Hong Kong's ‘bustling' IPO market exceeds HK$76 billion mark this year
Financial Secretary Paul Chan Mo-po also said that deepening ties with the mainland is key for Hong Kong's long-term development, despite negative evaluations from some ratings agencies, as he expressed confidence in the city's financial markets to withstand external shocks.
Writing on his weekly blog, Chan described the city's IPO market as 'bustling' after it welcomed the world's largest offering this year.
Battery giant Contemporary Amperex Technology (CATL) which supplies the likes of Tesla and Volkswagen, saw its shares jump by more than 16 per cent in its
listing last week, raising HK$41 billion. This propelled Hong Kong back to the top spot in global fundraising.
In another significant listing, Jiangsu Hengrui Pharmaceuticals, one of the mainland's largest drug manufacturers, raised HK$9.89 billion in its
trading debut on Friday, with shares soaring by 25 per cent.
'So far this year, the amount of funds raised from new share offerings in Hong Kong has exceeded HK$76 billion, an increase of more than seven times over the same period last year, and has reached nearly 90 per cent of the total amount of funds raised for all of [2024],' Chan said.
Chan added that the government would continue to safeguard the security of Hong Kong's financial markets amid what he described as a 'complex and ever-changing' geopolitical and economic landscape.
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