HSBC Hires Dozens of Bankers, Grows Hong Kong IPO Pipeline to 40 Deals
JEF•HSBC has hired over a dozen bankers for its China investment banking, boosting its Hong Kong IPO pipeline from five deals in 2025 to about 40. It lost the lead role on CK Hutchison’s $2 billion A.S. Watson listing despite aggressive recruitment.
1. Recruitment Push
HSBC has added over a dozen investment bankers to its China business in the past year, drawing talent from JPMorgan Chase and Goldman Sachs to strengthen its Asia-focused advisory and capital markets operations.
2. IPO Pipeline Expansion
The bank’s Hong Kong unit is currently managing about 40 initial public offerings, a significant increase from just five deals in 2025, underlining its intensified effort to capture a larger share of the city’s booming IPO market.
3. Lost A.S. Watson Mandate
HSBC failed to secure the lead role on CK Hutchison’s A.S. Watson listing, which could raise around $2 billion, as Goldman Sachs and UBS secured the likely dual London and Hong Kong mandate.
4. Competitive Hong Kong Market
Hong Kong is on track to raise more than $43 billion through technology and biotech listings in 2026, with domestic and international banks vying for fee pools driven by Beijing’s capital-market reforms and relaxed listing rules.
