China – Brokers: IPO Recovery Gaining Momentum

Research evidence excerpt

China – Brokers: IPO Recovery Gaining Momentum

Update

July 16, 2026 01:37 AM GMT

Morgan Stanley Asia Limited+MChina – Brokers | Asia Pacific Chiyao Huang

Equity Analyst

IPO Recovery Gaining Chiyao.Huang@morganstanley.comRichard Xu, CFA +852 3963-4624

Richard.Xu@morganstanley.com +852 2848-6729

Momentum Chenqian Liu

Research Associate

Chenqian.Liu@morganstanley.com +852 3963-0359

Key Takeaways Beryl Yang

On 14 July, Bloomberg reported that DeepSeek is likely preparing for an A-share Beryl.Yang@morganstanley.com +852 3963-2224

IPO in 2026. If this happens, we think it could be a highly watched deal.

We are confident that a potential IPO renaissance is getting closer. We reiterate

our anticipation of Rmb250-300bn in A-share IPOs over the next 12 months.

We're witnessing increasing capital intensity in the current innovation cycle, and

private investment deals have already scaled up notably in 2026. China Financials

Asia Pacific

This would be a key catalyst for leading brokers, not only supporting sentiment Industry View Attractive

but also bringing in meaningful fees, investment gains, and high trading volume. Related reports:

CICC-H rose 5.2% today (HSI +1.4%). We cite the progress of CXMT's IPO (priced

yesterday) – CICC put down Rmb1bn for co-investment. China Financials: Further de-leveraging or

positive development loop? How to invest? (9

We think that a steady flow of high-quality assets to equity markets will sustain Jul 2026)

investor engagement at the current high level, rather than draining liquidity. Since China – Brokers: Potential IPO Renaissance

2024, the CSRC has introduced multiple guardrails, in terms of long-term rules, Could Trigger Select Re-rating (21 May 2026)

which we believe are intended to strike a better balance between fundraising and