Nomura is exploring the possibility of rebuilding parts of its Hong Kong equity capital markets operation, according to people with knowledge of the conversations. The discussions are at an early stage and focus on recruiting bankers in the city to work on ECM mandates that help companies sell shares through IPOs, follow-on equity placements and convertible bond offerings.
The move would represent a shift from the strategy the bank pursued in 2023, when it scaled back staff and partly retreated from that sector in Hong Kong as deal flow in the city and China dried up. Sources said the bank is assessing whether to add personnel in Hong Kong to better position itself to capture demand as equity fundraising in the Asian financial hub strengthens.
Those familiar with the talks said Nomura has not finalized the scope, timing or size of any hiring plan. The conversations remain internal and preliminary. A Nomura spokesperson declined to discuss specifics but offered a general comment, saying the firm constantly explores business opportunities based on client needs and market conditions and does not comment on specific matters.
Re-establishing a larger ECM footprint in Hong Kong could give Nomura better access to wealthy individuals and founders of private companies, the people said, particularly as capital from mainland China increasingly flows into the city. ECM bankers play a central role in helping companies access public markets, advising on and executing IPOs, secondary share sales and convertible bond transactions.
The bank’s pullback in 2023 included headcount reductions. In October 2023, Nomura cut about 10 investment-banking jobs in Hong Kong, including roles focused on China-related business, amid a slump in dealmaking. The sources did not specify how many bankers Nomura currently maintains in Hong Kong for ECM work.
Market dynamics appear to be a key reason for the renewed interest. Hong Kong is a major venue for Chinese companies to sell shares, and a recovery in fundraising could provide Nomura with an incentive to rebuild its presence. Hong Kong’s equity capital markets began recovering in early 2025 and saw a sharp rebound through the year. That momentum has continued into 2026, though investor sentiment has recently become more cautious as valuations of AI-related offerings are reassessed.
Data from the Hong Kong Exchanges and Clearing Ltd show a strong revival in fundraising this year. Companies raised HK$753.8 billion, or about $96 billion, through share sales including IPOs in the first 10 months of 2026, a 47.5% increase from a year earlier. The market has nonetheless displayed pockets of cooling: some issuers in the AI and chip segments have faced valuation scrutiny, and a small number of planned listings have been postponed.
Examples of recent postponements include the delayed Hong Kong IPOs of Changzhou Microintelligence, an intelligent-robot maker, and Ganzhou Hemay Pharmaceutical, the drugmaker, both of which cited market conditions. Yet fundraising activity has remained notable, with several companies debuting in Hong Kong in recent sessions, including multiple issuers in AI and chip-related sectors.
Nomura’s broader regional ECM business remains intact despite the smaller Hong Kong footprint. LSEG data covering the period year-to-date through November 9 show Nomura ranked 12th among bookrunners for Asia Pacific and Japan ECM deals, with $9.0 billion of proceeds and a 2.53% market share. That is an improvement from the same period in 2025, when Nomura ranked 14th with $4.4 billion and a 1.79% share.
Mandates supporting that regional ranking included Nippon Steel’s $3.9 billion convertible bond offering in Japan and the $340 million initial public offering of Clean Max Enviro Energy Solutions in India, according to the same deal data.
Any expansion in Hong Kong would come in a crowded competitive landscape. Global banks such as Morgan Stanley, Goldman Sachs, JPMorgan and UBS remain active in the city, alongside major Chinese firms including China International Capital Corp and CITIC Securities. Sources said Nomura would be entering a market with multiple established players vying for ECM mandates.
Hong Kong Exchanges and Clearing Ltd had 896 Main Board IPO applications on its books as of October 30, with 599 under processing and 36 approved by the listing committee but still awaiting listing. That pipeline underscores the volume of potential ECM activity in the market but also the uncertainty around which deals will ultimately proceed to market.
Contextual note: The discussions at Nomura are preliminary and the bank has not announced any definitive hiring plans or timelines. The potential rebuilding of its Hong Kong ECM team is being weighed against current market conditions and competitive dynamics in the city.