HSBC Secures 40 Hong Kong IPO Mandates After Hiring Over a Dozen Bankers
MS•HSBC hired over a dozen investment bankers for its China business, boosting its Hong Kong IPO pipeline to 40 deals this year compared with just five in 2025. The bank now holds about 70 IPO mandates across Asia and won mandates for Club Med’s $500 million offering and Linkerbot’s share sale.
1. Aggressive Recruitment and Leadership Engagement
Since early 2025, HSBC has hired more than a dozen investment bankers for its China business, poaching talent from JPMorgan Chase and Goldman Sachs. CEO Georges Elhedery has personally pitched roughly 400 major clients across Greater China and deployed tailored video messages to rebuild the bank’s flagging Hong Kong investment banking franchise.
2. Surge in IPO Mandates
HSBC is working on about 40 initial public offerings in Hong Kong this year, up from five in 2025, and holds roughly 70 IPO mandates across Asia. Recent wins include the $500 million IPO of Club Med and a planned share sale for robotics startup Linkerbot.
3. Strategic Restructuring Toward Asia
Following a global investment banking overhaul last year, HSBC cut back equity capital markets in Europe and the US to concentrate on Asia and the Middle East. The bank’s $14 billion acquisition of the remaining stake in Hang Seng Bank underscores its commitment to deepening its regional capital markets presence.
