Latest news with #PaulChanMo-po
The Star
6 days ago
- Business
- The Star
Hong Kong regaining status as premier IPO market
Hong Kong's initial public offering market is gaining depth and dynamism and reinforcing its role as a premier global listing venue, with abundant liquidity, attractive valuations and market reforms contributing to the resurgence of IPO activities, global auditing firms and investment managers said. The Hong Kong bourse gained 18 percent in 2024 and has risen another 20 percent so far this year, and IPOs on the Hong Kong stock exchange have raised about $16 billion so far in 2025, making the city the top global IPO venue, according to Hong Kong Special Administrative Region Financial Secretary Paul Chan Mo-po. Shenzhen-listed battery giant Contemporary Amperex Technology raised over HK$41 billion ($5.22 billion) by listing shares on the Hong Kong stock exchange in May, the world's largest equity offering to date this year. The CATL's listing has attracted many US and European funds as the major new share subscribers. Data compiled by PricewaterhouseCoopers (PwC) show 44 IPOs took place in Hong Kong in the first half of this year, representing an annual increase of 47 percent. PwC said the fundraising amount in the first half of 2025 has already surpassed the entire amount raised in 2024. Global business accounting firms such as PwC and Deloitte argue that strong capital flows associated with the high level of liquidity in Hong Kong's banking system are creating favorable conditions for IPO fundraising in the second half of the year. They expect Hong Kong to regain the status of being the first fundraising platform globally in terms of IPO proceeds this year. The SAR's finance chief said total bank deposits in Hong Kong now exceed $2.3 trillion, equivalent to six times the city's gross domestic product. The figure grew 7 percent last year and by another 7 percent so far this year. "Improved market liquidity and rising valuations are encouraging more companies to turn to Hong Kong's capital markets, underscoring the city's long-term financial resilience," PwC Hong Kong Capital Markets Leader Eddie Wong Kamchin said. He added that Hong Kong Exchanges and Clearing has undertaken market reforms, including creating more favorable conditions for various company types, streamlining approval processes, and enhancing transparency and efficiency. The Securities and Futures Commission in Hong Kong and HKEX have further ramped up the city's IPO listing regime by launching a dedicated "Technology Enterprises Channel" in May to further facilitate new listing applications from prospective specialist technology companies and biotech companies. "A-share listed companies are capitalizing on Hong Kong's international fundraising platform to access global capital. At the same time, HKEX's new policy initiatives such as the Technology Enterprises Channel are set to facilitate listings of more biotech and specialist technology companies, further fueling growth in fundraising volumes," Deloitte China Southern Region Managing Partner Edward Au Chunhing noted. PwC and Deloitte project total fundraising from Hong Kong IPOs will exceed HK$200 billion this year, contributed by 80 to 100 deals, mainly from technology, media and telecommunications, as well as consumer companies. Global investment fund managers argue that a lower HIBOR(Hong Kong Interbank Offered Rate) could provide mild impetus to Hong Kong dollar-denominated assets, likely bolstering the Hong Kong IPO market. - China Daily/ANN
Time of India
23-06-2025
- Business
- Time of India
Hong Kong plans to sell artificial island in Lautau waters, Finance Secretary raises red flag
Rejecting notions that the government is planning to find and sell parcels to offset the deficit, Hong Kong will press on with building up its land bank but adopt a cautious stance on selling the sites, according to Financial Secretary Paul Chan Mo-po. Chan admitted in a recent interview that the government planned to build artificial islands off Lantau coast 'later', despite calls from developers to immediately withhold the project. 'We will not stop (creating land) because of property prices and the market; we will keep producing land,' he said. 'Having created the land, we don't need to sell it immediately. It can form part of our land bank. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How Much Does It Cost to Rent a Private Jet - The Prices May Surprise You! Private Jet I Search Ads Learn More Undo 'The message is that the government has land. But how and when to sell it, we will act according to market conditions. At the moment, it is of utmost importance to manage expectations and confidence … we will put (the land) on the market cautiously. 'Some have suspected that the government hopes to sell land to cover its budget deficit. That's not the case.' Live Events Outlining a series of measures to cut public expenditure and raise revenue, Chan revealed a deficit of HK$87.2 billion (US$11.1 billion). Figure was reduced 8 per cent to HK$80.3 billion amid stamp duty income and lower-than-expected departmental expenditure. Avoiding systemic risk and panic in the market, Chan said that property prices decreased by 28 per cent since 2019, thereby, adjusting the situation. However, the interest rate did not come down as quickly or immediately, due to inflation in the US. But, interest rates had already peaked and the property market stabilised Chan's comments came amid increasing negative equity prices since the fourth quarter of 2023 in real estate market. According to The Hong Kong Monetary Authority, the number of homes whose value declined compared to what owners would pay for mortgages rose to 6.1 per cent reaching 40, 741 cases during the first quarter in comparison to the previous quarter. Risking bidding prices of land value in Northern Metropolis megaproject near Hong Kong's border, Louis Loong Hon-biu, law maker and secretary of the Real Estate Developers Association, called on the Hong Kong government to stall operations of building artificial islands off the coast of Lautau waters. He added that developers would be conservative in their decisions in investing in the Northern Metropolis megaproject, as they could be able to access another source of land across the island ( Lantau project ). In another land luxe project from Hong Kong, estimated at HK$850 billion, is one among island residential properties with world -record holding real estate prices, the artificial islands at Lautau project, would also become the third central business district in Hong Kong. The project would build 210,000 homes for at least 550,000 people. Meanwhile, the Northern Metropolis megaporject, takes a more innovative and technological direction by hoarding in 2.5 million people and creating 650,000 jobs. The San Tin Technopole is the innovative tech hub spreading across 30,000 hectares (74,132 acres) which aims to bring new economic growth in the island. Chan opined that the government should first prioritize the feasibility of such projects, in response to a question from The South China Morning Post, on whether the government plans to take down the Lantau project. 