Hong Kong is on course to become the world’s leading market for initial public offerings (IPOs) this year, leaving Shanghai in second place, the South China Morning Post reported. Ronald Arculli, chairman of Hong Kong Exchanges and Clearing, said the bourse had raised about US$23 billion as of the end of November, which would ensure it finished the year in first place. Hong Kong had raised US$13.83 billion from IPOs as of the end of October, edging ahead of Shanghai on US$12.37 billion, according to the World Federation of Exchanges. Brazil was third with US$11.57 billion and New York fourth with US$11.3 billion. However, many market watchers expect Shanghai to take top spot in 2010. Far Eastern Department Stores, the retail unit of Taiwan’s Far Eastern Group, said Wednesday that it may sell shares in Shanghai to reduce debt exposure and facilitate expansion in the mainland.
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