Since the beginning of this year, the hot trend of the Hong Kong IPO market has continued, with various high potential and high-quality targets attracting global investors to compete for funding. As one of the funding forces for IPO "innovation", bank wealth management subsidiaries are targeting the Hong Kong IPO market, laying out "hard technology" as cornerstone investors and anchor investors, in order to seek to increase product returns. The reporter noticed that as of now, several bank wealth management subsidiaries have participated in the "new stock market" in Hong Kong, and some institutions have gained a lot. The interviewed experts stated that the current bank wealth management subsidiaries are in a period of deepening transformation, and the business model mainly based on fixed income assets is facing bottlenecks. It is urgent to improve product returns and differentiation competitiveness through equity investment, and the "new market" of Hong Kong stocks is a high-quality path to enter the equity market with low entry barriers. According to the analysis, as of now, bank wealth management subsidiaries such as ICBC Wealth Management Co., Ltd. (hereinafter referred to as "ICBC Wealth Management"), China Post Wealth Management Co., Ltd. (hereinafter referred to as "China Post Wealth Management"), and CMB Wealth Management Co., Ltd. (hereinafter referred to as "CMB Wealth Management") have participated in cornerstone or anchor investments in Hong Kong stock IPOs. Public information shows that since 2025, ICBC Wealth Management has participated in over 25 Hong Kong stock IPO investments, with a weighted return rate of over 50% as of the latest update. China Post Wealth Management will start laying out its IPO plan for Hong Kong stocks in 2024, conducting research on companies focusing on TMT, advanced manufacturing, emerging consumption, healthcare and other fields. CMB Wealth Management previously disclosed that the company has successfully been allocated new shares for innovative industries, a benchmark enterprise in the domestic aluminum industry chain. 11 of its products have been shortlisted and the allocated amount exceeds 10 million yuan. At the same time, some bank wealth management subsidiaries that have laid out IPOs in the Hong Kong stock market have achieved impressive investment performance since the beginning of the year. According to the disclosure of ICBC Wealth Management, as of January 16, 2026, all 10 Hong Kong IPO investments of the company have achieved positive returns, with a winning rate of 100% and a single highest increase of 165.45%. According to disclosed information, the company's Hong Kong IPO projects focus on areas such as semiconductors, artificial intelligence, biomedicine, and high-end equipment, such as leading domestic storage chip company Zhaoyi Innovation, AI pharmaceutical company Yingsi Intelligence, domestic GPU core company Weiren Technology, and Tiantian Zhixin. China Post Wealth Management is also laying out its IPO strategy for Hong Kong stocks. According to China Post Wealth Management, since the beginning of the year, the company's Hong Kong IPO investment performance has been outstanding, and the cornerstone heavy position project achieved a considerable increase on the first day. Specifically, the cornerstone heavy warehouse project includes memory interconnect chip leader Lanqi Technology and image sensor chip leader Haowei Group. At the same time, the company also plans to invest in chemical new material enterprise Guoen Technology MINIMAX、 Weiren Technology, etc. The IPO of Hong Kong stocks is becoming an important path for bank wealth management subsidiaries to expand equity assets and enrich cross market allocation, with overall participation and market influence continuing to rise. ”Director Zeng Gang of Shanghai Finance and Development Laboratory stated. Xue Hongyan, a special researcher at Su Shang Bank, told reporters that from current practice, the participation of bank wealth management subsidiaries in Hong Kong stock IPOs has formed a pattern dominated by top institutions, focusing on the hard technology track, and extending product forms towards inclusiveness. From a product perspective, the products participating in the "new listing" are characterized by a "stable bottom position+excess new listing" structure, gradually expanding from high threshold products targeting private banking customers in the early stages to inclusive products, and ordinary investors can also participate in the "new listing" of Hong Kong stocks. Taking ICBC Wealth Management as an example, the company has launched three "fixed income+Hong Kong IPO" strategy products, all of which have a risk level of PR3 (medium risk). Two of them are sold to private banking customers, while the other one is open for sale to individual investors of online commercial banks. According to the interviewed experts, there are differences in resource endowment. The traditional fixed income asset yield continues to decline, and bank wealth management urgently needs tools to enhance returns. A-shares and Hong Kong stocks have a high degree of certainty in terms of returns from "buying new shares". The "buying new shares" strategy has become an important lever and carrier for bank wealth management subsidiaries to increase product returns and enhance cross market asset allocation capabilities. The current "newbie" market has shown characteristics of concentrated top players and iterative strategy upgrades. Since the opening of the A-share new stock subscription to bank wealth