Nomura Holdings is reportedly holding preliminary internal discussions about hiring bankers to rebuild its Hong Kong equity capital markets (ECM) franchise, a potential reversal of the strategy that saw the bank cut about ten investment‑banking positions in Hong Kong in October 2023, including roles focused on China‑related business, due to a slowdown in dealmaking. The bank has not finalised the size or timing of any hiring plan, and a Nomura spokesperson said the firm constantly explores business opportunities but will not comment on specific matters.
Hong Kong’s equity fundraising market has rebounded strongly, with companies raising HK$753.8 billion (approximately US$96 billion) through share sales, including initial public offerings, in the first ten months of 2026 – a 47.5 % increase over the same period a year earlier, according to Hong Kong Exchanges and Clearing (HKEX).
According to LSEG data, Nomura ranked 12th among bookrunners for Asia‑Pacific and Japan equity capital markets deals through 9 November 2026, generating US$9 billion in proceeds and capturing a 2.53 % market share. In the comparable period of the previous year the bank was 14th with US$4.4 billion of proceeds and a 1.79 % share.
Investor sentiment has cooled, particularly for AI‑related offerings. Changzhou Microintelligence, an intelligent‑robot maker, and Ganzhou Hemay Pharmaceutical have postponed their Hong Kong IPOs, citing market conditions. Despite this, the HKEX listing pipeline remains robust, with 896 Main Board IPO applications recorded as of 30 October 2026, of which 599 are under processing and 36 have been approved by the listing committee but are awaiting listing.