Key facts
- Nomura is holding early internal discussions about hiring bankers in Hong Kong for the business that helps companies sell shares, two people said.
- The people said Nomura has not finalized the size or timing of any hiring plan, and the plan has not been reported previously.
- A Nomura spokesperson said the bank constantly explores business opportunities in light of client needs and market conditions but does not comment on specific matters.
- Nomura ranked 12th among bookrunners for Asia Pacific and Japan ECM deals year-to-date through November 9, 2026, with $9 billion of proceeds and a 2.53% market share, per LSEG data.
- Hong Kong share sales including IPOs raised HK$753.8 billion ($96 billion) in the first 10 months of 2026, up 47.5% from a year earlier, per HKEX data.
- Morgan Stanley, Goldman Sachs, JPMorgan, UBS, China International Capital Corp and CITIC Securities are active in Hong Kong equity capital markets, the report said.
Nomura is considering hiring bankers for its Hong Kong equity capital markets business, two people with knowledge of the matter told Reuters, in a potential reversal of strategy for the Japanese bank, which had scaled down the operation over the past three years. The people said Japan's biggest investment bank is holding early discussions internally about hiring bankers in the city for the business that helps companies sell shares, aiming to tap a recovering equity fundraising market in the Asian financial hub.
Nomura cut headcount and retreated partially from the business in Hong Kong in 2023, when equity capital markets deals in the city and China had dried up. ECM bankers help companies raise money through initial public offerings, secondary share sales and convertible bonds. The discussions are preliminary and the bank has not finalized the size and timing of any hiring plan, the people, who requested anonymity, said. They did not say how many bankers Nomura currently has in Hong Kong in the business.
A Nomura spokesperson said: "We constantly explore a range of business opportunities in light of client needs and market conditions, but do not comment on specific matters." Reuters reported in October 2023 that Nomura cut about 10 Hong Kong investment-banking jobs, including roles focused on China-related business.
Nomura has kept a broader regional business that helps companies sell shares despite its smaller Hong Kong presence. 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, according to LSEG data, compared with 14th place, $4.4 billion and a 1.79% share in the same period of 2025. Its mandates this year included Nippon Steel's $3.9 billion convertible bond offering in Japan and Clean Max Enviro Energy Solutions' $340 million IPO in India, the data showed.
Hong Kong's fundraising market has revived. 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, according to the HKEX website. The broader market has turned more cautious as investors reassess whether AI-related offerings can generate returns that justify spending on computing power, land and energy. Changzhou Microintelligence and Ganzhou Hemay Pharmaceutical recently postponed their Hong Kong IPOs, citing market conditions.
Hong Kong's equity fundraising market remained active, with seven companies, including four in the AI and chip sectors, debuting this week. Sichuan Neautus Traditional Chinese Medicine jumped as much as 119.2% in its Hong Kong market debut on Wednesday. As of October 30, HKEX had 896 Main Board IPO applications, with 599 under processing and 36 approved by the listing committee but awaiting listing, according to the HKEX website. Morgan Stanley, Goldman Sachs, JPMorgan and UBS are active in Hong Kong equity capital markets, along with Chinese firms including China International Capital Corp and CITIC Securities.