management subsidiaries last year, bank wealth management subsidiaries such as Ningyin Wealth Management Co., Ltd., Xingyin Wealth Management Co., Ltd., and Everbright Wealth Management Co., Ltd. have started to test the waters of A-share "new listing". At the same time, ICBC Wealth Management, China Post Wealth Management, CMB Wealth Management, and others are focusing on the Hong Kong stock market's "innovation". The interviewed experts believe that the differentiation of bank wealth management subsidiaries in the layout of "innovation" in A-shares and Hong Kong stocks reflects significant differences in institutional resource endowment, risk preference, and strategic positioning. Dong Dannong, a researcher at Puyi Standard, told reporters that from the perspective of resource endowment and capability boundaries, top bank wealth management subsidiaries have strong funds and wide investment research coverage, which are more suitable for the large amount of funds and high investment research requirements of cornerstone investments in Hong Kong stocks; Small and medium-sized institutions are limited by their funding and investment research capabilities, and tend to prefer lower threshold and familiar processes for offline "new entrants" in the A-share market. From the perspective of risk appetite and return targets, the stable returns of A-share 'new listings' are in line with the pursuit of absolute returns and risk averse institutions; The potential returns of Hong Kong stock market 'newlisting' are high, but the risks of volatility and IPO coexist, making it more suitable for institutions with strong risk tolerance and pursuit of relative returns. In addition, institutions that focus on high net worth clients prioritize scarce targets in the Hong Kong stock market to meet their diversified allocation needs; Institutions that focus on mass wealth management value the stability of A-share 'new market' and match the risk preferences of ordinary investors, demonstrating the differences in strategic positioning and customer needs among different institutions. ”Dong Dannong added. Zeng Gang believes that institutions that focus on "breaking new ground" in A-shares often rely on local investment research networks, offline channel advantages, and A-shares bottom position foundations, which better meet the needs of customers who pursue stable and controllable returns. Institutions that tend to focus on Hong Kong stock market innovation usually have stronger cross-border operations, foreign exchange management, and overseas investment research capabilities. By targeting high growth scientific and technological innovation targets, they aim to gain higher yield elasticity. In addition, the current intensive listing of high-quality companies in the fields of hard technology and innovation in the Hong Kong stock market is providing rich investment targets for bank wealth management subsidiaries; Policy optimization makes participation channels smoother, and the cornerstone or anchor investor model can lock in stable allocation shares, which is in line with stable investment preferences. ”Dong Dannong stated. Overall, facing multiple challenges, only some bank wealth management subsidiaries are currently active in the A-share and Hong Kong IPO "new market", with participants mainly concentrated in top institutions. In the opinion of the interviewed experts, there are still challenges for bank wealth management subsidiaries to participate in the "new market", such as institutional and qualification barriers, insufficient investment research and pricing capabilities, risk control and compliance pressures. There is a clear requirement for the market value of the bottom position in the offline 'new listing' of A-shares, and most bank wealth management subsidiaries are unable to participate on a large scale due to the difficulty in meeting the asset structure dominated by fixed income; The cornerstone investment in Hong Kong stocks requires large amounts of capital and cross-border qualification review, with high requirements for cross-border investment capabilities. ”Dong Dannong stated that it is difficult to value "hard technology" and unprofitable innovative new stocks, and the traditional fixed income investment research system is difficult to adapt, which can easily lead to price deviations; The internationalization level of Hong Kong stocks is high, and they are further affected by global capital flows and exchange rate fluctuations, which increases the difficulty of analysis. In addition, cross market investment requires full process risk control covering market, liquidity, and compliance risks; Balancing the liquidity and profitability of products under the new stock lock up rules simultaneously poses a challenge to asset allocation and product design capabilities. Bank wealth management subsidiaries can optimize their strategies accordingly. ”Zeng Gang stated that in the A-share market, we will strengthen pricing research and compliance management, optimize bottom position allocation, and improve quotation accuracy; On the Hong Kong stock market, build a professional cross-border investment research team, use foreign exchange tools to hedge exchange rate risks, and reasonably control lock up periods and investment concentration. At the same time, we will improve the cross market risk control system, match product risk levels with targets, and adopt an "A+H" linkage layout model. While diversifying risks, we will steadily improve the returns and investment stability of "new product launches". (New Society)