'Our plan at the moment is to focus our energy to develop the Northern Metropolis, to make good use of this land. This is also important in terms of the collaboration with the GBA cities,' he said. In what could be construed as a win-win situation by pro-business politicans and an ulterior motive for limiting land resources by liberals, Chan made the above statement, referring to The Greater Bay Area, Beijing's scheme to integrate Hong Kong, Macau and Guangong into economic powerhouses. 'For the Lantau project, finish the studies and then let's do the Northern Metropolis first. The Lantau project, [we will] deal with it later,' he said. Chan added that if the project were to proceed, necessary feasibility studies had to first be conducted. Otherwise the city of Hong Kong is doing fine in terms of land space for development as of now, and that the Lantau project could wait. He also added that there were provisions for making financial difficulties less for developers, the monetary authority were taking a flexible approach and looked at it on a case-by-case basis. 'For those who can still repay interest, they [banks] are handling it in a lenient way, as everyone needs breathing space in the existing environment,' he said. Chan suggested the city's enterprises to be creative and apply technology and stay on top of consumer's preferences, amid a question from the SCMP reporter, who asked why the Hong Kong locals were increasingly moving to mainland China for goods and services. 'Competing [with the mainland] with lower prices could not be the way out,' he said. 'One can try adding orange juice to an espresso, just like some added Mao-tai to a latte on the mainland. You will get a chance if you are bold enough to innovate.'
South China Morning Post
04-05-2025
- Business
- South China Morning Post
682,000 mainland tourists in Hong Kong from May 1 to 3, up 23% year on year
More than 682,000 mainland Chinese visitors entered Hong Kong during the first three days of the Labour Day 'golden week' holiday, with arrivals on the second day setting a new post-Covid single-day record, the finance chief has revealed, as he pledged to strengthen infrastructure to make every part of the city a tourist destination. Advertisement A total of 682,114 mainland visitors entered Hong Kong between May 1 and 3, marking a 22.83 per cent year-on-year increase from 2024, official statistics showed on Sunday. Financial Secretary Paul Chan Mo-po also pledged in his weekly blog to strengthen tourism infrastructure to make every part of the city a tourism destination, echoing remarks previously made by Beijing's point man on Hong Kong affairs. For the first three days of the golden week holiday, Hong Kong welcomed a total of 803,612 visitors, 26.2 per cent more than during the same period last year. Chan said the second day of the holiday alone saw 267,000 mainland arrivals, setting a new single-day record since the end of the pandemic. Advertisement To accommodate the rise in arrivals, Chan said the government would expand the city's infrastructure and pay attention to improving visitors' travel experiences.
South China Morning Post
04-05-2025
- Business
- South China Morning Post
Over 682,000 mainland tourists in Hong Kong from May 1 to 3, up 23% year on year
More than 682,000 mainland Chinese tourists entered Hong Kong during the first three days of the Labour Day 'golden week' holiday, with arrivals on the second day setting a new post-Covid single-day record, the financial chief has revealed, as he pledged to strengthen infrastructure to make every part of the city a tourist destination. Advertisement A total of 682,114 mainland Chinese visitors entered Hong Kong between May 1 and 3 of the five-day holiday, marking a 22.83 per cent year-on-year increase from 2024, official statistics showed on Sunday. Financial Secretary Paul Chan Mo-po also pledged in his weekly blog to strengthen tourism infrastructure to make every part of the city a tourism destination, echoing remarks previously made by Beijing's point man on Hong Kong affairs. For the first three days of the golden week holiday, Hong Kong welcomed a total of 803,612 visitors, 26.2 per cent more than during the same period last year. Chan said the second day of the holiday alone saw 267,000 mainland arrivals, setting a new single-day record since the end of the Covid-19 pandemic. Advertisement To accommodate the rise in tourism arrivals, Chan said the government would expand the city's infrastructure and pay attention to improving visitors' travel experiences.
South China Morning Post
30-04-2025
- Business
- South China Morning Post
Hong Kong finance chief revises 2024-25 deficit to HK$80.3 billion, down 8%
Hong Kong's finance chief has revised the city's deficit for the previous financial year to HK$80.3 billion (US$10.4 billion), 8 per cent lower than his original estimate, attributing the change to increased stamp duty income on stock trading and lower-than-expected departmental expenditure. Advertisement Financial Secretary Paul Chan Mo-po on Wednesday also revealed that the government would take 'careful consideration' before deciding on the launch of the proposed boundary facilities fee imposed on cross-border private cars amid criticisms from lawmakers, as they gave the green light to his belt-tightening 2025-26 budget. His latest budget blueprint, unveiled in February, contained a string of measures to tap new sources of revenue and ease a HK$87.2 billion deficit, starting with a pay freeze for all public servants, a downsizing of the civil service and a cut in education spending. Addressing lawmakers before the vote on Wednesday, Chan said the deficit for the 2024-25 financial year had been revised to HK$80.3 billion, HK$6.9 billion less than the original estimate. 'It was mainly due to the rise in stamp duty revenue on stock trading and the lower-than-expected departmental expenditure,' he explained. Advertisement He added that fiscal reserves remained at a level equivalent to eight months of government expenditure and that the city's economy had achieved 'steady growth' for the first quarter of this year. But Chan stopped short of offering further details.
