BNP Paribas' Strategic Hire of Doris Jiang: A Bullish Signal for China's IPO Market

The hiring of Doris Jiang by BNP Paribas to lead Chinese equity capital market (ECM) deals is more than a personnel move—it's a seismic shift in how global institutions are betting on China's financial infrastructure. Jiang, a former head of ECM execution at Huatau Securities, brings deep expertise in navigating Hong Kong's rapidly evolving IPO landscape. Her appointment signals that international banks are doubling down on China's capital markets at a time when Hong Kong's share sales have hit a four-year high. This isn't just about filling a role; it's about capitalizing on a structural re-rating of China's equity markets and the infrastructure that supports them.

The Bigger Picture: Why This Hire Matters

BNP Paribas' decision to bring in Jiang follows a string of strategic hires in the Asia-Pacific region, including Mrinal Parekh's promotion to lead ECM in Southeast Asia and India. But Jiang's role is uniquely positioned to capitalize on Hong Kong's resurgence as a global IPO hub. With Chinese companies raising over $16 billion in Hong Kong in 2025 alone—led by juggernauts like CATL, BYD, and Xiaomi—the city is no longer just a regional player. It's a bridge between China's domestic market and global capital.

The numbers don't lie: Hong Kong's IPO proceeds in the first half of 2025 outpaced the U.S. by a staggering margin. While 46 Chinese companies raised HK$118.2 billion (US$16.5 billion) in Hong Kong, only 16 raised a paltry US$740.9 million in the U.S. . This shift isn't accidental—it's a calculated response to geopolitical risks and regulatory uncertainties in the West. Chinese firms are voting with their wallets, and BNP Paribas is aligning with their preferences.

Infrastructure as the New Frontier

Deloitte's recent report on Hong Kong's equity capital market infrastructure underscores why this moment is critical. The city is rolling out reforms to extend trading hours, reduce stamp duties for RMB counters, and expand ETF cross-listing with ASEAN markets. These aren't just bureaucratic tweaks—they're foundational upgrades that make Hong Kong a more attractive destination for global investors.

Consider the implications: A broader investor base, lower transaction costs, and streamlined access to Mainland China's growth sectors mean Hong Kong isn't just a gateway—it's a launchpad. For investors, this translates to opportunities in sectors like renewable energy, AI, and biotech, where Chinese firms are leading the charge. .

The Bull Case: Why Now Is the Time to Act

The hiring of Jiang isn't an isolated event. It's part of a broader trend where international banks are betting big on China's ECM. JPMorgan and Bank of America, for instance, are underwriting record-breaking IPOs like CATL's $5.2 billion listing. Even as U.S. lawmakers scrutinize these deals, the demand for Chinese equities remains robust.

For retail investors, the key takeaway is simple: Diversify into China's equity capital market infrastructure. This means investing in exchange-traded funds (ETFs) that track Hong Kong's IPO boom, or in firms like BNP Paribas (BNP.PA) that are positioning themselves as gatekeepers to this growth. .

Risks and Rewards: A Balanced Approach

Of course, no investment is without risk. U.S.-China tensions, regulatory shifts, and the cyclical nature of tech-driven sectors could create volatility. But for those with a long-term horizon, the rewards outweigh the risks. Hong Kong's IPO market is now the second-largest in the world for biotech companies, and its regulatory reforms are attracting a new wave of innovators.

Moreover, the PBOC's aggressive monetary easing—rate cuts, RRR reductions, and liquidity injections—has created a tailwind for equities. While some worry about overvaluation, the data shows that sectors like new energy vehicles and industrial robotics are outperforming, driven by policy support and global demand. .

Final Call to Action

BNP Paribas' hiring of Jiang is a green light for investors to reassess their China exposure. The bank's move reflects confidence in Hong Kong's ability to adapt and thrive in a fragmented global market. For those who've been sidelined by geopolitical noise, now is the time to lean in.

Start by allocating a portion of your portfolio to Hong Kong-listed ETFs or individual stocks in sectors aligned with China's innovation agenda. For the more aggressive, consider direct investments in ECM-focused banks like BNP Paribas or JPMorgan. The infrastructure is in place, the demand is there, and the next chapter of China's capital markets is being written in Hong Kong.

In the end, the message is clear: China's equity capital markets are no longer a question mark—they're a question worth answering. And BNP Paribas is betting big on the answer.