Morgan Stanley and Goldman Sachs Dominate Hong Kong Equity Deals in 2025 Surge
Western banks lead booming IPO and share-sale wave as global investors return to Hong Kong capital markets
In 2025, the equity capital markets of Hong Kong have experienced a remarkable revival — and two Western investment banks, Morgan Stanley and Goldman Sachs, have emerged as the principal underwriters of the wave of deals.
Morgan Stanley has raised approximately US$11.6 billion from equity offerings so far, while Goldman Sachs follows with about US$7.4 billion, a ranking that significantly outpaces leading Chinese institutions such as CITIC and CICC.
Their performance reflects a broader resurgence: overall equity capital-market activity in Hong Kong rose 232 percent year-on-year through November, reaching some US$73.1 billion.
The boom has been driven by a surge in both initial public offerings and follow-on share sales.
Large transactions — including share placements by prominent Chinese firms — have contributed heavily to the overall volume.
Observers point to renewed global investor interest in Chinese equities, alongside Hong Kong’s role as a critical financial hub connecting international capital with China’s expanding economy.
Despite heightened geopolitical tensions between the United States and China, foreign institutional investors have returned in force, underwriting demand for deals organised by global banks.
Analysts note that multinational banks continue to offer deep capital-market expertise and global distribution networks — advantages that local rivals struggle to match.
Even as local Chinese banks accelerate efforts to capture greater market share, their progress remains limited.
Goldman Sachs in particular has leveraged regulatory tailwinds and the wave of follow-on offerings — now accounting for the bulk of Hong Kong’s equity capital-market activity — to cement its position at the top of the league tables.
The strength of Morgan Stanley and Goldman Sachs in Hong Kong’s 2025 equity-deal surge underscores the enduring role of global finance houses in channeling capital into Chinese markets — and highlights the continuing appeal of Hong Kong as a bridge between East and West in volatile times.
Morgan Stanley has raised approximately US$11.6 billion from equity offerings so far, while Goldman Sachs follows with about US$7.4 billion, a ranking that significantly outpaces leading Chinese institutions such as CITIC and CICC.
Their performance reflects a broader resurgence: overall equity capital-market activity in Hong Kong rose 232 percent year-on-year through November, reaching some US$73.1 billion.
The boom has been driven by a surge in both initial public offerings and follow-on share sales.
Large transactions — including share placements by prominent Chinese firms — have contributed heavily to the overall volume.
Observers point to renewed global investor interest in Chinese equities, alongside Hong Kong’s role as a critical financial hub connecting international capital with China’s expanding economy.
Despite heightened geopolitical tensions between the United States and China, foreign institutional investors have returned in force, underwriting demand for deals organised by global banks.
Analysts note that multinational banks continue to offer deep capital-market expertise and global distribution networks — advantages that local rivals struggle to match.
Even as local Chinese banks accelerate efforts to capture greater market share, their progress remains limited.
Goldman Sachs in particular has leveraged regulatory tailwinds and the wave of follow-on offerings — now accounting for the bulk of Hong Kong’s equity capital-market activity — to cement its position at the top of the league tables.
The strength of Morgan Stanley and Goldman Sachs in Hong Kong’s 2025 equity-deal surge underscores the enduring role of global finance houses in channeling capital into Chinese markets — and highlights the continuing appeal of Hong Kong as a bridge between East and West in volatile times.
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