HSBC is intensifying efforts to revive its Hong Kong investment banking business under CEO Georges Elhedery by personally pitching to about 400 major clients across Greater China, alongside senior leaders [1, 2, 3].
The push follows a major global restructuring of HSBC's investment bank completed in early 2025 that caused numerous senior departures and cost the bank lead roles on key cross-border mandates [1, 2, 3]. Since becoming CEO in 2024, Elhedery has promoted a rapid cultural shift toward higher performance and client focus [1, 2, 3].
In the past year, HSBC has hired more than a dozen investment bankers for its China operations, poaching talent from JPMorgan Chase and Goldman Sachs to bolster its sales and advisory teams in the region [1, 2, 3].
The bank is now working on approximately 40 initial public offerings (IPOs) in Hong Kong in 2026, a sharp rise from the five IPOs it handled in 2025 [1, 2, 3]. The Hong Kong IPO market is very competitive this year, driven largely by listings in the tech and biotech sectors, and expected to raise over US$43 billion [1, 2, 3].
Despite these efforts, HSBC recently lost the lead role on the IPO of AS Watson Group, a health and beauty retailer controlled by billionaire Li Ka-shing's CK Hutchison Holdings, a longstanding HSBC client [1, 2, 3].
Georges Elhedery became HSBC CEO in 2024 and initiated cultural reforms focused on improved client engagement and performance [1, 2, 3]. Early in 2025, HSBC's global investment bank restructuring triggered senior staff departures and the loss of some lead mandates [1, 2, 3]. Over the past year, HSBC recruited extensively from rival firms to strengthen its China team ahead of a significant increase in IPO activity this year [1, 2, 3].
HSBC's efforts to reconnect with clients and expand its pipeline position it to compete more strongly in Hong Kong's booming investment banking market in the months ahead [1, 2, 3].
