Investment bankers servicing Asia-Pacific (APAC) initial public offerings (IPOs) pocketed USD 1.4bn in the year to date (YTD; 17 August) compared with USD 1.2bn over the same period last year, according to data from Dealogic.

However, not all countries enjoyed an equal share of the spoils.

China, which has historically dominated APAC IPO fees, surged ahead of nations such as India, Japan, Australia, South Korea and Singapore, all of which have seen year-on-year (YoY) declines in listing revenues. Indeed, China’s share of regional IPO fees jumped to 73% this year from 48% in 2025 YTD and 47% in 2024 YTD. The last time the Middle Kingdom’s share was so high was in 2023 YTD, when its IPO fees accounted for 85% of the total APAC IPO revenue pot.

“The most salient factor contributing to the increase in IPOs in China is the recovery of IPO money flow to Hong Kong,” said Hikaru Okada, head of deal advisory ASPAC at KPMG International. There are several reasons behind this trend, he explained. First, the return of Chinese multinational companies (MNCs) to the Hong Kong stock market “as the main source of equity capital raising, combined with ambiguity surrounding US listings”. Second, there has been an improvement in the liquidity and valuation of stocks listed on the Hong Kong stock exchange. Lastly, the “acceleration of listing needs/strategy by tech companies”, Okada said.

The highest-paying sector by fees for Chinese deals in the YTD has been technology, accounting for USD 440m or 44% of total APAC IPO fees, marking a 353% YoY increase. In second place was Industrials with USD 354m, up 86% YoY, while healthcare’s USD 90m was a distant third.

The top-five fee-payers contributing to Chinese IPO revenues were all tech firms. The largest of these was Hefei-based chipmaker CXMT, which had a blockbuster listing and raised around USD 8.6bn. It was followed by electronics manufacturer Shenzhen JLC Technology Group, Hangzhou robotics firm Unitree Technology, Shenzhen semiconductor manufacturer HKC Co., and Jiangsu’s semiconductor managing and packaging company SJ Semiconductor.

Leading China‘s charge

All top-10 APAC IPO fee earners in the YTD are Chinese, signalling greater local penetration among banks. By comparison, the 2025 YTD list included US titans Morgan Stanley, Goldman Sachs and Citi.

CICC, with USD 130m of IPO fees under its belt, tops the table, followed by Guotai Haitong Securities (GTHT), CITIC Securities, Huatai Securities (HTSC), and China Securities Co. (CSC). Note that all five firms made the top 10 in the same period last year. Guolian Minsheng Securities Co, in seventh place this year, also featured in the top 10 in 2025 YTD.

Of the four new players to join the top 10, Soochow Securities Co. (in eighth place) enjoyed a remarkable four-digit percentage rise to secure its position. The other new players were Zhongtai Securities Co. (ZTSC), China Merchants Securities Co. (CMS), and Sinolink Securities Co., all of whom registered YoY increases in IPO revenues.