Hong Kong is on pace to reclaim its status as the world’s leading venue for initial public offerings this year, with total fundraising expected to reach as much as HK$280 billion ($36.01 billion), according to updated projections from Deloitte, reports Caixin. The accounting firm raised its full-year forecast for the second time on Tuesday, citing a strengthening IPO pipeline and rising valuations that have already driven proceeds to HK$182.3 billion through the first three quarters—more than triple the haul from the same period a year ago.
The recovery marks a sharp turnaround for the city’s stock exchange, buoyed by a wave of large Chinese firms pursuing secondary listings in Hong Kong. The shift, along with a return of investor confidence and rising capital inflows into Asia, is helping restore the financial hub’s appeal to fast-growing companies and bolstering its competitive standing globally.
A series of blockbuster IPOs by companies already listed on the Chinese mainland powered the surge. As of the end of September, 66 new listings were expected in Hong Kong, representing a 47% increase from a year earlier. Funds raised surged 228% from the prior year, according to data from Deloitte and the Hong Kong stock exchange.