Companies push for IPOs in Hong Kong before year's end

The Hong Kong Stock Exchange is holding extra meetings to accommodate the larger number of companies seeking IPOs before the year’s end, The Wall Street Journal reported, citing a person familiar with the situation. Three mainland China companies – New China Life Insurance, Haitong Securities (600837.SH) and China Polymetallic Mining – could seek to raise a total of US$6.25 billion through IPOs on the exchange this year. PCCW (0008.HKG), Hong Kong’s largest telecom, may be able to attract US$1.4 billion in a listing of its telecom trust, HKT Trust & HKT (6823.HKG), the first shares of which were sold to retail investors this week. The market remains weak however, with the Hang Seng index falling 6.2% in the past three months and 18% since the beginning of the year.