Key Takeaways
- • Nomura is considering hiring bankers for its Hong Kong equity capital markets business, a potential reversal after it scaled the operation down over the past three years, according to two people with knowledge of the matter cited by Reuters.
- • Discussions are preliminary; Nomura has not finalised the size or timing of any hiring plan, and the people did not disclose how many bankers it currently employs in Hong Kong in this business.
- • Nomura ranked 12th among Asia Pacific and Japan ECM bookrunners year-to-date through November 9, 2026, with $9 billion of proceeds and a 2.53% market share, up from 14th place, $4.4 billion and 1.79% a year earlier, per LSEG data.
- • Hong Kong companies raised HK$753.8 billion ($96 billion) through share sales in the first 10 months of 2026, up 47.5% year on year, per HKEX, though sentiment has cooled as investors reassess AI-related valuations.
- • Nomura would enter a competitive market where Morgan Stanley, Goldman Sachs, JPMorgan, UBS, CICC and CITIC Securities are active.
Summary
Nomura is considering hiring bankers for its Hong Kong equity capital markets (ECM) business, two people with knowledge of the matter told Reuters, a potential reversal for Japan's largest investment bank, which cut headcount and partially retreated from the business in 2023 when ECM deals in the city and China had dried up. Reuters reported in October 2023 that Nomura cut about 10 Hong Kong investment-banking jobs, including roles focused on China-related business. The discussions are early and internal, and the bank has not finalised the size or timing of any hiring plan, the people said. The plan had not been reported previously.
The move would aim to tap a recovering equity fundraising market in Hong Kong. According to HKEX data cited in the report, companies raised HK$753.8 billion ($96 billion) through share sales, including IPOs, in the first 10 months of 2026, up 47.5% from a year earlier. Hong Kong's ECM activity began recovering in early 2025 and rebounded sharply over the year, though sentiment has recently softened as investors question whether AI-related offerings can generate returns that justify heavy spending on computing power, land and energy. Chinese intelligent-robot maker Changzhou Microintelligence and drugmaker Ganzhou Hemay Pharmaceutical recently postponed their Hong Kong IPOs citing market conditions, while seven companies, including four in AI and chip sectors, debuted in the city during the week of reporting.
Sources said a Nomura expansion could also help the bank deepen ties with wealthy individuals and founders of privately held companies as capital from mainland China increasingly flows into the city. The bank would enter a crowded field that includes Morgan Stanley, Goldman Sachs, JPMorgan and UBS, as well as Chinese firms China International Capital Corp and CITIC Securities.
Nomura has maintained a broader regional ECM franchise. According to LSEG data, it ranked 12th among bookrunners for Asia Pacific and Japan ECM deals year-to-date through November 9, with $9 billion of proceeds and a 2.53% market share, compared with 14th place, $4.4 billion and a 1.79% share in the same period of 2025. Its 2026 mandates included Nippon Steel's $3.9 billion convertible bond offering in Japan and Clean Max Enviro Energy Solutions' $340 million IPO in India. A Nomura spokesperson said the firm constantly explores business opportunities in light of client needs and market conditions but does not comment on specific matters.
The move would aim to tap a recovering equity fundraising market in Hong Kong. According to HKEX data cited in the report, companies raised HK$753.8 billion ($96 billion) through share sales, including IPOs, in the first 10 months of 2026, up 47.5% from a year earlier. Hong Kong's ECM activity began recovering in early 2025 and rebounded sharply over the year, though sentiment has recently softened as investors question whether AI-related offerings can generate returns that justify heavy spending on computing power, land and energy. Chinese intelligent-robot maker Changzhou Microintelligence and drugmaker Ganzhou Hemay Pharmaceutical recently postponed their Hong Kong IPOs citing market conditions, while seven companies, including four in AI and chip sectors, debuted in the city during the week of reporting.
Sources said a Nomura expansion could also help the bank deepen ties with wealthy individuals and founders of privately held companies as capital from mainland China increasingly flows into the city. The bank would enter a crowded field that includes Morgan Stanley, Goldman Sachs, JPMorgan and UBS, as well as Chinese firms China International Capital Corp and CITIC Securities.
Nomura has maintained a broader regional ECM franchise. According to LSEG data, it ranked 12th among bookrunners for Asia Pacific and Japan ECM deals year-to-date through November 9, with $9 billion of proceeds and a 2.53% market share, compared with 14th place, $4.4 billion and a 1.79% share in the same period of 2025. Its 2026 mandates included Nippon Steel's $3.9 billion convertible bond offering in Japan and Clean Max Enviro Energy Solutions' $340 million IPO in India. A Nomura spokesperson said the firm constantly explores business opportunities in light of client needs and market conditions but does not comment on specific matters.
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