14-05-2025
- Business
- South China Morning Post
Hong Kong market rebound rolls on as 3 companies unveil plans to raise funds in the city
Three mainland Chinese and Hong Kong companies on Wednesday unveiled plans to raise funds
in Hong Kong , amid a surge of activity in the city's capital markets.
An offshore subsidiary of
China Petrochemical Corporation (Sinopec) called Deep Development 2025 received permission to issue HK$7.75 billion (US$990 million) worth of exchangeable bonds in Hong Kong. According to a filing, the proceeds from the seven-year bonds would be used to refinance the group's medium and long-term offshore debt.
The bonds were backed by shares of another offshore subsidiary of Sinopec, the mainland's largest refiner.
In addition, medical equipment maker Shanghai Microport Medbot plans to raise an estimated HK$389.62 million in Hong Kong by issuing a total of 25.1 million new shares at HK$15.50 a share. After deducting fees and expenses, the proceeds were expected to be around HK$382.33 million, which would be used to fund research and development and replenish working capital.
And CSI Properties, a Hong Kong-based property investment firm, said it would allow a subsidiary called ESL to issue new notes with a three-year maturity. The offering amount, to be announced at a later date, would be used to balance CSI's balance sheet and optimise its debt structure.
Hong Kong's capital markets started to rebound in late 2024 after three years of declines. The total market capitalisation of stocks traded in Hong Kong stood at US$38.8 trillion at the end of April 2025, up 21 per cent from US$32.1 trillion in the year-earlier period, according to Hong Kong's stock exchange.
