HK set for top three in public floats

Business | 24 Jun 2021 7:09 pm

As Hong Kong has raised US$27.2 billion (HK$212.16 billion) in initial public offerings in the first half, jumping by 126 percent yearly, EY estimates it is hard to rank top in fundraising amount.

Annual fundraising amount in Hong Kong is forecast to touch HK$350 billion, same as last year's. Another HK$150 billion worth of IPOs are expected in the second half, says Ringo Choi, EY Asia-Pacific IPO leader.

The Nasdaq has raised US$46.1 billion so far this year, according to EY's latest report on IPOs. But Choi said Hong Kong is likely to rank among the top three.

A total of 45 companies were listed in Hong Kong in the first half, a year-on-year drop of 24 percent. However, the funds raised amounted to HK$210.8 billion, shooting up by 127 percent.

The homecoming of Baidu (9888), Bilibili (9626), Trip.com (9961), and Autohome (2518) accounted for 38 percent of the total proceed of top 10 public floats.

Over 80 percent of IPOs came from companies in mainland China, with proceeds accounting for 97.5 percent of the total.

Investors were seen to have a higher enthusiasm for IPO subscription, with 439 times of average oversubscription on the mainboard, up by 98 percent from the previous year. All IPOs on the main board were oversubscribed.



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