FS lauds strong local stocks, IPO market
FS lauds strong local stocks, IPO market
Paul Chan says funds raised across IPOs in Hong Kong have surpassed HK$60 billion this year. Photo courtesy of the Financial Secretary's social media
The finance chief on Sunday hailed the Hong Kong stock market's performance this year, pledging to closely monitor market developments amid external uncertainties.
Writing on his blog, Financial Secretary Paul Chan noted that the stock market has rallied so far despite briefly suffering losses brought on by the tariff war last month.
He said the city's IPO market is very active and that the bourse operator is set to welcome the listing of a leading mainland firm on Tuesday, set to be the world's largest stock offering this year so far.
"This brought the funds raised across IPOs this year to over HK$60 billion, which is about six times more than the amount in the same period last year. Our scale of financing is now ranked first in the world," he wrote.
He also pointed to the Hong Kong Monetary Authority's recent interventions to rein back the local currency, saying an influx of capital flows has led to ample liquidity.
But he warned that capital flows and interest rate trends remained uncertain due to a host of internal and external factors.
The authorities would continue to monitor market developments and maintain financial stability, Chan added.
"In this complex and ever-changing external environment, as long as we are committed to our goals, remain open and inclusive, leverage our unique advantages, and continue to focus on what we have to do, we can surely achieve high-quality development amid changes," he said.
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