HSBC is moving to strengthen its Hong Kong investment banking business after a year marked by senior exits, restructuring and missed mandates.
Bloomberg reported that CEO Georges Elhedery and other senior leaders have been meeting clients in Hong Kong to secure more deals, citing people familiar with the matter.
The bank has also stepped up outreach to key Greater China clients, including through customised video messages from Elhedery.
Senior executives have been told to deepen contact with around 400 major clients across private equity and hedge funds.
The push follows a restructuring of HSBC’s investment bank last year, which led to senior departures and raised questions over its ability to compete for large cross-border mandates.
HSBC is now trying to regain momentum in Hong Kong as listing activity recovers and competition for IPO fees intensifies.
Hong Kong IPO Push
The bank has hired more than a dozen investment bankers for its China business over the past year, including talent from JPMorgan Chase and Goldman Sachs, according to Bloomberg.
Its active Hong Kong IPO pipeline has grown to around 40 deals, up from five mandates across 2025. Across Asia, HSBC has about 70 IPO mandates.
A key setback came when HSBC was passed over for a lead role on the planned listing of A.S. Watson Group, CK Hutchison Holdings’ health and beauty retail chain.
Goldman Sachs and UBS are leading the expected dual listing in London and Hong Kong, which could raise more than US$2 billion.
HSBC may still secure a role, although its position remains unclear.
Rebuilding Its Deal Pipeline
HSBC is also working on a planned public offering by holiday resort operator Club Med SAS alongside BNP Paribas and JPMorgan. The deal could raise at least US$500 million.
The bank is also working on a potential share sale by Chinese robotics startup Linkerbot.
A HSBC spokesperson told Bloomberg that the bank remains strong across a wide range of products and services in Asia, with capital markets and advisory revenue in the region continuing to grow.
Hong Kong remains one of HSBC’s most important markets. The city contributed US$9.6 billion in pre-tax profit in 2025, nearly a third of the group’s total.
Elhedery, who became CEO in 2024, has pushed HSBC toward a leaner structure with a stronger focus on Asia and the Middle East.
The bank has scaled back equity capital markets activity in Europe and the US.
The rebuild comes as Hong Kong’s IPO pipeline improves, but HSBC will need to win larger roles to close the gap with rivals.
Featured image: Edited by Fintech News Singapore, based on image by mkmult via Magnific
