidst a profound reshaping of the global economic order, Hong Kong has once again emerged as the epicenter of the international financial community. The 19th Asian Financial Forum (AFF), held on January 26-27 under the theme of “Co-creating New Horizons amid an Evolving Landscape”, brings together global political and business leaders, alongside financial luminaries, to explore how finance can better serve the real economy and foster international collaboration to navigate the dual challenges of evolving geopolitics and accelerating industrial convergence.
As a critical gateway for the opening-up of China’s capital markets, the Hong Kong Special Administrative Region has not only witnessed the growth of Chinese securities firms but also stands as a key platform for their expansion onto the global stage. Leveraging Hong Kong’s role as a “superconnector” and “strategic bridgehead”, Chinese brokerages have made steady progress in their internationalization drive. Beyond achieving transformative self-growth, these firms play an increasingly pivotal role in supporting China’s high-level opening-up, enhancing connectivity between the Chinese mainland and global markets, and empowering industrial upgrading.
Strong rebound in Hong Kong’s IPO market highlights the ascendancy of Chinese brokerages
Hong Kong’s initial public offering market staged a robust recovery in 2025, concluding the year with 119 listings and reclaiming the top spot in the global IPO league table in terms of fundraising after a six-year hiatus.
Technology, healthcare, new energy and advanced manufacturing sectors took center stage. Flagship listings by companies such as Contemporary Amperex Technology Co Ltd (CATL), the world’s largest maker of batteries for electric vehicles, China’s biggest car exporter Chery Automobile Co, and Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls Co set new benchmarks and drew significant participation from global long-term capital, such as the Qatar Investment Authority, Temasek and BlackRock.
International appetite for China’s technology sector continues to strengthen, particularly within areas represented by new energy and artificial intelligence large language models, underscoring growing investor confidence in China’s innovation-driven growth.
Chinese brokerages have played a decisive role in this wave of resurgence. China International Capital Corporation (CICC), for instance, led Hong Kong’s IPO market in both sponsorship and underwriting. Over the course of the year, CICC participated in 53 IPOs — nearly half of the annual total — and sponsored 10 of the top 20 largest deals. These results highlight both the growing dominance of Chinese securities firms in the world-renowned financial center, and the city’s unique role as a connector between mainland and global capital.
Deepening industry-finance integration to strengthen support for national strategies
In recent years, driven by regulatory guidance to build “stronger, better, and larger” institutions and the increasing sophistication of market demand, the Chinese securities industry has seen accelerated consolidation. Top-tier Chinese brokerages have thus continued to enhance their overall capabilities, with their advantages becoming even more pronounced in complex businesses such as investment banking. Backed by a vast domestic market and a deep understanding of both local industries and the regulatory landscape, leading Chinese brokerages have leveraged Hong Kong’s highly internationalized platform to establish a capital linkage between China and global markets.
The landmark Hong Kong listing of CATL set a new global fundraising record and achieved zero-discount pricing. This milestone effectively reversed the long-standing valuation pattern of the “A-share premiums versus H-share discounts”, contributing to a reassessment of China’s high-quality assets by foreign investors.
Tungsten miner Jiaxin International Resources Investment Ltd completed a dual listing in Hong Kong and Kazakhstan, launching Central Asia’s first renminbi-denominated equity, and offering a pioneering example of cross-border financing under the Belt and Road Initiative. Meanwhile, Sanhua Intelligent Controls’ Hong Kong debut brought in European asset management giant Schroders as a cornerstone investor for the first time, a clear testament to the strong international endorsement of China’s high-end manufacturing capabilities.
These cases collectively demonstrate the professional capabilities of Chinese securities firms to deliver sophisticated financial solutions amid a complex global environment, while reinforcing Hong Kong’s strategic position as a global hub for capital pricing and resource allocation.
Global expansion: From Hong Kong to the world
As China continues to advance the opening of its financial sector, Chinese securities firms have a dual role to play: helping mainland enterprises embark on a global journey while facilitating the inflow of international capital into China. Their global expansion strategies have gathered pace accordingly.
In recent years, CICC has established branches in Vietnam and the United Arab Emirates, becoming the first Chinese securities firm licensed to operate in the Gulf region. We have also actively expanded into Latin America, providing comprehensive cross-border financial services for both Chinese enterprises venturing abroad and local entities seeking investment opportunities in the world’s second-largest economy.
These overseas initiatives align closely with the strategic priorities of the Belt and Road Initiative and provide robust support for deeper engagement between China’s capital markets and global financial resources.
Looking ahead: Co-creating new horizons for shared success
As we enter the inaugural year of the 15th Five-Year Plan (2026-30), China’s financial sector is advancing toward a new frontier of high-level opening-up. The theme of the 19th Asian Financial Forum, “Co-creating New Horizons amid an Evolving Landscape”, vividly reflects how Chinese securities firms are anchoring themselves in Hong Kong while expanding their global footprint.
In 2026, Hong Kong’s IPO market is poised to sustain the strong momentum seen in 2025. Beyond technology and healthcare sectors, emerging arenas such as new energy, automotive, mining and resources, and green transition are expected to be the center of attention. Upholding its long-standing commitment to being “rooted in China and connecting the world”, CICC will continue to capitalize on its increasingly strong comprehensive capabilities to present a compelling narrative of China’s financial evolution on the global stage, bolster Hong Kong’s status as a premier international financial hub and contribute greater Chinese wisdom and Chinese strength to the stability, openness and cooperation of the global financial system.
The author is vice-chairman of the board, president and member of the Management Committee, China International Capital Corporation Ltd (CICC).
The views do not necessarily reflect those of China Daily.
Asian Financial Forum Special
