ame":"Hong Kong News","item":{"@type":"Thing","@id":"https://www.thestandard.com.hk/hong-kong-news"}},{"@type":"ListItem","position":3,"name":"Entertainment","item":{"@type":"Thing","@id":"https://www.thestandard.com.hk/entertainment"}},{"@type":"ListItem","position":4,"name":"World News","item":{"@type":"Thing","@id":"https://www.thestandard.com.hk/world-news"}},{"@type":"ListItem","position":5,"name":"Comment","item":{"@type":"Thing","@id":"https://www.thestandard.com.hk/comment"}}]}]17:T7c2,Financial Secretary Paul Chan Mo-po, has vowed to further promote Hong Kong and diversify its sources of funding amid an uptick in the stock market.

Chan's comments came as he set off on a week-long visit to Madrid and London along with executives from the Science Park and Cyberport, after attending an investment conference in Beijing last week.

The Hang Seng Index closed at 18,258 points on Friday hitting a more than two-month high. The broader market saw HK$176.8 billion transaction volume, the highest level in nearly four months.

Besides, initial public offering fundraising in the city for 2024 has already surpassed last year's total amount, and the financing activities of listed companies have seen more than US$20 billion (HK$155.8 billion) in proceeds this year.

Chan also said the speed and extent of Hong Kong's base interest rate cuts following the US rate cuts would depend on local capital flows and market conditions.

Meanwhile, offshore share offering plans of at least three Chinese bubble tea makers have been put on hold by the securities regulator due to the dour market performance of peers in Hong Kong amid weaker consumer sentiment at home, sources said.

Sichuan Baicha Baidao Industrial (2555), which raised US$330 million in April, has since fallen 70 percent from its HK$17.5 per share IPO price.

Also known, as Chabaidao, the tea chain last month reported a 10 percent drop in gross revenue and 19 percent fall in gross profit

Chan pledges to diversify city's fund sources