China International Capital Corporation (CICC) reinforced its position as a dominant investment bank in Chinese Mainland and Hong Kong SAR during 2025, delivering market-leading performances across equity capital markets (ECM), M&A, institutional brokerage and cross-border financing. Combining unrivalled domestic market expertise with its international platform, the firm played a central role in many of the region’s most significant and innovative transactions.
In ECM, CICC ranked number-one as sponsor for global IPO financings by Chinese issuers and number-one in Hong Kong IPO sponsorships. The firm participated in 53 of Hong Kong’s 117 IPOs, sponsoring 42 transactions and underwriting more than $10 billion. In particular, its ability to execute landmark deals was evident across a series of market-defining transactions, including CATL’s $5.25 billion Hong Kong listing, the largest IPO globally since 2023 (as of its completion) and the largest H-share IPO ever completed by an A-share listed company.
CICC also advised on some of the year’s most notable “firsts”, including Jiaxin International Resources’ pioneering dual listing on the Hong Kong Stock Exchange and Astana International Exchange, the world’s first HKEX-AIX dual listing and Central Asia’s first RMB-denominated stock.
The firm’s domestic investment banking franchise was equally impressive. CICC arranged RMB108.2 billion ($16 billion) of equity financing in Mainland China, representing year-on-year growth of more than 580%, while maintaining leadership positions across debt capital markets and structured financing.
Innovation remained a defining feature. The bank supported a series of groundbreaking transactions, including the first RMB10 billion Main Board IPO under China’s registration-based regime, the market’s first investment property ABS follow-on issuance, the first digital finance-themed financial bond, and multiple pioneering green and technology-finance transactions.
In M&A, CICC once again shone on complex and transformational deals. The firm ranked first in both China M&A and China domestic M&A league tables, advising on 86 transactions worth more than $111 billion.
Landmark mandates included: Haier Group’s $1.8 billion acquisition of Autohome, the largest market-driven takeover of an NYSE-listed company by a Chinese acquirer since 2020; Alibaba’s sale of Sun Art Retail; and several industry-defining consolidation transactions spanning technology, retail, mobility and infrastructure. These deals showcased CICC’s strengths in structuring, negotiation, regulatory navigation and cross-border execution.
Beyond investment banking, CICC’s brokerage franchise continued to set the benchmark for institutional services in China. The firm maintained the leading market share among QFII clients for a 22nd-23rd consecutive year, expanded its global client base, strengthened trading capabilities across key international markets and remained at the forefront of Stock Connect activity.
Supported by nearly 7,000 research publications and a reputation as a trusted “China expert” among global investors, CICC continues to combine research excellence, institutional reach and capital markets expertise at a scale unmatched by its peers.
The combination of these achievements across Chinese Mainland and Hong Kong SAR enabled CICC to set new standards across investment banking, ECM, M&A advisory and brokerage services, while continuing to connect Chinese issuers and investors with global capital.
“These awards significantly recognise CICC as a leading financial institution with Chinese roots and international reach,” said Xu Jia, Deputy Head of Investment Banking at CICC. “We remain committed to connecting China to international capital markets and supporting our clients’ access to global opportunities.”
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